What is Colonial Penn Guaranteed Acceptance Whole Life Insurance?
Colonial Penn Guaranteed Acceptance Whole Life Insurance is a type of life insurance policy that offers a guaranteed acceptance to anyone who applies, regardless of their health status. This means that even if you have a pre-existing health condition, you can still qualify for this insurance policy.
The policy offers a maximum coverage amount of $50,000, which can be used to cover final expenses such as funeral expenses, medical bills and other end of life expenses. With its guaranteed acceptance feature, the policy is particularly popular among seniors who have been denied coverage in the past due to health issues.
The premiums for Colonial Penn Guaranteed Acceptance Whole Life Insurance are fixed, which means that they won't increase as you age or if you develop health problems. This makes it easier for you to budget your insurance expenses over time without worrying about sudden increases.
One of the benefits of this policy is that it doesn't require a medical exam or any health-related questions. This makes it a quick and easy process to apply for, and you can get approved in as little as a few minutes.
The policy also comes with a 30-day money-back guarantee, which means that if you are not satisfied with the policy within 30 days of purchase, you can cancel it and receive a full refund.
Overall, Colonial Penn Guaranteed Acceptance Whole Life Insurance can be a good option for those who are looking for a simple, easy-to-navigate and guaranteed acceptance policy that can offer coverage for their final expenses.
Frequently Asked Questions about colonial penn guaranteed acceptance whole life insurance
Guaranteed issue life insurance is a type of whole life insurance policy that allows you to skip health questions and or undergo a medical exam. In some spaces, you may hear it referred to as guaranteed life insurance or guaranteed acceptance life insurance.
How Does The Colonial Penn 9.95 Plan Work? The 9.95 plan is a guaranteed acceptance life insurance policy that does not require you to take a medical exam or answer health questions. Colonial Penn sells the $9.95 plan by the unit. Everyone, regardless of age or gender, pays just $9.95 monthly for one unit.
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Colonial Penn customer satisfaction
| Study or Rating Agency | Colonial Penn | Industry average |
|---|
| 2022 J.D. Power Individual Life Insurance Study | Not scored | 774/1,000 |
| 2022 J.D. Power Group Life Insurance Study | Not scored | 797/1,000 |
| AM Best rating | A (Excellent) | N/A |
It provides permanent coverage, guaranteed premiums that don't increase, has guaranteed cash values, a guaranteed death benefit, and offers possible dividends.
In both policies, beneficiaries are guaranteed of receiving a death benefit. Also, premiums are level meaning they will not change as long as you continue to pay your premiums on time. However, the whole life is more expensive than GUL more so because of the investment factor.
$9.95 per unit
What Types Of Life Insurance Does Colonial Penn Offer? Colonial Penn only sells whole life guaranteed acceptance coverage for $9.95 per unit.
Whole life insurance guarantees payment of a death benefit to beneficiaries in exchange for level, regularly-due premium payments. The policy includes a savings portion, called the “cash value,” alongside the death benefit. In the savings component, interest may accumulate on a tax-deferred basis.
We offer guaranteed acceptance whole life insurance for those ages 50-85 (in most states) with options starting at $9.95 a month- Ease the burden of final expenses and get back to living life on your terms. Colonial Penn's® popular guaranteed acceptance whole life insurance coverage rates are offered in units.
Key Takeaways
Term life is “pure” insurance, whereas whole life adds a cash value component that you can tap during your lifetime. Term coverage only protects you for a limited number of years, while whole life provides lifelong protection - if you can keep up with the premium payments.
Better Planning – Whole Life Costing will add (where possible) a greater level of detail to planning within The University. It will help to provide internal customers and project managers with relevant information to help with effective planning.
Whole life insurance guarantees payment of a death benefit to beneficiaries in exchange for level, regularly-due premium payments. The policy includes a savings portion, called the “cash value,” alongside the death benefit.
The average annual interest rate of a whole life insurance policy is 1.5% according to Consumer Reports. How much is a $50,000 whole life insurance policy? A 30-year-old in good health can pay around $57 per month for a $50,000 whole life policy, but it depends on your age and health.
Whole of life guarantees a payout after you die. Your beneficiaries won't receive a payout if you die after your term life policy runs out. With whole of life insurance, a payout is always guaranteed whenever you die. That is so long as you have cover for the condition.
Unlike term insurance, whole life policies don't expire. The policy will stay in effect until you pass or until it is canceled. The initial cost of premiums is higher than it is with term insurance because of the length of the policy.
Whole life insurance is a permanent life plan that provides coverage throughout your entire life. The premiums tend to cost more than a term plan would, but getting this insurance plan may be beneficial in the long run.
1. Whole life insurance can protect your family and their future. Whole life insurance offers death benefit protection that can keep your family financially secure in case you pass away, but it's also a good way to leverage your money. On average, you could obtain $250,000 in protection for just $273.56 each month.
