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Colonial Penn Final Expense Insurance Review


ConsumersAdvocate.org Rating: 4.5 / 5 (Excellent)
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Founded in 1957 and based in Philadelphia, Colonial Penn has been providing life insurance for over 60 years. Their Guaranteed Acceptance Whole Life Insurance serves people ages 50 up to 85 who are seeking to safeguard their family's future after their deaths.
 
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How is Colonial Penn rated?

Breakdown

4.5/5
Policy Features
4.5/5
Qualifications
4.5/5
Financial Strength
4.5/5
Customer Experience

Overall Rating: 4.5 / 5 (Excellent)

Colonial Penn's guaranteed whole life insurance covers standard costs related to their policyholders' deaths and offers premium rates as low as $9.95 monthly. As with any final expense insurance policy, applicants will not need to undergo a medical exam or disclose their health to be approved.

The company's insurance financial strength ratings don't go below A. This is also the case for their rating from the Better Business Bureau, which has accredited Colonial Penn since 2020.

Colonial Penn Policy Features

Policy Features - 4.5 / 5

Colonial Penn's Guaranteed Accepted Life Insurance offers coverage for the conventional expenses people incur after the death of a loved one. These include funeral and burial expenses, medical and hospital bills, and debt like credit cards and loans.

Premium rates for this policy are fixed once the policyholder is insured, just like its coverage amounts, and start as low as $9.95 per month. There are a total of 15 rate options to choose from, and they will vary by age, gender, and state. If you wish to learn more, you can visit Colonial Penn's website, where you can submit your information to get a free quote.

This policy comes with a 30-day try-it-on period during which you can evaluate if this policy is the right fit and decide to either retain it or get a full refund. The company is able to guarantee acceptance due to a two-year limited period.

Expenses Benefits Help Cover

  • Burial expenses
  • Funeral
  • Funeral costs
  • Medical bills
  • Consumer debts

Types of Insurance Products

  • Guaranteed Acceptance Whole Life
Types of Premiums
Fixed
Accidental Death Coverage
Yes
Cash Value Accumulates
Yes

Colonial Penn Qualifications

Qualifications - 4.5 / 5

The targeted age range for Colonial Penn's Guaranteed Accepted Life Insurance is 50-85. However, the minimum and maximum ages that are eligible vary by state. For example, the accepted age range for Pennsylvania is 56-85. There is no medical exam requirement to qualify for this policy, nor do applicants need to respond to questions about their health, as pre-existing conditions will not rule them out.
Age Range
50-85 (in most states)
Medical Exam Required
No
Disqualifying Factors
Age

Colonial Penn Financial Strength

Financial Strength - 4.5 / 5

Colonial Penn has an A- rating from Standard & Poor's and an A rating from AM Best. It also received an A- rating from Fitch. Although the company has a profile on Moody's, they have not reviewed Colonial Penn's insurance financial strength rating of A3 since 2021, when the rating was affirmed. Notwithstanding, the company has an overall positive outlook in terms of how well it will meet its obligations.
Year Founded
1957
Company Type
Underwriter
Underwriter
Colonial Penn Life Insurance Company
Standard & Poor's Financial Rating
A-
A.M. Best Financial Rating
A

Colonial Penn Customer Experience

Customer Experience - 4.5 / 5

Colonial Penn has been accredited by the Better Business Bureau since 2020. It holds a BBB rating of A+. Its reviews are mostly negative and policyholders mostly complain about the company's procedures to process claims. The company has an unclaimed profile on Trustpilot that has a rating of 2.3.
BBB Rating
A+

Company Profile

Full Name
Colonial Penn Final Expense Insurance
Company Website
https://colonialpenn.com
Headquarters
399 Market St, Philadelphia, PA, 19106

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