Insurance Forum

[Ins155]

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I've watched the Colonial Penn Insurance commercials on TV. They advertise for only $7.95 per month per unit. What does "per unit mean"? Just curious. Also, is this a good company?

[Drewrilla]

Unfortunately, it means per $1,000 of coverage. Guaranteed Life is quite expensive.

[bobson]

Originally Posted by Drewrilla

Unfortunately, it means per $1,000 of coverage. Guaranteed Life is quite expensive.

That depends on who you ask. Some people would gladly pay that amount!

[Newby]

Originally Posted by Ins155

I've watched the Colonial Penn Insurance commercials on TV. They advertise for only $7.95 per month per unit. What does "per unit mean"? Just curious. Also, is this a good company?

Colonial Penn was once owned by AARP and was the most profitable insurance company in the world until they got separated by the feds.

Today, it's hard to get an English speaking person on the phone at Colonial Penn. Comming from a funeral home perspective, they give new meaning to the words "customer no-service."

That's my opinion and I'm sticking to it.

[Ins155]

Wow! Thanks for the feedback. Very expensive.

[policy doctor]

Perhaps this will help answer a few questions.

EZ Issue, Easy Issue, Term and Permanent Life Insurance By Colonial Penn

[insuranceexec]

Originally Posted by Drewrilla

Unfortunately, it means per $1,000 of coverage. Guaranteed Life is quite expensive.

Not exactly. It depends on how old the person is. Some ages it will be more than $1k, some ages less.

I remember when I first got started in this business I sold Colonial Penn. I did not realize that you could not sell more than 8 units during the first meeting; I sold 24......LOL. Needless to say I had to issue the 8 and then when I delivered the policy I could write another 4. Some lessons you have to learn the hard way.

I now know why she wanted so many units; her Dr. gave her less than three months to live. I never made it back to her with the 4 additional units, and I lost all the commission..............LOL

[stormtracker]

Originally Posted by insuranceexec

Not exactly. It depends on how old the person is. Some ages it will be more than $1k, some ages less.

I remember when I first got started in this business I sold Colonial Penn. I did not realize that you could not sell more than 8 units during the first meeting; I sold 24......LOL. Needless to say I had to issue the 8 and then when I delivered the policy I could write another 4. Some lessons you have to learn the hard way.

I now know why she wanted so many units; her Dr. gave her less than three months to live. I never made it back to her with the 4 additional units, and I lost all the commission..............LOL

My great/great uncle, Ambrose Bierce, would say: "The only people wanting to see the insurance agent are dead, or nearly dead..."