Colonial Penn Life Insurance

Colonial Penn Life Insurance company was founded in the 1960s and is a subsidiary of the Conseco Group, a Fortune 500 company. Colonial Penn Life Insurance and Conseco seek to offer affordable life insurance and financial products to families and senior citizens.

Colonial Penn's offerings include: Term life insurance policies to issue on people up to age 77; five-year renewable term insurance available to age 75 with no medical exams necessary and with face amounts of $5,000, $10,000, $15,000, $20,000, and $25,000 offered; twenty-year term life policies will lock in premiums without a physical exam available to people age 18 to 77; and accelerated death benefits which are available in case of a terminal illness.

Colonial Penn was one of the first life insurance companies to offer guaranteed acceptance life insurance--life insurance policies with small face amounts, high premiums, and no medical exams required. Colonial Penn Life Insurance marketing mainly targets senior citizens, people who have health conditions that make them uninsurable by most other insurance companies, and people with families to protect who are relatively late getting life insurance into their financial plan. Colonial Penn uses famous, older celebrities such as Ed McMahon and Alex Trebek featuring in highly-produced, almost absurdly dramatized TV and radio commercials to advertise its products.

Colonial Penn has been investigated and sued for charging outlandishly high premiums that supposedly are not risk-justified or not fully disclosed at the point of sale. The company does not receive the highest ratings from independent insurance and financial institution ratings agencies. Standard and Poor's gives them a mere BB+, and so does A.M. Best give them just a B++. Fitchgives them a BBB and Moody's a Ba1; both of those ratings are about the same as Best's.

For instance, Colonial Penn's $25,000 guaranteed acceptance 20-year term life policy on a standard 38 year old male costs a "mere" $37 a month in premiums. What's wrong with that? What's wrong is there are many other life insurance companies that would give that same man the same policy...except he would have $500,000 of death benefit. The difference would be that for those other life insurance companies, those aren't guaranteed acceptance policies--they would require a medical exam.

Guaranteed life insurance policies are usually a bad idea to start with--only somebody with a health condition that's so bad that he can't get life insurance in any other way should consider one. But Colonial Penn pushes these policies as the greatest thing since sliced bread...and they mainly market to seniors, people between the ages of 50 and 75. Using celebrities to bolster their pitch, they play on older people's fears of being uninsurable. They also play upon the sad fact that most seniors who don't have a financial background are very ignorant about full financial pictures, even if they own stocks and bonds. These people may believe that all they need as far as life insurance goes is a "burial policy" to finance their funeral.

Life insurance is not about just being buried--if you're going to buy a policy for that purpose you'd be better off trying to make sure you have enough real money in assets to cover that, instead. And even if seniors have to pay higher premiums when they buy a new life insurance policy, if they take a guaranteed acceptance policy they're not saving money at all--they're throwing it away. Most seniors are insurable, just at higher premiums for the same death benefit than younger people of the same gender have to pay. But those rates are still much lower than guaranteed acceptance policies'.

Colonial Penn agents might very well believe they are giving needy people a good service, but if they do they have been had by their own company and those expensive celebrity commercials. Few people would truly benefit from these products.

The author lives with her husband in Maryland, with their two dogs and cat. She put together the website http://www.affordable-life-insurance-guru.com in order to help the everyday person navigate the often confusing world of life insurance

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Tips for Avoiding Online Scams

If you want to make money on the internet you are not alone. There are thousands of people each year that are successful at pulling in a full-time salary by simply using the internet. But before you get started you must also realize that there are people who run online scams as a way to make money. These people should be avoided at all costs. Online scams are very popular today because of the number of people that want to use the internet to make money. Follow the tips below in order to avoid online scams, and get on the right path to making money online.

1. Online scams often times seem too good to be true. If you come across an opportunity that is claiming to make you thousands of dollars by the end of the week you should be very cautious.

Remember, anything that seems too good to be true probably is. If you come across an opportunity like this make sure that you
thoroughly investigate it before you waste a lot of time and money getting started.

2. Online scams will almost always ask for money up front. These scams make money by taking cash off of unsuspecting people before they even get started with the business venture. This is done because the opportunity that they are offering is no good, and they know that nobody would pay for it after receiving further details. But by charging a lot of money up front they can get paid, and then send out the money making system that has no chance of working. Before you send out any money up front, you will want to make sure that you are 100% positive that the system that you are going to be getting works. This can be done by asking for references, or trying to find people that have used the system in the past. By doing this you will be able to avoid online scams every single time.

3. Online scams often times switch the name of their product
frequently so that people do not catch onto them. This can be easily picked up on by researching the opportunity before you get started.
Simply take a look at the system that they are going to sell you, and then do some research on it. Go online and see if you can find out if they were selling the same system under a different name. Also, ask around to find out if anybody has ever used a similar system. If a company had changed the name of their product they are most likely trying to avoid the reputation of running online scams. Online scams are popular on the internet today. By following the tips above you will be able to stay safe, and find a legitimate money making opportunity.

About the Author

The author has made a study of what works, and what doesn't in online business. Don't even think about joining an online "money-making" program before you've read this. Visit http://www.ScamWatchGlobal.com

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