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  #1  
Old 07-16-2006, 02:32 PM
browneyes316 browneyes316 is offline
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Colonial Penn Life Insurance?

Has anybody heard of any problems with Colonial Penn Life Insurance? I'm thinking of buying a life insurance policy with them. Thanks for any info.


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  #2  
Old 07-16-2006, 06:13 PM
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scambuster scambuster is offline
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Re: Colonial Penn Life Insurance?

I believe it's whole life and expensive to the point of being stupid.



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  #3  
Old 08-15-2006, 07:31 PM
bbduncan bbduncan is offline
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Re: Colonial Penn Life Insurance?

Colonial Penn life insurance that requires no medical exam is generally intended for those with serious medical conditions that may not qualify for standard Whole Life policies. It is a good alternative for these folks.

If you are healthy, you can still get C.P. but the premiums would be much higher than standard Whole Life.

If you die from natural causes within the first two years, your beneficiary would receive a refund of the premiums you paid plus interest. They would not get the full death benefit unless you died as a result of an accident or two full years had passed since policy issue.

Colonial Penn may offer other types of policies. The above descriptions apply to the State of New Jersey, may differ elsewhere. Your best bet is to do some comparison shopping.

Regards,
bb

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  #4  
Old 08-16-2006, 03:36 AM
browneyes316 browneyes316 is offline
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Re: Colonial Penn Life Insurance?

BB,
Thank you for the information. I have diabetes and a lot of life insurance companies will not insure me, even though I take oral medication and not insulin dependent. That's why I was looking at Colonial Penn. I understand that it is a "guaranteed issue" which means, I assume, that you don't get full face value of the policy until after two years, unless accidental death occurs.

I just didn't know anything about them, so I was looking for someone who might have had some experience with them. I just don't want to pay premiums for insurance to a company that might not pay.
Thanks,
browneyes

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  #5  
Old 08-16-2006, 03:37 AM
value value is offline
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Re: Colonial Penn Life Insurance?

this is the worst company ever.... do not think of handing money to them

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  #6  
Old 08-16-2006, 06:09 PM
bbduncan bbduncan is offline
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Re: Colonial Penn Life Insurance?

Browneyes,

Some Life Insurance companies offer policies where there are no med exams but you have to answer a few medical questions. I know Colonial has this type of policy, they describe it on their website. I'm not sure what questions C.P. asks, but I know that some companies will not exclude an oral diabetic. They only ask about insulin dependant diabetes. So assuming your answers to all of the other questions are favorable, you would qualify for this type of Whole Life where the full death benefit is available immediately as opposed to "guaranteed acceptance" where they ask no questions. The premiums would also be lower than "guaranteed acceptance".

As far as Colonial Penn being reputable, I'm not aware of any problems. Please keep in mind that unlike Health Insurance where a company may dispute coverage of a certain conditon or procedure, It's pretty difficult to argue that a person is not dead. You produce a death cerificate, you get paid.

I would be curious to hear what issues "value" has with C.P. Anyone who drops a comment such as he/she did with no explanation only makes himself appear to be ignorant.

For the record, I do not work for, nor do I have a policy with C.P.

regards,
bb

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  #7  
Old 07-27-2011, 11:47 AM
RGSooy RGSooy is offline
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Re: Colonial Penn Life Insurance?

It's seems Mr. VALUE complains about everything.
When reading posts, please check what kind of posts that particular Blogger normally posts.

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  #8  
Old 07-30-2011, 07:05 AM
New Blood New Blood is offline
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Re: Colonial Penn Life Insurance?

Quote:
Originally Posted by browneyes316 View Post
Has anybody heard of any problems with Colonial Penn Life Insurance? I'm thinking of buying a life insurance policy with them. Thanks for any info.
They are part of the clusterfuck, that is, Conseco and Bankers Life and Casualty Co. They suck. Plain and simple. You would be better off with another final expense life insurer. There are A rated carriers out there which have a better product and track record than Bolonial Penn ..... RUN FOR THE HILLS ! DO NOT BE SUCKED INTO THE SCAM ** ALEX TREBECK !

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  #9  
Old 08-04-2011, 06:23 PM
Sweetpea8529 Sweetpea8529 is offline
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Re: Colonial Penn Life Insurance?

I have experienced no problems at all with Colonial Penn life. They are the providers of now the third generation for our family. CP has always professional, honest, helpful, time efficient, etc. No negative experiences in doing business with them. At our time of loss, CP handled the final transactions professionally with sympathy and efficiency. I am the third generation to put my final arrangements in the capable hands of CP!

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  #10  
Old 08-05-2011, 05:13 AM
New Blood New Blood is offline
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Re: Colonial Penn Life Insurance?

Quote:
Originally Posted by Sweetpea8529 View Post
I have experienced no problems at all with Colonial Penn life. They are the providers of now the third generation for our family. CP has always professional, honest, helpful, time efficient, etc. No negative experiences in doing business with them. At our time of loss, CP handled the final transactions professionally with sympathy and efficiency. I am the third generation to put my final arrangements in the capable hands of CP!
Any company that is being prostituted ** its parent company is not a good one. Do your homework. Three generations of loyalty to a company like Bolognial Penn is enigmatic. Trying to wrap my brain around that one. You sound more like a Bankers Leech agent defending his final expense program,which,** the way,is bar none, the worst on the planet.

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  #11  
Old 08-05-2011, 05:40 AM
USVision USVision is offline
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Re: Colonial Penn Life Insurance?

Quote:
Originally Posted by New Blood View Post
Any company that is being prostituted ** its parent company is not a good one. Do your homework. Three generations of loyalty to a company like Bolognial Penn is enigmatic. Trying to wrap my brain around that one. You sound more like a Bankers Leech agent defending his final expense program,which,** the way,is bar none, the worst on the planet.
If not a Bankers Life and Casualty agent.....three generations paying too much for too little. B-y the unit crap.

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  #12  
Old 12-15-2011, 09:57 PM
c_hugh c_hugh is offline
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Re: Colonial Penn Life Insurance?

Quote:
Originally Posted by value View Post
this is the worst company ever.... do not think of handing money to them
ok on what do you base this? you provide no facts and therefore no value....IMHO with posts like this you are of no value to this board

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  #13  
Old 12-15-2011, 09:59 PM
c_hugh c_hugh is offline
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Re: Colonial Penn Life Insurance?

Quote:
Originally Posted by New Blood View Post
They are part of the clusterfuck, that is, Conseco and Bankers Life and Casualty Co. They suck. Plain and simple. You would be better off with another final expense life insurer. There are A rated carriers out there which have a better product and track record than Bolonial Penn ..... RUN FOR THE HILLS ! DO NOT BE SUCKED INTO THE SCAM ** ALEX TREBECK !
The same with you as with Value...provide verifiable details before bashing a company...other wise you are a waste of band width

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  #14  
Old 12-15-2011, 10:01 PM
c_hugh c_hugh is offline
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Re: Colonial Penn Life Insurance?

Quote:
Originally Posted by New Blood View Post
Any company that is being prostituted ** its parent company is not a good one. Do your homework. Three generations of loyalty to a company like Bolognial Penn is enigmatic. Trying to wrap my brain around that one. You sound more like a Bankers Leech agent defending his final expense program,which,** the way,is bar none, the worst on the planet.

There again you show your ignorance...if you have no facts you need to keep quit as you add no value with comments like this


Last edited by c_hugh : 12-15-2011 at 10:33 PM. Reason: spelling issues
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  #15  
Old 12-15-2011, 10:09 PM
c_hugh c_hugh is offline
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Re: Colonial Penn Life Insurance?

Ok here is what I do know about Colonial Penn the insurance you see advertised on TV is Guaranteed acceptance WHOLE life insurance this is for people who have health issues...even though a person has say diabetes, heart or cancer issues they will issue you affordable coverage. the reason for $9.95 a unit is to give flexibility that you would other wise not have for example. most policies offer say 5k or 10k worth of insurance...what if you can afford 7k and not 10k worth? what C.P. has done is taken and designed a way to make it affordable to more people each person pays the same per unit and the difference is in the amount of coverage you get per unit based on age a gender.

now with all of that said is it more expensive than traditional insurance? well YEAH it is much higher risk for the company.

how many other companies will offer insurance to someone 85 years old? a certain well know company offers a term policy and do not in many cases tell the insured that if they live until the age of 80 they no longer have insurance.

btw C.P. does have other policies that have a few health questions...no height or weight or smoke or no...those are a better value if you do not need guaranteed acceptance


Last edited by c_hugh : 12-15-2011 at 10:11 PM. Reason: append
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  #16  
Old 12-15-2011, 10:31 PM
c_hugh c_hugh is offline
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Re: Colonial Penn Life Insurance?

Quote:
Originally Posted by scambuster View Post
I believe it's whole life and expensive to the point of being stupid.
You believe but do not know? perhaps if your going to mod a scam board you should find out before posting?

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  #17  
Old 12-17-2012, 10:24 PM
honest engine honest engine is offline
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Re: Colonial Penn Life Insurance?

Quote:
Originally Posted by browneyes316 View Post
Has anybody heard of any problems with Colonial Penn Life Insurance? I'm thinking of buying a life insurance policy with them. Thanks for any info.
They are completely legit!! My parent had 3 separate ins. accounts with Colonial Penn and it was so easy to claim after death. NO problems at all!!

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  #18  
Old 12-17-2012, 10:28 PM
honest engine honest engine is offline
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Re: Colonial Penn Life Insurance?

Quote:
Originally Posted by scambuster View Post
I believe it's whole life and expensive to the point of being stupid.
Actually, it's not... you're statement is simply not true. They are completely legit!! My parent had 3 separate ins. accounts with Colonial Penn and it was so easy to claim after death. NO problems at all!! ...and it's not expensive!!


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