Colonial Penn Life Insurance Quick Review

Colonial Penn Life Insurance Company was founded in 1968.

Most notably, Colonial Penn is often referred to as Alex Trebek life insurance due to the TV commercials many of us are used to seeing.

It was one of the first insurers to offer a Guaranteed Acceptance Life Insurance plan for people 50 years or older with pre-existing health condition.  Many times the conditions they will accept for life insurance are those other insurance companies will decline.

Colonial Penn markets life insurance products for ages 18-85. The products are designed to help middle class families and retirees seeking lower face amount life insurance solutions.

Stats

A.M. Best RatingA-
B.B.B. RatingA-
PolicyZip RatingUnder Review
Founded1968
HeadquartersPennsylvania
Number of EmployeesNot Available
Total AssetsNot Available

Life Insurance

Colonial Penn Life Insurance Company has a variety of life products which appeal to those not wanting to complete medical exams.

They are priced in a way that reflects no medical exam as well as offering life insurance with pre-existing conditions up to a maximum of $50,000.  Colonial Penn is a leader in the life insurance market and commonly sold via telephone or online applications.

Below is a look at their core product line.

Renewable Term Insurance

Term Life Insurance is designed for people who want basic coverage for a reasonable amount. You can get term between ages 18-75 ad is renewable up to age 90. Benefit amounts can be up to $50,000. Payments can be made monthly, quarterly, semi-annually or annually.

Guaranteed Acceptance Life Insurance

It is available for ages 50-85 in most states. Coverage is guaranteed. There are no health questions or physicals to take to get coverage. The coverage amount stays locked in along with your premiums. Coverage cannot be canceled except by you.

Permanent Whole Life Insurance

It is available for ages 40-75 with no medical exam required (your answers on the application will determine eligibility). Coverage and premiums stay the same for the life of the policy. The policy can be paid up to age 121. Benefit amounts can be up to $50,000. Payments can be made monthly, quarterly, semi-annually or annually.

How to Get Colonial Penn Life Insurance

Many of you have probably seen Alex Trebek on TV for many years endorsing Colonial Penn life insurance.  He is paid for his commercials which offer consumers a phone number to call in and speak with a Colonial Penn Life Insurance agent licensed in all states Colonial Penn is approved.

Consumers can call in to that number and speak to a licensed agent and enroll directly over the phone or request quotes online.  Colonial Penn doesn’t appear to have licensed agents working in the field, so home visits are not an option.

 

Check out our full list of life insurance company reviews here.