I am considering the guaranteed life insurance policy from Colonial Penn and would like to know more about it. Specifically, I am interested in understanding the coverage details. Can anyone provide some legal information?
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You might be interested in the Guaranteed Acceptance Life Insurance coverage that Colonial Penn offers. They guarantee that you won’t be rejected based on your health—no physical examinations or inquiries about your health are necessary to be accepted. The policy is based on coverage units; the amount you receive is determined by your age, gender (in Montana, only age counts), and residence. As long as you maintain the coverage, your rate is set once you’re covered and won’t go up. The policy also begins to accrue cash value after the first year, which you can borrow against at a guaranteed rate. You are guaranteed coverage for the duration of your life with this permanent whole life insurance.
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Colonial Penn is owned by Bankers Life. If everything else fails, Colonial Penn is an excellent plan. Numerous Bankers Life representatives can assist you in comparing insurance quotes from all of the many products they have available.
They also have the major advantage of having locked-in rates, which means you will always pay the same amount.
The 9.95 a month plan will get you little less than a grand of coverage , they mislead you on the tv commercials