Colonial Penn Life Insurance Sign In (2024)

FAQs

What does Colonial Penn give you for $9.95 a month? ›

The Colonial Penn $9.95 Plan is a burial insurance policy offering whole life coverage at a starting premium of $9.95 per month. It is designed to help cover funeral expenses.

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.

If you cancel your policy, you can receive the cash value amount as a lump sum payment. (Keep in mind, though, that it is unwise to surrender your policy in the first few years because it will have accumulated little or no cash value).

What if I change my mind about my term life insurance? Colonial Penn offers a 100% Money-Back Guarantee. Take 30 days to review your policy at your convenience.

The cost of Colonial Penn insurance is based on a unit system. Each unit costs everyone $9.95 monthly. To calculate the total price, multiply $9.95 by the number of units you want.

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.

Colonial Penn 995 Plan Is A Guaranteed Issue With A Waiting Period. Guaranteed issue life insurance sounds great, but of course, there's a catch… In the case that you die within two years after purchasing your policy – your beneficiary won't receive full death benefits.

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.

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.

Applicants only need to answer health questions on the application. Premiums won't change during the policy's life, and coverage can't be canceled as long as the premiums are paid. Colonial Penn's permanent whole life insurance coverage amounts range from $10,000 to $50,000.

What is the grace period for Colonial Penn? ›

You have a grace period of 31 days after the due date to pay any premium after the first. Coverage will stay in effect during the grace period; however, if death occurs any unpaid premiums will be deducted from the Death Benefit.

While you can't take out a loan on your policy's death benefit, you can borrow against your policy's cash balance. These loans typically aren't taxed as long as you repay them, and they offer a convenient source of funds when needed.

New policies are only available until age 75 but, if you already have coverage in place with Colonial Penn, you can continue to renew annually and maintain coverage until age 90.

The Colonial Penn $9.95 plan is a Modified Benefit Whole Life Plan. The policy offers a limited death benefit during the first two policy years for non-accidental deaths. Non-accidental deaths during the first two years will return paid premiums plus compounded interest.

We offer Guaranteed acceptance whole life insurance for those ages 50-85 (in most states) with options starting at $9.95 a month—ease the burden of final expenses and get back to living life on your terms. Colonial Penn's^® popular guaranteed acceptance whole life insurance coverage rates are offered in units.

Guardian Life Insurance is our top pick for older seniors because it is one of a handful of insurers we've reviewed that issues policies up to age 90. It offers no-exam policies up to $3 million in coverage, though seniors might face significant rates for higher coverage amounts.

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.

Insurance companies may use units of coverage to determine your death benefit amount or premium. With many life insurance companies, the unit of coverage is set at a fixed death benefit amount. A common amount is $1,000, but it can vary. Check with each prospective insurer to know how it values one unit.

By contrast, a policy with a two-year benefit period will only cover lost income for two years. Most short-term disability policies require a wait between a week to a month for the benefit period to start, while long-term plans may require a three to six months, up to a year delay.