Colonial Penn Life Insurance. There are a lot of insurance organizations all over the world, and insurance is available for different purposes or reasons. We have insurance like vehicle insurance, health insurance, life insurance, home insurance, property insurance, term life insurance, travel insurance, general insurance, and many others.
It is very risky to not have insurance; we have situations like bankruptcy, reduction in income, penalties, loss of assets, and other worst-case scenarios. But having insurance provides security; you could get access to funds in times of lack or bankruptcy, among many other benefits. That is why, in this article, we are going to keep you informed on this insurance. Every piece of information you would need about this insurance will be provided here.
Colonial Penn Life Insurance
Colonial Penn Life Insurance is owned by CNO Financial Group. This is an insurance company based in Columbia, South Carolina, and they offer a broad range of financial protection options to both individuals and businesses.
Colonial Penn Life Insurance has been very specific on the goal of making life insurance available for older customers, which includes a certain issue for life policies for individuals 50 and older.
Colonial Penn is specific to life insurance products with smaller death benefits and limited underwriting (limited underwriting is the only requirement a prospective policyholder or life insured must comply with in order for a product supplier to accept the risk or pay a claim).
Why do I need Colonial Penn Insurance?
You might be asking this question as you go through this article, and the answer is here. As we already know, this is an insurance company for life insurance. And most of the benefits of getting life insurance is financial security, which helps to pay off debts. It also helps to pay living expenses and other life-related situations.
Colonial Penn Insurance is essential for people who do not need large amounts of money. It could be used to cover the funeral cost; they tend to offer a no-medical-exam policy for term insurance, and they also offer assured acceptance coverage.
What Is Secured with Colonial Penn Life Insurance?
You might be asking, “If I get started with Colonial Penn Life insurance, what would be safe? There are values that are covered under Colonial Penn Life insurance, The value of coverage relates to the life insurance benefit amount that is allocated to you.
The per unit price is a fixed amount, and the price begins at $9.95 per unit. You could get more units in order to ensure a bigger death benefit; they offer more coverage at $50,000 for people from the ages of 50 to 85.
What is not covered by Colonial Penn Life Insurance?
Life insurance is limited to some situations, which means there are some areas it would not cover, and this situation could happen based on our irresponsible acts like accidents that occur under the influence of drugs or alcohol, suicide, criminal activity, and other related activities.
But just as this insurance is beneficial, it has its flaws, which are: the options are minimal; they do not offer universal life insurance; and it also has an age limit, which is from the minimum age of 18 and maximum age of 75 for the term policy to the minimum age of 40 and maximum age of 75 for the life policy.
The colonial life costs are expensive compared to other insurance company rates, and the term insurance year is limited to 10, 20, or 30 years. The coverage maximum amount is limited to $50,000 for the term and a whole life plan, and $10,000 is the minimum coverage amount.
Life Insurance Rider
The life insurance rider is an optional coverage or feature that you could add to your life insurance policy, and this could be at the option of an additional cost. The benefits of this life insurance rider are that it covers life events that your standard policy does not cover, and it also provides benefits for critical illness and other related events during your life.
Well, on Colonial Penn Insurance, the insurance secured is an accidental death rider, a heart attack and stroke rider, a cancer rider, a disability rider, and a chronic illness rider.
Frequently Asked Questions
What is the cost of one unit of life insurance?
The unit price is what you pay for a bucket of coins. Life insurance is purchased for the price of the death benefit in $1000 units. So, if you get a policy with a $350,000 death benefit, what you are initially getting are 350 buckets of coins.
Can I get life insurance for my parents?
You can get life insurance for your parents as long as they agree to it. It is very necessary that they agree to it, as you would need some of their personal information to process the insurance. So, it is very possible to get insurance for your parents.
How does life insurance work?
Life insurance is the type of insurance that creates an agreement between you and the insurance company. You have to pay monthly or yearly installments, and in return, the company gives you a death benefit that is effective after the death of the individual.
Is it okay to have more than one life insurance policy?
It is possible to have more than one life insurance policy at the same time. Having one insurance policy is okay, but having more is more beneficial as it covers more aspects of life events.
How much Insurance can I afford?
Well, this depends on your monthly or annual income and also on your age range. For adults ranging from 18 to 40, their coverage is limited to 25 to 35 times their annual income; for adults from the age of 40 to 50, their coverage is limited to 20 to 25 times their annual income; for adults ranging from the age of 50 to 60, their coverage is limited to 10 to 20 times their annual income; and finally, for adults ranging from the age of 60 to 70, their coverage is 5 times their annual income.