New product offering gives consumers flexible coverage now (while they're living) and later when their families may need it most
PHILADELPHIA, June 4, 2019 /PRNewswire/ -- Colonial Penn Life Insurance Company, a national provider of easy-to-understand life insurance products to the middle-American market via direct-to-consumer strategies, announced today their new insurance product with an early payout option, Living Insurance.
Living Insurance combines Colonial Penn's existing simplified issue life insurance with a new optional accelerated benefit feature. It pays a traditional life insurance benefit to the beneficiaries. However, depending on the coverage option selected, up to 50% of the benefit can be accessed by the policyholder to take as an early payout lump-sum payment if they are diagnosed with a chronic illness, terminal illness, heart attack/stroke, or cancer.
"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.
About Colonial Penn
Colonial Penn Life Insurance Company specializes in offering insurance directly to consumers at affordable prices. The nationwide company, a subsidiary of CNO Financial Group, Inc. (CNO), was a pioneer in designing insurance products to meet the needs of the mature market. With over 760,000 life insurance policies and $3.5 billion of life insurance inforce, we're proud to be serving insurance needs all across America. To learn more, visit ColonialPenn.com.
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