The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. Second, we also include links to advertisers’ offers in some of our articles these “affiliate links” may generate income for our site when you click on them. This site does not include all companies or products available within the market. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. First, we provide paid placements to advertisers to present their offers. This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. The accident must occur while coverage is in force, and the death must occur within 90 days of the accident (or 180 days in Oregon and Utah). After the first two years, the full face amount will be paid for death from any cause.įor death from an accidental cause during the first two years, the full face amount of the policy will be paid. If the insured person dies before the two-year period ends, the beneficiary will receive the premiums paid plus 7% compounded annual interest. Someone can buy this coverage regardless of any pre-existing health conditions.Ĭolonial Penn says it can offer guaranteed issue life insurance because the policy comes with a two-year limited benefit period for death from non-accidental causes. Then, the policyholder can borrow against the cash value at a guaranteed rate.Ĭolonial Penn’s guaranteed acceptance life insurance requires no medical exams and no health questionnaires. The policy builds cash value after the first year of coverage. In New Jersey, the age range is 50 to 82 for women and 50 to 77 for men. The age range is 50 to 75 in Minnesota and 56 to 85 in Pennsylvania. In every state except Minnesota, New Jersey and Pennsylvania, Colonial Penn’s guaranteed acceptance life insurance is available to people ages 50 to 85. Several units can be purchased to build a bigger death benefit.Ĭolonial Penn offers up to $50,000 in coverage for people ages 50 to 85 in most states. The per-unit price is a fixed amount, and pricing starts at $9.95 per unit. A unit of coverage corresponds to the life insurance benefit amount available to you. WithColonial Penn’s guaranteed acceptance life insurance or guaranteed issue life insurance, you buy a number of “units” (one to 15). Related: How Whole Life Insurance Works Colonial Penn guaranteed acceptance life insurance While the amount of your death benefit won’t decrease, outstanding loans and withdrawals will reduce the amount of death benefit paid out if you pass away.Ĭolonial Penn’s permanent whole life insurance does not require someone to undergo a medical exam but does require them to answer health questions on the application. At that point, you can borrow against the cash value at a guaranteed interest rate. The policy starts to build cash value after the first year of coverage. The coverage can’t be canceled as long as the premiums are paid, and the death benefit will never go down.Ĭoverage amounts for Colonial Penn’s permanent whole life insurance are $10,000, $20,000, $30,000, $40,000 and $50,000. Once someone has Colonial Penn whole life insurance, their premium won’t change during the policy’s life. Premiums are based on an applicant’s age and gender they’re based on only age in Montana. Whole life insurance is a type of permanent life insurance that combines life insurance with an investment product known as “cash value.” The cash value component offers a guaranteed minimum rate of return.Ĭolonial Penn’s permanent whole life insurance is available to people ages 40 to 75.
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