Colonial Penn Insurance

Discussion in 'General Insurance Agent Discussions' started by Ins155, Jan 19, 2009.

  1. Ins155
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    Ins155 Well-Known Member

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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?
     
    Last edited: Jan 19, 2009
  2. Drewrilla
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    Drewrilla Member

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    Unfortunately, it means per $1,000 of coverage. Guaranteed Life is quite expensive.
     
  3. bobson
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    bobson Well-Known Member

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    That depends on who you ask. Some people would gladly pay that amount!
     
  4. Newby
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    Newby Well-Known Member

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    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.
     
  5. Ins155
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    Ins155 Well-Known Member

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    Wow! Thanks for the feedback. Very expensive.
     
  6. policy doctor
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    policy doctor Well-Known Member

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  7. insuranceexec
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    insuranceexec Well-Known Member

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    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

     
  8. stormtracker
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    stormtracker Well-Known Member

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

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