#Colonial penn reviews plus#

Underwriting is more strict than other companies, and you could be denied unless you are in great health. Health questions will be asked to determine eligibility for this plan. Similar to the $9.95 Guaranteed Acceptance plan, this product has whole life benefits, including permanent coverage, no price increases, and a cash value that builds over time.

State Availability: 49 states (excluding NY).

In contrast with the Colonial Penn 995 plan, the Permanent Whole Life plan has medical questions and offers immediate coverage upon approval. Permanent Whole Life Insurance With Medical QuestionsĪlthough this alternantive plan is not as actively marketed by the carrier it is still avalible for applicants through the company website. Keep in mind the older the applicant, the less coverage will be offered per unit. This rate chart will show how much coverage you will receive for $9.95 per month. Every time you add an additional unit to your coverage, the monthly premium will increase.Ĭolonial Penn Life Insurance Rate Chart (1 Unit)

One unit of coverage starts at $9.95, and applicants can apply for up to 15 units. How Much is a Unit of Colonial Penn Life Insurance? Women will receive more coverage than men even though both are paying $9.95 per unit. In comparison, males should anticipate coverage amounts between $418 – $1,669 for $9.95 a month. (5 units x $9.95 = $49.75) What do You Get for $9.95 a Month From Colonial Penn?įemales ages 50 – 85 can expect to receive between $468 – $2,000 of coverage for $9.95 a month. If you bought five units, your monthly premium would be $49.75.

If you bought one unit, your monthly premium would be $9.95. You get more coverage with each unit purchased. Each unit purchased is $9.95, and depending on your age, the coverage amount associated with each unit will differ. When buying from Colonial Penn, coverage is measured in units, which is unique compared to other final expense insurance companies.

#Colonial penn reviews plus#

Year Two: All paid premiums returned plus 7%.Year One: All paid premiums returned plus 7%.If the policyholder were to pass away during the plan’s first two years, the beneficiary would receive a partial distribution.Ĭolonial Penn’s final expense insurance will pay the entire coverage amount if the applicant passes away due to accidental death in the first two policy years.

Two-Year Waiting Periodĭue to no medical questions being asked, a two-year waiting period is required, which is standard with guaranteed issue plans. Guaranteed acceptance plans come with higher premiums, and this Colonial Penn $9.95 plan is no different. However, most applicants do not need this type of product as they usually can qualify for immediate coverage. These plans are marketed as easy options for coverage. This is guaranteed issue coverage which does not require any medical questions for approval.

State Availability: 49 states (excluding NY).Each unit costs $9.95 and the coverage amount increases with each unit purchased. A two-year waiting period is required, and the monthly price and coverage amount are determined through a “unit” system. The $9.95 plan guarantees approval and asks no medical questions. How Does The Colonial Penn $9.95 Life Insurance Plan Work?