Colonial Penn Life Insurance coverage Firm, a nationwide supplier of easy-to-understand life insurance coverage merchandise to the middle-American market through direct-to-consumer methods, introduced immediately their new insurance coverage product with an early payout choice, Residing Insurance coverage.
Residing Insurance coverage combines Colonial Penn’s present simplified problem life insurance coverage with a brand new elective accelerated profit characteristic. It pays a standard life insurance coverage profit to the beneficiaries. Nonetheless, relying on the protection choice chosen, as much as 50% of the profit may be accessed by the policyholder to take as an early payout lump-sum fee if they’re identified with a continual sickness, terminal sickness, coronary heart assault/stroke, or most cancers.
“Servicing the wants of our prospects and providing them peace of thoughts is our high precedence,” stated Joel Schwartz, president of Colonial Penn. “Residing Insurance coverage was created to not solely service the beneficiaries after the policyholder dies, but additionally as an choice for the shopper whereas they’re nonetheless alive. It gives a dwelling profit for the buyer to use to assist cowl any sudden bills, like healthcare prices, if the policyholder will get significantly sick.
“We all know that circumstances change as folks grow old. That’s the reason we now supply this sensible answer to assist our prospects as their wants and circumstance change in order that they’ll proceed to reside life to the fullest.”
Shoppers can choose considered one of three early payout riders after they’re making use of for a brand new coverage:
Persistent Sickness + Terminal Sickness: 50% Persistent Sickness or 50% Terminal Sickness
Essential Sickness Coronary heart Assault/Stroke + Terminal Sickness: 50% Coronary heart Assault or Stroke or 50% Terminal Sickness
Essential Sickness Most cancers + Terminal Sickness: 25% Most cancers or 25% Terminal Sickness
Residing Insurance coverage is obtainable on the market on-line, by telephone, or mail with problem ages from 18 to 75 for time period and age 40 to 75 for entire life insurance policies. Payout could also be topic to deductions. Protection requires further underwriting questions/screening and is paid for via further premium. An Unintended Loss of life Rider is obtainable with or with out the acquisition of an Accelerated Profit Rider and gives further safety as much as $50Ok.
For over 60 years, Colonial Penn has specialised in providing life insurance coverage on to customers at reasonably priced costs. By way of mail, TV, and the online, the corporate focuses on providing life insurance coverage safety for ages 18 to 85. All merchandise are designed to assist ease monetary burdens at a troublesome time. The corporate’s hottest plan is Assured Acceptance Entire Life Insurance coverage, out there completely for ages 50 and over. Plus, we provide “easy-issue” time period life insurance coverage and everlasting, entire life insurance coverage.
Residing Insurance coverage is at the moment out there from Colonial Penn in 21 states with availability in different states pending. Residing Insurance coverage ought to seemingly be out there in most remaining states by finish of 2019. Merchandise and availability could fluctuate by state.
About Colonial Penn
Colonial Penn Life Insurance coverage Firm focuses on providing insurance coverage on to customers at reasonably priced costs. The nationwide firm, a subsidiary of CNO Monetary Group, Inc. (NYSE: CNO), was a pioneer in designing insurance coverage merchandise to satisfy the wants of the mature market. With over 760,000 life insurance coverage insurance policies and $three.5 billion of life insurance coverage inforce, we’re proud to be serving insurance coverage wants all throughout America. To be taught extra, go to ColonialPenn.com.