No matter where you are at in your life, it is good to plan ahead. That is why one of the best things that you can do for your family to protect their future needs is to look into life insurance. Unfortunately, many people delay this whole process or choose to ignore it altogether because they either find the process too hard, too confusing, or tend to believe they do not really need life insurance. Yet, what ends up happening is that a catastrophe strikes, and individuals figure out too late that life insurance is a fundamental part of having a dependable financial plan.
What We'll Cover
- Why Get Life Insurance?
- Colonial Penn Life Insurance Review
- If You Are a Senior Between the Ages of 50 and 85, You Are Guaranteed Acceptance
- Try The Plan Out for 30 Days
- Quickly Get a Quote Online
- The 995 Plan. Is It Really $9.95?
- The Guaranteed Acceptance Program
- Are There Better Alternatives?
Another aspect many people get wrong is that they think that life insurance is too expensive. Yet, depending on the type of policy you need, life insurance can be relatively cheap. Plus, when you work with Colonial Penn, the whole process of obtaining life insurance can be quick, straightforward, and painless.
Why Get Life Insurance?
Before we jump into explaining how Colonial Penn can provide you with the coverage that you need, let us first start with the basics and go over why you truly need life insurance. Even though there are numerous reasons, the most important ones include the following:
- Protect Your Family: If your family depends on you financially, then life insurance is crucial because it will replace your income when you pass away. Life insurance leaves your family with the support they need to pay their bills and live their lives.
- Leave an Inheritance: A great way to set up your children for a stable financial future is by purchasing life insurance, even if you do not have any other assets to pass on. When you buy life insurance and name your children as your beneficiaries, you can end up creating an inheritance for them.
- Add Financial Security: Any parent or spouse wants to know that their family is taken care of after they are gone. That is why purchasing life insurance coverage can give people the peace of mind that they can provide for their family, even if they are not here.
- Pay Off Expenses: One of the worst fears anyone has is leaving their family in financial turmoil after passing away. Luckily with life insurance, you can provide your loved ones with financial support or extra income that can cover living expenses, outstanding debts, and even costs related to burial and funeral costs.
Colonial Penn Life Insurance Review
Colonial Penn is a well-known life insurance company that offers direct-to-consumers guaranteed insurance, term life insurance, and whole life insurance policies. Colonial Penn offers a limited range of plan options, making it a practical choice for individuals who have been denied life insurance in the past because of their health.
When you choose Colonial Penn Life Insurance, you will not only be receiving great coverage, but you will also receive the following benefits.
If You Are a Senior Between the Ages of 50 and 85, You Are Guaranteed Acceptance
With the guaranteed acceptance policy, Colonial Penn will not decline you as a customer based on medical history or pre-existing conditions. In fact, you don't need to take a medical exam.
Try The Plan Out for 30 Days
Upon starting a plan, Colonial Penn will grant you a 30-day trial to determine whether you like it or not. With this trial, customers have the option to cancel their plan within 30 days and receive a refund.
Quickly Get a Quote Online
Most insurance companies require that you contact an agent to get a quote. Fortunately, with Colonial Penn, you can get a quote and purchase a policy online. Before deciding on whether to choose Colonial Penn as your life insurance provider, it's good practice to also compare quotes from other companies.
The 995 Plan. Is It Really $9.95?
Yes, but this price is a bit misleading. Colonial Penn specializes in life insurance products with limited underwriting and smaller death benefits, making them only adequate for those who need to have very limited coverage in place quickly. You may want to consider other options more suitable for you situation, and we've found that you can usually get better coverage and lower premiums by using a price-comparison service, which you can try by clicking on the button above.
The Guaranteed Acceptance Program
When you choose the Colonial Penn's Guaranteed Acceptance Program, all you need to provide is your age, gender, and location. At this point, Colonial Penn will assign you a "unit" of coverage that can be purchased for $9.95. If you would like to purchase more units (you can buy up to eight units of coverage), each unit price will remain fixed at $9.95. But again, you should check out other alternatives, such as Sproutt Life Insurance, because you may be able to get better coverage at other companies for the same price. To find the most adequate coverage for your needs, click the button above to compare quotes.
Are There Better Alternatives?
Again, yes! We encourage all of our readers to shop around for plans at other companies. It doesn't take that much time to do it. Choosing a life insurance policy is a big financial decision. Don't take it lightly. If the 995 life insurance plan from Colonial Penn does not suit your specific needs, then check out other companies, such as; Sproutt, or fill out the form at the top of this article to see a list of other affordable options that can offer you the coverage that you need, specifically plans that can cover your final expenses.
If You're Between the Ages of 40 and 75, Consider the Permanent Whole Life Plan
The permanent whole life plan provides coverage that lasts your entire life, but you can also get a maximum of $50,000 in coverage. Typically, to qualify for the whole life plan, you do not need to get a medical exam. However, underwriters can look at your application and the answers you provided to evaluate your insurance eligibility.
Get a Maximum of $50,000 With the Renewable Term Life
At Colonial Penn, this option is the only option for those aged 40 and under. With this plan, you can receive a coverage maximum of $50,000, and it is available to anyone between the ages of 18 and 75.
Available Riders Under Colonial Penn
In addition to your standard coverage, you can also purchase riders or additions to your policies that can enhance or modify your coverage. For instance, you can add living insurance to a renewable life insurance policy or the permanent whole life insurance policy. This add-on allows someone that has become sick from cancer, a chronic illness, or a heart attack to redeem early a maximum of 50% of their coverage to help pay for their care.
Do not wait any longer and delay this crucial financial investment. If you are looking for the best life insurance policy for you and your family, we invite you to compare rates by clicking on the button below. After entering your zip code, the form will take you directly to BestInsurer, where the price-comparison service will show you a list of insurers in your area with the best rates.