Colonial Penn 9.95 Life Insurance - If you've ever watched cable TV, you've probably seen it: an important message from Colonial Penn Life Insurance - with Alex Trebek selling guaranteed life insurance for seniors. The company targets people between the ages of 50 and 85, promising them affordable life insurance with a rate lock ("Your rate can never go up for any reason."). No medical questions or exams are required.
Because guaranteed life insurance requires no medical questions, it only takes seconds to get a life insurance quote from Colonial Penn. Here are the quotes I received from Colonial Penn when I was looking for life insurance as a 60 year old couple from California:
Colonial Penn 9.95 Life Insurance
The quotes I received were priced per "unit" of life insurance. Colonial Penn Guaranteed Life Insurance works by adjusting the benefit amount (also known as coverage) per unit based on your age, gender and location. Each unit will always be $9.95, but how much coverage you get for $9.95 will change. If you want more coverage, you need to buy more units.
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Guaranteed life insurance used to be called "funeral insurance" - basically, you get enough coverage to cover all the expenses associated with your death. On average, a funeral in America costs between $7,000 and $10,000.
What if you are elderly, live on a limited regular income, and have a medical condition that prevents you from obtaining traditional life insurance? Let's see how much Colonial Penn guaranteed life insurance costs for a 75-year-old couple:
If you die within two years of purchasing the life insurance policy, you will not receive the full death benefit. Instead, Colonial Penn will refund the premiums you paid. It's not the benefit people expect, but it's better than no return at all.
In most cases, people looking for guaranteed life insurance may have no other options because whole life insurance would be too expensive for them.
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Guaranteed life insurance companies are especially aimed at those who are elderly, in poor health and living on limited incomes. Guaranteed life insurance is more expensive, but at least it will cover enough for your funeral and maybe even give your children or grandchildren a small inheritance.
If you're over 50 but not yet retired, it may make more sense to transfer money into your retirement accounts than to buy guaranteed life insurance. Put aside $84 each month and you'll have enough money to cover your final expenses in ten years.
If you are in good health, you may still be able to get traditional life insurance, which requires medical questions and usually a quick medical exam. If you qualify, traditional life insurance will always be a cheaper option than term life insurance. Here we can help you compare life insurance quotes between companies.
You can also look at simplified life insurance. Simplified life insurance offers life insurance that does not require a medical exam, but still requires you to answer questions about your medical history. If you do not meet the eligibility criteria, you may be rejected.
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Finally, final expense insurance may be a viable option. It's similar to term life insurance in that it's a relatively small amount of coverage, but it's more than you'd normally get with a guaranteed issue. And since there are some medical qualifications, it can be more affordable.
For a more in-depth look at taking out life insurance when you're in ill health, visit our dedicated guide on the subject.
Adam Cecil is a former staff writer at a digital insurance broker trying to make insurance more intuitive for consumers. He is a podcast producer, writer and video maker from Brooklyn, New York. Anthony Martin is a nationally licensed insurance agent with over ten years of experience and has personally served over 7,000 clients with their life insurance needs. He frequently writes business and life insurance content for Forbes, Inc.com, Newsweek and Entreprenuer.com. Anthony has been consulted as an expert life insurance resource by dozens of influential websites such as Forbes, Bankrate, Reuters, Fox Business, CNBC, Investopedia, Insurance.com, Yahoo Finance and more.
Jeff Roth is a nationally licensed life insurance adjuster with over 15 years of experience. He has personally assisted over 3,000 clients with their life insurance policies. Jeff is an Amazon bestselling author and managing partner of a successful insurance brokerage that operates over 2,500 licensed insurance agents across the US. It has been a featured life insurance resource for influential websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet and many others.
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David Duford is a nationally licensed insurance adjuster with over ten years of experience. He has personally assisted over 1,500 clients in purchasing life insurance. David has served as an expert resource for prestigious publications such as A.M. Best in Insurancenewsnet. He also runs one of the largest Youtube channels to help insurance agents better serve their clients.
This article has been carefully reviewed by the author and life insurance experts to ensure it meets our quality standards for accurate and honest advice.
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Martin, A. (2023, January 6). Colonial Penn Life Insurance Review 2023. . Retrieved January 12, 2023, from https:///colonial-penn-life-insurance-review/
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Colonial Penn Life Insurance Review
Would it surprise you to learn that a $9.95 Penn Colony unit would only give a 50-year-old $1,669 in life insurance?
The $9.95 per month Colonial Penn Life Insurance Plan is a whole life insurance policy with a two-year waiting period.
With a 995 plan, if you die within the first two years, your beneficiaries will only receive returned premiums and a small amount of interest. You must live for at least 24 months for your next of kin to receive the full death benefit payment.
Ironically, they sell this coverage on a unit basis. Each unit offers a certain amount of life insurance.
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One unit of Colonial Penn coverage matches the amount of life insurance benefits policyholders receive at $9.95 per month.
Use the Colonial Penn Life Insurance Calculator and the chart below to see how much coverage you'll get using their unit system.
Select your age and gender to see the total monthly cost and how much life insurance you'll get for a given number of units.
Note that Colonial Penn's $9.95 per unit plan is guaranteed acceptable, meaning it has a two-year waiting period. If you die during the waiting period, Colonial Penn will only refund your premiums and a small amount of interest.
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The table below shows how much coverage one unit provides by age and gender. These values apply to all states except Montana.
They don't advertise it, but Colonial Penn offers another $9.95 off-plan permanent life insurance policy for seniors.
In short, this policy is not sold per unit and has an insurance component. This is not a guaranteed hardship plan, so you must be medically eligible.
Coverage on this plan is pretty tight, so don't expect to qualify unless you're in perfect health.
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For example, a 66-year-old man would pay $70.15 per month for $10,000 of coverage for this Penn Colony Whole Life plan.
When you sign up for their lifetime product with health questions, they allow you to add two different "lifetime benefits" riders.
These riders cost extra and you can only choose one. You cannot add both to your policy.
They basically provide an extra layer of protection if
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