FAQs
What does Colonial Penn give you for $9.95 a month? ›
A unit of Colonial Penn coverage is the life insurance benefit amount you receive for $9.95 per month. Your age and gender determine the exact amount of insurance coverage a single unit provides. The older you are, the more units you will need to purchase in order to get an adequate death benefit.
How much insurance do you get for $9.95 a month? ›The coverage you get per 995 unit varies based on your age and gender. For example, at age 68, one $9.95 unit buys a male $762 in life insurance coverage and $1,112 for a female. An 80-year-old male gets $426 in coverage per unit, whereas an 80-year-old female would get $608 in coverage.
What are the drawbacks of Colonial Penn life insurance? ›Although Colonial Penn Life Insurance Company is a legitimate insurer, they are rarely worth considering because $9.95 buys such a small amount of coverage, and you must wait two years before being covered for natural causes of death.
What is the catch on the Colonial Penn 995 plan? ›Because it is guaranteed issue life insurance, there is a two-year waiting period. If you were to die within the first two years of your policy being in force, your beneficiary would not receive the death benefit.
How much is a $50000 life insurance policy from Colonial Penn? ›| Term life | Whole life | |
|---|---|---|
| Monthly rates | $12 – $56 | $10 – $80 |
| Fixed rates | ||
| Death benefit | $10,000 – $50,000 | $10,000 – $50,000 |
| Medical exam |
Colonial Penn offers two whole life insurance policies. Both policies offer a lump-sum death benefit payout, accumulating cash value the policy owner can access while the insured is still living. As with all policies, the death benefit payout will be reduced if the amount borrowed is not repaid.
Does Colonial Penn coverage decrease with age? ›With guaranteed acceptance whole life insurance from Colonial Penn, as long as you pay your premiums, your coverage can't be cancelled. Once insured, your rate will never increase and your death benefit will never decrease due to age or health changes.
Is Colonial Penn a good life insurance for seniors? ›Colonial Penn life insurance. Colonial Penn life insurance may be an option worth considering, according to Bankrate's analysis, especially for shoppers over age 50 looking for life insurance. Colonial Penn primarily offers guaranteed acceptance whole life insurance.
How much does a $50000 life insurance policy cost per month? ›Cost Breakdown of $50,000 Life Insurance
Term Life Insurance: For a 30-year-old non-smoker, a 20-year term might cost around $10 to $15 per month. However, for a 50-year-old smoker, the cost might jump to $40 to $60 per month.
Although Colonial Penn is a stable insurer with an A- financial strength rating from AM Best,* the company received mixed marks in other areas. Part of this is due to limited offerings and a focus on no-exam policies that result in higher policyholder premiums.
What is the lawsuit against Colonial Penn? ›
As the result of a horrific accident, a man in San Jacinto, CA lost his wife. Because her sad and untimely death was accidental, our client filed a claim for accidental death benefits under his wife's life insurance policy. Colonial Penn Life Insurance Company denied the claim for reasons that were objectively untrue.
How long is the waiting period for Colonial Penn life insurance? ›The truth is, you can get far more coverage from multiple other providers at a lower cost. In addition, Colonial Penn 9.95 plan policies have a two-year waiting period before you're covered for natural causes of death. Dozens of other final expense life insurance companies offer no waiting period policies.
How much insurance can you get from Colonial Penn for $9.95 a month? ›The Colonial Penn life insurance plan for $9.95 is a policy that is sold in units. Each unit costs $9.95 and provides approximately $1,000 of coverage. If you want more coverage, you will need to purchase multiple units of insurance.
Who is the best life insurance company? ›| Company | Best for | J.D. Power Score in 2023 U.S. Individual Life Insurance Study |
|---|---|---|
| Guardian | Life insurance coverage without a medical exam | 784/1,000 |
| Mass Mutual | Whole life insurance | 809/1,000 |
| Mutual of Omaha | Digital accessibility | 805/1,000 |
| Nationwide | Customer satisfaction | 840/1,000 |
How much is AARP life insurance per month? AARP life insurance can cost as little as $11 monthly or as high as $900. The final price depends on the type of policy (whole, term, or guaranteed acceptance), product, age, gender, state of residence, and health.
How much is a 100 000 whole life insurance policy? ›On average, a $100,000 whole life policy will cost between $100-$1000 monthly, depending on various factors such as your age. Life insurance pricing is based on your actual age, gender, lifestyle, health, tobacco usage, and coverage amount.
What is the best life insurance for seniors over 70? ›- Guardian Life: Best for payment flexibility.
- MassMutual: Best for elderly applicants.
- Northwestern Mutual: Best for the potential to earn dividends.
- New York Life: Best coverage range.
- State Farm: Best for customer satisfaction.
- USAA: Best for coverage flexibility.
The Cost Of A $50,000 Whole Life Insurance Policy. Expect to pay $100-$500 monthly for a $50,000 whole life insurance policy depending upon your age, health, lifestyle, tobacco usage, state of residence, and the amount of coverage purchased.