Colonial Penn’s permanent whole life insurance coverage amounts range from $10,000 to $50,000. The policy starts to build cash value after the first year of coverage. At that point, you can borrow against the cash value at a guaranteed interest rate. While your death benefit won’t decr...
Not to be confused with Colonial Penn Life Insurance Company, Colonial Life and Accident Insurance was founded in 1937 by Edwin Averyt, after he earned a $2,000 commission check. He then raised $3,000 from investors and formed the Mutual Accident Company. In 1939, the company converted to...