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Colonial Penn

Colonial Penn has been selling insurance policies for over 50 years, and the company specializes in products for mature Americans. While the firm is headquartered in Philadelphia, it services over 750,000 policies across the United States.

Colonial Penn offers whole life insurance plans with up to $50,000 in death benefits to people between the ages of 40 and 75. Additionally, it offers guaranteed acceptance whole life insurance for individuals in the 50 to 85 age bracket. The maximum payouts for these policies vary based on your age and sex. There are no qualifying medical exams, nor will your premium payments increase at any time during the life of your coverage. Colonial Penn also offers a 30-day refund policy, and guarantees a complete refund if you are not satisfied with your insurance purchase during initial month.

Do I have to use burial insurance benefits on funeral expenses?

Once you pass away, the beneficiaries of your final expense or burial policy can use the death benefit payout in any manner that they choose. Many beneficiaries do elect to use the death benefit funds to pay for funerals and related costs, which typically cost around $10,000 in the United States. Burial expense payouts may be used for any purpose, though, whether it be a purchase, a bill, a debt, or a loan.

How do you apply for burial insurance?

Most insurance policy applications are done online in 2016. This is true for burial and final expense insurance as well, so the first step is for you to navigate to the website of your preferred insurance company. Once there, you can either get a quote, speak to an agent, or go ahead and start the application process (which usually involves answering a short health-related questionnaire). You’ll need to provide the insurance company with personal and billing information before the application process is completed. Alternatively, you can call the insurance company to speak with a live agent. He or she will assist you in selecting the best burial insurance policy for your budget and your personal needs.

Do burial insurance premiums change?

Most burial insurance premiums are guaranteed, meaning that they do not change over the life of the policy. These premiums are calculated with regard to your health, your age, your location, and many other factors. Once you have signed the insurance contract, however, your insurance company will not change the premium.

How to get started

If you are already a Colonial Penn customer, you should contact your local agent or representative and inquire about a final expense policy. If you are a prospective customer, you can obtain further information by filling out the quote form on the Colonial Penn website. You may also shop for policies using our comparison tool by clicking on the following link.

Financial Strength Ratings

AM Best – A-minus, Stable outlook
Moody’s – Baa1, Stable outlook
Standard & Poor – BBB-plus, Negative outlook

Company contact info

The Colonial Penn Program
399 Market Street
Philadelphia, PA 19106
(877) 877-8052
New York residents call (877) 891-0915