Like with whole life, the maximum amount of term coverage you can buy is $50,000. People ages 18 to 75 can buy regular term. If you’re interested in Colonial renewable term, you need to be between the ages of 18 and 40. Your policy is guaranteed renewable until you reach 90 years old, without you having to worry about questions regarding your health. The two most significant differences are that there is no cash value accumulation with term and that it doesn’t last your entire life.Ĭolonial Penn’s term life is renewable, which means you can renew your policy when the term ends. In general, term is less expensive than whole life while offering similar coverage. Term life is the most common type of life insurance people buy. You might not qualify for a whole life policy, but chances are you will.Ĭolonial Penn offers permanent life insurance for people between the ages of 40 and 75, for up to $50,000. However, you will still need to answer questions about your health in an interview with your agent. Unlike most whole life insurance plans, Colonial Penn doesn’t require a medical exam. It also builds cash value as you make payments, which you can borrow against. Colonial Penn Whole LifeĪs its name suggests, whole life insurance covers you for the rest of your life, as long as you keep up on your payments. If you’re looking for more inclusive options, it might be best to go elsewhere. One unique note about Colonial Penn is that they have strict age limits for their policies. They also sell policies that don’t require a medical exam. Most life insurance companies sell term and whole life, and Colonial Penn is no exception.
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