Colonial Penn Life Insurance
Colonial Penn Life Insurance company is a Pensylvania based insurance company offering life insurance services. Colonial Penn targets individuals from ages 50 to 85, and their specialty is Guaranteed Acceptance Whole Life insurance. The company was founded in 1968, and the current spokesperson for the company is Jeopardy! host Alex Trebek.
So, what does Colonial Penn Promise? You cannot be turned down if you are of age 50 to 85. No requirement to answer any health questions or the need to take a medical exam. Your premium never increases and you won’t pay a penny more. Your benefit never decreases because your available benefit is based on your age, therefore it will never be higher than it is right now and will never go down because you grow older. And finally -- you get a full premium refund option and can get your money back with no questions asked.
The type of insurance offered by Colonial Penn include: guaranteed acceptance life insurance, whole life insurance, term life insurance, and medicare supplement insurance.
Check out this video of a 1980s commercial from Colonial Penn!
Here is a commercial from mid 1990s:
July 7th, 2011 at 9:35 am
Lies, this company is all lies. My mother paid for over 25 years on a policy of $1,200. When she became extremely ill and was close to death, we called Colonial Penn and wanted to know how much she would receive upon her death. $1,200 when she had pain in well over $3,000. I said well this had been paid up for years, so I won’t pay the premiums and was told the premiums had to be paid or they would cancel. I asked if this was how they treated all their policy holders who had been faithful customers of theirs for years. I was told that it was not Colonial Penn’s fault that my mother was still alive. That it was a gamble and the winners were the ones who die before the premium was paid. This company is a rip off