Colonial Penn Life Insurance 995 A Month - If you've watched cable TV, you've probably seen: Important Messages from Colonial Penn life insurance - Presented by Alex Trebek, who sells guaranteed life insurance for seniors. The ad targeted people between the ages of 50 and 85 and promised them affordable guaranteed life insurance with locked-in rates (“Your rates will never go up for any reason.”). No medical questions or tests are required.
Get a Colonial Penn life insurance quote in seconds because guaranteed life insurance doesn't require medical issues. Here are the quotes I got at Colonial Penn while posing as a 60 year old couple from California looking for life insurance:
Colonial Penn Life Insurance 995 A Month
The quote I received was priced by "unit" of life insurance. Colonial Penn Guaranteed Life Insurance works by adjusting the benefit amount per unit (also known as coverage) based on your age, gender, and location. The price per unit is always $9.95, but the coverage you get for $9.95 varies. If you want more coverage, you'll need to buy more units.
Best No Exam Burial & Life Insurance For Seniors Over 80
Guaranteed life insurance used to be called "funeral insurance"—basically, getting enough coverage so that it would cover any costs associated with your death. The average funeral cost in the United States is between $7,000 and $10,000.
But what if you're too old, living on a limited fixed income, and in poor health to qualify for traditional life insurance? Let’s see how much Colonial Penn Guaranteed life insurance will cost a 75-year-old couple:
If you die within two years of purchasing guaranteed life insurance, you will not receive the full death benefit. Instead, Colonial Penn will refund the premium you paid. It's not the benefit one would expect, but it's better than no refund.
In most cases, people looking for guaranteed life insurance may not have any other options because fully covered life insurance is too expensive for them.
How Much Does A $100000 Life Insurance Policy Cost?
Guaranteed life insurance is marketed specifically for the elderly, those in poor health and those with limited incomes. Guaranteed life insurance is a bit more expensive, but at least there is enough money to bury you and maybe even give your children or grandchildren a little inheritance.
If you're over 50 but haven't retired yet, putting money into your retirement account may make more sense than buying guaranteed life insurance. Save $84 a month and you'll have enough to cover your eventual expenses for ten years.
If you are in good health, you can still get traditional term life insurance, which requires medical questions and often a quick medical exam. If you qualify, traditional life insurance will always be a more cost-effective option than guaranteed life insurance. We help you easily compare term life insurance quotes from various companies here.
You can also look into simplified life insurance. Simplified life insurance offers life insurance that doesn't require a medical exam but still requires you to answer health history questions. If you do not meet the eligibility criteria, you may be refused.
Colonial Penn Life Insurance Review ($9.95 Per Month Plan)
Finally, final expense insurance may be a viable option. It is similar to guaranteed term life insurance in that it offers relatively less coverage, but more than you would normally get with a guaranteed term. And because there are some health qualifications, it may be more affordable.
For a more in-depth look at getting life insurance when you're sick, visit our special explainer on the topic.
Adam Cecil is a former staff writer for a digital insurance brokerage trying to educate consumers about insurance. He is a podcast producer, writer and video producer based in Brooklyn, New York. You switch to a channel and find yourself watching an ad for the Colonial Penn 995 plan featuring paid speaker Jonathan Lawson.
By the end of the ad, you'll notice that for $9.95 a month (less than 35 cents a day!), you get benefits like premiums that never go up or end abruptly -- which sounds too good to be true.
Don't Be Misled By Colonial Penn Life Insurance For Seniors ($9.95)
So how much coverage can you get for $9.95 per month? We'll do that, read on!
Jonathan Lawson sells an ultimate cost life insurance policy for $9.95 a month, but what he doesn't tell you is that the company offers policies sold in units with some very expensive fine print attached.
Colonial Penn, however, only cares about squeezing more dollars out of potential customers' wallets, with opaque pricing.
You've lived long enough to know that if it's too good to be true, chances are you're not the only one who thinks so.
The Truth About Life Insurance: Does It Really Pay Out? (2023)
Colonial Penn Seniors Life Insurance at $9.95 apiece is not the best option for you, and probably one of the worst when it comes to preparing for those who will miss you when they die.
That's why we get straight to the point that this Colonial Penn Life Insurance $9.95 per month review is what you need to hear.
The difference between Life Insurance and Colonial Penn Life Insurance is that you can only buy units, not proceeds.
Life insurance starts at $25,000 to cover funeral expenses or your loved one's final medical bills. So, how big is the reach?
Valife Insurance Program Coming January 2023 For Veterans With Service Connection
Unfortunately, having a 995 plan per unit will cost your family because when you die, you will have less than you started with. After all, get down!
I hope this helps clarify things so that people might consider shopping around before making a purchasing decision.
It's like they're giving less money and asking more for something that was previously available at a lower cost!
For example, if you're a 70-year-old with $15,000 of coverage, keep in mind the $9.95 per item price. In fact, a $9.95 unit provides $717 in coverage in this age group.
Top 10 Final Expense Life Insurance Companies In 2023
So if you want $15,000 of coverage, you have to buy 19 life policies, right?
This is GIMMICK, and you can buy up to 12 units from Colonial Penn, so your maximum coverage is $8604. This will set you back $119.40 per month.
"You can find $20,000 a day coverage from their competitors for the same price. Hmm... how does that feel?" Colonial Penn's $9.95 per month gets you a two-year waiting period for guaranteed acceptance of life insurance 😮
Colonial Penn has an app that gives you coverage without answering any health questions or going through a physical.
Is Life Insurance Worth It? Here's How To Decide
Simply fill out and submit your payment, then consider yourself fully covered for the amount you are entitled to!
But there are other reasons why these policies aren't always the best choice for older people of average health.
You may be wondering why you should buy a Guaranteed Acceptance plan like this, which has a 2-year waiting period for natural death.
The reason is simple; most seniors will qualify for another plan that offers daily coverage at a lower price than other life insurance companies!
The Truth About Jonathan Lawson Colonial Penn Actor
It is often possible to find a policy that costs less per month, pays a higher death benefit, and has you fully covered from day one!
How much does a unit of Colonial Penn life insurance cost? Well, we're going to break it down. Let me know if this is a good way to get affordable funeral insurance.
Below are the unit costs per unit of Colonial Penn life insurance rates. It is from 50-85 years old.
As you can see, this product sucks when it comes to proper coverage. This is the downside of this policy!
Castle Rock News Press 0912 By Colorado Community Media
If you die within two years of purchasing the policy, your beneficiaries will not receive the full death benefit.
Most Americans cannot risk their lives, but for those who have no other choice, it may be worth the risk.
Most of us just want to live our best lives and enjoy the time we have left on earth!
But if you're healthy, seriously, don't consider putting yourself at risk just because anything can happen in two years - don't do it! ! !
September 2014 Happenings Magazine By Happenings Magazine
But don't worry about the pesky "significant death benefit" because we have a better solution for you.
Colonial Penn doesn't want to sell cheap surety insurance, but we do offer great coverage with the option of lifetime daily coverage.
If you are looking for the best final expense insurance then this is what you are looking for. With our low interest rates and never-ending benefits, we offer a product unlike any other life insurance provider today!
We work directly with some of the most trusted carriers to provide this service, which makes it easy - no medical exam required!
Life Insurance Glossary In Layman's Terms
We know getting the best price is important to you, so we want to make sure the company we choose is right for you.
That's why before submitting our application, there are questions to determine your correct rate class, such as asking if it already exists.
Colonial penn 995 life insurance, colonial penn 995 per month, colonial penn 995 a month, colonial penn insurance for 995 a month, colonial penn life insurance 995 plan, colonial penn 995 a month life insurance plan, colonial penn 995 insurance, colonial penn whole life insurance 995 a month, colonial penn life insurance for 995 a month, colonial penn insurance 995 a month, colonial penn 995 a month insurance plan, colonial penn life insurance 995 a month