What does Colonial Penn give you for $9.95 a month?
Asked by: Maymie Casper | Last update: October 2, 2025Score: 4.5/5 (53 votes)
How much coverage does Colonial Penn offer for $9.95 a month?
How Much Life Insurance Coverage Do You Get With A 995 Plan? You can receive up to $30,000 at age 50 as a female, $25,035 as a male with the Colonial Penn 995 Plan. The maximum number of units is 15. This plan is available to anyone between the ages of 50 and 85.
How much is a $50,000 life insurance from Colonial Penn?
Colonial Penn term life insurance review
For example, a woman who purchases $50,000 of coverage would pay: $35.21/month between the ages of 41 and 45. $45.21/month between the ages of 46 and 50. $56.46/month between the ages of 51 and 55.
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 are negatives with a Colonial Penn life insurance?
Cons Explained
Few policy types available: Colonial Penn's life insurance offerings are limited to two types of whole-life policies: a low-coverage traditional whole-life policy and a guaranteed-issue policy. Low maximum coverage amount: Colonial Penn's traditional whole life policy coverage is capped at $50,000.
2022 Colonial Penn Life Insurance Review ($9.95 Plan)
Does Colonial Penn actually 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.
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 much is $50,000 life insurance?
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.
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.
How much does Jonathan Lawson make a year in Colonial Penn?
Records online have Jonathan Lawson Colonial Penn salary at approximately $400,000 per year.
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 is the cheapest life insurance?
Term life insurance typically offers the most affordable premiums of any life insurance policy. With term life insurance, you pay a set premium for a defined period of time, such as 10, 20 or 30 years.
How much does a hundred thousand dollar life insurance policy cost?
A $100,000 whole life insurance policy generally costs between $150 to $200 per month. This premium is higher than that for term life insurance due to the lifelong coverage and the policy's cash value component.
Does Colonial Penn coverage decrease with age?
No. After your senior life insurance coverage begins, your benefit will not decrease as you grow older or if your health changes. Acceptance is guaranteed because of a limited benefit for death during the first two years.
What's the difference between whole life and term life insurance?
The pros and cons of term and whole life insurance are clear: Term life insurance is simpler and more affordable but has an expiration date and doesn't include a cash value feature. Whole life insurance is more expensive and complex, but it provides lifelong coverage and builds cash value over time.
What is the best life insurance?
- Guardian: 10, 15, 20 or 30 years.
- MassMutual: 1, 10, 15, 20, 25 or 30 years.
- Northwestern Mutual: 1, 10 or 20 years.
- Thrivent: 10, 15, 20 or 30 years.
- Pacific Life: 10, 15, 20, 25 or 30 years.
- New York Life: 1, 10, 15 or 20 years.
- Penn Mutual: 10, 15, 20 or 30 years.
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.
How much is aflac insurance a month?
Many Aflac policies range anywhere from $8 to $25 or more per month. You can contact Aflac directly for more information on specific supplemental insurance plans that pique your interest.
How much does health insurance cost for a 62 year old woman?
The average cost of health insurance for someone between the ages of 62 and 65 can vary significantly based on factors like location, health status, and the type of plan chosen. Here is an approximation of average costs for various types of coverage: ACA Marketplace: $800 to $1,200 per month (without subsidies)
Is 70 too old for life insurance?
Whole life insurance policies may be easier to obtain than term life insurance, even when you're older. Many life insurance companies sell new policies to applicants up to age 85 or 90. Your need for life insurance may be less if you don't have any debt or dependents who rely on your income.
Is Colonial Penn legit?
Since 1957, Colonial Penn has specialized in making life insurance simple and accessible by offering it directly to consumers at affordable prices. Rated A (Excellent) by AM Best, the global rating agency for the insurance industry, indicating an excellent ability to meet ongoing insurance obligations.