2022 Colonial Penn Life Insurance Review – $9.95 Pros & Cons

Colonial-Penn-Burial-Insurance-Review

Do your research before buying a Colonial Penn $9.95 monthly plan.

You will get a small amount of coverage for $9.95.

You will have a mandatory 2-year waiting period for any health or medical-related death.

You will pay 30-40% more in premiums for the rest of your life.

The truth is that neither the Colonial Penn 995 plan nor their other whole-life insurance should be your first choice.


FOR EASIER NAVIGATION:

Colonial Penn 995 Life Insurance

PROS
Guaranteed Acceptance
Lifetime Coverage
Cash Value

CONS
Expensive Rates
$9.95 Pricing Gimmick
Per-Unit Pricing
2-Year Waiting Period
Low Death Benefit
Accidental Death Only To Start

What Is The $9.95 Plan?

Colonial Penn has many grandiose terms to describe it’s 995 life insurance plan.

  • “Guaranteed acceptance life insurance.”
  • “No medical exam and no health questions required.”
  • “Guaranteed acceptance coverage options start at just $9.95 a month.”
  • “Your acceptance is guaranteed.”

The truth is that their $9.95 plan is a terrible plan for consumers.

The $9.95 plan has terrible rates, often 30-40% higher than other companies. You have to pay these bloated premiums for the rest of your life.

You better not die at the wrong time, either. If you die in the first two years for health or medical reasons, Colonial Penn won’t pay your loved ones a single penny of life insurance.

Many say that the 995 plan was designed with two things in mind:

  1. To make loads of money off of uninformed seniors
  2. To make it easy for their employees to sell because it has no medical questions (this means their employees need no health underwriting experience).

Their $9.95 plan is truly terrible for seniors!


Colonial Penn Life Insurance Explained

Colonial Penn determines your death benefit by age and the number of units you buy.

They aren’t like “normal” burial insurance plans that let you choose a particular death benefit to determine your rate ($10,000, for example).

Colonial life insurance plans have a pricing structure based on individual units that cost $9.95.

Your age determines the cost of each unit, and the older you are, the more a unit costs you.

1 unit x 9.95 = $9.95
10 units x 9.95 = $99.95

If you die in the first two years, their “limited benefit period,” your beneficiary will only receive your premiums paid plus 7% interest in the first two years.

Perhaps this is why many consumers describe the 995 plan as the Colonial Penn ripoff policy.


COLONIAL PENN CUSTOMER COMPLAINTS

Colonial Penn has many consumer complaints filed with the National Association of Insurance Commissioners (NAIC).

The national median of complaints is 1.00, while Colonial Penn’s complaint ratio is 3.06, meaning they have 300% more complaints than other insurance companies.

Here are some of the complaints filed against Colonial Penn:

  • Lack of death benefit
  • Exclusions and riders that significantly reduce death benefit payouts
  • High premiums
  • Pressure to buy other products
  • Bait and switch tactics

It’s brilliant marketing to advertise at $9.95 because they undoubtedly get a lot of interest and phone calls.

It’s also terrible marketing because this insurance product has thousands of consumer reviews saying terrible things about them.

If you’re considering buying a policy from them, you should research some of these complaints to see if you will be disappointed with their company or insurance product.


How Much Coverage For $9.95?

Check out the Colonial Penn life insurance 995 rate charts below to see how measly their coverage amounts are for $9.95.

AGEMONTHLY
PAYMENT
MALE
BENEFIT
FEMALE
BENEFIT
MALE &
FEMALE
50$9.95$1,786$2,0832-Year Wait
51$9.95$1,732$2,0682-Year Wait
52$9.95$1,676$2,0222-Year Wait
53$9.95$1,621$1,9732-Year Wait
54$9.95$1,562$1,9292-Year Wait
55$9.95$1,506$1,8842-Year Wait
56$9.95$1,452$1,8382-Year Wait
57$9.95$1,392$1,7862-Year Wait
58$9.95$1,333$1,7322-Year Wait
59$9.95$1,273$1,6762-Year Wait
60$9.95$1,214$1,6212-Year Wait
61$9.95$1,157$1,5622-Year Wait
62$9.95$1,099$1,5062-Year Wait
63$9.95$1,043$1,4522-Year Wait
64$9.95$987$1,3922-Year Wait
65$9.95$932$1,3332-Year Wait
66$9.95$880$1,2732-Year Wait
67$9.95$834$1,2142-Year Wait
68$9.95$792$1,1572-Year Wait
69$9.95$753$1.0992-Year Wait
70$9.95$717$1,0432-Year Wait
71$9.95$683$9872-Year Wait
72$9.95$652$9322-Year Wait
73$9.95$620$8802-Year Wait
74$9.95$589$8342-Year Wait
75$9.95$560$7922-Year Wait

One $9.95 unit Colonial Penn life insurance coverage WILL NOT be enough to pay for a burial, and in many cases, it’s not enough to pay for a cremation.

Colonial Penn knows their pricing provides insufficient coverage, so they encourage seniors to buy more exorbitantly priced life insurance with a 2-year waiting period.

Seniors often find Colonial Penn pricing impossibly expensive as they get older or need more coverage.


Colonial Penn 995 Commercial

Alex Trebek pitched the 995 policy in the past on their television ads.

Nowadays, it’s Jonathan Lawson from Colonial Penn pitching life insurance on television to seniors ages 50 to 85 for only $9.95.

Jonathan Lawson says, “If you worry you won’t qualify because of a health issue, no worries. You can’t be turned down for any health reasons. That’s guaranteed”.

Jonathan Lawson doesn’t say in the commercial that there is a two-year waiting period for any death that is health or medical-related (which is pretty much how all seniors die).

COLONIAL PENN WHOLE LIFE INSURANCE

Pros & Cons of Colonial Penn Whole Life

PROS

First-day Coverage
Lifetime Coverage

CONS

Expensive
Strict Underwriting
Many Consumer Complaints
Unpaid Claim Concerns

What Is Colonial Penn Whole Life Insurance?

Colonial Penn life insurance for seniors is a permanent life insurance policy with no medical exam, but you need to answer many health questions to qualify.

They have strict underwriting, so often, only healthy applicants can qualify, and you will most likely be offered the Colonial Penn 995 guaranteed acceptance plan with a two-year waiting period.

This policy’s death benefit max at $50,000.

Age and State Availability – The Colonial Penn whole life insurance plan is available to ages 40 to 75.

Premium Price Range: Your premium is based on gender, age, and risk profile.

Accidental Death Benefit Rider – Doubles your death benefit if you die from an accident.

Living Insurance Rider – You can accelerate your death benefit by 50% if you become seriously ill (not all illnesses are covered).

How Does Colonial Penn Whole Life Insurance Differ From The 995 Plan?

This table shows the difference between Colonial Penn whole life insurance and the Colonial Penn 995 plan.

 COLONIAL PENN WHOLE LIFE COLONIAL PENN 995
Age Availability40-7550-85
Medical ExamNoNo
Health QuestionsYesNo
Coverage Amount$10,000-$50,0001-15 units
Fixed PremiumYesYes
Fixed BenefitYesYes
Living InsuranceYesNo
Advertised on TVNoYes
2-Year Waiting PeriodNoYes

Age availability – Colonial Penn whole life is offered to younger folks ages 40 to 75. The Colonial Penn 995 plan is only offered to those ages 50 to 85. Their whole life product is offered to younger people because of the medical qualification questions (younger people are generally more healthy).

Health questions – Colonial Penn whole life plan asks lots of health questions. The Colonial Penn 995 plan asks no health questions (and has a terrible two-year waiting period).

Coverage – Colonial Penn whole life policy offers more coverage than the Colonial Penn 995 plan. With this policy, you can get up to $50,000 in coverage, while the 995 plan decreases coverage based on your enrollment age.

Premiums – Colonial Penn whole life insurance premiums are less expensive than their Colonial Penn 995 plan.

Living Insurance – Colonial Penn whole life policy offers living benefits riders. You can choose an accidental death benefit rider or a living insurance rider, while the Colonial Penn 995 plan offers no living benefits.

Waiting Period – Colonial Penn whole life plan has no waiting period. The Colonial Penn 995 plan has a terrible two-year waiting period before the death benefit is paid out.


Colonial Penn Underwriting Guidelines

There are two processes to determine if you will medically qualify for Colonial Penn whole life insurance policy:

  1. Health questions
  2. Prescription history check

An underwriter may request to speak with you over the phone to ask some follow-up questions.

These are the health questions you will find on the application:

  1. Within the past 12 months, have you used a wheelchair or supplemental oxygen? Are you confined to a hospital or nursing facility? Are you currently receiving home health care? Have you been disabled due to an illness?
  2. Did the doctor advise you to have surgery or some diagnostic test that hasn’t been completed yet?
  3. Do you have a diagnosis and treatment for HIV or AIDS?
  4. In the previous three years, do you have a diagnosis or treatment for the following:
  • Coronary artery disease (congestive heart failure, heart attack, cardiomyopathy)
  • Lung disease (COPD, sarcoidosis, chronic bronchitis,  pulmonary fibrosis, or emphysema)
  • Kidney disease (needing dialysis for kidney insufficiency or kidney failure)
  • Heart surgery (valve repair or replacement, requires a defibrillator or pacemaker)
  • Any type of cancer or cancer recurrence(multiple myeloma, leukemia, or malignant melanoma)
  • Liver disease (hepatitis or cirrhosis)
  • Peripheral vascular disease, peripheral artery disease, transient ischemic attack or stroke)
  • Dementia or Alzheimer’s disease
  • Mental disorders (bipolar disorder, psychosis, schizophrenia)
  • Diabetes (using insulin, diabetic complications like amputations)
  • Neuromuscular diseases (muscular dystrophy, multiple sclerosis, amyotrophic lateral sclerosis)
  • Collagen vascular diseases ( cystic fibrosis or systemic lupus erythematosus)
  • Alcohol or drug abuse

Suppose you answer yes to any of these questions. In that case, your application will be DECLINED, and you will be offered the Colonial Penn 995 guaranteed acceptance plan with a terrible two-year waiting period.


Common health issues that result in a declined application:

  • You are using blood thinners
  • You are insulin dependent
  • You have diabetic complications such as neuropathy, retinopathy, PVD, severe obesity, and hospitalizations due to diabetes.
  • You are using a wheelchair.
  • Using oxygen
  • Disabled due to an illness
  • Receiving home health care
  • Hospitalized within the last year
  • COPD, emphysema, chronic bronchitis, pulmonary fibrosis
  • Renal disease, kidney failure
  • Cardiomyopathy, congestive heart failure, mini-strokes (TIA attack)
  • Cancer of any type
  • Liver disease, cirrhosis, hepatitis
  • Bipolar disorder, Schizophrenia, Psychosis
  • Multiple sclerosis, muscular dystrophy
  • Systemic lupus

If you answered “yes” to any of these medical conditions, you would be automatically declined for Colonial Penn whole life policy. You will automatically be offered the Colonial Penn guaranteed acceptance 995 plan with a terrible two-year waiting period.

With strict underwriting, only a small percentage of applicants will qualify for the Colonial Penn whole life plan.


How Much Coverage Can You Get?

Look at the pricing table below to estimate coverage amounts with the Colonial Penn whole life insurance policy.

FEMALE AGE
$5,000
$10,000
$15,000
$20,000
50
$19.29
$36.33
$53.37
$70.42
55
$21.42
$40.60
$59.77
$78.95
60 $24.26
$46.27
$68.28
$90.29
65 $28.16
$54.07
$79.98
$105.89
70 $34.15
$66.04
$97.94
$129.83
75 $43.08
$83.92
$124.75
$165.58
MALE AGE
$5,000
$10,000
$15,000
$20,000
50
$21.46
$40.66
$59.87
$79.07
55
$24.21
$46.16
$68.12
$90.07
60 $27.90
$53.56
$79.21
$104.87
65 $33.01
$63.77
$94.52
$125.28
70 $40.62
$78.98
$117.35
$155.72
75 $51.62
$100.99
$150.36
$199.73


When Does Colonial Penn Life Insurance Make The Most Sense?

Buying Colonial Penn whole life insurance doesn’t make any sense, as other companies offer more coverage for lower pricing.

We also do not recommend you buy Colonial Penn’s guaranteed acceptance insurance 995 plan. There are much better options available to you that will provide first-day coverage without a waiting period.

We recommend you use our free price quoter on this page to locate much better pricing options. If you have any questions about this review or want help finding the best life insurance policy for you, please contact us. We would be more than happy to help you out!


Colonial Penn Company Overview

The Colonial Penn Life Insurance Company was founded in 1968 by AARP co-founder Leonard Davis to provide insurance coverage to the American Association of Retired Persons members. FPL Group acquired the company in 1985. FPL sold the company to Leucadia National in 1991.

After several ownership changes, in 1997, it became a subsidiary of Conseco, now known as CNO Financial Group. In 1998, Colonial Penn was renamed Conseco Direct Life to show Conseco ownership. But, in 2001, the insurance name was changed back to Colonial Penn.

The company is based in Philadelphia, Pennsylvania. Colonial Penn is not serving New York, but it’s covered by Banker’s Conseco Life Insurance Company, another CNO subsidiary.


FINANCIAL RATING

Based on its financial stability and record of paying claims, Colonial Penn Insurance Company has received an A- (Excellent) rating from A.M. Best.


Colonial Penn Alternatives

Almost all life insurance companies offer better coverage and rates, and most even come with no waiting period. At Funeral Funds, we can shop 30+ insurance companies for you to get you the most coverage and the lowest pricing.

Even if you have a serious medical condition or terminal illness, we can refer you to companies with massively better options than Colonial Penn.


How Can Funeral Funds Help Me?

Funeral Funds is an independent life insurance agency that works with over 20 top-rated life insurance companies. We can help you get the best premium rates on final expense insurance coverage from any carrier. Check out the prices from multiple insurance companies to determine which will fit your needs and budget.

When you are ready to compare life insurance coverage and the premiums available, we can help you. We can supply you with all the essential information you need to make a well-informed insurance buying decision.

With access to all the best final expense insurance companies, we will help you understand your best options, given your current age, health, and financial situation.

If, after checking our website, you still have any questions regarding final expense insurance, please call us at (888) 862-9456 or fill in the instant final expense quotes on the left side of your screen to view your options.

Additional Colonial Penn Questions & Answers

Is Colonial Penn still in business?

Colonial Penn Life Insurance Company is still in business today. They offer different life insurance products for 18-85 years old.


Is Colonial Penn insurance legitimate?

Colonial Penn is a legit life insurance company based in Philadelphia, PA. They have been in business for over 60 years offering life insurance directly to consumers.


Who owns Colonial Penn insurance?

CNO Financial Group owns Colonial Penn Life Insurance.


What is Colonial Penn life insurance ratings?

Colonial Penn’s received an A-(Excellent) financial rating from A.M. Best,, the most popular credit rating agency specializing in assessing insurance companies’ financial capability.


What does Colonial Penn do?

Colonial insurance company offers different life insurance products such as permanent whole life insurance, living insurance, and their flagship product, guaranteed acceptance life insurance.


What is the Colonial Penn life insurance provider portal?

This is the Colonial Penn life insurance login portal: https://www.mycolonialpenn.com/

You can perform these actions through the Colonial Penn provider portal login:

  • Pay your bill
  • Download a Colonial Penn claims form
  • Change beneficiaries
  • Transfer ownership
  • Change billing method


What is Colonial Penn insurance phone number?

The Colonial life insurance phone number for sales is 877-877-8052. The phone number to Colonial Penn life insurance in New York is 877-891-0915


What is Colonial Penn’s customer service number?

The Colonial life customer service number: 800-523-9100


What is Colonial Penn life insurance address?

Colonial Penn address is 399 Market Street, Philadelphia, PA 19106


What is Colonial Penn claims address?

Please contact Colonial Penn Monday through Friday at (800) 523-9100 Colonial Penn claims department between 8:30 A.M. to 5:30 P.M. ET. Call Colonial Penn life claims phone number if you have any questions or concerns. The Colonial Penn life insurance claims address is:

Colonial Penn Life Insurance Company
Life Claims Dept
PO Box 1918
Carmel, IN 46082-1918


Where can I find Colonial Penn life insurance reviews?

Colonial Penn Life Insurance Review


Where can I find Colonial Penn life insurance reviews BBB?

You can find Colonial Penn BBB (Better Business Bureau) Colonial reviews here.


How to get a Colonial Penn life insurance quote?

Get Colonial Penn quote at colonialpenn.com/quote.


How to process Colonial Penn life insurance online payment?

Colonial Penn payment options:

  • Electronic Funds Transfer
  • Credit Card
  • Direct Bill


How can I access the Colonial Penn life insurance claim form?

Check this FAQ to process your claim form and know your Colonial Penn claim status.


Where can I check the Colonial Penn life insurance commercial 2021?

Check Colonial Penn commercials here.


Where can I check Colonial Penn life insurance complaints?

Check Colonial Penn life insurance complaints here.


Is Jonathan Lawson Colonial Penn life insurance a new endorser?

Yes, Jonathan Lawson is the new Colonial Penn paid endorser after Alex Trebek. Jonathan Lawson is the new Colonial Penn spokesman. He is the new Colonial Penn commercial guy.

We can’t find any information on most Colonial Penn Commercial actors and Colonial Penn commercial actress over the years.


Colonial Penn life insurance free gift

Colonial Penn life insurance sends a copy of the funeral planning guide as a free gift.

What is Colonial Penn life insurance for seniors?

Colonial Penn life insurance company of Texas offers two life insurance products for seniors 1. Permanent whole life insurance 2. Guaranteed acceptance life insurance. Colonial Penn life insurance no medical exam policies.


What is Colonial Penn guaranteed acceptance life insurance?   

Colonial Penn guaranteed acceptance life insurance, known to many as the Alex Trebek life insurance policy is whole life insurance with no medical exam and no health questions asked. It is available for people who are 50 to 85 years old.

The death benefit is sold on a per-unit basis. One unit costs $9.95; for the maximum unit, you can buy 8 units only.

Colonial Penn Alex Trebek plan or guaranteed acceptance life insurance comes with a two-year waiting period.


What is Colonial Penn’s whole life insurance?

Colonial Penn sells two types of whole life insurance:

  1. Guaranteed acceptance whole life insurance
  2. Permanent whole life insurance

Colonialpenn.com whole life insurance does not expire when you turn 80 years old. The coverage will be active your whole life as long as you keep paying your premiums.

Whole life insurance also has a level premium; the level benefit or premium will never increase, and the death benefit will never decrease. It also accumulates cash value over the years.


Is Colonial Penn term or whole life insurance?

Colonial Penn only sells whole life insurance, they never sell term life insurance. Buying Colonial life term life insurance is not yet possible.


What is the difference between term and whole life insurance?

Term insurance life insurance offers pure protection, and it expires after a specific period like 5, 10 to 30 years. After the policy expire you are no longer covered. While Colonial life whole life insurance will cover you for the rest of your life (all the way until age 121 years old). The whole life also has a cash value that accumulates over time that you can use if you have a personal emergency.

Colonial Penn Guaranteed Acceptance Life Insurance

Pros:

  • Guaranteed acceptance 
  • Lifetime coverage 
  • Cash value builds up 

Cons:

  • Expensive 
  • 2-Year Waiting period 
  • Very low death benefits 

What is Colonial Penn Active Care?

Colonial Penn Active Care is supplemental health insurance is underwritten by Washington National Insurance Company. This supplemental insurance covers you in case of accidental injury or critical illness by paying cash you can control.

What is the 995 plan by Colonial Penn?

The Colonial Penn life insurance, $9.95 per month, also known as Alex Trebek insurance, is their most popular life insurance product. Where you can buy one unit of coverage for $9.95 per month.


What does Colonial Penn cost?

Colonial Penn costs $9.95 per unit of coverage. Reviewing Colonial Penn life insurance will help you analyze what you can get with this 995 plan.


What do you get for $9.95 a month from Colonial Penn?

The amount of coverage you can buy for $9.95 varies by age and gender.


How much coverage do you get with Colonial Penn $9.95 plan?

$9.95 can buy $2,083 coverage for a 50-year-old woman

$9.95 can buy $1,621 for a 60-year-old woman

$9.95 can buy $1,043 for a 70-year-old woman

You see the amount of coverage you can buy with $9.95 (1 unit) decreases as you age. 


What is a unit of life insurance?

Colonial Penn allows you to buy 1-8 units of life insurance. A life insurance unit is the assigned death benefit amount you can buy with $9.95. Each unit corresponds with a death benefit depending on age and gender.


What is Colonial Penn’s unit of coverage?

Colonial Penn’s coverage unit is the death benefit or face amount you can buy per unit. You can buy a minimum of one unit to eight units.

The Colonial Penn $9.95 plan coverage amount you can buy per unit is determined by Colonial Penn according to age and gender. Females get higher coverage than males. The coverage amount decreases as you get older.


How much is 1 unit of Colonial Penn insurance?

One unit of Colonial Penn insurance costs $9.95 per month.


How much are Colonial Penn’s life insurance rates?

Colonial Penn’s life insurance rates are computed by the number of units you buy. One unit is equal to $9.95, and you can buy up to eight units, equivalent to $79.60.

1-unit  =  $9.95
2-units = $19.90
3-units = $29.85
4-units = $39.80
5-units = $49.75
6-units = $59.70
7-units = $69.65
8-units = $79.60


What do you get for $9.95 a month from Colonial Penn?

You get one unit of coverage for $9.95. Your death benefit amount varies by your gender and your age.

Here’s what you can get with Colonial Penn final expense insurance of $9.95 per month:

FEMALE1-UNIT2-UNITS4-UNITS6-UNITS8-UNITS
AGE$9.95$19.90$39.80$59.70$79.60
50$2,083$4,166$8,332$12,498$16,664
51$2,068$4,136$8,272$12,408$16,544
52$2,022$4,044$8,088$12,132$16,176
53$1,973$3,946$7,892$11,838$15,784
54$1,929$3,858$7,716$11,574$15,432
55$1,884$3,768$7,536$11,304$15,072
56$1,838$3,676$7,352$11,028$14,704
57$1,786$3,572$7,144$10,716$14,288
58$1,732$3,464$6,928$10,392$13,856
59$1.676$3,352$6,704$10,056$13,408
60$1,621$3,242$6,484$9,726$12,968
61$1,562$3,124$6,248$9,372$12,968
62$1,506$3,012$6,024$9,036$12,048
63$1,452$2,904$5,808$8,712$11,616
64$1,392$2,784$5,568$8,352$11,136
65$1,333$2,666$5,332$7,998$10,664
66$1,273$2,546$5,092$7,638$10,184
67$1,214$2,428$4,856$7,284$9,712
68$1,157$2,314$4,628$6,942$9,256
69$1,099$2,198$4,396$6,594$8,792
70$1.043$2,086$4,172$6,258$8,344
71$987$1,974$3,948$5,922$7,896
72$932$1,864$3,728$5,592$7,456
73$880$1,766$3,520$5,280$7,040
74$843$1,668$3,336$5,004$6,672
75792$1584$3,168$4,752$6,336
MALE1-UNIT2-UNITS4-UNITS6-UNITS8-UNITS
AGE$9.95$19.90$39.80$59.70$79.60
50$1,786$3,572$7,144$10,716$14,288
51$1,732$3,464$6,928$10,392$13,856
52$1,676$3,352$6,704$10,056$13,408
53$1,621$3,242$6,484$9,726$12,968
54$1,562$3,124$6,248$9,372$12,496
55$1,506$3,012$6,024$9,036$12,048
56$1,452$2,904$5,808$8,712$11,616
57$1,392$2,784$5,568$8,352$11,136
58$1,333$2,666$5,332$7,998$10,664
59$1,273$2,546$5,092$7,638$10,184
60$1,214$2,428$4,856$7,284$9,712
61$1,157$2,314$4,628$6,942$9,256
62$1,099$2,198$4,396$6,594$8,792
63$1,043$2,086$4,172$6,258$8,344
64$987$1,974$3,948$5,922$7,896
65$932$1,864$3,728$5,592$7,456
66$880$1,760$3,520$5,280$7,040
67$834$1,668$3,336$5,004$6,672
68$792$1,584$3,168$4,752$6,336
69$753$1,506$3,012$4,518$6,024
70$717$1,434$2,868$4,302$5,736
71$683$1,366$2,732$4,098$5,464
72$652$1,304$2,608$3,912$5,216
73$620$1,240$2,480$3,720$4,960
74$589$1,178$2,356$3,534$4,712
75$560$1,120$2,240$3,360$4,480


How much coverage can a Colonial Penn $9.95 plan buy?

  • $9.95 can buy $2,083 coverage for a 50-year-old woman
  • $9.95 can buy $1,884 for a 55-year-old woman
  • $9.95 can buy $1,621 for a 60-year-old woman
  • $9.95 can buy $1,333 for a 65-year-old woman
  • $9.95 can buy $1,043 for a 70-year-old woman
  • $9.95 can buy $792 for a 75-year-old woman

You see the amount of coverage you can buy with $9.95 (1 unit) decreases as you get older.


Where can I find the Colonial Penn $9.95 plan reviews?

Check this review and have your Colonial life questions answered. Know more about Colonial Penn $9.95 plan

Do you need a medical exam to qualify for Colonial Penn $9.95 plan?

Colonial Penn’s $9.95 plan is a no-medical exam plan. You don’t need to submit blood or urine samples either.


Does Colonial Penn ask health questions?

Colonial Penn guaranteed acceptance insurance policy does not ask any health questions on the application. You are guaranteed acceptance regardless of your medical condition.

Does Colonial Penn’s guaranteed acceptance policy have a waiting period?

YES. Colonial Penn’s guaranteed acceptance policy has a two-year waiting period before it will cover you for the natural cause of death.


What does a Colonial Penn limited benefit period mean?

Limited benefit period means Colonial Penn will not pay your full death benefit to your beneficiary if you die from natural causes or illness during the first two years of the policy.


What happens if you die during Colonial Penn’s two-year waiting period?

If you die during the two-year waiting period because of natural causes, your beneficiary will not receive your 100% death benefit. Instead, Colonial Penn will give your beneficiary the total amount you paid plus 7% interest. Colonial Penn accident insurance will cover your expenses incurred from the accident even during the waiting period.

Colonial Penn death benefit chart

FEMALE1-UNIT2-UNITS4-UNITS6-UNITS8-UNITS
AGE$9.95$19.90$39.80$59.70$79.60
50$2,083$4,166$8,332$12,498$16,664
51$2,068$4,136$8,272$12,408$16,544
52$2,022$4,044$8,088$12,132$16,176
53$1,973$3,946$7,892$11,838$15,784
54$1,929$3,858$7,716$11,574$15,432
55$1,884$3,768$7,536$11,304$15,072
56$1,838$3,676$7,352$11,028$14,704
57$1,786$3,572$7,144$10,716$14,288
58$1,732$3,464$6,928$10,392$13,856
59$1.676$3,352$6,704$10,056$13,408
60$1,621$3,242$6,484$9,726$12,968
61$1,562$3,124$6,248$9,372$12,968
62$1,506$3,012$6,024$9,036$12,048
63$1,452$2,904$5,808$8,712$11,616
64$1,392$2,784$5,568$8,352$11,136
65$1,333$2,666$5,332$7,998$10,664
66$1,273$2,546$5,092$7,638$10,184
67$1,214$2,428$4,856$7,284$9,712
68$1,157$2,314$4,628$6,942$9,256
69$1,099$2,198$4,396$6,594$8,792
70$1.043$2,086$4,172$6,258$8,344
71$987$1,974$3,948$5,922$7,896
72$932$1,864$3,728$5,592$7,456
73$880$1,766$3,520$5,280$7,040
74$843$1,668$3,336$5,004$6,672
75792$1584$3,168$4,752$6,336
MALE1-UNIT2-UNITS4-UNITS6-UNITS8-UNITS
AGE$9.95$19.90$39.80$59.70$79.60
50$1,786$3,572$7,144$10,716$14,288
51$1,732$3,464$6,928$10,392$13,856
52$1,676$3,352$6,704$10,056$13,408
53$1,621$3,242$6,484$9,726$12,968
54$1,562$3,124$6,248$9,372$12,496
55$1,506$3,012$6,024$9,036$12,048
56$1,452$2,904$5,808$8,712$11,616
57$1,392$2,784$5,568$8,352$11,136
58$1,333$2,666$5,332$7,998$10,664
59$1,273$2,546$5,092$7,638$10,184
60$1,214$2,428$4,856$7,284$9,712
61$1,157$2,314$4,628$6,942$9,256
62$1,099$2,198$4,396$6,594$8,792
63$1,043$2,086$4,172$6,258$8,344
64$987$1,974$3,948$5,922$7,896
65$932$1,864$3,728$5,592$7,456
66$880$1,760$3,520$5,280$7,040
67$834$1,668$3,336$5,004$6,672
68$792$1,584$3,168$4,752$6,336
69$753$1,506$3,012$4,518$6,024
70$717$1,434$2,868$4,302$5,736
71$683$1,366$2,732$4,098$5,464
72$652$1,304$2,608$3,912$5,216
73$620$1,240$2,480$3,720$4,960
74$589$1,178$2,356$3,534$4,712
75$560$1,120$2,240$3,360$4,480


What is a Colonial Penn Rate Lock?

Colonial Penn 995 plan boasts about the rate lock. A rate lock means your premium will be locked in at your current age and will never increase as you get older. This is not a unique benefit. Every life insurance company offering whole life insurance has this feature on their insurance product.


Does Colonial Penn guaranteed acceptance policy accumulate cash value?

A guaranteed acceptance policy by Colonial Penn is a whole life insurance policy that accumulates cash value. You can use the cash value to ask for a loan at an 8% interest rate. Your cash value loan must be paid or it will be deducted from the death benefit when you pass away.


Does Colonial Penn give a discount for annual payments?

Colonial Penn payments can be made annually. They give a one-month premium discount if you pay your premium annually.

Does Colonial Penn guaranteed acceptance policy expire?

No. Colonial Penn’s guaranteed acceptance policy will not expire when you reach 80 or are diagnosed with a terminal illness. It has lifetime coverage.

Is Colonial Penn policy replacement possible?

Yes, Colonial Penn policy replacement is possible. But make sure you already have another life insurance policy from a better insurance company before you cancel your Colonial Penn policy.

How do I cancel my Colonial Penn life insurance policy?

You can cancel your life insurance policy by calling Colonial Penn life insurance customer service at (800) 523-9100


Colonial Penn life insurance lawsuit

Colonial Penn life insurance was hit by TCPA-DNC class action for automated calls without consent.

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