Servicing the needs of our customers and offering them peace of mind is our top priority, said Joel Schwartz, president of Colonial Penn. Living Insurance was created to not only service the beneficiaries after the policyholder dies, but also as an option for the customer while they are still alive. It provides a living benefit for the consumer to use to help cover any unexpected expenses, like healthcare costs, if the policyholder gets seriously sick.
We know that circumstances change as people get older. That is why we now offer this practical solution to support our customers as their needs and circumstance change so that they can continue to live life to the fullest.
Consumers can select one of three early payout riders when they're applying for a new policy
Chronic Illness + Terminal Illness 50% Chronic Illness or 50% Terminal Illness
Critical Illness Heart Attack/Stroke + Terminal Illness 50% Heart Attack or Stroke or 50% Terminal Illness
Critical Illness Cancer + Terminal Illness 25% Cancer or 25% Terminal Illness
Living Insurance is offered for sale online, by phone, or mail with issue ages from 18 to 75 for term and age 40 to 75 for whole life policies. Payout may be subject to deductions. Coverage requires additional underwriting questions/screening and is paid for through additional premium. An Accidental Death Rider is available with or without the purchase of an Accelerated Benefit Rider and provides additional protection up to $50K.
For over 60 years, Colonial Penn has specialized in offering life insurance directly to consumers at affordable prices. Through mail, TV, and the web, the company focuses on offering life insurance protection for ages 18 to 85. All products are designed to help ease financial burdens at a difficult time. The company's most popular plan is Guaranteed Acceptance Whole Life Insurance, available exclusively for ages 50 and over. Plus, we offer easy-issue term life insurance and permanent, whole life insurance.
Living Insurance is currently available from Colonial Penn in 21 states with availability in other states pending. Living Insurance should likely be available in most remaining states by end of 2019. Products and availability may vary by state.