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What Is Colonial Health Insurance

Allmerica Financial Benefit Insurance Company

2022 Colonial Penn Life Insurance Review ($9.95 Plan)

1. Allmerica Financial Benefit Insurance Company Allmerica Financial Benefit Insurance Company is located in Worcester, MA and the phone number for Allmerica Financial Benefit Insurance Company claims, Printer Friendly View Address: 645 W Grand River Ave Howell, MI, 48843-2178 United States See other locations Phone: 546-2160

What Type Of Insurance Does Colonial Penn Offer

Colonial Penn is a specialized insurance company that focuses on life insurance. They have a few coverage options available, including:

  • Guaranteed acceptance life insurance
  • Permanent whole life insurance
  • Renewable term life insurance

For individuals of almost any age, Colonial Penn offers a type of life insurance suited to their needs. If youre in the market for affordable life insurance, Colonial Penn may just be the right insurance company for you.

Is It Easy To File Claims

Claims can be filed online, or the forms can be downloaded, printed, and returned by mail. The site does not offer any sort of checking the status of claims phone number. There is a customer service number where questions can be directed, and in most cases, a phone number is provided with policy information for this type of coverage.

Company HR departments can also assist with the claims process. In the case of dental and vision policies, claims are usually handled directly with providers.

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Colonial Penn Pricing: A Brief Case Study

If youre a little lost, an example may help.

Lets say the customer is a 55-year-old male named Derek. Derek wants to buy a policy so his end-of-life costs wont burden his family.

When he requests a quote, Colonial Penn lets him know that $9.95 will buy him $1,560 of whole life insurance coverage.

If this is enough coverage for Derek, he can fill out a one-page application, make his first $9.95 payment, and he will have life insurance.

Derek, however, highly prefers to be buried in his familys plot. And $1,560 is not enough for a funeral service and burial these days.

Derek can buy up to 15 units, depending on the monthly payment he can afford.

If he can afford $50 per month, he can buy 5 units of coverage. Since one unit of coverage is $1,560, five units of coverage would be five times this amount, or $7,800.

What Is Colonial Life

Top 64 Complaints and Reviews about Colonial Life &  Accident Insurance Co.

Colonial Life was founded in 1937 as Mutual Accident Company in Columbia, South Carolina in the United States. They sold accidental death policies and final-expense insurance through a team of mostly female sales representatives. Two years after the companys founding, the name was changed to Colonial Life and Accident Insurance Company.

Moving into the employee benefits market, the company began offering payroll deduction services for voluntary products. They continued to grow over the following decades and are a large employee benefits insurer today.

Colonial Life operates as a subsidiary of Unum Group and serves more than 3.7 million policyholders at more than 90,000 companies and organizations. Life insurance policies are sold across the country through brokers and consultants.

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A Fixed Price For Variable Amounts Of Coverage

Colonial Penn isnt afraid to buck the trend when it comes to selling burial insurance coverage.

Most life insurance carriers let you choose how much insurance coverage you want. They then tell you the monthly premium price they can offer you.

Colonial Penn does it in reverse. They allow you to choose your monthly payments and then let you how much coverage they can offer you.

$9.95 always buys you one unit of coverage.

And how much coverage does that unit give you? Thats where the Companys minimal underwriting comes in depends on your age.

What To Know About Colonial Penn

Colonial Penn was founded in 1968, making it a well-established insurance carrier with more than half a century of experience in offering multiple insurance options to individuals in many different age brackets. The carrier was one of the first on the market to begin offering guaranteed acceptance life insurance plans requiring no medical exam to senior citizens.

With several decades of experience under its belt, Colonial Penns history has helped it to earn a reputation as a stable company. Coverage is available in 49 out of 50 states, as well as DC, Puerto Rico, and the Virgin Islands. However, term life insurance policies are not offered in all states. Colonial Penn is a subsidiary of CNO Financial Group, which serves more than four million customers across the nation.

Colonial Penns long-standing history and wide reach throughout the country aids the carriers reputation as a financially stable insurance provider with a strong outlook for the future. A.M. Best, the leading global credit rating agency monitoring the insurance industry, gives Colonial Penn an A- rating, indicating the carrier is an excellent choice for insurance customers. The A- rating assures customers that Colonial Penn is capable of offering guaranteed, secure coverage from a trustworthy carrier. A.M. Best also places Colonial Penn in the $1.5-2 billion financial size category, further demonstrating the carriers financial strength and stability.

Find The Right Company Today.

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Best Recurrent Diagnosis Benefit: American Fidelity

American Fidelity

American Fidelity offers a unique recurrent diagnosis benefit that pays out 50% of your policy upon the second diagnosis of the same condition. They also stand out due to their simplified underwriting policy with no medical exams required, making American Fidelity the insurer with the best recurrent diagnosis benefit.

  • Simple underwriting with no medical exams

  • Health screening benefit of $50 each year

  • Recurrent diagnosis benefit

  • You can file a claim online

  • Pre-existing conditions may not be covered

  • You must work with an agent to get a quote and coverage some plans are only available through employers

American Fidelity stands out due to their recurrent diagnosis benefit, which will pay 50% of the original policy amount if youre diagnosed with the same condition for a second time. This company has been around since 1960 and has an A+ rating from AM Best.

With American Fidelity, you may be able to get coverage without a medical exam, and coverage amounts from $10,000 to $30,000 are available. You can also get up to $50 per year toward health screenings that might help you avoid a critical illness, and employer policies from this provider are portable, meaning you can take them with you wherever you go.

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Units Of Life Insurance Coverage

Colonial Penn Life Insurance Review

How does Colonial Penn sell life insurance to everyone for the same price?

Most life insurance companies let you choose the amount of coverage you want. Then, they quote you a price for that amount of coverage.

Colonial Penn does it in reverse. You choose your price. And then they tell you how much coverage you can buy for that price.

How do they refer to what they sell for $9.95? Well, they cant say they sell $1,000 of coverage or $2,000 of coverage because its different for every person. So instead, they call this a unit of coverage.

A unit of life insurance coverage = the amount of coverage a specific person can buy for $9.95.

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Colonial Penn Medigap Plans

Colonial Penn administer 10 Medigap plans, with high deductible versions of two plans. The following designations identify the plans: A, B, C, D, F, high-deductible F, G, high-deductible G, K, L, M, and N.

The plans are standardized, meaning the features of Medigap Plan A in one state are identical to its features in another state. The exceptions are for programs in Massachusetts, Minnesota, and Wisconsin, where these states standardize Medigap plans differently.

The table below shows the deductible and copays or coinsurance for certain Colonial Penn plans in Philadelphia, Chicago, and San Francisco for 2021.


However, Medigap plans administered to new enrollees on or after January 1, 2020, may not cover the Part B deductible. Due to this ruling, people who are first eligible for Medicare on or after January 1, 2020, may not buy Plan C, Plan F, or the high-deductible Plan F.

However, if a person became eligible for Medicare before this date and did not enroll, they may be able to enroll in one of the three plans.

Medicare is the federal health insurance program for older adults and younger people with disabilities. It comprises the four parts below.

Dont Buy Guaranteed Issue Unless You Have To

You should never purchase a guaranteed issue policy unless youre uninsurable. A guaranteed acceptance policy is a policy of last resort. They are the most expensive policy available when you compare the monthly premium to the amount of coverage you receive.

Even if you have some significant health risks, you may qualify for a no medical exam simplified issue policy. These policies only have a few questions and each company is different. Make sure you get help from an independent life insurance agent like us at Life Insurance Blog. Everyone wants to buy from a top 10 life insurance company. We use over 60 top rated companies to shop for our clients so they can be sure theyre getting the best deal available.

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Colonial Penn Rate Lock Commercial

If youve seen Colonial Penns commercials then you may have gotten excited when Alex Trebek mentioned their Rate Lock. He goes on to explain that your Colonial Penn monthly premium will never change with their whole life policy.


This isnt unique to Colonial Penn. In fact it is how all whole life insurance policies work. This isnt some special feature that youll only get with Colonial Penn.

Gerber Life, AIG, Mutual of Omaha.they all have rate locks.

Colonial Life Insurance Pricing

Colonial Life &  Accident Insurance Company Reviews 2021: Details ...

You can get a Colonial Life insurance quote by calling their helpline and speaking to a representative. The overall cost of the insurance depends on several factors, like age, gender, health, and location. The average life insurance cost for Colonial Life for individuals between the ages of 50 and 58 are as follows:

85 $418

The monthly rate of Colonial Life insurance stays the same, but you get more coverage the younger you are. This insurance is cheaper than many other insurance companies but includes a maximum age limit.

The Colonial Life insurance payment can be made in multiple ways, including credit cards, direct billing, and electronic funds transfer.

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Colonial Healthcare Family Medicine And Beyond

Colonial Healthcare is a primary care medical practice with additional specialties and ancillary diagnostic services that focuses on families. We also offer urgent care, available seven days a week. Our doctors can address any and all of your health concerns. We have primary care providers who specialize in family medicine and a network of specialists for any other medical services you may need.

Our offices are located throughout Sumter, Columbia, and Manning, SC, with additional offices opening throughout South Carolina and North Carolina. We provide same-day service and limited wait times, even without an appointment. We also provide in-house diagnostic testing to save you time on appointments and travel. We accept TRICARE and most major insurance plans.

For an appointment, you can request one using our online form or call the location nearest you today.

For information regarding office hours during inclement weather visit the .

Critical Illness Insurance May Make More Sense Than Cancer Insurance

Rather than focus entirely on cancer, critical illness insurance provides supplemental coverage for other worrisome illnesses. Heart attack and stroke are the most common examples. Critical illness insurance sometimes covers kidney failure, major organ transplants and ALS, too.

Aflac and other cancer insurance providers typically offer critical illness policies as well. This makes it relatively easy to purchase both types of coverage at the same time, if needed.

Critical illness insurance policies usually pay out a lump sum shortly after youve been diagnosed. As is the case with some cancer insurance policies, this payment can be used for medical or non-medical expenses.

Something to keep in mind as you consider this type of insurance: critical illness plans have their fair share of critics. Many say there are better ways to prepare for one or more of these illnesses.

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How To Find Better Options Than Colonial Penn Final Expense Insurance

If you are looking for life insurance for final expenses or anything else, you can 100% get a much lower price elsewhere.

In addition, you can likely get coverage with no waiting period.

The biggest issue with Alex Trebeks life insurance is that youre dealing with a captive insurance company.

When you speak to a Colonial Penn agent, they cannot shop around and show you another insurance company that could potentially give you a better deal.

The trick to finding the best and most affordable final expense life insurance is to work with an independent insurance agency. Only an independent agency can compare offers from multiple providers.

An independent broker such as Choice Mutual will shop the market for you to determine which insurance carrier has the best price and coverage based on your unique situation.

Believe it or not, it does not cost you a fee to work with an independent agency, and the insurance itself isnt more expensive.

Working with an independent agency can save you as much as 70% on your life insurance .

You can call us at 1-800-644-2926, and we can assist you. Were independent and have over 15 different A rating companies that we will shop for you. Final expense life insurance is our specialty. Its all we do.

Below are genuine reviews from past customers who allowed us to serve them.

One unit of Colonial Penn Life insurance costs $9.95 per month regardless of your age or gender.

How Does Colonial Penn Stack Up Against Their Competitors

Colonial Penn Life Insurance Company- Coverage

Many other final expense whole life insurance companies offer better pricing and underwriting.

For example, many carriers have superior prices or more lenient requirements for applicants than Colonial Penn does.

If youre interested in getting a quote from another company, give us a call at 380-3300, or fill out the quote box to the right and you will see rates in seconds!

And stay away from companies like GLOBE Life, Colonial Penn, and AARP.

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Merger Acquisition And Control

In October 2008, completed acquisition of the for $260 million in stock.

On February 15, 2011, NYSE and announced their merger to form a new company, as yet unnamed, wherein Deutsche Börse shareholders would have 60% ownership of the new entity, and shareholders would have 40%.

On February 1, 2012, the blocked the merger of NYSE with Deutsche Börse, after commissioner stated that the merger “would have led to a near-monopoly in European financial derivatives worldwide”. Instead, Deutsche Börse and NYSE would have to sell either their derivatives or shares in order to not create a monopoly. On February 2, 2012, NYSE Euronext and Deutsche Börse agreed to scrap the merger.

In April 2011, , an American , and had together made an to buy NYSE Euronext for approximately 11,000,000,000, a deal in which NASDAQ would have taken control of the stock exchanges. NYSE Euronext rejected this offer twice, but it was finally terminated after the indicated their intention to block the deal due to concerns.

In December 2012, ICE had proposed to buy NYSE Euronext in a with a valuation of $8 billion. NYSE Euronext shareholders would receive either $33.12 in cash, or $11.27 in cash and approximately a sixth of a share of ICE. , the chairman and CEO of ICE, will retain those positions, but four members of the NYSE board of directors will be added to the ICE board.

Alternate Colonial Penn Whole Life Insurance Option

They dont advertise it, but Colonial Penn offers another whole life policy outside their $9.95 plan.

As you can see from their products page, this whole life policy is much different.

In short, this policy isnt sold by the unit and has an underwriting component. Its not a guaranteed issue plan, so youll have to qualify medically.

No medical exam is required, but you must answer these health questions.

If youre approved, there is no waiting period.

The underwriting on this plan is rather strict, so unless youre in picture-perfect health, dont expect to qualify.

Even if you do qualify, the prices arent very competitive.

For example, A 66-year-old male would pay $70.15 per month for $10,000 in coverage with this Colonial Penn whole life plan.

In comparison, Mutual of Omaha would charge only $59.85 per month.

Below is a table that compares both of their whole life options.

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Does Colonial Life Have Any Discounts

Sometimes, we worry about our monthly payments and how to keep them at the bare minimum. If youre concerned about affordable Colonial Life insurance rates, start looking into the company discounts. We found a few deals that Colonial Life provides. Lets examine them below:

Colonial Life Discounts

  • Better Business Bureau A+
  • NAIC Complaint Index 0.62

Colonial Lifes A.M. Best rating stems from Unum Group. How come? Unum Group is the parent organization of Colonial Life. Therefore, Colonial Life shares Unum Groups rating.

The NAIC Complaint Index reports the rate of customer complaints that occur during the year. The average ratio is 1.00, but Colonial Life has a ratio of 0.62, meaning it gets fewer complaints than the average company of its size.

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Health Insurance For Illinois Residents

Colonial Penn Life Insurance Review (See Rates &  Apply)

If you are trying to find medical insurance alternatives, you have come to the best place to review your options. Obtaining health insurance from a specific company forces you to choose from their options, and also those alternatives may not be the very best for you or your family members. Lots of people pay too much for insurance protection they dont need, and also under insure protections they truly need to have.

Many individuals make the mistake of believing because insurance companies cant exclude individuals from coverage, it suggested everything was covered. Regrettably, this is not a correct assumption. Some insurance companies leave out people from coverage or the ideal coverage based upon their specific regulations. It is important to find an insurance provider which satisfies the needs of you as well as your household.

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