Colonial Penn Life Insurance CompanyReviews of colonialpenn.com

Customer service -they barely speak English, very difficult to understand which I believe to be very intentional when the average person calling for assistance is more than likely a senior citizen. They are only paying for HALF of my mother's funeral after my parents paid into Colonial Penn for years. When my dad passed in 2023 they paid the 5,000 benefit, but they dropped the entire policy forcing my mom to purchase a new policy, they started the policy in 2023, my mom passed December 2024. Colonial Penn informed me that because it's under two years they will not pay out the entire 5,000 benefit but only half. Very very limited benefits. I will not be utilizing Colonial Penn for my prearrangements for burial. I do not trust Colonial Penn whatsoever

I saw $10 bucks / per month and went straight to the reviews to verify. Of course 1.5 stars. You get what you pay for .. whereas in this case, nothing!

I believe this company is lying about sending me the funds for my mother. She died Sept 28 of this year, 2024. They claimed to have sent the check twice, but I haven't received it. I have spoken to several people and supposedly a supervisor. They claim I can't go anywhere to pick it up and they say they can't deposit it in my account, yet they took from my account every month for the payment. They should be ashamed, doing this while people are dealing with a loss. No wonder the funeral homes say they don't deal with insurance companies anymore. We had to pay out of pocket even though mom had insurance. This doesn't make since. The insurance won't even fully cover the burial of the ashes. We need that and more for a niche or ground burial. I didn't know that these insurance companies and some resting places are scammers. The fees are ridiculous. Calling again to complain and see what lies they will tell about the whereabouts of the check. Smh

My aunt recently passed away. The family called Colonial Penn to notify the company of death. The family was told that the policy does not exist. However, we had bank statements and policy number showing that my aunt was paying for the insurance for 6 years straight. This COMPANY IS FRAUDULENT AND A SCAM. PLEASE DO NOT WASTE YOUR MONEY. FIND ANOTHER LEGITIMATE INSURANCE COMPANY NOT THIS ONE!!!!

Charged me 3 times on one week for the policy then gave me a hard time about canceling and getting my money back. funny, they could charge the account via a phone call, but say you have to send a paper form to get refund. Never ever use this company. They will lie and them gaslight you about their incompetence.

Deceptive advertising. Most people do not understand the terms and conditions of what they are buying from Colonial Penn and the likes. Basically, Colonial Penn's guaranteed acceptance life insurance policies r 100% profit for the company as most insured do not usually die within the limits of payout dictated by the policy. During the first two years this type of policy pays 0 death benefit. If the insured dies all the beneficiary receives is a return of premium. If the insured lives past the fifth year the insured has paid more into the policy than the stated death benefit. So to get the policy to work the insured has to die after the 2nd year but before the 5th year. Sadly, these policies are a scam at most, have little cash value and cannot be converted to traditional whole life. The low premiums vary from company to company. For the ten dollars a month you are buying an increment and not a policy. Furthermore, many companies that sell this sort of product insist the insured has to buy anywhere from 5 to 10 increments to satisfy policy status which raises the monthly premium between fifty and one hundred dollars a month, The bottom line - Even if u are uninsurable these policies are not the way to go. You a probably better putting that money you would have paid Colonial Penn once a month in a secure bank account. Annuities are another route, but usually require 500 to a thousand up front to set up an account. Hope this info has been helpful.

I can no longer listen to this well paid spokesman from Colonial Penn push Whole Life Insurance, an investment with such impossibly low returns, it should almost be illegal to sell it. Price is what you’re overpaying for Colonial Penn “Whole Life Ins”. vs far less expensive TERM LIFE insurance which buys far more life insurance for the same amount of money. Compare for yourself and see the difference! Or better yet call them and ask about their "Terms" of purchase (which is more bad news and how much their insurance is worth for your age upon your demise. Then contact any life insurance company that sells “Term insurance” and see the dramatic difference. THE LESSON TO BE LEARNED IS NEVER/ NEVER /NEVER BY WHOLE LIFE INSURANCE without comparing it’s value to Term Life insurance … almost all life insurance companies sell Term. They will probably first try to switch you to “Whole Life ins.” but tell them you ONLY want their quote for Term.

This insurance is a Rip-Off, do the math. I’m 78, a male and they offered me $3800 for $80/month.