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Does anybody know about Guaranteed Acceptance Life Insurance from Colonial Penn. Colonial Penn Life Insurance offers affordabl

lizzydavis's picture
Posts: 893
Joined: May 2009

Does anybody know about CP Direct.com? I saw a commercial on TV and wonder what the catch is? Guaranteed Acceptance Life Insurance from Colonial Penn. Colonial Penn Life Insurance offers affordable --- cpdirect.com..,

Anybody know anything about this company?


Lovekitties's picture
Posts: 3211
Joined: Jan 2010

I too have seen the ads. I went to their web site to see if I could find out how they can do that...here is the 'catch'

Acceptance can be guaranteed because of a limited benefit period for death during the first two years. In most states (except AR) the full benefit is paid from the very first day of coverage for accidental death.

It is also not available in MA or WA.

I do know that the company name has been around a long time.

Marie who loves kitties

Posts: 58
Joined: Dec 2010

The ad says "just 35cents per day per unit" That comes out to about $127 per year. A unit is $1000, which means that you're paying 12.5% per year on each 1000 bucks. If you have to wait 2 years for the insurance to kick in your paying 25% face value, and in 8 years you've paid them the entire face value amount. To me that sounds expensive, but I'm no expert. You're probably better off just putting money into your own bank account.

maglets's picture
Posts: 2575
Joined: Jun 2006

don't know a gosh darned thing about this insurance....just using your post to send
big buckets of love....

thinkin about you....


PhillieG's picture
Posts: 4776
Joined: May 2005

to be just about enough money to "plant" you when you go.
I think it's only for $10,000.
I was able to do a conversion from my company policy (I used to have 5x my salary for a few bucks a month). Now I was able to get about $20,000 for $90 a month. Peanuts...(It's with MetLife so there was no pun intended if anyone caught it). They HAD to accept me but that was the rate for a conversion even if I were 100% healthy. We're pretty much untouchable if we're in treatment and after 5 years of being clear, the premiums are outrageous. I'm not 100% positive on all of this but I'm pretty sure.
It was one of those things I was going to do since we had just bought a house but unfortunately I put it off then BLAM! Cancer...
Hope you had a great holiday!
Sorry if my post isn't "Merry"

lizzydavis's picture
Posts: 893
Joined: May 2009

I appreciate your responses. I had to ask. It helps us all to be knowledgeable about these things. I caught the pun - Phil. Thanks for the smile!

Thanks, Mags. You are so sweet!


steveandnat's picture
Posts: 887
Joined: Sep 2011

I heard that if you don't live the full time...maybe 2 years then they pay out what you paid in to the account. You might want to call them and tell them exactly your situation so there won't be any surprises. I called the one that AARP backs and there was a catch if you had cancer...my chemo brain isn't working right now what the catch was but it made me decide not to do it. I may call some others because for the price it's not too back to help cover certain expenses. This all sounds morbid but we have to think of this also. Praying for you all the time.