Is Colonial Penn Insurance A Good Deal

Colonial Penn’s rate lock is a benefit, in which your monthly premium will never increase in price if you purchase one of their whole life insurance policies. However, Colonial Penn advertises this benefit as if it’s exclusive to only them. The truth is that every whole life insurance policy will always provide a rate lock.. All of Colonial Penn’s life insurance policies are no medical policies and offer smaller amounts of coverage than the most life insurance policies on the market. This makes them great for a very specific niche market – seniors who don’t know any better.. Colonial Penn has an AM Best A- rating, which puts them in the top 10-20% of insurance companies (for comparison, Mutual of Omaha is A+ rated and is in the top 1%). Colonial Penn Table of Contents Colonial Penn Final Expense Whole Life Policies What Is The Colonial Penn “Rate Lock Guarantee”?. As we said earlier, if you are a 50-57 year old female or a 50 year old male, Colonial Penn burial insurance is a good deal. We can come really close in price, but they do slightly edge us out for those ages. However, that’s assuming you can qualify which most people simply will not..

Colonial Penn has a lot of name recognition due to their advertising, but the Bankers Life branding is likely to lead to some confusion for insurance shoppers. They have a good selection of the standardized Medicare plans, but without rates, it is hard to compare them with competing companies.. Their whole life insurance policy is much like Colonial’s, a $50,000 final expense policy. You can do much better by shopping permanent plans with other “A” rated companies. Cost of Globe And Colonial Penn. Both Colonial Penn and Globe Life come in at higher rates than companies in the same category..

Colonial Penn policies are fairly expensive and for good reason. They expect many policy holders will pass on not too long after taking a policy out. It is standard with such "funeral expense" policies that the policy holder must live 2 or so years before full coverage kicks in.. Help ease the financial burden for your loved ones with Colonial Penn’s Guaranteed Acceptance Life Insurance. Apply for this lifetime coverage now to lock in a premium amount that is guaranteed to never increase at a price that fits your budget..