Permanent Whole Life Insurance – Coverage For Life, Locked in Premium - colonialpenn.com
Whole Life Insurance
Whole life insurance is the most common type of permanent life insurance, also known as traditional life insurance. With whole life insurance a death benefit is paid to a policyholder’s beneficiary.
What is Permanent Whole Life Insurance?
Permanent Whole Life Insurance provides coverage for the life of the insured. These life insurance policies are also known as “traditional.” Permanent Whole Life Insurance is paid out to a beneficiary or beneficiaries upon the policyholder’s death provided that the premium payments were maintained.
Common uses for Permanent Whole Life Insurance
- Cash for loved ones when they may need it most
- Outstanding debt left behind by the insured
Permanent Whole Life Insurance from Colonial Penn
Colonial Penn’s whole life insurance offers the security of lifetime coverage; it’s permanent protection that doesn’t require medical exams. Answer some simple questions on your application which will help us determine your eligibility. With our Permanent Whole Life Insurance plan, your premium is locked in for life. Your rate will never go up.
Our Permanent Whole Life Insurance Plan offers permanent, lifelong protection to individuals ages 40–75 (in most states). Now with optional living benefits for cancer, heart attack or stroke, or critical illness.
No medical exam
This is permanent, whole life insurance with no medical exam required. Answers to the questions on the application will help us determine your eligibility. An underwriter may contact you by phone for more information.
Locked-in premium & benefit amount
Your premium is based on gender and age (in Montana, age only) when coverage takes effect. Your rate will not change for the life of the policy. Benefit amounts are available in increments up to $50,000.
Flexible payment options
Enjoy the flexibility to pay premiums monthly, quarterly, semi-annually or annually.
Coverage can't be cancelled
As long as you pay your premiums when due, coverage can last a lifetime.
Follow these steps to apply for Permanent Whole Life Insurance
- Step 1: Choose your coverage amount
You can choose a coverage amount between $10,000 and $50,000 in Permanent Whole Life Insurance coverage.
- Step 2: Choose your payment option
You can enjoy the flexibility to pay premiums monthly, quarterly, semi-annually or annually.
- Step 3: Apply online
Our application only takes minutes to complete.
Why Choose This Colonial Penn Plan?
No Medical Exam
Answers to questions on the application help us determine your eligibility.
We Believe in Making Insurance Simple
Finish the process in a few simple steps.
30-Day Try-It-On Period
Cancel your plan for a full refund.
What is the difference between whole life and term life insurance?
Whole life insurance offers permanent, lifetime coverage. Your premiums do not increase over time and your coverage begins to build cash value after the first year. You can borrow against this cash value by taking a policy loan. For people who want permanent protection, whole life insurance can be a good choice.
Term life insurance is straightforward protection that covers you for a set period of time which is the term. It can be one of the most affordable ways to buy life insurance. Colonial Penn no longer offers a term life insurance plan.
Will I need a medical exam to qualify?
No! Unlike some policies, no medical exam is required for this coverage. Your answers to health questions on the application will help determine your eligibility. An underwriter may contact you by phone for more information.
How do I apply for life insurance coverage?
It’s easy to apply online. Click ‘Get a Quote’ to choose the coverage you wish to apply for. You will then be directed to a secure webpage where you’ll provide your personal information, select your beneficiary/beneficiaries, answer health questions, and select a billing method. After you submit your information, you will be able to print a copy of your signed application for your records.
If you prefer to apply through the mail, you can download and print an application and mail it to us:
Colonial Penn Life Insurance Company
399 Market Street
Philadelphia, PA 19106
Or you can call us at 1-877-877-8052 and we will help walk you through it!
What if I apply for coverage but change my mind later?
You can count on a 30-Day Money Back Guarantee for peace of mind. If you decide this coverage isn't for you, just return your insurance documents within 30 days after receiving them for a complete refund, no questions asked.
Do you offer online customer service?
Yes! Customers can register at MyColonialPenn.com and see their coverage, premium, cash value and loan information. You can pay your premium online, and you can contact us anytime with questions about your policy.
Can I have more than one beneficiary?
Yes. You may designate up to two beneficiaries. If you designate two, the total shares must add up to 100%. Many people who choose two beneficiaries divide their life insurance benefit so that each person receives 50%.
Does this plan pay benefits even if I have other insurance?
Yes. Your Permanent Whole Life Insurance plan will pay benefits directly to your beneficiary or beneficiaries in addition to any other insurance you might have.
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