The age range is 50 to 75 in Minnesota and 56 to 85 in Pennsylvania. In every state except Minnesota, New Jersey and Pennsylvania, Colonial Penn’s guaranteed acceptance life insurance is available to people ages 50 to 85. Several units can be purchased to build a bigger death benefit.Ĭolonial Penn offers up to $50,000 in coverage for people ages 50 to 85 in most states. The per-unit price is a fixed amount, and pricing starts at $9.95 per unit. A unit of coverage corresponds to the life insurance benefit amount available to you. WithColonial Penn’s guaranteed acceptance life insurance or guaranteed issue life insurance, you buy a number of “units” (one to 15). Colonial Penn guaranteed acceptance life insurance While the amount of your death benefit won’t decrease, outstanding loans and withdrawals will reduce the amount of death benefit paid out if you pass away.Ĭolonial Penn’s permanent whole life insurance does not require someone to undergo a medical exam but does require them to answer health questions on the application. At that point, you can borrow against the cash value at a guaranteed interest rate. The policy starts to build cash value after the first year of coverage. The coverage can’t be canceled as long as the premiums are paid, and the death benefit will never go down.Ĭoverage amounts for Colonial Penn’s permanent whole life insurance are $10,000, $20,000, $30,000, $40,000 and $50,000. Once someone has Colonial Penn whole life insurance, their premium won’t change during the policy’s life. Premiums are based on an applicant’s age and gender they’re based on only age in Montana. Whole life insurance is a type of permanent life insurance that combines life insurance with an investment product known as “cash value.” The cash value component offers a guaranteed minimum rate of return.Ĭolonial Penn’s permanent whole life insurance is available to people ages 40 to 75.
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