Colonial Penn 995 Plan Review [2024] (2024)

Colonial Penn is currently the largest provider of burial insurance in the U.S. Known as the $9.95 Plan or 995 Plan, Colonial Penn’s whole life guaranteed burial insurance coverage plan is very popular. In fact, Colonial Penn life insurance is a household name in some places. You have probably seen commercials for it on late-night television. Life insurance for $9.95 a month seems like a great deal. Here we will investigate the Colonial Penn 995 plan to see if it is as good as advertised.

Whether you choose to go with the Colonial Penn 995 Plan or not, you will first want to do some shopping around. To get started comparing life insurance rates near you, enter your ZIP code here.

What is the Colonial Penn 995 plan?

Colonial Penn offers term, whole, and burial insurance. Burial insurance is a whole life insurance policy. Unlike term life insurance, whole life insurance covers you for your entire life, as opposed to a specific term of years. Burial insurance, in particular, is designed to cover funeral costs. The limited amount you can receive in benefits means burial insurance is often more affordable than traditional whole life policies.

Colonial Penn life insurance includes the $9.95 per month plan as a way to highlight the affordability of this policy. For a set price of $9.95 per month, you can get coverage for funeral expenses, no matter when you die. The sooner you begin making payments, the higher your payout will eventually be.

This all sounds reasonable enough, but let’s get into the details to see what you get for your money. Before buying into any life insurance plan, it pays to do your research. Here we will look at the pros and cons of this Colonial Penn insurance plan.

Coverage with Colonial Penn 995 is Guaranteed, Affordable, and Easy to Apply For

The first and biggest draw to the Colonial Penn 995 life insurance plan may be guaranteed approval. Without any health questions asked or even a medical exam, you can qualify for the policy. This aspect is featured heavily in ads for the plan, and with good reason. It is comforting to know you won’t be denied for any health reasons.

The Colonial Penn 995 life insurance plan is also easy to apply for. Without even speaking to an agent, you can visit Colonial Penn’s website to start the process. Enter your personal information and choose an amount to pay each month. Colonial Penn will then show you how much coverage you get for your money. If you are satisfied, complete the necessary forms, and you are in. Technically, you have to apply, but approval is guaranteed, so no worries there. It is just that simple and easy.

On top of being guaranteed and simple to obtain, Colonial Penn 995 really does start at the price of $9.95 a month. According to III, burial insurance is small, permanent, and affordable. This is certainly the case with the Colonial Penn 995 plan. Having a set payment each month in the single digits is hard to beat. Later we will look closer to see exactly how much coverage $9.95 a month buys you.

A key aspect of the Colonial Penn 995 plan is that it is whole life insurance. As long as you continue to make payments, you are covered for the rest of your life. Your benefits will never be terminated, and you will never have to renew or start a new policy. In addition, once you have made payments for two years, you can rest easy knowing the entirety of your policy’s benefits will be paid to the named recipients upon your death.

Now that we’ve covered the main advantages of the Colonial Penn 995 plan, let’s have a look at some of its drawbacks.

Colonial Penn’s 995 Plan Has Hidden Costs

As mentioned, full benefits will not be paid on your Colonial Penn 995 plan until you have made payments for two years. This is done to reduce the risk of fraud, and it allows Colonial Penn to offer guaranteed approval. The waiting period deters would-be scammers from grabbing an affordable life insurance policy before a non-accidental death. It does make sense from Colonial Penn’s perspective, but it will likely impact your decision-making as well.

Of course, this means you will not receive the full benefits package if the insured on the policy dies within the two-year period. Limited benefits will be dispersed in the amount of the premiums already paid, plus 7% interest. While Colonial Penn offers life insurance for seniorsas a primary selling point, they do have to protect against fraud. Take this into consideration if you are looking for Colonial Penn life insurance to cover a loved one with a terminal illness.

The main issue people may have with the $9.95 per month Colonial Penn life insurance plan is how much it really costs. While it is true that you can get a plan for less than $10 a month, that premium only provides a certain amount of coverage. The key is how Colonial Penn structures their payouts. Let’s have a look.

What You Really Get with the 995 Life Insurance Plan

Generally, life insurance providers give you control over how much coverage you want. You tell them what benefit amount you want your beneficiaries to receive, and they will offer you a monthly payment to achieve that. You can get as much coverage as you want, but the monthly premiums will be at the discretion of your provider.

At Colonial Penn, they do things a little differently. They allow you to choose how much you want to pay each month, starting at $9.95 per month. Each payment of $9.95 is known as a unit, and you can buy as many units as you want. For each unit, Colonial Penn will tell you how much coverage they will provide to you. This amount of coverage is determined by a couple of factors.

First, your gender is considered. Men and women tend to have different life expectancies, and as these policies are built around determining when someone will die, the coverages are different for men and women. As women tend to live longer than men, they can amass a bigger final payout by making payments for a longer period. Women vs. men term life insurance rates vary by company.

The primary determinant for your coverage amount will be your age. The earlier in life you begin making premium payments on your Colonial Penn 995 plan, the more value it will accrue. The policy does begin to earn cash value right away, so it is in your best interest to get a policy sooner rather than later. Keep in mind you do have to be at least 50 years old to apply.

Finally, if the amount of coverage offered by Colonial Penn for your 995 policy isn’t enough for your expected funeral expenses, you can make higher payments. As mentioned, each $9.95 payment amount is a “unit” that corresponds to a benefit amount. In fact, you can pay for up to 15 units a month of guaranteed whole life burial insurance with the Colonial Penn 995 plan. Of course, that would mean paying considerably more than $9.95 per month. Keep this in mind when making your life insurance decisions.

Read more: Colonial Penn Life Insurance for Seniors Review

The Final Word on the Colonial Penn 995 Plan

When it comes to making plans for your own funeral or that of a loved one, it can be awkward or even off-putting to openly consider prices. However, this is a reality, and the fact is the sooner you start making plans, the more affordable your expenses will be. The Colonial Penn 995 plan offers a way to build a sizeable payout for the future at a reasonable price. That price simply may not cover all of your expenses.

When it comes time to make a decision on long-term life insurance plans, you will want to know all your options. To get started comparing life insurance rates near you, enter your ZIP code now.

Exploring the Colonial Penn $9.95 Plan: A Comprehensive Look

The Colonial Penn $9.95 Plan has gained attention for its affordability and ease of access. To help you make an informed decision, this guide delves into aspects of the plan that haven’t been covered extensively.

Understanding the Coverage and Cost of the Colonial Penn $9.95 Plan

What is the Colonial Penn $9.95 Plan?

The Colonial Penn $9.95 Plan is a type of whole life insurance designed to offer burial coverage at a low monthly rate. Here’s a breakdown of what it entails:

How Much Coverage Can You Expect?

Coverage amounts under the Colonial Penn $9.95 Plan can vary. Here’s how it works:

Colonial Penn $9.95 Plan: Understanding Coverage Units

What is 1 unit of Colonial Penn $9.95 Plan? Each $9.95 payment buys one unit of coverage.

How much coverage can you get from Colonial Penn life insurance plan for $9.95 per month? Coverage amounts depend on factors like age and gender, with women typically receiving higher payouts due to longer life expectancy.

Rates and Payouts of the Colonial Penn $9.95 Plan

Colonial Penn $9.95 Plan Rates

• $9.95 Insurance Plan: Starting rate of $9.95 per month, with additional costs for more coverage units.
• Colonial Penn Insurance Rates: Vary based on the number of units purchased and the applicant’s age and gender.

Colonial Penn $9.95 Plan Payout

• Colonial Penn $9.95 Plan Payout: The payout is influenced by the total amount of coverage accumulated through your monthly payments and any additional units purchased.

$9.95 a Month Life Insurance: Understanding Your Options

$9.95 a month life insurance, specifically the Colonial Penn $9.95 Plan, targets affordable burial insurance, offering coverage without requiring a medical exam. Another low-cost option, $9.95 life insurance, provides different coverage terms compared to Colonial Penn’s plan, making it essential to review each option’s specifics carefully before making a decision.

How much does the $9.95 Plan pay?

The $9.95 Plan pays a specified amount based on the coverage level chosen. This amount will be detailed when you apply for the plan.

Reviews and Comparisons

• $9.95 Plan Reviews: Look into customer reviews to gauge satisfaction and reliability.
• Colonial Penn Life Insurance Plan for $9.95 per Month Reviews: Analyze user feedback for insights on coverage satisfaction and overall value.

Additional Considerations

Colonial Penn Burial Insurance and Health Insurance

• Colonial Penn Burial Insurance: Specifically targets funeral and burial expenses.
• Colonial Penn Health Insurance: Offers a range of health-related insurance products, different from their burial insurance plans.

Evaluating Colonial Penn Insurance Reviews

• Colonial Penn Insurance Reviews: Research comprehensive reviews to understand the strengths and potential drawbacks of their insurance plans.

By thoroughly exploring these aspects, you can make a well-informed decision about whether the Colonial Penn $9.95 Plan suits your needs.

Evaluating Colonial Penn Life Insurance Options: Understanding Your Choices

When considering life insurance, it’s crucial to thoroughly evaluate each provider and plan. Colonial Penn Life Insurance offers various options, and understanding these can help you make an informed decision. This guide will explore Colonial Penn’s life insurance offerings, including their burial plans, term and whole life policies, and provide insights into their reviews and rates.

What does Colonial Penn provide for $9.95 a month?

Colonial Penn provides burial insurance coverage for $9.95 a month. This policy guarantees coverage for funeral expenses as long as premiums are paid.

Colonial Penn Life Insurance Burial Plans

Colonial Penn Life Insurance offers specific plans designed for burial coverage. Here’s what you need to know:

Colonial Penn Burial Insurance Coverage

• Colonial Penn whole life insurance: The company’s burial insurance is primarily a whole life insurance policy. It’s designed to cover funeral costs and offers coverage for the insured’s entire life.
• The $9.95 Plan: Known for its affordability, starting at $9.95 a month, this plan is specifically marketed for burial insurance.

Colonial Penn MS Plans

• Overview: The Colonial Penn MS Plans are tailored for those with multiple sclerosis (MS), providing coverage despite pre-existing conditions.
• Benefits: Offers customized options to cater to specific health conditions, ensuring broader accessibility.

Understanding Colonial Penn Life Insurance Rates

Rates for Colonial Penn life insurance can vary based on the type of policy and individual circ*mstances.

Colonial Penn Life Insurance Rates

• Burial Insurance: Rates start at $9.95 per month for basic burial coverage.
• Term Life Insurance Rates: Rates for term life insurance might be higher and vary depending on age, health, and coverage amount.
• Whole Life Insurance Rates: Typically higher than term life but provides lifetime coverage and a cash value component.

Colonial Penn Term vs. Whole Life Insurance

Choosing between term and whole life insurance can impact your coverage and costs.

Colonial Penn term life insurance

• Definition: Provides coverage for a specified term, such as 10, 20, or 30 years.
• Colonial Penn term life insurance Rates: Generally lower than whole life insurance but does not provide lifelong coverage or build cash value.

Colonial Penn whole life insurance

• Definition: Offers lifelong coverage and includes a savings component that accumulates cash value over time.
• Colonial Penn whole life insurance for $9.95: Specifically refers to the basic burial insurance plan that starts at $9.95 per month.

Reviews and Potential Issues

Exploring reviews and feedback can provide insight into the experiences of other policyholders.

Colonial Penn Life Insurance Reviews

• Positive Feedback: Generally highlights the affordability and ease of obtaining coverage, especially for burial insurance.
• Colonial Penn Negative Reviews: Some reviews mention issues with coverage amounts and the two-year waiting period for full benefits.

Colonial Penn Scam Allegations

There are concerns or allegations about misleading marketing or coverage limitations. It’s essential to verify the legitimacy of any concerns through reliable sources.

Comparing Colonial Penn to Other Options

When choosing a life insurance policy, comparing options can help ensure you get the best value.

Life Insurance for $9.99 a Month

• Comparison: Compare Colonial Penn’s $9.95 Plan with other low-cost options to determine if you’re getting competitive coverage for the price.

ColonialPenn.com Reviews

• Website Reviews: Check ColonialPenn.com for official information and customer reviews to get a comprehensive understanding of their offerings.

Colonial Penn Life Insurance offers various plans that can suit different needs, from burial insurance to more comprehensive term and whole life policies. By reviewing Colonial Penn Life Insurance Rates, understanding the differences between Colonial Penn term life insurance and Colonial Penn whole life insurance, and considering Colonial Penn reviews, you can make a well-informed decision about whether their policies align with your financial goals and coverage needs.

To get personalized quotes and compare Colonial Penn’s offerings with other insurance providers, enter your ZIP code and start exploring your options today.