Colonial Penn Life Insurance Lawsuit

Colonial Penn Life Insurance Lawsuit – Did you know that despite the low price of $9.95 per month, a Colonial Penn unit only offers a small amount of coverage? For example, a 70-year-old man will only receive $689 of life insurance, and coverage for seniors is less. Additionally, the policy has a 2-year waiting period before it becomes effective.

Anthony Martin is a nationally certified insurance expert with over ten years of experience and has personally served over 7000 clients with their life insurance needs. He frequently writes entrepreneurship and life insurance content for Forbes,, Newsweek and Anthony has consulted as a life insurance expert resource for dozens of high profile websites including Forbes, Bankrate, Reuters, Fox Business, CNBC, Investopedia,, Yahoo Finance and others.

Colonial Penn Life Insurance Lawsuit

Jeff Root is a nationally licensed life insurance specialist with over 15 years of experience. He has personally assisted over 3000 clients with their life insurance needs. Jeff is an Amazon best-selling author and the managing partner of a successful insurance brokerage that manages over 2,500 licensed insurance agents in the United States. He has been a featured life insurance resource for authoritative websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet and more.

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David Duford is a nationally certified insurance adjuster with over ten years of experience. He has personally helped over 1500 clients purchase life insurance. David has been recognized as an expert source for high profile publications such as A.M. Best of Insurancenewsnet. He also runs one of the largest Youtube channels to help aspiring insurance agents better serve their clients.

This article has been thoroughly reviewed by the author and third party life insurance experts to ensure it meets quality standards for accurate and honest advice.

As a licensed insurance organization, Choice Mutual is committed to the integrity of our editorial standards and transparency in how we receive compensation from our insurance partners.

Our mission is to provide trusted content written and verified by verifiable experts to educate consumers like you. All content is regularly updated and checked to ensure the highest level of accuracy. We earn a commission from the sale of insurance products found on this website. That said, our reviews, comments, opinions and recommendations are not influenced by monetary gain. We always recommend what is best for each customer and not what makes us the most money.

Colonial Penn Life Insurance Review

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Choice Mutual is a licensed insurance company authorized to sell insurance in all 50 US states, including DC.

Martin, A. (2023, March 08). 2023 Colonial Penn Life Insurance Review. . Retrieved April 05, 2023, from https:///blog/colonial-penn-life-insurance-review/

Choice Mutual’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial soundness ratings and complaint data.

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Colonial Penn Life Insurance is a legit company, but they are one of the worst companies to buy from.

A Colonial Penn coverage unit will always cost $9.95 per month for all ages and genders. The question you need to ask yourself is – how much coverage are you getting per unit?

Use the Colonial Penn life insurance calculator or rate chart below to see how much coverage you can get with their unit system.

Select your age and gender to see the total monthly cost and how much life insurance you’ll get for each number of units.

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Note that Colonial Penn’s $9.95-per-unit plan is guaranteed acceptance, meaning it includes a two-year wait. If you die during the waiting period, Colonial Penn will simply refund your premiums plus a small amount of interest.

The Colonial Penn Life Insurance Plan for $9.95 per month is a whole life acceptance guarantee insurance policy with a two-year waiting period.

If you die within the first two years, your beneficiaries will only receive a refund of the premiums plus a small amount of interest. You must live at least 24 months before your loved ones receive the full death benefit.

Interestingly, they sell this coverage using a unit system. As mentioned above, each unit offers a certain amount of life insurance and always costs $9.95 per month.

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Most people make the mistake of thinking you can get $10,000-$20,000 in coverage for $9.95, but nothing could be further from the truth.

They don’t advertise it, but Colonial Penn offers another permanent whole life funeral insurance for seniors outside of their $9.95 plan.

In other words, this contract is not sold per unit and has an underwriting element. This is not a guaranteed cost plan so you must have medical training.

The insurance in this plan is quite limited, so unless you are in perfect health, don’t expect to qualify.

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For example, a 66-year-old man would pay $70.15 a month for $10,000 in coverage for a Colonial Penn whole life plan.

If you apply for a whole life product with health issues, it allows you to add two different ‘life benefits’ on board.

These riders cost extra and you can only choose one. You cannot add both to your policy.

Essentially, they provide an extra layer of protection should you be diagnosed with a chronic illness or serious health event.

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If you decide to buy a term life insurance policy with health problems, one of these riders is a good idea.

The 2021 NAIC complaint ratio for individual life insurance products is 23.29, nearly 23 times higher than the average life insurance company.

When an insurance company shows that anyone can get $10,000 in life insurance coverage for $9.95 a month, it’s no wonder many angry customers complain.

Colonial Penn is rated A- (Excellent) by AM Best, Standard & Poor’s and Fitch ratings. Moody’s rating is A3.

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The only rating agency where they shine is the Better Business Bureau. Despite a large number of complaints, they currently have an A+ rating on the BBB.

Colonial Penn is owned by parent company CNO Financial Group, headquartered in Carmel, Indiana.

It was one of the first insurers to offer guaranteed acceptance policies. They have even sold Medicare supplement plans in the past.

For many years, Alex Trebek was the face of Penn Life Insurance Company. He was her paid supporter until her death on November 8, 2020.

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Most of their licensed insurance agents work from a home office in downtown Philadelphia, Pennsylvania. However, some of their agents work from home.

If you are looking for life insurance for seniors, you can get a 100% lower price elsewhere.

When you talk to a Colonial Penn agent, they can’t shop around and refer you to another ultimate insurance company that can give you a better deal.

The trick to finding the best and most affordable funeral insurance (or any other type of life insurance) is to work with an independent insurance agency. Only an independent company can compare offers from different providers.

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An independent broker like Choice Mutual will shop the market so you can determine which insurance carrier offers the best rate and coverage based on your unique situation.

Believe it or not, you won’t be charged a fee to work with an independent company, and the insurance itself isn’t any more expensive.

Working with an independent agency can save you up to 70% on your life insurance (that’s not an exaggeration).

You can call us at 1-800-644-2926 and we can help you. You can also use this quote tool to compare life insurance rates from all the top companies in your state.

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We are independent and have over 15 different A-rated companies that we shop for you. Final cost life insurance is our specialty. That’s all we do.

Colonial Penn gets 1 out of 5 stars for overall performance. Choice Mutual’s ratings are determined by our editorial team. The rating formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.

Colonial Penn life insurance plans are generally not a good deal compared to other providers. For starters, most Colonial Penn customers have a 2-year waiting period that could have been avoided elsewhere. In addition, their prices are higher than many other companies.

Colonial Penn currently only sells whole life insurance. They used to offer life insurance but discontinued it.

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Everyone, regardless of age or gender, pays just $9.95 for their guaranteed coverage. Most of you

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