And once you get to a certain age, it will be so expensive, that you will most likely cancel it at the time you need it the most. (See Colonial Penn life insurance rate chart ) Furthermore, term life insurance is not a product we recommend for final expense coverage purposes, because it terminates. It is significant to mention that this type of Term life insurance does not have a “rate lock” and your monthly rates will increase as you enter a new age band, or every 5 years. ![]() Hence, this policy remains active until the policyholder reaches 90 years, after which it needs to be renewed. You will not undergo a medical examination when you sign up for this policy. This type of life insurance policy is offered to US citizens aged 18-75 years living in selected states (all locations except MA, ME, NY, and VT). Contact Colonial Penn insurance by phone to verify. Important: These rates are updated periodically, but we do not guarantee its accuracy. (Your total monthly cost = x [Number of units you wish to buy) ![]() Shocking, right? How Much Life Insurance Do You Get For $9.95 A Month? Once the claim is processed, your beneficiary(s) will receive only $1,263.48 ($79.60 x 14 +7% compounded annually). *Example: Let’s say you are 65 years old, and you purchased $7,456 of burial insurance coverage (8 units x $9.95= $79.60/month), and you passed away after 14 months of purchasing it. However, after the first two years, they pay the full face amount to the beneficiaries for any cause of death. In other words, if the insured passes away naturally within the first two years of the coverage, the beneficiary will receive the premiums paid, plus interest compounded yearly*. However, they guarantee acceptance because of the two-year limited benefit period for non-accidental reasons. The colonial Penn 995 plan (Guaranteed Acceptance)is the company’s star product designed for US citizens aged 50-85 years and provides lifetime coverage. ![]() The company offers 3 life insurance plans for prospective clients: Let’s take a more detailed look at the Colonial Penn Life insurance products. Our agency can help you compare burial insurance rates with many highly rated life insurance companies. However, if you do not suffer from any of these ailments, you have many options for senior life insurance in the market today. If you are undergoing dialysis, chemotherapy, cardiac problems, COPD, organ transplant, or other chronic illness, you can qualify for coverage. The main reasons why you would want to obtain a colonial Penn burial insurance policy is because of their well-known name, or because of bad health. Use or burial insurance calculator today, and compare quotes with top-rated competitors. Therefore, if you have average health, you may be able to obtain a more affordable life insurance plan with better benefits. Therefore, as you will see on the table below, depending on your age, this type of insurance can be substantially more expensive than other regular level final expense plans. ![]() However, these policies have limitations and exclusions, and the prices are calculated based on units of coverage. Furthermore, Alex Trebek explains that with the “Colonial Penn 995 Plan (guaranteed acceptance)”, You cannot be turned down for any reason, and your rates are guaranteed not go up because of age or health. Additionally, the commercial states that Colonial Penn insurance guarantees your acceptance, and NO health questions are required. Featuring Alex Trebek, the commercial portrays a persistent message about obtaining burial insurance coverage for “just $9.95 a month”. The Colonial Penn burial insurance plan is constantly promoted through extensive Television marketing campaigns. About Colonial Penn 995 plan on TV Commercials Hence, you should consider learning more about Colonial Penn insurance products. They offer a multitude of affordable life insurance plans to people of all ages. Leonard Davis co-founded the company in 1968, and it now has its headquarters in Philadelphia as a subsidiary of CNO Financial Group Inc. About Colonial Penn Life Insurance CompanyĬolonial Penn Life Insurance Company has been the leader in the Guaranteed Acceptance of life insurance in the US market for half a century.
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