Life as a senior citizen is not an easy one, especially with failing health over time. That brings with it its set of medical bills, which only go up. Getting insured at that age is difficult.
But it need not be so, as there are senior citizen-oriented insurance plans available. Colonial penn senior life insurance schemes are one such set of options. Senior citizen specific insurance plans are specially designed with the common problems of senior citizens in mind.
Colonial Penn is one of the more recognized life insurance providers to the Senior community. States Jason Peterson of Burial Insurance Pro “Many seniors prefer to purchase life insurance from a company they are familiar with. Colonial Penn burial insurance products are advertised over television, and through mailers. These products are easy to qualify for and the application process is simple.”
Cherry Picking the Most Suitable Service
Not everyone can sail in the same boat in the journey of life. That is why Colonial Penn Senior Life Insurance has a bevy of plans to suit one’s needs. Any conditions, features, and benefits are mentioned in the detailed sections of each of them. It is recommended to study them all carefully before choosing the relevant plan.
Guaranteed Acceptance Life Insurance
This plan has permanent life coverage without considering the insured’s medical condition and prior ailments. Its other features are the fixed premium and sum insured, the latter varying on a case-by-case basis but decided at the time of buying.
This is a rather popular plan with its demographic of 50-80-year-olds and with no medical exams. It builds cash value after the first year and can borrow it at a guaranteed rate. There are monthly, quarterly, half-yearly, and yearly payment options.
Permanent Whole Life Insurance
This is a variation of the previous plan for the 40-75-year-olds. This is also made available without a medical examination. However, a representative will contact the buyer with a checklist for health-related queries. The answers to those will determine the eligibility to avail of this policy.
The coverage is permanent for life, with a maximum benefit sum of $50,000. Premium is based on age and gender (age only in Montana). It offers the same cash value and flexible payment options as the previous policy. This is unavailable in New York state and the Virgin Islands.
Renewable Term Life Insurance
This policy is available for people across the ages of 18 to 75. The plan is renewable until the age of 90. This is also a no-medical exam-required policy. An underwriter checks the eligibility from the answer to questions on the application.
The maximum coverage benefit is $50,000. The premium rate is determined based on gender and age from the date of coverage taking effect. The rates increase with the age of the person.
There is cash value benefit, too, at a guaranteed interest rate and on the coverage length thus far. The same four payment options as the previous two policies are available. The policy is unavailable in New York State, Montana, and the U.S. Virgin Islands.
This is an add-on to the Renewable Term Life and Permanent Whole Life Insurances. The addition is the early payout option in case of serious illness, amounting up to 50% of the sum insured based on the illness. Heart Attack/Stroke and Disabling Chronic Illnesses will confer the 50% payout while Cancer (except skin cancer) will yield a 25% payout.
The payout is dependent on an administrative fee and any repayment dues of loans taken on the policy.
Active Care Direct Cash
This is another supplemental program that provides direct cash of up to $60,000 during emergencies. The type of accident or illness must be covered under the present policy.
The Colonial Penn Senior Life Insurance list is comprehensive. Care must be taken during purchase, though, to gain true benefits. Here, independent agents can help you make the right decision, based on your age, gender, coverage needs, and budget. Since they work with several providers, they have many options for you.
Raj Kumar is a qualified business/finance writer expert in investment, debt, credit cards, Passive income, financial updates. He advises in his blog finance clap.