Is Colonial Penn Life Insurance Coverage for Age 60 a Scam?

General
1

Hi everyone,

I recently turned 60 and have been looking into life insurance options. I have seen a lot of ads for Colonial Penn Life Insurance, particularly their guaranteed acceptance policies. However, I have come across some mixed reviews online and am concerned about whether their coverage is legitimate or a scam.

Can anyone shed some light on:

  1. The actual coverage amounts for someone aged 60 with Colonial Penn’s guaranteed acceptance policy.
  2. Whether the premiums and benefits are worth it at this age.
  3. Any hidden fees, waiting periods, or exclusions that might impact the policy’s value.
  4. Personal experiences or reviews from other 60-year-olds who have purchased this policy.
  5. Any better alternatives for life insurance at this age?

I want to make sure I am making a wise decision and not falling for a potential scam.

2

I wouldn’t say it’s a scam, but I don’t think it’s worth it. I got a quote from their system: a 65-year-old man would pay $9.95 per month for a payout of $932. If he lived to 75, he would pay $1,194 in total, which is $262 more than the payout. Wouldn’t it be better to just save the money in a bank?

3

Oh man, Colonial Penn… I’m an insurance broker that sat down with one of their recruiters… Their Commission Structure & Promotion scale was so weird and confusing. There were so many zig zags and lines that it was crazy.