Colonial Penn Insurance

Colonial Penn Insurance

Notices

» Site Navigation
Home Page The Villages Maps The Villages Activities The Villages Clubs The Villages Book Healthcare Rentals Real Estate Section Classified Section The Villages Directory Home Improvement Site Guidelines Advertising Info Register Now Video Tutorials Frequently Asked Questions
» Newsletter Signup
» Premium Tower
» Advertisements
» Trending News
» Tower Sponsors




















» Premium Sponsors
» Banner Sponsors
» Advertisements
Closed Thread
 
Thread Tools Display Modes
Colonial Penn Insurance
  #1  
Old 08-06-2013, 03:38 AM
Golfingnut Golfingnut is offline
Sage
 
Join Date: Feb 2012
Location: The Villages
Posts: 2,787
Default Colonial Penn Insurance

I see the commercial a lot and would suggest looking at them on fraud, BBB, senior alert sites before purchasing. Their talking points are no exam, no one can be turned down and premium never will go up. Beware. And shame on Alex Trebeck for sponsoring it.

  #2  
Old 08-06-2013, 03:48 AM
babbs455's Avatar
babbs455 babbs455 is offline
Senior Member
 
Join Date: May 2009
Location: out in the woods in Lady Lake
Posts: 348
Default

hmmm have had c penn life for the past 10 yrs and have had no problems and no increase in the premium in this time...what have you heard are they bad>? has there been something going on that I don't know about??? curious
__________________
Barbara
Sponsored Links
  #3  
Old 08-06-2013, 05:42 AM
Golfingnut Golfingnut is offline
Sage
 
Join Date: Feb 2012
Location: The Villages
Posts: 2,787
Default

Quote:
Originally Posted by babbs455 View Post
hmmm have had c penn life for the past 10 yrs and have had no problems and no increase in the premium in this time...what have you heard are they bad>? has there been something going on that I don't know about??? curious
Yes mam. The problems surface at time of payoff.
  #4  
Old 08-06-2013, 08:02 AM
784caroline 784caroline is offline
Soaring Eagle member
 
Join Date: Jul 2007
Posts: 2,432
Default

golfingnut

Your comment is fairly general....are you talking from personal experience, know of or heard of a situation involving Colonial Penn, something you have read...if so please provide the information...or just a rumor! We need more specifics to understand what the concern sould be.
  #5  
Old 08-06-2013, 08:08 AM
graciegirl's Avatar
graciegirl graciegirl is offline
Sage
 
Join Date: Mar 2008
Location: From Ohio, now happily live in Laurel Valley
Posts: 35,745
Default

Are you talking about reverse mortgages?
__________________
I have to be myself, everyone else is taken.
  #6  
Old 08-06-2013, 09:31 AM
784caroline 784caroline is offline
Soaring Eagle member
 
Join Date: Jul 2007
Posts: 2,432
Default

I was curious about your claim with Colonial Life so I did some checking. It appears the BIG issue is payoff if you die (other than accidental death) within 2 years of starting the policy..they will not payoff...they return premiums paid plus approx 7% which isnt bad. This company is OK as long as you dont die (other than accidental) within 2 years of starting the policy AND make all premium payments on time. Also you need to fully understand that this is not the best policy (regardless of what Alex Trebek tells you) in terms of coverage (ie insurance offered and needed) and the price that you will pay for the coverage requested. You are paying dearly for that guaranteed coverage, no health questions asked, but for certain people, this is all they can qualify for. All insurance policies can be complicated and in this case whn they start talking "units of coverage", that should be a clue. Below is a good explaination of what is happening.....These specific provisions may not be cyrstal clear up front but they are in the policy itself.....

Why does Colonial Penn Life reduce insurance cover payments on some occasions?

Colonial Penn Life Insurance, in its terms and conditions, clearly states why the value of the life insurance cover might be reduced, quite drastically, in some cases. There are two scenarios that can lead to the reduction of the life insurance cover at Colonial Penn Life Insurance.

First, if a policy holder defaults on insurance premiums, the value of the insurance policy can severely be compromised or even completely canceled. Many people find this particular term of the policy to be very unfair as almost everyone misses a payment every now and them, at least out of carelessness rather than due to not having the ability to pay. However, since Colonial Penn Life Insurance clearly states that missed insurance premiums can lead to a reduction or cancellation of the insurance cover, they continue to enforce the policy. Every time someone becomes a victim of this strict policy, they usually write up a review that Colonial Penn Life Insurance has ripped them off.

In reality however, Colonial Penn Life Insurance might have played by the rules, even though they have set rules that are quite unfair and unpractical to the hardworking consumer, who pays monthly premiums on his or her life insurance policy.

Secondly, the terms and conditions at Colonial Penn Life Insurance clearly state that life insurance payments will be compromised, quite severely, if the insurance holder dies within 24 months of signing up with Colonial Penn Life Insurance. Many beneficiaries of insurance policy holders at Colonial Penn Life Insurance have been enraged when they are told that there is no life insurance or very little life insurance to claim, as the insurance holder died within 24 months of coming on board with Colonial Penn Life Insurance.

However, the company openly reveals this term in its terms and conditions, when it signs up a policy holder. Some people just don’t read the fine print when they sign up, and feel that they have been duped when the company points out the fine print later on.

In conclusion, it can be said that all Colonial Penn Life Insurance reviews that call Colonial Penn Life Insurance company a scam are uncalled for. However, the negative reviews do question the strategies that Colonial Penn Life employs, as a company. The negative reviews are particularly critical of the fact that the company doesn’t do enough to openly discuss the clauses that are mentioned above, and that these clauses are usually buried in paragraphs of fine print that are difficult to read and understand, by the common person.
Closed Thread

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 11:12 AM.