Colonial Penn Life Insurance
Colonial Penn Life Insurance may be best known for the frequent television commercials aired with celebrity endorser Alex Trebek of the television show Jeopardy fame. There is more to this insurance company than the recognizable spokesperson, however.
History of Colonial Penn Life Insurance
Although this life insurance company has not been in business as long as some other companies offering comparable products, Colonial Penn is not a newcomer either. The company has been in business for over 50 years and is well known for providing life insurance directly to consumers. Colonial Penn utilizes marketing methods including television commercials and direct mailing efforts in order to reach a wide range of potential customers who may not even think about purchasing life insurance until the advertisement is viewed.
One of Colonial Penn's claims to fame is the fact that this company was one of the first life insurance companies to offer guaranteed acceptance life insurance policies for people over the age of 50. Before this became more common, people of this age may have had trouble obtaining a life insurance policy because they would have been turned down for a policy through another insurer due to their age or health.
Target Market
Colonial Penn Life Insurance can design a life insurance policy to a wide range of consumers who are age 18 and over. The company has a large base of policyholders who fall into the category of over 50 years old who perhaps might be considered uninsurable by other life insurance companies.
Guaranteed life insurance policies at Colonial Penn are only available to people who fall within the age range of 50 to 85. Colonial Penn will accept applicants who may have been turned away by other life insurance companies. However, a life insurance policy for someone with major health issues will inevitably cost more than a policy for someone in good health.
Products Offered
Colonial Penn offers a wide range of life insurance products to consumers:
- Whole Life Insurance Policies
- No medical exam is necessary to purchase this policy
- Available for ages 45 to 75
- This policy has the potential to build cash value
- Five Year Term Life Insurance Policies
- Available for ages 18 to 75
- No medical exam is necessary to purchase this product
- This policy offers different benefit amounts
- Twenty Year Term Life Insurance Policies
- Available for ages 18 to 77
- No medical exam is necessary to purchase this policy
- The monthly premium remains the same for the full twenty year period
- Guaranteed Acceptable Life Insurance Policies
Availability of life insurance policies through Colonial Penn vary from state to state and may not be available in all areas of the country.
Obtain a Quote
If you are interested in obtaining a quote for life insurance through this company, you have two options:
- Contact Colonial Penn by telephone: (877) 877-8052
- Visit the Colonial Penn website and request a quote online.
The questions you are asked when requesting a quote will depend on what product you want to purchase. The quote you initially receive from Colonial Penn will be a generalized quote for a monthly premium for a life insurance policy with the level of coverage you want to purchase. The quote will be based on only a few details you provide including:
- The state in which you reside
- Your age
- Your gender
Product availability varies from state to state and some products may require you to provide more information to receive your quote. For example, New York residents are only offered two options for insurance through this company instead of the full spectrum of products.
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