Comments on: Colonial Penn – That’s Some Expensive Insurance!

By: Mr. D

Mr. D — Fri, 10 Feb 2012 17:54:26 +0000

I’m a former employee of Colonial Penn and yes, it is expensive. But this is “Substandard Whole Life”, which means its for people who aren’t healthy and can’t receive insurance through other companies. Its expensive because they do not ask any health questions. You are guaranteed the insurance if you live 2 years past the application date. There arent too many other companies that guarantee you life insurance so if you have diabetes or previously had a heart attack Colonial Penn is probably the only company you can go to. And NO, Banker’s Life does NOT own Colonial Penn. They are a sister company. They are both owned by Conseco so if you hear anyone say thay Banker’s Life owns Colonial Penn they are A) misinformed or B)a Banker’s Life agent trying to steer you away from Colonial Penn. Theres a HUGE rivalry between the two companies!

By: Ms. Roz

Ms. Roz — Thu, 26 Jan 2012 09:01:54 +0000

Thanks Lilian. Justin was partially correct but sounded more like a ‘bankers’ agent.

By: Lillian

Lillian — Thu, 10 Mar 2011 23:17:50 +0000

Some of Justin’s information is incorrect. Colonial Penn IS NOT a subsidiary of Banker’s Life. They are both two separate companies owned by the same corporation (Conseco). While it is true that the advertised plan is for sick individuals, Colonial Penn also offers other programs with a few underwritten health questions. In fact to qualify for their Term insurance you have to answer health questions. People call Banker’s Life when they want to work with a local agent and Banker’s agents are also authorized to sell Colonial Penn Guaranteed Acceptance product. However, if the customer is truly interested in applied for Colonial Penn insurance they usual prefer to deal directly with the company.

By: Robin

Robin — Fri, 25 Jun 2010 23:45:57 +0000

Many people do not understand that there are different types of life insurance products. The whole life product that you refer to is issued without any medical questions or exams and is to be used to help the family with final expenses. Term life, which terminates is for younger people with families and is good to have when you have your greatest financial risk. You would be hard pressed to get a 500,000 term life insurance policy for a 70 year old man; I would love to see those premiums. Term insurance is only good if you die within the term. If not money is gone and customer is often left with no life insurance because they are too old at the end of the term and at age 70, it is way too expensive. You should always have a combination of both and remember to speak with an expert whose company offers all insurance products not just pushing term life because it is cheap. You get what you pay for

By: Cathy

Cathy — Thu, 06 May 2010 17:54:43 +0000

My did have have a heart attack at age 50, had to go into early retirement and lost his life insurance he had through his employer, Life insurance for him was not even possible through most insurance companies. He bought a policy through AARP. The cost was 83.00 Quarterly for 20,000 policy. He died at age 65. We filed his insurance through the mail and got the insurance check back in 10 days with no hassels. I was impressed. So for people with health problems there is peace in knowing that your burial can at least be paid for.

By: Marion

Marion — Sat, 27 Feb 2010 03:35:49 +0000

Thanks Justin for the voice of reason. If you are healthy, turn the channel. For those like my husband who are very sick and have NO life insurance and can’t afford conventional, Colonial Penn is a life raft in this choppy ocean. It’s something and I thank God for them!

By: Justin

Justin — Sat, 06 Feb 2010 19:01:41 +0000

I am actually a colonial penn rep, colonial penn is a subsidiary of Bankers Life and Casualty Co. who (if you contact) can generally get you a better rate then colonial penn for similar programs. Rather than having NO health underwriting you can have LOW health underwriting I.E. major conditions like kidney disease or congestive heart failure. Colonial penn programs are NOT designed for healthy people, they are designed for sick (very sick) people to help pay funeral costs. Don’t be upset by premiums, what insurance company wants to insure someone who is likely to die in the next couple of years? Count yourself lucky if your that sick to have insurance at all

By: Linnet Doe

Linnet Doe — Fri, 08 Jan 2010 17:26:57 +0000

To me the funniest commercial is the one withthe son talking about when the Dad died and the mother had to pay for the funeral..”I’m making sure this doesn’t happen to Mom.

I think he means that he’s making sure it doesn’t happen to HIM. He went and got her CP insurance, which she pays for, so now she doesn’t have to worry.

Yeah, right. What a standup guy.

By: DD

DD — Fri, 10 Apr 2009 16:42:23 +0000

Did Colonial Penn get bought out by another Insurance company?

By: tammi wilson

tammi wilson — Fri, 27 Feb 2009 01:56:58 +0000

Help!!my husband had a kidney transplant in july,does anyone know if and where we could get life ins? after 10 yrs with ins. on our house (50,000.00 would be given to surviving spouse) now after we refinanced our home,they tell us we CAN’T get that ins anymore because of his kidney transplant!!! so for the whole 10 yrs. we paid in now they can just boot us?Insurances are only GOOD for Insurance companies. Can anyone recommend anything for us?