![]() Ability to borrow against your policy – depends on length of ownershipĬolonial Penn offers two Term Life Policies.No medical exam but there is an extensive health questionnaire.Our independent agents frequently find out clients lower premium rates with other providers. These two whole life options are both great offers however, we strongly suggest you shop around before you buy. Many other insurance providers offer living benefit options. Policies with an accelerated death benefit rider are also known as living benefits. If you activate the accelerated rider, you are subject to an administrative fee and a repayment of a percentage of any policy loan interest. And t here are three qualifying criteria in which you may access to the death benefit early. This policy attaches an accelerated death benefit rider to your policy, allowing access to the death benefit while living if you become chronically ill. Living Insurance Whole Life allows you to get the same peace of mind as traditional whole life coverage, plus added security of an early payout option. Our independent agency works can connect you to several other providers that offer lower premiums. The only thing we don’t like about Colonial Penn’s Whole Life Insurance option is the rates. This policy is easy to qualify for and has a simple application process. Traditional Whole Life provides high coverage amounts that allow you to pay for end-of-life expenses and maybe leave a small legacy behind for loved ones. ![]() The two whole life insurance options from Colonial Penn. Medical questionnaire but no medical exam.Guaranteed Acceptance life insurance should always be a last resort. Our independent agents can help you shop many other policies that you may be able to avoid this two-year waiting period. This means that if you die within the first two years of your policy, your beneficiary will only receive the premiums you paid plus a small additional percentage. It’s important to know that Colonial Penn’s guaranteed acceptance life insurance policy enforces a two-year waiting period before the full death benefit is available. While this is a great product, several other insurance carriers offer lower rates and higher coverage amounts for the same policy type. It provides guaranteed funds to help pay for end-of-life expenses. This policy is ideal for individuals in poor health that do not qualify for other types of coverage. Premium rates are locked in and guaranteed never to increaseĬolonial Penn’s Guaranteed Acceptance life insurance programs are by far their most popular product. ![]()
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