In this Colonial Penn $9.95 life insurance review, we’ll explain how the $9.95 plan works and how much coverage you get per unit based on age and gender.
Also, we’ll explain the fine print they conveniently elude to in their commercials.
How Does The Colonial Penn 9.95 Plan Work?
The 9.95 plan is a guaranteed acceptance life insurance policy that does not require you to take a medical exam or answer health questions. Colonial Penn sells the $9.95 plan by the unit. Everyone, regardless of age or gender, pays just $9.95 monthly for one unit.
The most crucial consideration is how much coverage you get per unit. Age and gender determine how much of a death benefit you get per unit and the most you can buy is 15 units.
For example, a 57-year-old male gets $1,313 of coverage per unit, whereas a 77-year-old male gets only $493 in coverage. If a 57-year-old male wanted $10,000 in coverage, he would need to buy eight units, costing him $79.60 per month.
It’s important to remember that since the 9.95 plan is a guaranteed acceptance policy, there is a two-year waiting period. If you die during the first two years, Colonial Penn will only pay your beneficiaries a refund of your premiums plus roughly 10% interest.
It’s permanent whole life insurance, so the premiums will never increase, the death benefit won’t decrease in value, and it builds cash value.
Colonial Penn Life Insurance $9.95 Per Month Rate Chart
Refer to the Colonial Penn life insurance rate chart below to see the total monthly premium based on how many units you want.
# Of UnitsMonthly Cost# Of UnitsMonthly Cost 1$9.959$89.55 2$19.9010$99.50 3$29.8511$109.45 4$39.8012$119.40 5$49.7513$129.35 6$59.7014$139.30 7$69.6515$149.25 8$79.60**15 units is the most you can buy**
Colonial Penn $9.95 Coverage Calculator
Use the calculator or table below to see the amount of coverage you’d get per unit of Colonial Penn coverage.
Just choose your state, age, and gender.
AGE1 Male Unit ($9.95)1 Female Unit ($9.95) 50$1,669 in coverage$2,000 in coverage 51$1,620 in coverage$1,942 in coverage 52$1,565 in coverage$1,890 in coverage 53$1,515 in coverage$1,845 in coverage 54$1,460 in coverage$1,802 in coverage 55$1,420 in coverage$1,761 in coverage 56$1,370 in coverage$1,719 in coverage 57$1,313 in coverage$1,669 in coverage 58$1,258 in coverage$1,620 in coverage 59$1,200 in coverage$1,565 in coverage 60$1,167 in coverage$1,515 in coverage 61$1,112 in coverage$1,460 in coverage 62$1,057 in coverage$1,420 in coverage 63$1,000 in coverage$1,370 in coverage 64$949 in coverage$1,313 in coverage 65$896 in coverage$1,258 in coverage 66$846 in coverage$1,200 in coverage 67$802 in coverage$1,167 in coverage 68$762 in coverage$1,112 in coverage 69$724 in coverage$1,057 in coverage 70$689 in coverage$1,000 in coverage 71$657 in coverage$949 in coverage 72$627 in coverage$896 in coverage 73$608 in coverage$846 in coverage 74$578 in coverage$802 in coverage 75$549 in coverage$762 in coverage 76$521 in coverage$724 in coverage 77$493 in coverage$689 in coverage 78$468 in coverage$657 in coverage 79$441 in coverage$627 in coverage 80$426 in coverage$608 in coverage 81$424 in coverage$578 in coverage 82$423 in coverage$549 in coverage 83$421 in coverage$521 in coverage 84$420 in coverage$493 in coverage 85$418 in coverage$468 in coverage
Better Options Than Colonial Penn
If you need insurance to cover your funeral expenses or for any other reason, Colonial Penn is the last company you should consider.
Many other insurance providers offer cheaper final expense life insurance with no waiting period.
Please note that most burial insurance companies that offer no waiting period coverage only do so through licensed insurance agencies. For example, the three companies below rely on agencies to sell their products. They don’t directly provide life insurance quotes or sell policies in-house.
1) Mutual of Omaha
Brochure Sample Policy Sample Application
Product DetailsPolicy Type: Whole Life Insurance New Applicant Age Range: 45-85 2-Year Waiting Period: No (subject to underwriting approval) Coverage Amount Range: $2,000-$50,000 States Available: All States (except New York) Product BenefitsPremiums Stay the Same Forever: Yes Builds Cash Value: Yes Policy Duration: Lifetime Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness or is under nursing home confinement. Optional Riders: Accidental Death (2X the payout for accidental death) Application DetailsWhere to Apply: Agencies licensed to sell Mutual of Omaha products (you can’t buy this plan directly from them) Phone Number to Apply: 1-800-644-2926 Medical Exam Required: No Guaranteed Acceptance: No Application Approval Time: 10 Minutes to 2 Business Days
2) Aetna
Brochure Sample Policy Sample Application
Product DetailsPolicy Type: Whole Life Insurance New Applicant Age Range: 40-89 2-Year Waiting Period: No (subject to underwriting approval) Coverage Amount Range: $2,000-$50,000 (varies by age) States Available: All States (except New York) Product BenefitsPremiums Stay the Same Forever: Yes Builds Cash Value: Yes Policy Duration: Lifetime Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness that is expected to cause death within 12 months. Optional Riders: Accidental Death (2X the payout for accidental death) Application DetailsWhere to Apply: Agencies licensed to sell Aetna products (you can’t buy this plan directly from them) Phone Number to Apply: 1-800-644-2926 Medical Exam Required: No Guaranteed Acceptance: No Application Approval Time: 15 Minutes-3 Business Days
3) Aflac
Brochure Sample Policy Sample Application
Product DetailsPolicy Type: Whole Life Insurance New Applicant Age Range: 45-80 2-Year Waiting Period: No (subject to underwriting approval) Coverage Amount Range: $2,000-$50,000 (varies by age) States Available: All States (except New York) Product BenefitsPremiums Stay the Same Forever: Yes Builds Cash Value: Yes Policy Duration: Lifetime Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness that is expected to cause death within 12 months. Optional Riders: Accidental Death (2X the payout for accidental death) Application DetailsWhere to Apply: Agencies licensed to sell Aflac products (you can’t buy this plan directly from them) Phone Number to Apply: 1-800-644-2926 Medical Exam Required: No Guaranteed Acceptance: No Application Approval Time: 15 Minutes-3 Business Days
Colonial Penn Life Insurance Company Background
Colonial Penn was started in 1968 by Leonard Davis, one of AARP’s co-founders.
CNO Financial Group owns Colonial Penn and many other insurance companies, such as Bankers Life.
Alex Trebek was their former spokesman in their television advertisements until his death in 2020. Now Jonathan Lawson is the primary actor in their commercials.
Colonial Penn’s home office is in downtown Philadelphia, Pennsylvania, where most of their insurance agents work.
Below is an outline of their contact information:
- Website: www.colonialpenn.com
- Address: 399 Market St, Philadelphia, PA 19181
- Phone number (all states except NY): 1-877-877-8052
- Phone number for New York residents: 1-800-323-4542
Below are third-party financial strength ratings and customer reviews:
- BBB (Better Business Bureau rating): A+
- AM Best rating: A-
- Moody’s: A3
- Fitch Ratings: A-
- Standard & Poor’s: A-
