Living Insurance® with Permanent Whole Life Insurance
Protect yourself and the ones you love most with Living Insurance®. Partly as a result of medical advances, people today live longer than ever before and often require costly medical care late in their lives.
What is Living Insurance®?
Living insurance® is the combination of a Permanent Whole Life Insurance policy with the added security of an early payout option.
- Select a Permanent Whole Life Insurance policy. This 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, your premium is locked in for life and your rate will never go up. After the first year of coverage, your policy begins to build cash value which you can borrow against at a guaranteed rate.
- Select one of the early payout options. This is called an accelerated death benefit and allows you to access up to 50% of your life insurance benefit if you are diagnosed with a covered illness. This payout is subject to an administrative fee and repayment of a percentage of any policy loans and loan interest.
Our Living Insurance® gives you a choice of three early payout options.
This important coverage provides a level of protection you won’t find with many traditional life insurance policies. Choose one of three early payout options: heart attack/stroke, cancer or chronic illness.
Heart attack/stroke
Access up to 50% of your life insurance benefit if you are diagnosed with a heart attack or stroke.
Cancer
Access up to 25% of your life insurance benefit if you are diagnosed with cancer (other than skin cancer).
Chronic illness
Access up to 50% of your life insurance benefit if you are diagnosed with a qualifying chronic or terminal illness.
Why Choose This Colonial Penn Plan?
Cash value
After the first year, the policy begins to build cash value that you can borrow against at a guaranteed rate.
Flexible payment options
Pay premiums monthly, quarterly, semi-annually or annually.
A choice of early payout options
Get up to 50% of your death benefit if you are diagnosed with a covered serious illness.