Colonial Penn’s Final Expense Insurance Products: NAIC Company Complaint Index Rating for Colonial PennĬolonial Penn rates slightly higher than its competitors with a NAIC company complaint index rating of 1.31. Nevertheless, it is encouraging to note that the company is actively addressing these complaints on the BBB website. The Better Business Bureau has given the company an A+ rating, but there have been 79 consumer complaints. Best, indicating that it is financially stable, although not as strong as some of the industry’s more established giants.Ĭolonial Penn is perhaps best known for its high-profile paid spokespersons, including NFL greats Joe Theissmann and Roger Staubach, former Johnny Carson sidekick Ed McMahon, and the current face of the company, Jeopardy host Alex Trebek.Ĭonsumer organizations have rated Colonial Penn’s performance as average to subpar. About Colonial Penn:Ĭolonial Penn Life Insurance Company is a Pennsylvania-based insurer that specializes in final expense policies with relatively low coverage amounts and limited underwriting requirements.Įstablished in 1967 by one of AARP’s co-founders, Leonard Davis, Colonial Penn has an A- (or “Excellent”) rating from A.M. As a result, burial insurance can be an excellent option for seniors who might otherwise have difficulty qualifying for affordable life insurance coverage. The application process is typically less complicated, and underwriting standards are less stringent compared to most other life insurance products. By guaranteeing the availability of cash, final expense insurance prevents situations where grieving loved ones must bear significant financial obligations, or where the executor of the estate must sell non-liquid assets at a loss to cover funeral and burial expenses.įinal expense insurance typically consists of permanent whole life insurance, with fixed premiums and coverage that never lapses as long as premiums are paid.Įligibility for final expense insurance is generally restricted to older applicants, and the available coverage levels are usually limited to smaller whole life insurance policies of $25,000 or less. In addition, larger policies can also serve as a source of funds to pay off estate debts and taxes, administrative fees, and other transaction costs incurred during the estate administration process. What is Final Expense Insurance?įinal expense insurance, also known as funeral insurance or burial insurance, is a form of senior whole life insurance that provides cash to cover the high costs associated with memorial services and the disposition of the deceased’s final remains. To knowledgeably choose between the available products you need to know what’s out there and understand the strengths and weaknesses of the various policies and companies. There are quite a few options available when considering different final expense life insurance companies.
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