Pekin Life Insurance Review

Updated: November 5, 2024

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MoneyGeek’s Take: Is Pekin Right for You?

Pekin Insurance may be ideal for people looking for customizable life insurance from a well-established and reputable insurance company.

Pekin Insurance offers a variety of policy options, including term life insurance, whole life insurance and universal life insurance, which are tailorable by adding life insurance riders to meet the unique needs and budget of each customer. Customers who value a company with a long-standing history and positive ratings from independent agencies may also be attracted to Pekin Insurance.

However, Pekin Insurance may not be a good fit for individuals who are looking for the lowest possible premium or who require specialized coverage options, such as a high-risk or no-medical-exam policy. In such cases, customers may want to consider other life insurance companies that specialize in these areas. If you are in need of a high-risk or no-medical-exam policy, Haven Life or Ethos may be a good choice. These companies offer online applications and underwriting processes, making it easier for customers to obtain life insurance coverage without a medical exam.

Keep reading to learn about the life insurance Pekin Insurance offers and what policy may suit your needs.

At a Glance: Pekin Life Insurance

Pekin Insurance

pros

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Competitive pricing for those in good health and younger age groups

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Multiple optional riders

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Strong financial rating

cons

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Not available in all states

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No online application

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Stricter underwriting standards

COMPANY HIGHLIGHTS

Pekin Insurance offers a variety of life insurance products, from term life insurance, whole life insurance and universal life insurance policies, to meet the needs of its customers.

Pekin life insurance policies typically require a health exam for underwriting purposes. However, some policies may be available without a medical exam for certain applicants. The company offers coverage for children, smokers and individuals with health conditions, although rates may vary depending on the individual's health status.

Pekin writes policies in 22 states, but availability varies by product and state.

Pekin Insurance only received one complaint each year in 2021 and 2022, according to the National Association of Insurance Commissioners (NAIC).

TABLE OF CONTENTS

Key Takeaways

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Pekin Insurance offers several types of life insurance policies: term life insurance, whole life insurance, universal life insurance and final expense insurance.

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Pekin Insurance has a generous list of insurance riders.

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Fixed premiums, a guaranteed death benefit and the ability to grow cash value are available with Pekin life insurance policies.

Pekin Policy Options Explained

According to a study by LIMRA, a renowned research organization in the field of financial services, 68% of people with life insurance who have financial dependents feel secure, compared with 47% who are uninsured. The number is higher for those with overlapping sources of coverage. Pekin has multiple life insurance options that can bring a sense of security to families.

Term Life Insurance Options From Pekin

Pekin Insurance offers two different types of term life insurance.

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    Term Life to 95+

    It is ideal for those who prefer simple and affordable coverage that can help maintain their beneficiaries’ lifestyles should they pass away and pay for various expenses, such as rent, mortgages and college tuition. This coverage has a level premium for a term of 10, 15, 20 or 30 years, or to age 65, with coverage that can extend up to age 95+. Policyholders have the option to convert this policy to permanent life insurance.

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    Transitional Life Insurance

    It is a mix of term and permanent coverage that builds cash value over time. This policy may be ideal for single parents, young couples purchasing their first home or business owners that need protection against the loss of a key employee. It offers a high death benefit and a minimum of $10,000 of whole life coverage. You can select a 10-, 15-, 20-, 30-year or to age 65 contract. It promises a high, level benefit for decades, with the contract changing to a smaller, paid-up permanent policy at the end of the chosen period.

Term life insurance policies are generally a good match for customers who are looking for simple, affordable coverage to provide financial protection for their loved ones in the event of their unexpected death. This type of policy may be especially appealing to single parents, young couples purchasing their first home or anyone looking for coverage for a specific period, such as until their children are grown and have completed college. Term life insurance may also be a good fit for those who are on a budget and prefer to pay a lower premium for a fixed term.

Whole Life Insurance Options From Pekin

Pekin offers several types of whole life insurance.

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    Preferred Whole Life Insurance

    It provides lifetime coverage with guaranteed cash values that are accessible for emergencies, and funds grow tax-deferred. The plan offers various options, including Lifetime-Pay Preferred Whole Life, Preferred Single Premium Whole Life and Preferred Whole Life Paid-Up at 65. This type of policy may be ideal for those who want to insure children or make a limited number of payments. Customers can add an optional Long Term Care Rider to their plan and designate up to $350,000 of their insurance amount for long-term care expenses.

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    Simplified Issue Whole Life Insurance

    It is available to anyone from 0 to 85 years old and doesn't require a physical exam — your coverage is based on answers to three health questions. Your rates and benefits will remain fixed, and Pekin Insurance can't cancel your coverage without your consent as long as you pay your premiums on time. This type of insurance offers an easy application process and affordable coverage.

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    Graded Whole Life Insurance

    It doesn't require a medical exam, but coverage is based on answers to three health questions. The policy gives up to $24,000 of coverage for people who have less-than-perfect health and are unable to qualify for other types of life insurance. Graded Whole Life plans include Paid-Up at 65, 10-, 15-, 20- and 30-Pay and Lifetime-Pay, each with different premium payment options. The benefit is reduced if death occurs within the first two years of the contract.

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    Single Premium Whole Life Insurance

    It provides an immediate increase in funds left for heirs and offers tax-deferred cash value growth. It has a much quicker way to gain value on your money, making it an attractive investment option. Beneficiaries receive their money tax-free.

Whole life insurance is a lifelong financial product that provides a lump-sum payment to the beneficiaries of the policyholder in the event of their death and may accrue cash value. This type of policy is best for those who have dependents or financial obligations, such as mortgages or debts, and want to ensure that their loved ones are financially protected.

Universal Life Insurance Options From Pekin

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    Universal life insurance from Pekin offers coverage starting from $25,000 and has five different rate classes to fit your health and budget. It can be issued through age 85, with payment plans that fit your needs and budget.

    Additionally, you can access your accumulated cash value for other expenses, transfer wealth to your family income tax-free and interest is credited to your accumulation values at a competitive market rate. Universal life insurance can help your loved ones cover debts like mortgages, student loans and bills.

    For business owners, it offers executive benefits to employees, cash value access for income planning and tax-free funds for succession planning.

Universal life insurance offers both a death benefit and a cash value component that can accumulate over time and is tax-deferred. Policyholders can adjust the death benefit and premium payments throughout the life of the policy, which allows for more flexibility compared to other policy types. For those with a high net worth that want to pass on wealth to their heirs, this could be a beneficial option.

Final Expense Insurance Options From Pekin

Pekin Insurance offers a final expense insurance option called Pathway, which is a funeral pre-planning service that sets aside money for a loved one’s funeral when it is needed.

Pekin Insurance offers three different Pathway products:

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    Pathway Single Pay

    It is offered through age 95. There are no medical questions to get it, and it returns premiums paid plus a nominal growth increase for the first six months.

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    Pathway Multi-Pay

    It is offered from ages 0 through 80. Policyholders get a full death benefit paid after two years up to the face amount.

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    Pathway Annuity

    It is available to all ages and can be funded with a single premium lump sum or a flexible payment arrangement.

Final expense insurance options may interest seniors, but this service is available to all ages. By pre-planning, individuals can make important decisions about their funeral and burial arrangements, as well as the associated costs. That can help to alleviate the burden on loved ones during a difficult time and can potentially save money in the long run by locking in prices at today's rates, but also through increases in value at each policy year.

Pekin Life Insurance Riders

Life Insurance riders are additional benefits that enhance your coverage. Pekin Insurance offers riders or coverage enhancements that go beyond standard life insurance coverage.

Rider
Description

Accelerated Death Benefit Rider

It allows policyholders who have been diagnosed with a terminal illness to receive a
portion of their life insurance benefit while they're still alive.

Accidental Death Benefit Rider

It pays an additional benefit if the policyholder dies as a result of an accident
before age 70.

Child Rider

It provides term life insurance coverage for a policyholder's children up to 25 years.

Guaranteed Insurability Benefit Rider

It allows policyholders to purchase additional permanent life insurance coverage at
specific intervals, without the need for additional underwriting or a medical exam.

Waiver of Premium Benefit Rider

It waives life insurance premiums while the policy remains in force if the policyholder
becomes permanently disabled and unable to work before age 60.

How to Get Pekin Life Insurance

MoneyGeek walks you through the step-by-step process of buying life insurance from Pekin Insurance.

How to Buy Life Insurance From Pekin

  1. 1
    Do Your Research

    Doing initial research when purchasing a life insurance policy can help you make an informed decision about the coverage and provider that best meets your needs. It can help you understand the different types of policies available and the associated costs from Pekin and others. Researching the financial strength and reputation of a company also helps ensure that it will be able to pay the policy benefits when they are needed.

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    Compare Quotes

    Shopping around when looking for life insurance allows you to compare coverage, premiums and policy terms from different insurers, including Pekin. This can help you find the best coverage and pricing that meets your needs and budget. Additionally, different insurers may offer unique policy features, such as riders or policy conversion options, which can further customize your coverage to your specific needs.

  3. 3
    Health Check

    Doing a health check can help you secure the coverage and pricing that best meets your needs. Through a health check, Pekin and other insurers assess your risk level and determine your premium. If you have pre-existing health conditions, a health check can help you understand how these conditions may impact your coverage and premiums. Additionally, some insurers may offer discounts to policyholders who demonstrate good health.

  4. 4
    Approval

    After the approval process, you will typically receive a policy contract outlining the terms and conditions of your coverage. You will also be required to pay your initial premium to activate your coverage. Once in force, continue paying premiums on time to keep the policy active. In the event of your death, your designated beneficiaries will need to file a claim with the insurer to receive the death benefit proceeds.

What to Do if Pekin Denies You Coverage

If your life insurance coverage application is denied by Pekin, do the following.

  1. 1
    Contact Your Broker

    Your insurance broker or agent can help you understand why your application was denied and what steps you can take to appeal the decision. They may also be able to help you find alternative coverage options.

  2. 2
    Make Some Lifestyle Changes

    If your application was denied due to health concerns, making lifestyle changes, such as improving your diet, quitting smoking or exercising regularly, may help improve your chances of getting approved in the future.

  3. 3
    Explore Other Options

    If you are unable to get coverage from Pekin for a traditional life insurance policy, you may want to consider other options, such as guaranteed issue or simplified issue policies. These policies typically have less stringent underwriting requirements but may come with higher premiums or lower coverage amounts.

Frequently Asked Questions About Pekin Life Insurance

MoneyGeek helps policyholders make informed decisions about purchasing Pekin life insurance through these frequently asked questions.

Can you borrow from your Pekin life insurance policy?
What’s the maximum amount of life insurance coverage available from Pekin?
Do life insurance policies from Pekin pay dividends?
Can you get life insurance from Pekin if you have cancer?
Do life insurance policies from Pekin cover death by drug overdose?
Do life insurance policies from Pekin cover death by suicide?

About Mark Fitzpatrick

Mark Fitzpatrick headshot

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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