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Here are 6 good ways to help you save money on your life insurance.

1.Get Healthy

The most important factors insurance companies consider when setting premium rates are age, health and lifestyle. If you are a smoker, have health problems, or you are obese, you will pay significantly more for your life insurance. If you are in a higher rate class due to any of these factors, you may be able to get a discount on your premium if you can prove to your insurance company that you are working to maintain a healthier lifestyle.

2.Purchase More Coverage

It may sound strange, but you can actually save money by purchasing more life insurance. The rate per $1,000 of coverage often drops significantly past a certain level (ex. $250,000), and this can allow you to get the most life insurance coverage for the least amount of money.

3.Choose a “Friendly” Life Insurance Company

Some life insurance companies have underwriters that are specially-trained to analyze applications on a case-by-case basis and will offer competitive rates to people with conditions such as heart-disease, diabetes or cancer.

4.Look for Hidden Fees

You can save a significant amount of money by paying your life insurance premium annually instead of making monthly payments. It is a good idea to compare the monthly rate to the annual premium amount to get a good idea of the hidden fees associated with monthly payment plans.

5.Skip the Riders

Although riders can add value to your life insurance policy in some situations, most riders are just another way for insurance companies to make money. Paying extra to cover a situation that almost never happens doesn't make a lot of sense if you are trying to save money.

6.Shop Around

The best way to save money on life insurance is to shop around. Like any other type of insurance, rates can vary widely from company to company. Thanks to the Internet, it's easier than ever to compare rates for life insurance. Websites that allow you to compare rates from several different companies at once can save you time and money.

Top 10 Things You Should Know About Life Insurance

Having good life insurance coverage is a great way to plan for the future and make sure your loved ones are taken care of after you're gone. Not all life insurance policies are the same, and a little research now can help you get the best policy for your family situation at the best price. Here are 10 things you need to know about life insurance.

1.Know the different types of life insurance

There are a few different types of life insurance policies, and you need to know what you want to accomplish with your life insurance to know which type would be best for you. Term life insurance typically offers the largest amount of coverage for the lowest premiums, but this coverage is only for a set period of time. Cash value life insurance has significantly higher premium amounts, but it also comes with a savings and investment element and other benefits that are available to you even before you die.

2.Healthy people get better life insurance rates

Having a healthy lifestyle can greatly reduce your life insurance rates. Anything that could potentially shorten your life expectancy – such as smoking, obesity, heart disease, etc. – will increase your premium rates. If you have any health risk factors, you may be able to get a discount on your life insurance if you can provide the company with documentation from your physician to prove you are working to make yourself healthier.

3.Be completely honest on your application

Make sure you answer all the questions on your health insurance application completely and honestly. Your insurance company may be able to terminate your coverage of you lie on your application, or if you omit any information. The insurance company could also deny claims or even charge you for the higher premiums you would have been paying.

4.Make sure you have enough life insurance coverage

When purchasing life insurance, it is important to make sure you are not underinsured. If you have too little coverage, then your beneficiaries won't be adequately provided for. If life insurance seems too expensive for you at the moment, shop around for better rates. You can start with a smaller amount of life insurance if you're relatively young and healthy, but you should increase your coverage as you can afford to do so.

5.More life insurance can be cheaper in the long run

More life insurance can be cheaper in the long run
Life insurance rates usually cost less per thousand dollars of coverage at higher coverage amounts. This means that you can effectively double your policy amount without necessarily doubling your premiums. If you need to increase your life insurance, do a little research first. It might not be as expensive as you think.

6.There are benefits to buying life insurance when you're younger

If you are thinking of waiting to purchase life insurance when you get a little older, you may want to rethink the decision. Premiums increase as you get older, and you could save a lot of money on life insurance by purchasing your policy when you're younger.

7.Review your life insurance coverage regularly

Most insurance companies encourage people to look over their life insurance policies at least once per year. Marriage, childbirth, retirement and many other life changes that can affect your financial situation could also affect the amount of life insurance that you need. You should also review your beneficiary information to make sure it is up to date.

8.Monthly payments can make life insurance more expensive
Although monthly payments can be easier to manage for some people, most insurance companies offer discounts to customers who pay their annual premiums in full.

9.Relying only on the life insurance offered by your employer can be a mistake

Even though many employers offer group life insurance to their employees, this coverage may not be enough to completely meet your life insurance needs. Most important, employer-based group life insurance policies are not transferable – if you lose your job, you lose your coverage.

10.Comparison shopping can save you money

Just like with most types of insurance, premiums can vary widely from company to company. We recommend getting comparison quotes online as the easiest way to compare prices for life insurance. Online quotes save time, and they can save you a lot of money as well.

How Much Life Insurance Should You Buy?

Life insurance can be a complicated subject. There are several different types of policies available and there is not a one-size-fits-all answer to how much you should purchase. Here are a few things you should consider when trying to decide what amount of coverage is right for you.

What do you need your life insurance to accomplish?

Whether you are considering purchasing your first life insurance policy or increasing the amount of coverage you already have, you need to have a clear understanding of what you want to accomplish with your life insurance. The most common reason people purchase life insurance is as a replacement of income. For this purpose, most experts recommend that you multiply your annual income by 20 and purchase that amount of coverage.

If you have additional debts that will need to be paid off when you die, you may also want to add that amount to your life insurance coverage. If you have a spouse or significant other and you both work, it might be enough just to replace your income. But if you are a single-parent, you will probably want to purchase enough insurance to replace your income, pay off all your debts and provide an inheritance for your children.

Some people, especially those just starting a family, can find life insurance too expensive and only purchase enough to cover their financial obligations. Although it is risky to carry too little life insurance, it is better than not having any insurance at all. You can always increase your coverage as you can afford it – usually under similar terms as your original policy. Purchasing at least a small amount of life insurance is also a good way for single people with no family obligations to cover their final expenses and pay off debts.

Regularly review your life insurance coverage

It is important to review your life insurance coverage at least once per year to make sure your still adequately covered. You should also review your policy to see if you need to add more coverage if you have any changes in your household circumstances (marriage, childbirth, purchase of a home, etc). Make sure you have the correct beneficiaries designated on your policy, as this can sometimes be difficult to change.

Additional uses for life insurance

Life insurance can be used for many things other than replacing income and paying off debts. If you have a large estate, a life insurance policy could be used to pay your estate taxes. Some people also use life insurance as a way to leave charitable donations after their death or to establish a trust fund for their family or philanthropic work.

No matter what your reasons for purchasing life insurance, you probably want to be sure that you are getting the best deal. Getting your life insurance quotes online is one great way to quickly compare rates from several different companies. This way, you can be sure that you are getting the coverage you need at the best possible price.

How Much Life Insurance Should You Buy?

Life Insurance Basics: What Every New Parent Should Know

According to the most recent statistics, the annual birth rate in the U.S. Is expected to reach 4.5 million by 2017. As birth rates rise, an increasing number of parents find themselves with questions about life insurance, and how they can make sure they're loved ones are taken care of after they die. Here is some helpful information every new parent should know about life insurance.

Review Your Situation

New parents should take a close look at their existing life insurance coverage to determine if the policy is suitable for their new family situation and if they have the appropriate amount of coverage. It is also a good idea to review beneficiary information to make sure beneficiaries are listed on the policy correctly. This may also be a good time to get new quotes for life insurance, as rates have been declining in recent years.

Determining Life Insurance Coverage Needs

Different life insurance policies can vary as to what is covered, and in what amounts. The two things parents should consider when determining what coverage they need are the type of coverage and the amount of the policy.

1.Types of Coverage: The two most common types of life insurance are term policies and permanent, or whole-life, policies. Term life insurance policies tend to have lower premiums, but generally have no accumulating cash value and provide protection for a specified period of time only. Permanent life insurance policies, however, can offer coverage for an individual's entire life, and many accrue cash value over time.

2.Coverage Amounts: Most experts agree that it is a good idea to carry enough life insurance to ensure that the family can carry on financially despite the loss of income. Even stay-at-home parents should carry sufficient life insurance to make sure the cost of childcare doesn't put a hefty burden on the family's finances.

Designating Beneficiaries

Beneficiaries are the people who are named on the policy to receive the benefits when the insured person dies. It is a good idea to update beneficiary information as soon as possible after the birth of a child, and to choose beneficiaries carefully as changing beneficiaries can sometimes be difficult. New parents are encouraged to name both a primary and a contingent beneficiary to help make sure the funds are immediately available to the family. If the life insurance benefits are handled through the estate there could be unnecessary delays and expenses associated with accessing the money.

Comparison shopping online is a good way for people to make sure they are getting the most life insurance for their money. Customers can compare quotes from several different companies at the same time, and learn about the different types of policies to make sure they are getting the best coverage at the best price.

What You Need to Know About Life Settlements

As the cost of living increases, many retired Americans choose life settlements as a way to make ends meet or to add cash to their retirement savings. Before making this decision, you should be sure you understand what life settlements are so you can decide if it is the right choice for you.

What is a life settlement?

Also referred to as a senior settlement, a life settlement is a way for you to sell your insurance policy to a third-party investment company in exchange for a lump-sum payment. The investment company takes over your premium payments and pays you a percentage of the policy's value. In return, the investment company collects your life insurance benefits after you die.

Typically, investment companies look at two factors when determining whether or not to purchase your policy and how much to offer. First, the policy's total worth usually needs to be greater than $250,000 to make it economically viable for the company. The second factor these companies consider is your health. If you are in good health and not expected to die in the near future, the investment company could be making your premium payments for years before they can collect on their investment.

Once you have entered into a life settlement agreement, the investment company will assign a representative to stay in touch with you. This representative is usually a lawyer or an attorney, but some companies also send out periodic postcards requesting that you reply and confirm your status.

How does a life settlement differ from a viatical?

The differences between a life settlement and a viatical are in the policyholder's health at the time of sale and the amount paid for the policy. Viatical life settlements are for terminally ill individuals, and investment companies pay out more for viaticals because they know they will have a faster return on their investment. Typically, a viatical will pay between 50% and 80% of the policy's face value whereas a standard life settlement only pays out about 20%.

5 Important Considerations About Life Settlements

The insurance industry warns policyholders to be careful when choosing an investment company to handle a life settlement. Here are 5 things to consider before selling your life insurance policy:

1.Make sure the company you're thinking about selling your policy to is licensed in your state.

2.Read the contract carefully before you sign it. Make sure you understand all of the terms and conditions of the contract and all of your question shave been answered. If you are uncomfortable with anything it's alright to say “No.”

3.Use a broker if possible. If you choose not to use a broker, make sure you negotiate with several firms to get the best deal.

4.Beware of a scam called “wet-papering.” This is when insurance companies pressure older adults into buying a life insurance policy only to have them sell it right back to the company.

5.Beware of a scam called “clean-sheeting.” This is a situation where an individual teams up with an investment firm to claim their health is better than it actually is for the purpose of purchasing a life insurance policy to sell to the investment firm.

If you or someone in your family needs life insurance, we recommend using an online service like this one to shop for rates. Online life insurance quotes are fast and easy, and allow you to compare prices from several different companies at once.


Colonial Penn Life Insurance

Colonial Penn Life Insurance Company is a Philadelphia, Pennsylvania based life insurance company owned by Conseco. Colonial Penn's marketing campaign is aimed at people between the age of 50 and 85, specializing in Guaranteed Acceptance Whole Life Insurance. Acceptance with no medical exam or health questions is offered in $9.95 per month units (unit value is based on age and gender) or face amounts of $500 or $1000 increments. Other whole and term life insurances are offered as well. Colonial Penn Life company offers Permanent Whole Life, Return of Premium and 5-Year Level Rate Term Life policies to individuals throughout the United States. Independent ratings provider A.M. Best gave Colonial Penn Life a financial strength rating of “A” (Excellent) in 2010.


 
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