![]() This is a true permanent burial insurance plan. Of the two, the former is the most widely marketed to the public. The second is an easy issue whole life burial insurance plan which requires applicants to provide answers to some health related questions. The most popular offering is their guaranteed acceptance whole life burial insurance. ![]() The use of this “unit” system tends to be subversive and misleading.Ĭolonial Penn currently has two main burial insurance plans. Factors such as age and sex of an individual determine the amount of coverage provided in the policy. For example, 1 unit can represent $500 in burial insurance or it can represent $1,000 in coverage. For example, the practice of selling their policies on a “per unit” basis, Colonial Penn intentionally obfuscates its pricing models to subtly mislead the audience. However, while their policies are described in a manner which makes them appear to be an economical bargain, pricing is obscured in such a way that can be confusing to its customers. Colonial Penn also has strong web and direct mail advertisements targeted at individuals over the age of 50. They command a strong advertising presence with prolific figures such as Alex Trebek, Ed McMahon, and Joe Theismann endorsing the business. When looking for an insurance policy, it is often recommended to select a company with a rating no less than A-.ĭespite being the first insurance company to develop a no health question life insurance policy, Colonial Penn has struggled to deliver a quality burial insurance product to the marketplace. They a licensed in 49 states and currently rated as B++ by A.M. ![]() Started nearly fifty years ago by AARP co-founder, Leonard Davis, Colonial Penn is a subsidiary of CNO Financial Group Inc. The following review is an analysis of one of the most recognized players in its industry. Last Updated on Octoby Matt Schmidt A Review of Colonial Penn Burial Insurance ![]()
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