Other companies like AIG, Gerber or Mutual of Omaha that offer guaranteed acceptance insurance with the two-year waiting period will pay a modified death benefit that is typically the sum of all premiums paid plus 10% interest.Īdditionally, if the insured dies in the first 2 years by accidental death, Colonial Penn will pay the full face amount. Here is a screenshot from the Colonial Penn website where they actually point this out in writing: This means that if the insured dies as a result of natural causes in the first 2 years, a benefit of the total amount of premiums paid plus 7% compounded annually will be paid to the beneficiary. ![]() There have been complaints alleged against Colonial Penn that the guaranteed acceptance policy has a two-year waiting period. Unfortunately, many seniors let their emotions get the best of them and call for coverage shortly after watching their television advertisements which intentionally plays on the consumer’s emotions. It’s important to note that since Colonial Penn guaranteed acceptance life insurance requires little to no underwriting, it will usually be priced higher than traditional life insurance and should only be considered a policy of last resort. You can’t be turned down even if you are unhealthy. The Colonial Penn Guaranteed Acceptance Life Insurance policy goes a step further and will cover anyone between the ages of 50 to 85. Today, the insurance industry refers to this type of life insurance as Final Expense or Burial Insurance. Guaranteed Acceptance Life Insurance from Colonial Penn InsuranceĬolonial Penn’s guaranteed acceptance insurance, also called guaranteed issue insurance, is whole life insurance that is traditionally marketed toward seniors because there are no health questions asked and no medical exam required. ![]() Regretfully, unlike other national insurance companies, a Colonial Penn Life Insurance rate chart is not available so the only way you can compare the Colonial Penn program rates with other national carriers is to visit their website to obtain Colonial Penn life insurance rates. ![]()
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