Colonial Penn No Exam Life Insurance Review

Written on March 17, 2017 by LJM Life Insurance

Colonial Penn No Exam Life Insurance Review

Colonial Penn No Exam Life Insurance ReviewColonial Penn has no medical exam life insurance, but it is a smaller coverage amount guaranteed issue whole life insurance.   Call us today 844-528-8688 to see if this type of policy is a fit for your families needs.

If you looking for a life insurance company offering no medical exam term life insurance in large amounts, you can get an instant quote here or by calling our office and talking to a licensed life insurance agent for your state.

Colonial Penn Guaranteed Acceptance Whole Life Insurance

With headquarters in Pennsylvania, Colonial Penn Insurance Company has been offering life insurance products for over 50 years. The company has an A- rating by A.M. Best rating service

and boasts that they were one of the first U.S. insurers to offer guaranteed issue life insurance. Colonial Penn offers life insurance products directly to consumers through direct mail offers, their internet portal (website), and over the telephone.

They advertise consistently using direct mail that targets seniors and use television commercials that urge consumers to call the company or go online to get a free quote and purchase insurance.

About Guaranteed Acceptance Whole Life Insurance

  • Issue Age – The policy is available to consumers between the ages of 50 and 85-years-old in most states. If under age 50, the company offers renewable term insurance.
  • Guaranteed Benefit – Once your policy is issued, your death benefit is guaranteed for life as long as the periodic premium is paid.
  • Guaranteed Level Premium – Once your policy is issued, your premium cannot be increased for the life of the policy. Your age or health will not increase your premium.
  • Non-Cancel-able – As long as the periodic premium is paid, your insurer cannot cancel your insurance policy, only you can.
  • Premium Options – The company will accept premium payments on a monthly, quarterly, semi-annual, or annual basis.
  • Available Coverage – Colonial Penn offers face amounts in units of coverage. Each unit of coverage represents an amount based on your current age. The maximum amount of coverage is also based on your age.

Pros and Cons of Colonial Penn Guaranteed Acceptance Whole Life


  • Guaranteed issue life insurance coverage
  • No health questions or medical exam required
  • Available for consumers up to 85-years-old
  • Simple purchase process – online, over the phone, or mail-in application
  • A- rated insurance company
  • Guaranteed death benefit
  • Guaranteed level premium
  • Non-cancelable by the company
  • Flexible payment options
  • Cash value life insurance


  • Higher rates compared to underwritten policies
  • 2-year waiting period for death-from-natural-causes death benefit
  • Maximum coverage amounts reduced for older consumers
  • Only available from age 50 through 85
  • Cannot purchase through an independent insurance agent
  • Cannot be serviced by an independent insurance agent
  • Death benefit cannot be delivered by an independent insurance agent

Each year, life insurance companies publish the number of in-force policies they have on their books. When this policy count is totaled and compared with American households, we find that only 43 percent of Americans have life insurance of any kind.

Although every person knows they will eventually die and although every person knows that it will cost someone to pay for their burial or cremation, 43 out of 100 people are not insured. We should understand that there are a variety of reasons why people do not purchase life insurance, even if they feel they should.

  • Life insurance is not a top priority for many adults. Most adults are concerned primarily with paying the mortgage or rent, the car payment, and feeding their family if they have one. Life insurance is way down the list of priority needs, especially for young adults.
  • Single adults are not as concerned as married adults about what will happen to surviving loved ones when they die.
  • Families who are struggling financially and living paycheck to paycheck do not place a priority on life insurance.
  • Many working adults obtain life insurance through their employer and do not understand that in most cases, the policy will cancel if and when they leave the employer.
  • Older adults may have cashed in policies for a financial emergency and have not re-applied for coverage.
  • Many Americans have health issues that they feel will prevent them from getting coverage.

Certainly, there are other reasons not listed here why an adult has not purchased and does not carry life insurance, but we are going to look primarily at those adults who feel they will not qualify for coverage.

These are adults who may have applied for coverage and were either substantially rated up or declined a life insurance policy based on health issues or other reasons such as alcohol and drug abuse or a dangerous occupation.

Guaranteed Issue Whole Life Insurance

To respond to adults who are unable to purchase traditional life insurance because of health reasons or other issues, there are many insurance carriers now offering “guaranteed issue” life insurance.

A guaranteed issue insurance policy is typically a whole life insurance policy with no medical qualifications required. As long as you are alive and can pay the periodic premium, your policy will be issued.

The only string attached to a guaranteed issue policy is a waiting period that is typically two or three years. If the policyholder dies within the waiting period due to non-accident reasons (natural causes), the insurer will pay an amount equal to the premiums paid (some offer an additional percentage of premiums paid as well) to the beneficiary listed on the policy.

If, however, the policyholder dies as a result of an accident, the insurer will pay the full death benefit.

Guaranteed issue policies are typically offered to adults who are age 50 to 80-years-old (some go to 85). The available death benefit is typically $1,000 up to a maximum of $25,000.

Since these guaranteed issue policies are whole life policies, they are considered permanent insurance as long as the periodic premium is paid, and they build cash value.

There are many insurance carriers offering guaranteed issue policies, and one of the most popular is Colonial Penn’s Guaranteed Acceptance Whole Life Insurance.


While guaranteed issue life insurance is certainly a needed insurance product in the marketplace, purchasing directly from an insurance carrier and not having the advice and support of an experienced and reputable agent may put the policyholder at a disadvantage.

While circumventing the agent distribution system would save the insurance carrier the commissions normally paid to the agent, Colonial Penn’s rates do not reflect that they are passing on this savings to the consumer.

When a consumer takes advantage of an insurance professional’s experience and advice, their insurance rates are no more than if they purchased directly from the insurer. Since most independent agents represent multiple insurance companies, it’s logical that the consumer would better off shopping in one place with many carriers, than to approach each carrier on an individual basis.

Go with an Independent Insurance agent to see all the plans available to you.  844-528-8688

About LJM Life Insurance
About LJM Life Insurance

We work with individuals across the nation to secure the best life insurance rates.

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