Life insurance basics

Find peace of mind with a life insurance plan offering a coverage amount that meets your needs and your budget.

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:

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Pay off debts like a mortgage or credit card bills

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Provide extra income to help pay ongoing household bills

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Pay funeral costs and other final expenses

Which life insurance is best?

It depends on your specific needs and goals. Below, we’ll explain the life insurance plans we offer.

Colonial Penn Offers Whole Life Insurance Options

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 Two Types of Whole Life Insurance:

Guaranteed Acceptance 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

Permanent Whole Life Insurance

Colonial Penn’s Permanent Whole Life Insurance doesn’t require a medical exam but you will answer some questions on your application which will help us determine your eligibility. With this plan, once insured your premium is locked in for life and your rate will never go up. After the first year, coverage begins to build cash value which you can borrow against at a guaranteed rate.

Often purchased by individuals who

  • Need coverage that doesn’t require a medical exam
  • Want a premium that won’t increase
  • Would like to supplement existing insurance coverage

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