Colonia Penn Life Insurance for Seniors – No Questions Asked Life Insurance Policies
This article will briefly introduce you to Colonial Penn Life insurance for seniors, over the age of 50. Life insurance policies from Colonial Penn Life are very attractive for some as they have a “no questions asked” policy, with life insurance coverage awarded to anyone who is able to pay their pay their premiums on time.
Who qualifies for the life insurance policies available at Penn Life Colonial?
Anybody within the ages of 50 and 85 can qualify for the senior’s life insurance policy awarded by Colonia Penn Life. The insurance policy is however not available in the states Washington and Massachusetts. Another point to note is that the age range of 50-85 might vary slightly, in certain states.
What is different about the senior’s life insurance policy at Colonial Penn life?
Unlike other insurance companies that selectively choose their clients, Colonial Penn Life awards its insurance policy to anyone who applies for it, as long as they can pay off their premiums. Colonial Penn will not ask questions about a person’s health and will not investigate a person’s medical history, if they have applied for an insurance policy. In fact, there is not even a physical examination that people will have to take.
Do insurance premiums vary over the tenure of the life insurance policy?
No, at Colonial Penn insurance, the insurance premiums are locked in, once and for all. They will not change as the person ages or as their health deteriorates. The benefit associated with the life insurance policy will also not be adjusted as a person ages. Hence, insurance holders can be assured that the face value of their life insurance policy remains the same, as long as they make their insurance premiums on time.
Are annual payments allowed on the life insurance policy?
Generally, most life insurance holders at Colonial Life Insurance pay off their premiums on a monthly basis. However, one can save money by paying a year’s premium in advance, to avail a one month discount. In essence, one will have to pay only for 11 months, if they are paying a year’s premium in full.
Drawbacks about availing life insurance policy from Colonia Penn Life Insurance
One must understand that there are no payouts if the life insurance holder at Colonial Penn Life insurance passes away within 2 years of signing up with the insurance policy. One must also understand that there is a huge risk of completely losing the life insurance policy even if one premium payment is defaulted upon. Only those who can be 100% sure that they won’t miss out on paying their insurance premiums, on time, should sign up for this policy.
The website allows users to get online quotes for life insurance premiums and users will generally pay about $7.95 for every $1,000 worth of Colonial Penn Life Insurance for seniors.