If you choose to pay annually, you will get one month’s worth of premium or an 8.3% discount for the year.Ī unit of coverage is the amount of death benefit you can buy depending on your age, gender, and state. Since you can only purchase up to 8 units, your maximum monthly premium will be $79.60. A single unit always costs $9.95 whether you are young or old, male or female, smoker or not. A unit costs $9.95 for everyone, and the maximum you can buy is 8 units. Monthly premiums are computed based on the number of units of coverage purchased. Any loan amount and interest not repaid at the time of death is deducted from the death benefit.Ĭolonial Penn Guaranteed Acceptance Life Insurance Pricing The accumulated cash value from your policy can be borrowed at an 8% annual interest rate. Guaranteed acceptance from Colonial Penn is a form of whole life insurance with a cash value component. This is true of all other companies we work with at Funeral Funds. You can choose to pay monthly, quarterly, semi-annually, or annually. This is true of all other companies we work with at Funeral Funds.Ĭolonial Penn offers flexible payment options. Coverage lasts a lifetime as long as you keep paying your monthly premiums on time. This is true of all other companies we work with at Funeral Funds.Ĭolonial Penn’s guaranteed issue life insurance offers coverage that can’t be canceled after you turn 80. Regardless of your health condition, your death benefit won’t decrease as you grow older. Premium is guaranteed to never increase for life as long as you keep paying it on time. Once approved for coverage, your premium gets locked in at your current age. No medical exam from Colonial Penn skips the exams and paperwork, and you can get life insurance even if you have some health issues. You cannot be rejected because of your health your approval is guaranteed. No health questions and physical or medical exams are required to qualify for this plan. This plan is marketed to people between 50 and 85 who want to cover their funeral and final expenses upon death.įeatures Of Colonial Penn’s Guaranteed Acceptance Life Insurance You don’t have to be in perfect health to qualify. Additional Questions & Answers On Colonial Penn Two Year WaitĬolonial Penn Two Year Wait – Guaranteed Acceptance Life InsuranceĬolonial Penn guaranteed acceptance life insurance is a whole life insurance policy with no health questions asked and no medical exam required.
Why Not Guaranteed Acceptance Life Insurance?.Colonial Penn Guaranteed Acceptance Life Insurance Pricing.Features Of Colonial Penn’s Guaranteed Acceptance Life Insurance.Colonial Penn Two Year Wait – Guaranteed Acceptance Life Insurance.You can also read our other reviews on Globe Life, AARP, Lumico, and Mass Mutual by clicking the link. In this review, we will go over Colonial Penn two year wait to understand more about the company’s guaranteed acceptance product and you can see if it’s right for you. For this reason, some people feel like Colonial Penn has scammed them.Ĭolonial Penn is a reputable company. Most of them are not aware of the two years waiting period.
If you did a little research, you’d find that most of Colonial Penn’s complaints are regarding customers having difficulty collecting death claims. “Limited benefit” first two years is written in fine print on their television commercials Colonial Penn two year wait is never fully explained.
We’ve all seen Alex Trebek advertising for Colonial Penn with a pitch, guaranteed acceptance with no medical exam and no health questions, with a rate lock and fixed benefit for the policy’s life for as low as $9.95 per month. Are you aware of the Colonial Penn 2 year wait? The Colonial Penn two-year waiting period on their burial insurance or guaranteed acceptance life insurance will result in no payment for most deaths in the first two years of this policy.
0 kommentar(er)
