What does $9.95 a month get you with Colonial Penn?

Does Colonial Penn ever pay out?

Colonial Penn sells its guaranteed acceptance coverage in “units,” and the amount of coverage this gets you varies by gender and age. Each unit costs $9.95 and you can buy up to 25 units. The sum you end up with is the total amount of money that will be paid out to your beneficiaries when you die.

Does Jonathan really work for Colonial Penn?

Does Jonathan Lawson really work for Colonial Penn? Yes, Jonathan Lawson does work for Colonial Penn. He is an employee of CNO Financial Group, the parent company that owns Colonial Penn.

How much is life insurance for a 70 year old?

How much does life insurance for seniors cost? A 10-year, $500,000 term life insurance policy for healthy, 70-year-old nonsmokers costs an average of $351 per month for men and $233 per month for women. Whole life insurance can be much more to account for lifelong coverage and cash value.

What is the cash value of a $10,000 life insurance policy?

Say, for example, that you purchase an insurance policy with a face value of $10,000. Once the policy matures, the cash value of the policy should equal $10,000.

What's the catch with the Colonial Penn 995 plan?

The Colonial Penn 9.95 plan may be a lackluster life insurance plan, but it's not a scam. It has a graded death benefit, which means there is a limited benefit payout during the first two years. Also, the monthly premium is indeed $9.95 per unit for all applicants.

What insurance company did Alex Trebek endorse?

Many of you have probably seen Alex Trebek on TV for many years endorsing Colonial Penn life insurance. He is paid for his commercials which offer consumers a phone number to call in and speak with a Colonial Penn Life Insurance agent licensed in all states Colonial Penn is approved.

What is the best life insurance for seniors?

The best life insurance companies for seniors at a glance

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.

How long is the waiting period for Colonial Penn life insurance?

Colonial Penn has a waiting period before full benefits are available. This means if you pass away within the first two years, your beneficiaries might not receive the full benefit amount.

What does a $50000 life insurance policy cost?

However, by far the biggest factor impacting term life insurance premiums is age and gender. For example, a $50,000 policy for a healthy 25-year-old woman will cost approximately $14 a month, while a premium for a 55-year-old woman for the same amount would be $60 a month.

What are the 3 P's of life insurance?

A television commercial selling life insurance speaks about three Ps that all focus on one aspect of their policies… price, price and price. It is an easily understood and remembered sales tool, although the substance, value and need for the product is not included in the tag line.

What insurance does Suze Orman recommend?

One of my key life insurance rules is this: Stick with term life insurance. Unless you have someone in your family with special needs, there is typically no need to buy whole life, or universal life, which are referred to as “permanent” policies and cost a lot more.

Which life insurance company denies the most claims?

What not to say when applying for life insurance?

Tobacco use: Lying about smoking on a life insurance application likely constitutes a misrepresentation, even if you only smoke occasionally. Drug and alcohol use: Someone who engages in drug or alcohol misuse may omit this information.

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

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.

Should a 75 year old buy life insurance?

Life insurance can suit people in all stages of life. If you're over 75, you may benefit from using a policy to help protect your beneficiaries financially, aid in estate planning, and help loved ones cover final expenses.

What does Dave Ramsey recommend for life insurance?

Core Ramsey Teaching: You only need life insurance while you have people depending on your income. Buy a 10–20-year term policy worth 10–12 times your annual income. Since life insurance is only for the short-term, you should only buy term life insurance. (Hence the name.)

What happened to Colonial Penn?

Conseco bought Colonial Penn from Leucadia in 1997, and in 1998 renamed it Conseco Direct Life to reflect Conseco ownership. In 2001, Conseco reverted to the Colonial Penn name, which remains a subsidiary of the renamed CNO Financial Group with Bankers Life and the Washington National Insurance Company.

Who is the female actress in the Colonial Penn commercial?

Lowery has also appeared on the commercials for Colonial Penn. She also played Maybelle in the Off-Broadway premiere of Before It Hits Home.

How is Colonial Penn rated?

Colonial Penn has a Financial Strength Rating of A- (Excellent) from A.M. Best, which means it has plenty of resources on hand to pay claims.