How Does Colonial Penn Life Insurance Work? 
Colonial Penn is mainly a guaranteed issue life insurance that is sold through the mail . It wo n't pay the death claim if you die during the first 24 - months unless you die of an accident . No one should ever buy these type of policies without talking to an independent agent first to research your other choices . Almost everyone can buy a better policy with coverage from your very 1st premium and with a lower price . If the agent determines that you ca n't qualify for a 1st day coverage policy he can at least show you better priced options . All the life insurance plans that are sold through the mail are bad choices . They either do not pay during the first 24-months -LRB- unacceptable -RRB- or increasing premium term life insurance that will cancel you at some age . Almost all seniors qualify for better deals than that . 