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Report: #1275384

Complaint Review: Colonial Penn - Philadelphia Pennsylvania

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  • Reported By: Gigi B. — Princeton New Jersey USA
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  • Colonial Penn 399 Market Street. Philadelphia , Pennsylvania USA

Colonial Penn Life insurance Company. " Cancelled But ! Forgotten!" Philadelphia Pennsylvania

*General Comment: colonial penn

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 In November 2015. My husband and I cancelled our life insurance policies with Colonial Penn. Being we paid on the 3rd if the month. We found another Family Life insurance company. Which was suggested by by our family members. We emailed colonial Penn ( 3)- times in November . And even called many times. Spoke to a couple representatives telling them we are cancelling before our 30- days are over. Needless to say. We sent my husbands policy, a hand written letter as suggested by their respresentives. And I had a policy number. But NO! Policy!" Being I was guaranteed acceptance. All I had to do was cancel without no questions ask. But my husband was covered in Term life policy. But the commercial stated if we cancel before our 30- days was up?" We would be reimburse our first payment. Which was (49.75) for me. And 40.82 for my husbands policy. But after sending in all the paper work they ask of us. On December 18th 2025. We received a letter from Colonial Penn stating they wanted us to reconsider the cancellation. Almost a month later after we cancelled in November. Look!" I am not going to sugar coat this ridiculous action. Colonial Penn had No intentions on returning our money. Regardless if we cancelled on time or not!! Rather if it was in 30- days or Not!! What they did was act like they did not receive our cancelation at all. Put the money towards our cancelled premiums. And still consider us " Colonial Penns! Customers! Not!!! At! All. And besides. We do not want to be apart of a company who is playing God!! We don't know when God is going to call us home! And whoever made that policy?" I wonder? Do they fear God??" We are all sick un one wat it another. And my husband and I are no different. But one thing for sure. And two things for certain!" Colonial Penn of Philadelphia Pa! Need prayer!" And need to return our money in the same respect we sent it!" No more cancellation notices because they have all the paper work we have. It's sad they have to be such a unfair company. But if keeping this money from us. So be ur. But they will never proper as long as they are treating people like us. I am Disabled. And so is my husband. We will keep them un our prayers. Thank Rip- off report for letting me share this sad. But True, and Honest story. Ms. Gigi B.

This report was posted on Ripoff Report on 12/20/2015 10:36 AM and is a permanent record located here: https://www.ripoffreport.com/reports/colonial-penn/philadelphia-pennsylvania-19181/colonial-penn-life-insurance-company-cancelled-but-forgotten-philadelphia-pennsylv-1275384. 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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#1 General Comment

colonial penn

AUTHOR: vcooper - (USA)

POSTED: Tuesday, February 09, 2016

I just wanted to say that I have read many reports that complain about not knowing there was a 2 year wait period.

ALL my literature, policy info, commercials etc have all been very clear about the 2 year. My husband passed just before the 2 yr. 

 Other than long waits and hold times on the phone, the people were all very helpful.It only took the necessary paperwork that they requested to get all my premiums refunded.  It did take several weeks longer than MY REAL policy with mutual of omaha.   This small policy took  about 3 weeks longer to get the check.

Than is not the complaint.  The complaint is that the promotional material on the back of the enrollment form that we signed up on stated clearly  "  after passing your beneficicary will receive the premiums paid plus 7% interest compounded annually." 

They only paid me 4.50% interest.... I called and was told some silly story about depending on the state????    Then why was I mailed promo material for another state?    When I asked her what states get 7%. She of course didnt have thant info.

This was misleading as that 7% was one of the reasons we took out that policy.  There seemed to be ZERO risk at 7%.

Anyway, other than misrepresenting that- the company did as promised and I got my full refund plus the smaller interest rate.  

I think overall the company did ok.  At least in my opinion they are NOT A RIP OFF.  Just misleading.

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