Why life insurance is important
Whether you’re single or in a relationship, life insurance can be incredibly important because your loved ones will have funds available to them after you pass away.
How life insurance works
Life insurance is a contract between an individual policyholder and an insurance company. Under this contract, the policyholder makes payments in exchange for a disbursement or payment of money called a death benefit to a beneficiary or beneficiaries when the policyholder dies. Beneficiaries are typically family members or people who depend on your income to meet their daily needs.
What's a death benefit?
Life insurance helps to ensure that your family and loved ones are protected against financial hardship when you pass away. The money your beneficiaries will receive from your life insurance policy after your death is called a death benefit.
What can a death benefit be used for?
A death benefit can be an important resource that may be used by your beneficiaries for any purpose they choose but often it’s used to help:
Which life insurance is best?
It depends on your specific needs and goals. Below, we’ll explain the life insurance plans we offer.
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What is whole life insurance? How does whole life insurance work?
Whole life insurance is a permanent life insurance policy that lasts your entire or whole life. Your beneficiaries will receive a death benefit provided your premium has been paid. Whole life insurance also builds cash value over time that you can borrow against.
We offer guaranteed acceptance whole life insurance to our customers
Guaranteed Acceptance Whole Life Insurance
Guaranteed acceptance whole life insurance is a type of whole life insurance in which applicants are issued a policy regardless of health. With this plan there’s no medical exam or health questions to answer so your acceptance is guaranteed. After your first year of coverage, the policy begins to build cash value which can be borrowed against at a guaranteed rate. Premiums are locked in when coverage takes effect and your rate will not change for the life of the policy.
Often purchased by individuals who
- Have pre-existing conditions that prevent them from being approved for traditional life insurance policies
- Want to help make sure their funeral and burial costs don’t fall on the shoulders of their loved ones
- Are concerned about medical or hospital expenses they may leave behind
Can I Get Life Insurance Without a Medical Exam?
Yes, you can get life insurance without a medical exam. Learn how to qualify for Colonial Penn's Guaranteed Acceptance Whole Life insurance with no medical exam.