Colonial Penn Life Insurance company is known for its commercials featuring late Jeopardy host, Alex Trebek. The company has been in business for over 60 years and offers whole, term, guaranteed life, and critical care insurance policies. None of Colonial Penn’s products require a medical exam. The company’s renewable term life policy is a unique option that offers policyholders the ability to have term life coverage that can be renewed until the policyholder reaches 90. The price of these policies increases every five years as you enter a new age band. However, your coverage is guaranteed, and the benefit amount remains the same. Read on to learn more about this no exam term option from Colonial Penn.
If you’re shopping for life insurance without a medical exam, you’ll find a few different options from Colonial Penn. The company offers term, whole, and guaranteed acceptance policies, all with no medical exam. You can get up to $50,000 in coverage with Colonial Penn polices. Colonial Penn’s term policies are offered to applicants between 18 and 75 years old.
You can read more details about Colonial Penn renewable term life policy below:
There are several factors that go into the cost of your Colonial Penn no exam life insurance policy. For instance, your gender, smoking status, and age all have a major impact on your rates. Additionally, factors such as the term length and policy amount you select will affect your final rate.
Your health is another factor that matters when it comes to the price of life insurance. Although Colonial Penn won’t ask you to take a medical exam, they will ask you medical questions. You’ll need to provide information about your current health, health history, and any health conditions that run in your family. Colonial Penn will also look at factors such as your driving record, credit record, and any criminal record. Together, these factors will assign you to a groping called a life insurance rate class. Your life insurance rate class is based on the risk of offering you a life insurance policy. People who are found to be low risk will be put in the highest rate class and will receive the best rates.
Quotes from Colonial Penn and other insurance companies are a good way to get an idea of what your rates might look like.
You’ll be asked medical questions as part of your Colonial Penn renewable term life insurance exam application. It’s important to be honest about any health conditions you have, any medications you take, and any health conditions you’ve faced in the past. Colonial Penn’s underwriting will compare the information you provide on your application with the information that’s available through consumer databases. Any information that’s found to be false could be viewed as insurance fraud.
Colonial Penn’s renewable term life insurance isn’t right for everyone. You can be denied coverage based on your answers to medical questions. If your application is denied, Colonial Penn will offer coverage with a guaranteed acceptance policy. These policies can be a good fit in some situations, but they are more expensive than term life policies. Conditions that can cause denial of your renewable term life application include:
Some conditions and factors might not result in an automatic decline, but will likely cause your rates to increase. These include:
You can purchase a Colonial Penn renewable term life insurance online, over the phone, or by mail. If you choose to buy your policy online, you start by getting a quote. The quote form will ask you for your age, gender, location, and smoking status. You can continue to an online application form if you like the price that you’re quoted. The application will ask you for more detailed information and will include health questions. In some cases, your application might be approved or denied within minutes. In other cases, an underwriter might call you to ask follow-up questions about your health. If your application is denied, Colonial Penn will offer you the chance to purchase a guaranteed approval policy instead.
You can also choose to call 877-877-8052 to reach a Colonial Penn insurance agent. They can walk you through the application process from start to finish. If you’d rather apply by mail, you can print out your Colonial Penn renewable term insurance application and mail it to:
Colonial Penn Life Insurance Company
PO Box 1918
Carmel, IN 46082-9903
Colonial Penn financial ratings
Life insurance companies are rated by financial rating companies. These companies evaluate an insurance company’s ability meet their current financial obligations and any financial obligations they will have in the future. Colonial Penn is generally considered to be a financially strong company. It currently holds an A- rating from A.M. Best and a BBB+ rating from
The National Association of Insurance Commissioners (NAIC) tracks and evaluates complaints made against insurance companies in the United States. Every year, the NAIC averages this data to come up with a score known as the NAIC complaint index. The average score on the NAIC complaint index is 1.0. Any company that scores below a 1.0 has received fewer complaints than the average insurance company. Any company that scores above a 1.0 has received more complaints than the average insurance company. Colonial Penn currently has a complaint index of 4.29. This means they’ve received more complaints than the average for all insurance companies.
You can cancel your Colonial Penn renewable life insurance policy at any time during the first 30 days for a full refund. You can cancel the policy after 30 days, but you will not receive a refund of the premiums you’ve paid. To cancel, you’ll need to call 800-523-9100 to speak with a Colonial Penn representative. You’ll need to provide your name and policy number. You cannot cancel your policy online.
You’ll need to submit documentation to Colonial Penn by mail when you file a death claim. You can start by downloading a death claim form online. You can also email Colonial Penn or call them to receive the claims form. You can obtain a death form by:
Clicking here and selecting your state
Using this contact form
The claim form will ask you to provide information about yourself, the policyholder, and any beneficiaries. This will include:
Colonial Penn will also ask that you send in a death certificate for the policyholder. If you have any questions about the process, you can call a claims specialist at the number listed above. Once you’ve completed the claims form and have a death certificate ready to send, you can mail everything to:
Colonial Penn Life Insurance Company
Life Claims Dept
PO Box 1918
Carmel, IN 46082-1918
Colonial Penn doesn’t publish information about their claims processing timeline line. However, they do state they will process claims quickly as soon as they have all the required information. Generally, life insurance claim payouts happen much faster when the company doesn’t need to investigate the cause of death. You can reach out by phone to ask a Colonial Penn representative how long your claim might take
You can contact Colonial Penn using these methods:
Customer service phone: 800-523-9100
Customer service email: Use this form
To add coverage: 877-877-8052