Term and Whole Life Insurance
+ Frequently Asked Questions
No Medical Exam Required - Apply Online!
Answers to the questions on the application/enrollment form will help us determine your eligibility. This is permanent, whole life or term life insurance with no medical exam required. An underwriter may contact you by phone to discuss your answers to the health questions.
Benefit Amounts up to $50,000
Benefit amounts are available in increments up to $50,000.
Protection for You and Your Family
Term Life Insurance that you can renew up to age 90 and Permanent, whole life insurance offer a great way to help protect your family.
Flexible Payment Options
Enjoy the flexibility to pay premiums monthly, quarterly, semi-annually, or annually.
|Renewable Term Life||Permanent Whole Life|
(age at time of application)
|18 to 75 (renewable to 90)
||40 to 75 (payable to age 121)
(Not available in WA)
||Guaranteed renewable up to age 90.
||Permanent, whole life insurance that lasts a lifetime.
||Initial premium is based on gender and age when coverage takes effect. Rates increase as you enter a new age band.
||Premium is based on gender and age when coverage takes effect. Rate will not change for the life of the policy.
||Depending on how long you've had your coverage, cash value may be available to borrow against at a guaranteed interest rate.
||Begins to build cash value after the first year of coverage which you can borrow against at a guaranteed interest rate.
- What is the difference between term and whole life insurance?
Term life insurance is straightforward protection that covers you for a set period of time -- the term. It can be one of the most affordable ways to buy life insurance. This term policy is guaranteed renewable up to age 90, even if your health has changed.
Whole life insurance offers permanent, lifetime coverage. Your premiums do not increase over time, and your coverage begins to build cash value after the first year. You can borrow against this cash value by taking a policy loan. For people who want permanent protection, whole life insurance can be a good choice.
- Will I need a medical exam to qualify for this insurance?
No! Unlike some policies, no medical exam is required for this coverage. Your answers to a few health questions on the application/enrollment form will help determine your eligibility. Depending on your answers to the health questions, an underwriter may contact you by phone with follow up questions.
- How do I apply for this life insurance coverage?
It’s easy to apply online!
- Get a quote, and click the 'Apply' button next to the coverage you are applying for.
- Then you will be directed to a secure webpage where you'll provide your personal information, select your beneficiary(s), answer a few health questions and select a billing method.
- After you submit your information, you'll receive an email from Colonial Penn asking you to securely sign your life insurance documents through DocuSign, our electronic signature provider. Just click the link to DocuSign in the email, and follow the instructions for verifying your identity and signing your documents.
- You will be able to print a copy of your signed application for your records.
If you prefer to apply through the mail, you can request information in the mail, or download and print an application and mail it to us.
- What type of payment options do you offer?
- Automatic Bank Account Deduction (EFT) - You provide your bank account number and bank routing number, and we'll automatically draft your premium payment from your bank account
- Credit Card - We accept Visa, MasterCard and Discover.
- Direct Bill - Available for quarterly, semi-annual and annual billing. We'll send you a bill after your policy is issued, and then continue to bill you according to the frequency you select. If you change your mind later, you can switch to the billing method that's most convenient for you.
Monthly billing is available for credit card and bank account deduction. Quarterly, semi-annual and annual billing is available for all payment options.
- What if I apply for coverage, but change my mind later?
Count on a 30-Day Money Back Guarantee for peace of mind. If you decide this coverage isn't for you, just return your insurance documents within 30 days after receiving them for a complete refund, no questions asked.
- Do you offer online Customer Service?
Yes! Customers can register at MyColonialPenn.com and see their coverage, premium, cash value and loan information. You can pay your premium online, and you can email us anytime with questions about your policy.
- Can I call for Customer Service?
Yes! We've built our reputation on satisfied customers. When you receive your insurance documents, you'll also receive a customer service guide with a toll-free service hotline that will put you directly in touch with a top notch service team. Your guide will also include information on how to change your payment plan, change a beneficiary, or file a claim.
- Can I have more than one beneficiary?
Yes. You may designate up to two beneficiaries. If you designate two, the total shares must add up to 100%. Many people who choose two beneficiaries divide their life insurance benefit so that each person receives 50%.
- Do I need any special settings on my computer to electronically sign my insurance documents?
You will need an up-to-date browser, but more importantly, you will need to have cookies enabled on your computer. If you need instructions on how to enable cookies, please click here.
Click here for complete details on benefits, exclusions, rates and the underwriting process.
Sorry, these life insurance plans are not available in MA, ME, MT, NY, VT.
Need help or still have a few questions? Call us at 1-877-877-8052
If you are not completely satisfied with this coverage, you may cancel at any time
within the 30-Day Money-Back Guarantee and receive a full refund.