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Report: #1444494

Complaint Review: Colonial Penn Life Insurance Company - Philadelphia Pennsylvania

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  • Reported By: Dee — Jackson United States
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  • Colonial Penn Life Insurance Company 399 Market Street Philadelphia, Pennsylvania United States

Colonial Penn Life Insurance Company They advertise life insure with no medical examination required but does not like to pay off! Philadelphia Pennsylvania

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This company uses famous Alex Trebek to advertise their life insurance policy for seniors knowing that he can gain their trust. They advertise that there is a no medical examination to get you to sign up for a policy but fail to tell you about the 2 year waiting peorid. If you are signing up a senior citizien for a life insurance policy why would you give them a 2 year waiting period instead of getting a medical report? this is crazy!! I would like for someone to investigate just how many policies actually are not getting paid through this company because I believe it's an all out scam for them to possibly be collecting payments from senior citizens knowing that majority of them possibly are not going to live the 2 years and then all they do for the family is pay them what their love one has paid into the policy, which could possibly be as low as 200 dollars!! How fair is that to the family of the victim who thought they were covered and had no worries!! My question is are they making interest off of the seniors that they are collecting benefit payments from monthly?? If so then this is all out fraud!! An investigation needs to be done because they could possibly be getting rich off of scamming the elderly!!

This report was posted on Ripoff Report on 05/24/2018 12:42 PM and is a permanent record located here: https://www.ripoffreport.com/reports/colonial-penn-life-insurance-company/philadelphia-pennsylvania-19181/colonial-penn-life-insurance-company-they-advertise-life-insure-with-no-medical-examinati-1444494. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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