Colonial Penn has a new commercial out, and we are reviewing it, and going over the pros and cons as it’s described in the commercial.
The purpose of this article really is to help those of you out there who are looking for quality burial and life insurance coverage and want to make sure you make a good decision and know all the facts before you pull the trigger and get yourself a policy.
We help seniors across the nation find final expense and burial insurance policies. We shop around to find the best combination of price and coverage. And if you’re interested in a free quote, it’s very simple. You can call directly, at 888-626-0439, or you can go to buylifeinsuranceforburial.com and request a free quote right there.
Affordable Coverage Options
The first thing you’ll notice here in the screenshot is this thing right below this gentleman’s chin that says, affordable coverage options limited benefit for the first two years.
Now let’s take a moment to explain what that means.
Limited benefit specifically talks about the natural death coverage at the Colonial Penn Guaranteed Acceptance plans offers. What they’re saying here, is that the full benefit on the natural death side will not pay for the first two years.
Colonial Penn does what’s called Guaranteed Acceptance Whole Life Insurance. There are no health questions asked. And the reason they can do this is that they don’t provide any of the people who apply for coverage first-day full natural death coverage.
They talk about anybody’s acceptance and that’s true, but again, that’s why they’re putting this limited benefit first two years in because for natural death only if you pass away, think cancer, think stroke, heart attacks or any natural types of death, you will only get back your premiums paid plus 7% interest. You have to wait two full years before the full benefit comes into effect.
Keep in mind that not all insurance programs for burial act that way if you’re healthy enough to qualify.
Guaranteed Acceptance Whole Life Insurance
Guaranteed Acceptance Whole Life Insurance, just like they talked about, the age availability is 50 to 85. If you’re under 50, you can’t qualify for this, but if you’re interested in some kind of burial insurance coverage, yes, there are other companies out there that will qualify you if you’re under the age of 50.
And that’s true, you don’t want to put off life insurance. People have a penchant for waiting a little too long before they end up getting it and usually, they die without coverage or they don’t have to die, their health changes and they can’t get the quality coverage they were once eligible for.
Coverage Options from Just $9.95
Are these plans actually 9.95? No, that’s what they start from. That’s why it says covered options from just, not are just, so they start at 9.95 a month and go higher.
So this is the classic, get them in the door with something that sounds cheap but ends up being a lot more expensive. Most likely, technically you could get something for 9.95, but what you’ll realize is the amount of coverage that’s available tends to be a lot less than what you need. So, you end up buying a lot more coverage than what the 9.95 affords.
The fine print down here says:
- You choose the option that’s best for you
- Your premium is based on the option you choose – the option may be 5,000 in coverage or 10,000 in coverage. That premium varies based on coverage.
- Your benefit amount is based on your age and gender – depending if you are a male, female, age 50, or age 85, all of these have an impact on what your actual price is going to be.
So understand it’s not 9.95 across the board. It’s probably going to be something higher if you get more than just the standard or the least amount.
Rates Locked In For Life
This is not unique to Colonial Penn. Any kind of policy out there that’s a burial insurance plan, and there are dozens, like the ones we represent at buylifeinsuranceforburial.com have price locks too.
So as soon as you take the plan out, the rate stays the same for the rest of your life, as long as you continue to pay it.
No Health Questions
Notice the fine print – no health questions.
If you call up and ask Colonial Penn right now what you want to buy, call this number. What they’re going to tell you is, “Great, just give us your personal information, and we’ll get you approved.” They do care about your age, they don’t care about your health. You cannot be turned down for any health reason.
Right below that is that limited benefit for the first two years. And the way Colonial Penn’s will work is that you don’t have natural death for the first two-year coverage except for the premiums being refunded to your beneficiary plus 7%.
The problem is, there are carriers that won’t make you wait two full years for natural death coverage if your health is eligible. And a lot of them are flexible with health and even with a history of diabetes, heart issues, cancer history issues, or lung issues even.
You may be eligible for the first day of full coverage so that if you did die within that two-year period of time, instead of having a position where only a part of what you paid in is paid back or what you paid in is paid to the beneficiary plus a little bit of interest, you have the full death benefit and have more peace of mind faster with one of these kinds of programs of course, which is what we offer at buylifeinsuranceforburial.com.
Guaranteed Lifetime Coverage
Colonial Penn burial insurance offers guaranteed lifetime coverage. But this is again, a feature that’s actually the norm. If you get a burial insurance plan, it is lifetime coverage with the vast majority of burial insurance plans out there.
So it is something that you cannot outlive like some of these other products that are called term insurance. The term is short for terminating. So, there is a risk if you buy one of those that yes, you will outlive it and have nothing to show when you might actually need it.
The Fine Print
For free information on benefits, cost limits, limitations, and exclusions.
- Total life coverage is subject to company guidelines – That just means that’s the company’s decision.
- The coverage and insurance agent may contact you
- Face amounts of less than a thousand dollars, are not available in West Virginia – this means you can’t do less than a thousand if you’re in West Virginia
- This is a graded death benefit contract – that’s another term for no full natural death coverage during the first two years
- With a limited death benefit payment in the first two years – that refers to what they’ll pay out if you die of natural causes, and it says exactly that.
- Modified benefit – is another term for graded or a two-year waiting period program or guaranteed acceptance. And so it’s basically just confirming more in the fine print again, what this does and exactly how it works.
Okay, so what’s the moral of the story? Well, Colonial Penn does offer guaranteed acceptance coverage, and that’s probably going to be the best option when you cannot qualify for anything else. Essentially, this is called the trump card. When there’s no other policy or carrier out there, Colonial Penn will accept you because they’re guaranteed acceptance and that’s a good thing.
However, the good news is that there are potentially better options out there for you if your health qualifies.
We need to make sure we have quality coverage in place no matter what may potentially happen, especially if our health qualifies for first-day full, natural, and accidental coverage. And that’s what we try to attempt with every one of our clients at buylifeinsuranceforburial.com.
What makes us different from Colonial Penn is unlike Colonial Penn, which just represents itself, we represent a multitude of insurance carriers across the nation and we talk to our clients to figure out what it is they’re looking for, how much they can afford, and then we shop those carriers for the highest quality coverage, which in many cases can offer first-day full coverage if the client is eligible and we invite you to get a free quote.
It’s very simple, call (888) 626-0439. We can give you a quote within a few minutes. Or you can just go to buylifeinsuranceforburial.com and run quotes yourself and see what you may qualify for there.