Colonial Penn life insurance is promoted heavily on daytime television and has a paid endorsement from Alex Trebek. They are probably the most well known carrier for guaranteed issue life insurance, but far from the best as I will show in this rate comparison which was compiled as of the date of this post. These comparisons are tough to do in an absolute apples-to-apples sense because Colonial Penn life insurance designs their policies in a somewhat bizarre fashion where death benefits are not flat numbers, nevertheless, after reading this you will know for an absolute fact what the best guaranteed issue life insurance product rates are versus what Colonial Penn charges
First comparison, 50 year-old woman:
$16,664 in guaranteed issue coverage from Colonial Penn is $79.60
The best rate is $70.42 for $20,000 or $53.37 for $15,000
Second comparison, 60 year-old man for the most coverage Colonial Penn will issue:
$9,712 of coverage for $79.60
The best rate for $10,000 is $53.56
Third comparison, 80 year-old man for the most coverage Colonial Penn will issue:
$3,408 for $79.60
The best rate for $5,000 is $67.52
Colonial Penn life insurance may be a leader in writing guaranteed issue life insurance, thanks to their consistent television advertising, but they are far from the best option for people ages 50-80 who are looking for a guaranteed issue life insurance product. Colonial Penn life insurance’s product is completely legitimate, but this objective comparison above shows that without a doubt their product isn’t close to the best rate available and is purposely designed to make rate comparisons harder to develop.
For more information about this alternative to Colonial Penn’s life insurance product, call 888.374.2764.