Colonial Penn Life Insurance is a very big insurance company of America, which provides insurance for senior citizens. So today in this article we will understand the history of Colonial Penn Life Insurance, take a look at the insurance plan benefits, and customer problems
History of Colonial Penn Insurance
Colonial Penn Insurance was founded in 1968 by Leonard Davis. Let us tell you that the headquarters of this company is Philadelphia. The main objective of this company was to provide insurance coverage to senior citizens.
Colonial Penn Life Insurance plans
1. Guaranteed Acceptance Life Insurance: If you are between 50 and 85 years old, then this plan is made for you. Because in this plan no medical exam or health questions are asked. If you are unable to get a job due to health related problems, then this plan is made only for you. So choose this plan to get insurance for your health related problems.
2. Term Life Insurance: If you are worried about the education of your children, then term life insurance is made only for you. This insurance provides coverage for a fixed period of time. Along with the education of children, this plan is also useful during the period of home shelter.
3. Whole Life Insurance: Whole Life Insurance is known for permanent insurance policy. This plan provides coverage throughout your life. You will be surprised to know that this plan not only provides insurance coverage but also includes a cash value component, which keeps increasing with time.
Great benefits of Colonial Penn
1. No medical exam required: You do not need to give any kind of medical exam for Colonial Penn insurance policy. If you take life insurance from any other insurance company, then it is possible that you may be made to go through the process of examination along with medical examination. But Colonial Penn life insurance becomes special for those people who cannot get traditional insurance due to health problems.
2. Easy application process: Colonial Penn Bhim Policy has a very easy application process. Because it does not require any kind of exam. To apply for Colonial Penn insurance policy, you can use online or phone medium.
3. Cash value: If an emergency like situation happens with you, then this plan can prove to be very important for you. Let us tell you that it is mandatory to include cash value component in the whole life insurance plan. Which keeps increasing with time. Let us tell you that the policy holder can take out this page in an emergency situation. Therefore, the use of this policy becomes important for every person.
Answers to some important questions related to Colonial Penn Life Insurance
1. Does Colonial Penn also provide other types of insurance?
Colonial Penn may disappoint you a bit here because it focuses only on life insurance. Colonial Penn does not provide health insurance, property insurance or boon to Bhima.
2. Can Colonial Penn’s insurance policy be cancelled?
So the answer is yes. You can cancel the Colonial Penn policy at any time. But you have to keep in mind that if you cancel the policy within 30 days, then you will get the entire premium refund. But if you cancel the policy after 30 days, then here you may get a little disappointment with the refund. You can cancel your policy by taking the help of Colonial Penn customer service to cancel the policy, by calling the customer service number of this company, you can complete your entire cancellation process in a very simple way.
3. Are the premium rates stable in Colonial Penn?
So the answer is, let us tell you that Colonial Penn usually has a stable premium. It does not increase at all during the entire period of the policy. If you want to buy a policy after knowing all this, then read every term and condition carefully while buying the policy.
4.Is cash value included in Colonial Penn policies? The answer is yes. Let us tell you that cash value is especially included in Colonial Penn. If you want, you can use this cash value as a loan, or you can use it in an emergency.
5. Is there a facility to change the nominee in Colonial Penn policies?
The answer is yes. If you want, you can change the nominee in your policy at any time and in any situation. For this, you will have to get the necessary documents and basic information from the Colonial Penn company. You may face some trouble in this process, but the company tries its best to solve your problem as soon as possible.
• Excellent comparison with Colonial Penn’s competitors: Colonial Penn’s competitors include companies like Gerber Life, Guardian Life, and Met Life. Now it depends on you which company you want to buy your policy with. But I can tell you that the application process of Colonial Penn company is very easy, apart from this, there is no need for examinations with your body checkup. Apart from this, I have discussed Colonial Penn in a very simple way, which you should read carefully and take a decision.
• All the things about the latest updates and changes of Colonial Penn: Let us tell you that Colonial Penn keeps improving its products and services from time to time. This company has recently improved its online services in a very good way. Now customers can completely manage their policy in a better way and can also claim it if they want. Apart from this, you can see the information of your policy very easily.
• Now the decision is up to you as to which company’s policy you want to buy. As far as I guess, if you believe me then this company can prove to be better for you. But if someone offers you a government policy then you can buy that policy without any hesitation. Colonial Penn Life Insurance becomes easy for you because it does not require any kind of examinations. Apart from this, this company also gives you money to spend in the form of loan. Which I have discussed in detail later in my article, please read it carefully once, thank you.
