Colonial Penn Life Insurance CompanyReviews of colonialpenn.com

Charged me 3 times on one week for the policy then gave me a hard time about canceling and getting my money back. funny, they could charge the account via a phone call, but say you have to send a paper form to get refund. Never ever use this company. They will lie and them gaslight you about their incompetence.

Deceptive advertising. Most people do not understand the terms and conditions of what they are buying from Colonial Penn and the likes. Basically, Colonial Penn's guaranteed acceptance life insurance policies r 100% profit for the company as most insured do not usually die within the limits of payout dictated by the policy. During the first two years this type of policy pays 0 death benefit. If the insured dies all the beneficiary receives is a return of premium. If the insured lives past the fifth year the insured has paid more into the policy than the stated death benefit. So to get the policy to work the insured has to die after the 2nd year but before the 5th year. Sadly, these policies are a scam at most, have little cash value and cannot be converted to traditional whole life. The low premiums vary from company to company. For the ten dollars a month you are buying an increment and not a policy. Furthermore, many companies that sell this sort of product insist the insured has to buy anywhere from 5 to 10 increments to satisfy policy status which raises the monthly premium between fifty and one hundred dollars a month, The bottom line - Even if u are uninsurable these policies are not the way to go. You a probably better putting that money you would have paid Colonial Penn once a month in a secure bank account. Annuities are another route, but usually require 500 to a thousand up front to set up an account. Hope this info has been helpful.

I can no longer listen to this well paid spokesman from Colonial Penn push Whole Life Insurance, an investment with such impossibly low returns, it should almost be illegal to sell it. Price is what you’re overpaying for Colonial Penn “Whole Life Ins”. vs far less expensive TERM LIFE insurance which buys far more life insurance for the same amount of money. Compare for yourself and see the difference! Or better yet call them and ask about their "Terms" of purchase (which is more bad news and how much their insurance is worth for your age upon your demise. Then contact any life insurance company that sells “Term insurance” and see the dramatic difference. THE LESSON TO BE LEARNED IS NEVER/ NEVER /NEVER BY WHOLE LIFE INSURANCE without comparing it’s value to Term Life insurance … almost all life insurance companies sell Term. They will probably first try to switch you to “Whole Life ins.” but tell them you ONLY want their quote for Term.

This insurance is a Rip-Off, do the math. I’m 78, a male and they offered me $3800 for $80/month.

Totally misleading advertising. I’m amazed the Feds haven’t shut them down. A 24karat joke.

This is a ripoff. The commercials do not say that you have to wait 2 years to get the full benefit of the life insurance. Be careful!

Colonial penn is thee worst life insurance. I have had nothi.g but problems..it is a hassle to even talk to associates, they never answer my questions, and they are not honest and I had to call 3 times a week for months to get claim. I would not recommend this to my worst enemy.

9.95 month you get $565 insurance. What a scam