Readers ask: How Good Is Colonial Life Insurance?

We award Colonial Life Insurance a final rating of 3 out of 5 stars. The carrier has had many decades of experience in the insurance industry, which is certainly noteworthy, as are their high ratings through both A.M. Best and the BBB.

How much life insurance do you get from Colonial Penn for $9.95 a month?

You call Colonial Penn to get a quote for $15,000 in coverage and they tell you they can’t do that– you have to buy units. For a 68 year-old-male, 1 unit at $9.95 a month qualifies you for a total of $792 in life insurance coverage.

How much coverage do you get from Colonial Penn for 995?

Get a Maximum of $50,000 With the Renewable Term Life At Colonial Penn, this option is the only option for those aged 40 and under. With this plan, you can receive a coverage maximum of $50,000, and it is available to anyone between the ages of 18 and 75.

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Who owns colonial life?

The company is headquartered in Columbia, South Carolina. Colonial Life is wholly owned by Unum, but operates as an independent subsidiary.

How much life insurance can I get without a medical exam?

Simplified issue life insurance Simplified whole life, or permanent, insurance policies of up to $50,000 are available for consumers up to age 75 without a medical exam or lab tests.

Does Jonathan Lawson really work for Colonial Penn?

Jonathan Lawson served in the Marine Corps and earned his college degree while working full time at Colonial Penn. Now, Colonial Penn customers who have benefited from Mr. Lawson’s advice over the years say thank you to him, and thank you to Colonial Penn.

How much is a unit of Colonial Penn life insurance worth?

Colonial Penn’s guaranteed life insurance works by adjusting the benefit amount (also known as coverage) per unit based on your age, gender and location. Each unit will always be $9.95, but how much coverage you get for $9.95 will change. If you want to get more coverage, you have to buy more units.

What is the 9.95 plan?

The Colonial Penn life insurance for $9.95 per month is a guaranteed acceptance whole life policy with a 2-year waiting period. Everyone pays $9.95 per unit (max of 12 units). How much coverage you get for $9.95 depends on age and gender. There are no health questions.

Does AARP offer whole life insurance?

The AARP program features permanent and term life insurance with simplified underwriting, which means applicants answer health questions but do not have to undergo a medical exam to qualify. The program also offers whole life insurance with guaranteed acceptance for everyone except for those who are terminally ill.

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Is Colonial Life and Colonial Penn the same company?

Is Colonial Life and Colonial Penn the same insurance company? No. Colonial Life provides a range of life, and supplemental coverage plans to benefit the employees.

How many agents does colonial life have?

Our team of approximately 10,000 sales representatives and 1,200 home office professionals serves more than 3.7 million people in over 90,000 companies and organizations.

Are Colonial Life agents captive?

you can be appointed by other insurance companies, as colonial is non captive agency.

How long after someone dies do you get life insurance?

Life insurance companies pay out the proceeds when the insured dies and the beneficiary of the policy files a life insurance claim. You should be able to collect the life insurance payout within 30 to 60 days after you have submitted the completed claim forms and the supporting documents.

What life insurance does not require a physical?

Guaranteed issue life insurance is a type of whole life insurance that’s guaranteed to be issued, regardless of health. This means there’s no medical underwriting required, and thus no medical exam.

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