Colonial Penn Life Insurance Rate Chart By Age
Introduction
Colonial Penn Life Insurance is a company that has been around for over 60 years. It is known for its affordable life insurance policies that cater to people of all ages. The company offers term life insurance for those who want coverage for a specific period, and permanent life insurance for those who want coverage for their entire life. In this article, we will be discussing the Colonial Penn Life Insurance rate chart by age.
What is a Rate Chart?
A rate chart is a tool that insurance companies use to determine how much they will charge for a particular policy. It takes into account various factors such as age, gender, health status, and lifestyle habits. Colonial Penn Life Insurance has a rate chart that is specific to age groups.
Rate Chart by Age
The Colonial Penn Life Insurance rate chart by age is as follows:
- Age 50-54: $21.73 per month
- Age 55-59: $27.44 per month
- Age 60-64: $36.46 per month
- Age 65-69: $49.97 per month
- Age 70-74: $75.20 per month
- Age 75-79: $112.36 per month
It is important to note that these rates are for a $10,000 death benefit for a non-smoker. Rates will vary depending on the amount of coverage, smoker status, and health status.
Advantages of Colonial Penn Life Insurance
Colonial Penn Life Insurance has several advantages that make it a popular choice for many individuals:
- Affordable rates
- No medical exam required
- Guaranteed acceptance for those aged 50-85
- 30-day money-back guarantee
- Flexible payment options
Disadvantages of Colonial Penn Life Insurance
While Colonial Penn Life Insurance has many advantages, it also has some disadvantages:
- Low coverage amounts
- Higher rates for smokers and those with health issues
- No cash value accumulation
Conclusion
The Colonial Penn Life Insurance rate chart by age provides a good starting point for those looking to purchase life insurance. It is important to remember that rates will vary depending on individual circumstances. It is recommended that you speak with a licensed insurance agent to determine the best policy for your needs.