Colonial Penn life insurance has a policy for everyone. Generally, insurance companies do not have difficulties approving younger people for life insurance, but Colonial Penn will also offer life insurance policies to people who are over 50 when they are the hardest to insure.
Life Insurance for People Under 50
People under 50 have the choice of purchasing term life insurance or permanent life insurance. Term life insurance, that will insure a person’s life for a set number of years, is a highly popular policy because it is much less expensive generally than permanent life insurance that covers the policy holder for his or her entire life. Both these policies can offer the policy holders life insurance in the amount of $25,000 maximum.
Colonial Penn life insurance offers people a set premium that is guaranteed never to increase if the policy is permanent. The premiums will also not increase during the term until the policy expires and is renewed. For both policies, the beneficiaries will receive the death benefits that the policy holder and Colonial Penn agreed to without ever reducing the amount. Both policies do not require a physical examination.
Life Insurance for People Over 50
When people are over the age of 50, their higher probability of contracting an illness that will end their lives causes insurance companies to deny them coverage or charge them very high premiums for a policy. These people can purchase a Colonial Penn life insurance policy with rates that will never increase. They can purchase either term insurance or permanent insurance, and people age 50 to 85 are guaranteed to be accepted.
Whole Life Insurance
A whole life insurance policy from Colonial Penn means that people 45 to 75 have choices. They may purchase a policy in the amounts of:
- $5,000
- $10,000
- $15,000
- $20,000
- $25,000
The Colonial Penn whole life insurance policy offers people an investment portion that gives them a cash value that increases throughout the life of the policy. The cash value is what makes whole life insurance a desirable product for people, but they can have regrets after making such a purchase. People who buy the Colonial Penn whole life insurance policy have 30 days to return their policy documents when they will receive a full refund.
Term Life Insurance
Colonial Penn offers its term life insurance policies for five-year renewable terms or 20-year renewable terms. People do not need to have a medical examination to qualify for either policy. People from age 18 all the way up to 75 can qualify for the five-year policy, and anyone from age 18 to 77 can apply for the 20-year policy.
Colonial Penn life insurance has life insurance for people who are harder to insure, those who are over 50 as well as those who have medical issues. Their policies only require that applicants answer a few health-related questions, but they will not need to have a medical examination in order to obtain the life insurance they need to protect their families.