Guaranteed Acceptance Whole Life Insurance from Colonial Penn


whole life

On an annual basis, most life insurance companies publicize how many in-force policies they have for that fiscal year. On average, when this count is completed and compared to the American household average, we find that only 43 percent of American citizens have any form of life insurance at all even though there is continuous advertising about guaranteed acceptance whole life insurance.

Everyone is fully aware of the fact that they will eventually die. And everyone is aware of the fact that it will cost some loved one, family member, or other entity funds to bury them or cremate them. Despite these facts, 43 out of 100 people are still not insured. There are many extemporaneous factors that contribute to, those who fully understand that they need life insurance, not taking the necessary steps to acquire any life insurance at all.

  • The average household has many items that take up resources on a regular basis. Concerns such as monthly bills, mortgage payments or rent, household goods, and providing necessities for children such as school supplies, clothing, and extracurricular activity costs. All these things lead to life insurance being one of the last thoughts and expenses that go through the mind of most Americans in today’s society.
  • Unmarried individuals are usually less concerned with the cost of a burial and the financial burden left behind for those remaining when they pass away.
  • Most impoverished households and even those without disposable income do not place a priority on life insurance over their routine expenses.
  • Most gainfully employed individuals receive life insurance through the employer for whom they work. What most do not understand is that these policies are only in force while the insured is actively employed at the place of employment.
  • Seniors may have experienced financial hardships or encountered an emergency over the course of their lives may have already cashed in life insurance they obtained in younger years to cover emergency expenses and may not have applied for current coverage.
  • Many Americans have a preconceived notion that health issues that they currently have would disqualify them from being eligible for life insurance in any form.

These are only some of the many reasons why most adults do not carry adequate life insurance to fulfill their final obligations. Many other factors also play a role in leading to the American populace being grossly under-insured as a whole; however, we will focus on individuals that believe if they were to apply for life insurance, they would be denied.

These individuals may have applied for life insurance in the past and been given an excessively high premium due to rating or may have been declined by the life insurance company outright. This may have occurred for a multitude of reasons ranging from a hazardous occupation to health complications such as high blood pressure or diabetes among many others.

Guaranteed Acceptance Whole Life Insurance

As a result of the high number of Americans that are unable to obtain traditional life insurance, many life insurance carriers have begun offering “guaranteed issue” life insurance plans to insureds.

Guaranteed issue life insurance policies are whole life insurance policies that do not require a medical exam or medical testing of any kind. The only policy requirements are that the insured is alive and that the premium is paid on time. As simple as this sounds, the one caveat is that there is a two or three year waiting period prior to death due to natural causes in order for the beneficiary to be paid the full face amount on the policy.

If the insured were to pass away of natural causes prior to that term, the insurance company would simply go through a process known as “Return Of Premium” in which the funds that have been paid for the policy would simply be given to the beneficiary of the policy. If the insured were to pass away due to an accident, regardless of timeframe, the insuring entity would pay the full face amount of the policy.

Guaranteed issue life insurance policies are designed for insureds to take advantage of later in life. Most of these policies have an age range of 50 to 85 and a face amount of $1,000 to $30,000. This type of whole life policy has a face amount that will never change and can be kept by the insured as long as the premiums are paid, and are considered an ideal solution to cover final expenses. Because these are whole life policies, they build cash value over the life of the policy and that cash value can be used as the insured so chooses.

Many life insurance carriers have gone to a model in which they offer plans of this type for the older market demographic. One of the market leaders in this segment is Colonial Penn’s Guaranteed Acceptance Whole Life Insurance.

Colonial Penn Guaranteed Acceptance Whole Life Insurance

Colonial Penn Insurance Company is located in the state of Pennsylvania and has been providing quality life insurance products to the American people for over 50 years. The quality of the products they offer has afforded them with an A- rating by the insurance rating company known as  A.M. Best rating services.

Colonial Penn has made access to their products overwhelmingly easy by being available to consumers via telephone, the internet, and through direct mail contact. Using this business strategy, they have aggressively grown and continued to be a market leader by getting seniors to reach out to the company.

About Guaranteed Acceptance Whole Life Insurance

  • Insuring AgesInsurance policies are available for all ages. Ages 50 to 85 are the primary market. Renewable term insurance can be purchased for any person above age 18.
  • Guaranteed Benefit Upon policy issue, your life insurance policy is guaranteed for life so long as your premium is paid.
  • Guaranteed PremiumAfter issuing your policy, your premium will never increase for any reason, including your health or age.
  • Non-CancelableOnce issued, as long as your premium is paid on time, your policy can never be canceled unless you decide to do so.
  • Payment OptionsColonial Penn accepts payment on an annual, semi-annual, quarterly, and monthly basis.
  • Available CoverageColonial Penn insures each policy by units that are used to determine the face amount of the policy. The units allocated represent a dollar amount based on your age, and your age dictates the amount of coverage you may have.

Pros and Cons of Colonial Penn Guaranteed Acceptance Whole Life


  • Policies are guaranteed to be issued
  • No medical exams or medical tests required
  • Coverage can be had up to 85 years old
  • Can be purchased online, through the mail, or over the phone
  • Rated A- by A.M. Best
  • Guaranteed payout at time of death
  • Guaranteed premium rate
  • Policy can not be canceled
  • Versatile payment options
  • Policy builds cash value


  • Rates are higher than comparable policies that require medical screening
  • Must be outside of 2 year period for natural causes death payout
  • Older consumers are insured at lower face amounts
  • Must be age 50 to 85 for coverage
  • No purchase option through independent insurance agents
  • Must be serviced only by Colonial Penn
  • Independent insurance agents cannot deliver the death benefit


Guaranteed acceptance whole life insurance plays a huge key role in the insurance marketplace landscape, however being forced to purchase directly from the insurance carrier takes the ability away from the insured to have the support and expertise that comes along with having an agent to guide you during your insurance experience. Although a benefit to cutting out the agent network normally navigated by an insured to obtain insurance coverage saves the insurance carrier money, in the end, this is not reflected in Colonial Penn’s rating scale, and those saving are not felt in any way by the insured.

An insured utilizing an insurance agent for their knowledge base, years of experience, and advice in their field does not cost the insured any more than purchasing insurance directly from the insurance carrier. An insured having many options instead of one is always better, thus shopping with an independent insurance agent that has multiple options for an insured to obtain coverage is more advantageous than attempting to shop with each carrier individually.

For more information about final expense insurance or guaranteed acceptance whole life insurance, contact the insurance professionals at Docktor’s Insurance at (888) 773-1181 during normal business hours, or visit us on the web for a free and confidential insurance quote.
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