Product_FAQ - colonialpenn.com
On this page
General Questions
Do you offer online customer service?
Can I call for customer service?
How do I apply for life insurance coverage?
What if I apply for coverage but change my mind later?
Can I have more than one beneficiary?
Will my rate go up every year?
Will my coverage be cancelled as I age?
Do I need any special settings on my computer to electronically sign my insurance documents?
Back to On this page
On this page
General Questions
Do you offer online customer service?
Can I call for customer service?
How do I apply for life insurance coverage?
What if I apply for coverage but change my mind later?
Can I have more than one beneficiary?
Will my rate go up every year?
Will my coverage be cancelled as I age?
Do I need any special settings on my computer to electronically sign my insurance documents?
Frequently Asked Questions
To find the answers you are looking for quickly and easily, select one of the topics below or give us a call at 1-800-523-9100 and one of our representatives would be happy to assist you.
On this page
General Questions
Do you offer online customer service?
Can I call for customer service?
How do I apply for life insurance coverage?
What if I apply for coverage but change my mind later?
Can I have more than one beneficiary?
Will my rate go up every year?
Will my coverage be cancelled as I age?
Do I need any special settings on my computer to electronically sign my insurance documents?
General Questions
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 email us anytime with questions about your policy.
Can I call for customer service?
We’ve built our reputation on satisfied customers. When you receive your insurance documents, you’ll also receive a customer service guide with a toll-free service hotline. This special toll-free number will put you directly in touch with a top-notch service team. Your guide will also include information on how to change your payment plan, change a beneficiary, or file a claim.
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?
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.
Can I have more than one beneficiary?
Yes. You may designate up to three for Guaranteed Acceptance Life. 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%.
Will my rate go up every year?
Once your coverage takes effect, your rate will stay the same as long as you keep your insurance.
Will my coverage be cancelled as I age?
Absolutely not. Your coverage can stay in force as long as you pay your premiums when due.
Do I need any special settings on my computer to electronically sign my insurance documents?
You will need an up-to-date browser, but more importantly, you will need to have cookies enabled on your computer. If you need instructions on how to enable cookies, please click here.
Does this plan pay benefits even if I have other insurance?
Yes. Both the guaranteed acceptance life and permanent whole life insurance plans will pay benefits directly to your beneficiary or beneficiaries in addition to any other insurance you might have.
Guaranteed Acceptance Life Insurance
What is a unit in guaranteed acceptance life insurance?
A unit of coverage corresponds to the life insurance benefit amount you can purchase. It depends on age, gender (in Montana, age only) and state. Please get a quote to see benefit amounts and premiums available to you for up to 15 units of coverage.
Do I have to answer any medical questions?
You don't have to answer any questions about your health or take a physical exam. Your acceptance is guaranteed!
As I get older, will my benefits be reduced?
No. After your coverage begins, your benefit will not decrease as you grow older or if your health changes. Acceptance is guaranteed because of a limited benefit for death during the first two years.
Can I take a loan against the cash value of my guaranteed acceptance life insurance?
Yes. If your coverage is in force and has a cash value yes, you may obtain a loan on it. The interest rate is 8% compounded annually. Any loan amount and interest that has not been repaid at the time of death is deducted from the death benefit. Please refer to your policy/certificate for more information or call our toll-free service number 1-877-877-8052.
For Customer Support,Call 1-800-523-9100
8:30 AM to 5:30 PM (ET), Monday-Friday.
Guaranteed Acceptance Life Insurance
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