Colonial PennLife Insurance Reviews 74

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.

Totally misleading advertising. I’m amazed the Feds haven’t shut them down. A 24karat joke.

This is a ripoff. The commercials do not say that you have to wait 2 years to get the full benefit of the life insurance. Be careful!

Colonial penn is thee worst life insurance. I have had nothi.g but problems..it is a hassle to even talk to associates, they never answer my questions, and they are not honest and I had to call 3 times a week for months to get claim. I would not recommend this to my worst enemy.

9.95 month you get $565 insurance. What a scam

I am so tired of watching the TV Commercials because they lie and take advantage of older people. People need to pass the word along to friends and family about how terrible Colonial Penn really is. I certainly do!

I contacted colonial Penn about receiving life insurance. I am on SSI. Not SSDI or any other sort.
I was told that colonial Penn would not affect my SSI at all, and there was no problem with me signing up for insurance.
I contacted SSI and found out that yes in fact, it does affect my SSI payments, as well as Medicaid. I had a representative come to my house to speak to me, and he assured me that there would be no repercussions for signing up for their insurance.
This agent named Les boldly lied to my face, or was severely under educated. In fact, if you are on SSI all colonial Penn offers is whole life insurance. Because whole life insurance can be drawn upon as a monetary value, any amount of insurance above $1500 in payout will not only affect your SSI, but may end up having it canceled altogether. Less assured me that was not the case. SSI informed me that in fact that was the case and that I would be penalized for having whole life insurance over the value of $1500 , there is no need for this type of deception .
With their ads on Television and through the mail, They fail to reveal that fact to people. If you are on SSI, do not sign up with colonial Penn. It could permanently eliminate your benefits.

Ever heard of Chinese water torture? Each commercial is drip, drip, drip they drives one nuts! So, soon as I see one, I change the channel or mute it. But just know, I will NEVER EVER get Colonial Penn, NEVER! I will text this to the channels runing your torturous commercial. Michael Diamond

Stop lying to customers. I have repeatedly sent claim forms to receive a measly $1,000 death payout for my Mom who passed away 12/22/23. I keep getting letters saying they require more info. I have sent a copy of will, claim form, death certificates, copy of insurance policy...but I keep getting letters telling me they will start the claim once they receive additional info. I'm beyond pissed because you only talk to customer reps who tell you they will make sure the "escalation team" know that I called, so they can move forward with the claim. I've been told this 3 times since February. I was faithful in sending in my Mom's annual premium for this coverage for many years. This is the THANKS that she gets for being faithful and on time with her payments. DO BETTER COLONIAL PENN!!!

This is ridiculous. I'm trying to turn in a claim on my best life long friend that passed away in October. So I mailed the claim form and a copy of her death certificate in April and haven't gotten any response. So I call 2 times and talk to 2 different people that didn't help at all. So because I didn't know her zip code of what was on her death certificate I can't get any answers. No matter I know her SS #, date of birth, mother and father name, siblings name and her sons. Oh and I'm the POA. Do you need her blood type to get some answers? Sorry I can't tell you that.

You'll pay more in premiums than you'll ever get back. The 3 P's of life insurance is a take off from the 3 most important things on having a business are: location, location and location.......

I recently wrote a negative review to Colinial Penn saying that they were not a business to trust. I was wrong they reached out to me and turns out they are very trustworthy.
I apologize for my previous review, I said things that I shouldn't have.
Bonnie Hirtman

Colonial is a close to a scam as you can get. Very, very misleading with advertising. You may pay only $9.95 a month for 20 years but only get $1100 of coverage. You pay more in premiums than you get back. They also signed me up without approval and tried to deduct a monthly payment, however, they got caught. No money for Colonial Penn. Read complaints from BBB. Poor little senior citizens are being scammed for sure.

These r crappy policies that have been around 4 years.Colonel Penn is just one of many companies that sells them. They r deceptive and aimed at the elderly. During the 1st two years they do not pay a death benefit.. Instead, u get a return of premium. By year five u have paid more than the death benefit into the plan. If u cancel u lose everything. If u continue u r being ripped off. The only way to make the policy work is to die between years 3 and 5.

Rip Off, BUYER BEWARE PERIOD!!!! Company has major complaints against them based on all of their practices and the commercials don't disclose the entire truth. Don't do business with this company would be my advice and recommendation.