The Colonial Penn 995 Plan, is it good? Is it bad? We will tell you why you should avoid it at all costs.
We get questions all the time about the 995 plan:
Why are there so many Colonial Penn negative reviews?
Is Colonial Penn Life Insurance $9.95 per month plan a SCAM?
NO… But there are things you need to be aware of when considering the Colonial Penn 995 Plan!
We will extensively review Colonial Penn life insurance reviews for the 9.95 plan.
I am sure you have seen your share of Colonial Penn Life Insurance $9.95 per month commercials from their new spokesman Jonathan Lawson.
Overall, are the Colonial Penn $9.95 plan reviews you have seen browsing the internet true?
The 995 plan is a Colonial Penn life insurance for seniors product that you may have questions about.
This article will look at Colonial Penn 995 plan compared to other life insurance companies and burial insurance products.
Although they have life insurance in other products, we will focus on Colonial Penn’s final expense guaranteed acceptance coverage insurance policy which is a Colonial Penn whole life that you see every day on TV!
In this product review, you will realize that it is a waiting period policy and is grossly overpriced.
Every Burial Insurance policy from any other company is better than Colonial Penns $9.95 Plan
So if you are purchasing life insurance to cover final expenses, you must read this article BEFORE even considering purchasing the Colonial Penn 995 plan.
Is there a Colonial Penn Life Insurance Lawsuit to worry about?
Let’s find out!!
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What is the Colonial Penn 995 Plan
Remember, when purchasing whole life insurance, it is vital to speak to an independent agent to find the best policy.
Is the Colonial Penn life insurance $9.95 per month plan worth it?
Do you need a whole life insurance policy, sometimes called a burial insurance plan? The answer is probably yes.
However, the 995 Colonial Penn plan probably is not the one!
Purchasing a traditional life insurance plan is one of those things that we hope will never be used.
However, if it ever comes up, it will be a complete disaster for your family and loved ones if you have nothing in place. We will show you how the Colonial Penn 995 plan gimmick is not the way to go.
Secure your loved ones' future with burial insurance
Or Call Lisa & Danny at 855-380-3300
995 Plan VS. Best Rates Comparison
If you are a senior on a fixed income, you want to get the most for your money. In other words, you want to get the most coverage for the dollar you spend.
Below is a wake-up call on how much more coverage you can get if you are properly shopped.
On average, you will get double the coverage for the exact cost of looking elsewhere than BUYING the Colonial Penn 995 plan.
In addition, it’s immediate coverage versus waiting 2 years with the 995 plan.
Numbers don’t lie!
Below is a coverage comparison for 10 units of Colonial Penn 995 plan. The cost of 10 units would be $9.95 multiplied by ten.
The total premium in this example is $99.50 per month. S0 what you get for 10 units, versus the most coverage if you called us.
Colonial Penn 995 Plan Rate Comparison VS. Best Rates
|Age of Application||Premium Paid||Colonial Penn 995 Plan (Male/Female)||Best Rates Available (Male/Female)|
There you have it. If you want to get the best options available, reach out to us or click on compare quotes anywhere on this page, and Danny or Lisamarie, the owners, will reach out.
Details of the 995 Plan
Life insurance companies offer many whole life insurance policies that are just superior. ALWAYS make sure you purchase the most adequate coverage.
Pay close attention; your family depends on it as they file the life insurance claim and get paid the full death benefit.
You will learn everything you need about Colonial Penn Life Insurance $9.95 per month plan and life insurance benefit amount.
Below are the 9.95 plan details:
After two years of coverage, your beneficiaries will receive a full death benefit if you pass away. But before then, you will get a return of premiums only.
Colonial Penn $9.95 Plan Rate Chart
Below we will show you the impact that this “price per unit” has and why it puts seniors in a position to pay significantly more than they have to.
Below are the rates per unit for a male and females ages 50-85.
How Much Is Colonial Penn $9.95 Per Unit
|Age at Application||1 Unit (Male)||1 Unit (Female)|
The cost for insured increases with age–to keep premiums fixed, Colonial Penn must lower its $9.95 per unit death-benefit amount by 50% from ages 50-80 on average for males only.
Females’ rates stay stable until 65, after which it also falls 75%.
What they shy away from is each year you get older you will pay the same, but the coverage decreases EVERY YEAR for as long as you live. This is could be an AWFUL outcome for family members thinking they are getting one thing rather than the other.
When you match Colonial Penn rates against the top in the industry and compare prices, you will leave yourself saying, ” Good lord, that’s a lot of money.
Now, is it worth it to purchase from this insurance company?
Pros And Cons Of Colonial Penn $9.95 Plan
Colonial Penn 995 Plan PROS and CONS
|Guaranteed coverage Anyone 50-85 is approved, with no health questions or medical exam||Value Colonial Penn offers farless coverage per dollar than its competitors|
|Online process Application and policy management can be done online||Waiting Period Two-year waiting period before your policy is eligible for o death benefit payout|
|Well-known issuer Colonial Penn has an A - financial strength rating from A.M. Best||Customer Reviews TrustPilot and BBB reviews were highly negative, citing pushy sales tactics and payout delays|
|Requires no medical exam||Not underwriting friendly for their whole life policy that has health questions that decline common health issues|
|Seniors up to age 85 can apply||Highly misleading and deceptive ads|
|You can pay by credit card, auto draft, or mail in monthly payments||Grossly overpriced coverage relative to competitors|
|Living benefit rider for cancer, heart attack, or stroke||Unit system that makes it hard to understand how much coverage you are getting|
|Lots of negative reviews online from previous customers|
|No term or universal life insurance|
|15 units is most you can buy (Male $26,790/Female $31,245) at age 50|
|Price comparison to best rates, 48% higher at age 50|
The 995 Plan What Is It and Is It $9.95?
Colonial 995 plane specializes in guaranteed acceptance life insurance products with limited underwriting and smaller death benefits that accumulate cash value. Unlike term life coverage.
Again, this is whole life insurance with a 2-year waiting period. Here at InsuranceForBurial.com, we use these policies for clients that have severe health concerns like active cancer, dementia, or nursing home confinement. SO IF YOU ARE HEALTHY, don’t compromise based on convenience. 😉
This is only adequate for those who need to have a very small amount of life insurance in place quickly, unlike a term life insurance policy.
You may want to consider other options more suitable for your situation instead of $9.95 for life insurance for your burial insurance needs.
We’ve found that by using our premium comparison service, which you can try out by filling out the form to the right, you’ll usually get better coverage at lower premiums than the Colonial 995 plan!
But overall, guaranteed coverage will be level with no medical exams, unlike the life insurance Colonial Penn offers, whereas the life insurance face amount decreases yearly.
Again, you will find so much better with another life insurance provider.
Colonial Penn $9.95 plan Is a Guaranteed Acceptance Life Insurance No Waiting Period
Nope, it is a waiting period policy that, if death occurs, will only refund premiums for the first two years. In addition, you are paying 30%+ more in price than if an independent agent shopped you.
Feel free to look at our rates with multiple carriers superior to the Colonial 995 Plan.
Who is Colonial Penn Life Insurance
Above all, Colonial Penn’s primary target audience has always been the retired and senior market.
This can be attributed to Leonard Davis, who founded Colonial Penn in 1968.
It was purchased by Conseco, now known as CNO Financial Group, in 1997.
Colonial Penn Celebrity Spokesman
The most notable change for consumers is that its name changed from “Conseco Direct Life” to “Colonial Penn.” Some of their celebrity endorsements have included Ed McMahon and Joe Theismann.
Jonathan Lawson Colonial Penn Insurance New Spokesman
Jonathan Lawson is the paid spokesman for Colonial Penn Life Insurance.
Lawson has been the face of Colonial Penn Life Insurance for many years, one of the most recognizable faces in the life insurance industry.
Lawson is a strong advocate for life insurance and has helped many people understand the importance of having a life insurance policy.
He Is an Actor, and Jonathan Lawson Colonial Penn wife is a sales manager. Hmmmmm
That’s food for thought!!
Alex Trebek Life Insurance
Although Alex Trebek recently joined Colonial Penn’s celebrity list during his contract with Jeopardy in 2018, he passed away on November 8, 2020.
You have seen these celebrities in the Colonial Penn commercial on late-night TV.
There are two types of life insurance products, a one-year level life insurance that renews every year with a maximum amount of coverage of $50,000 in addition to their final expense life insurance, which is one of the worst guaranteed acceptance policies with a two-year waiting period.
The whole life insurance accumulates cash value over time. The 1yr renewable term life insurance policy does not. The term life policy rate will go up annually until it becomes unaffordable.
These term-life policies are a good deal for short-term life coverage to cover a need.
This article will show a simplistic look at the 9.95 plan review, which is a guaranteed acceptance whole life insurance policy with no medical exam and a maximum death benefit of $50,000.
Colonial Penn Life Insurance company products for seniors is NOT one of our top-rated life insurance companies. In fact, we replace them often. The reason why is the coverage decreases every year you own it putting your family in an awful position. This article will go over $9.95 plan reviews and the plan they offer starting at 9.95.
-Danny Ray, Founder
Above all, be careful about the index cards you get in the mail or the senior life insurance, as seen on tv late at night from Colonial Penn. Most of these are no exam policies that have a catch.
They are a guaranteed acceptance policy.
Above all, yes, but this is the “HOOK,” and this price is a bit misleading.
These heavy advertising insurance companies are notorious for this. Promising convenient premium payments that are 30%+ higher than the best rate.
👇Take a break, see what our clients are saying about us👇
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Or Call Lisa and danny 855-380-3300 where final expense insurance is done differently
The 995 Penn plan is a Colonial Penn’s Guaranteed Acceptance Policy
When you choose Colonial Penn’s Guaranteed Acceptance Program, all you need to provide is your age and gender. Your pre-existing conditions of health do not affect your policy. No health questions and no medical exam!
The company will assign you a “unit” of coverage that can be purchased for $9.95. Remember, if you choose the maximum death benefit, your coverage will drop as you age. Does that sound fair?
If you would like to purchase up to eight units (you can buy up to twelve units of coverage), each unit price will remain fixed at $9.95.
Again, Colonial Penn’s life insurance face amount drops annually whether you buy up to eight units or twelve.
Furthermore, you should check out other alternatives; contact us at InsuranceForBurial.com because you may get better life insurance coverage at other life insurance providers for a lower price.
To find the most adequate burial insurance coverage for your need, it’s important to talk to an independent life insurance agent.
We are national independent agents specializing in simplified whole life with no medical exam and no waiting period that accumulates cash value.
Use our free online resource by filling out the quote box to the right to see the top competitive rates in the industry before you make any decision about the Colonial Penn Life Insurance Review.
Let the price be the judge!
Let’s go over what a Unit of Life Insurance with the 995 plan Cost
How much is a unit of Colonial Penn life insurance? How many units are enough?
Above all, life insurance policies are a plan that provides financial protection for you and your family in the event of death. This is also called burial insurance.
When you buy the 995 policy from Colonial Penn, your death benefit will decrease EVERY YEAR! Some permanent whole life insurance policy, HUH?😩
This is not common with a reputable and honest life insurance company. Burial insurance is very simple and efficient to get.
To determine which type, or mix-and-match combination, will suit best with different stages of life, there are many types of life insurance products available:
term life insurance, whole life, universal life, renewable term life insurance, variable life, and indexed UL.
Also, don’t forget the simplified issue of whole life with no medical exam built for final expenses.
But one unique form we don’t see much nowadays would be selling it by units, only likely as a misleading marketing strategy. Colonial Penn does this 995 plan hybrid whole life insurance product.😤
Life insurers such as Colonial Penn want to ensure they can provide for as many people in need as possible, so death benefit and risk are two big things that factor into pricing units.
Talk about how a person’s life expectancy determines the price of their insurance.
Colonial Penn has no problem with it.😡
What do you get for $9.95 a month from Colonial Penn?
So what does Colonial Penn life insurance $9.95 per month get you?
Life insurers like Colonial Penn want to ensure they can provide for as many people in need as possible, so death benefit and risk are two big things that factor into pricing units.
Not an ethical life insurance Colonial Penn offers.
So, how much insurance do you need to cover funeral costs? You will be shocked by what Colonial Penn offers.
The price per unit for Colonial Penns is $9.95 Life Insurance per month; how many units would you buy?
How much life insurance can you get for $9.95 a month
Funeral insurance was not traditionally a popular product among men in their 50s, but it does offer some benefits.
Suppose you purchase the guaranteed acceptance plan for your family and die before age 65.
In that case, the company pays $1,676 to cover cremation costs (that’s usually about 4% more than what they would have paid if those same funds were invested elsewhere).
However, at age 75 or 80, death occurs – when most people retire- Colonial Penn will only pay out an even lower amount: $418 by 85 years old.
To be frank, if you buy this plan, I hope you don’t live a long time because your family will have less for end-of-life expenses. That’s what you get when you buy this policy from Colonial Penn.
I mean, they don’t even have living insurance riders or chronic illness riders.
In addition, look at the coverage your parents have, as they need to consider alternatives. If they have a Colonial Penn life insurance policy, CALL US! We will find a much better alternative to your life policy.
Here at InsuranceForBurial.com, we are experts that will give you coverage options tailored for YOU. We will qualify you, compare quotes, and choose the best final expense plan available.
Guaranteed Issue Life Insurance should be the last resort
Guaranteed issue life insurance policies, otherwise known as guaranteed acceptance policies, are for customers 50 and over and are usually a policy you get when you are turned down everywhere else.
Colonial Penn will offer full coverage without health questions or medical history checks with a graded death benefit. That is what guaranteed acceptance is. In addition, a waiting period.
These plans can be in force within 10 minutes after purchase, with a wait time of only two years (or more).
A Colonial Penn guaranteed issue policy with a waiting period can only be purchased between 50 and 80, and the policy’s death benefit is limited for the first two years of coverage.
We have a life insurance company that has a GI that will go down to age 40.
In today’s fast-paced world, you need to be able to have your life insurance coverage start the moment you pay for it. But most importantly, having sufficient life insurance that is immediate.
Above all, we offer these policies to highly ill patients with dementia, cancer, or HIV. Even with these health impairments, getting a death benefit paid to loved ones is nice.
We are committed to you having affordable life insurance payments to relieve the family from financial burden.
995 Colonial Penn Plan Customer Complaints
What do Colonial Penn customer reviews & complaints say?
The Pennsylvania-based company has received many customer complaints over the past three years that the National Association of Insurance Commissioners has recorded.
The data showed an astonishingly disproportionate number about their size and customer base.
Colonial Penn customer review earned two stars out of 5 for overall performance. Colonial Penn customer complaints are not good.
Another company we consider a hybrid product is offered by AARP, which is a marketing company.
Another that makes our list that you should stay away from is Globe Life. They are notorious for the bait and switch. They offer term life insurance until age 80.
Unfortunately, seniors jump on it as it is cheaper only to outlive it and pay 3-400% more down the road.
Colonial Penn Negative Reviews
After doing a little research, you will know that the Colonial Penn 995 plan is for the birds. The complaints this company has are endless. Here are just a few recent complaints from them with the BBB.
This misleading advertising has hurt many senior consumers and their families. Some say they should be called the bury ripoff report!
995 Colonial Penn Plan is NOT The Best Life Insurance For Seniors
With these Hybrid products, make sure you read the fine print because you are getting so much more than just cheap life insurance quotes, as these policies are not there when you need them.
Some of these companies will portray themselves as day one coverage when they are a guaranteed issue whole life policy with a waiting period.
In addition, another carrier that is a gimmick is Lincoln Heritage; they have a funeral program that tells seniors that they will handle their funeral for free! 🤣
However, life insurance rates are 30-150% higher than best. The funeral program is to gimmick to justify their higher rate.
Let your family handle the arrangement, get the best carrier by talking to us, and keep that money in your pocket!
Check here for yourself by clicking here.
That’s a lot of complaints Colonial Penn has. There is much better quality for a life insurance company out there. Don’t settle for guaranteed acceptance plan coverage when purchasing life insurance unless it’s your last resort.
There are so many other better companies. One insurance company is Mutual of Omaha.
They have soft or limited underwriting with a few health questions on medical history, a prescription history check, and a MIB pull.
In addition, flexible payment options. So again, contact us, or fill out the quote form to the right, and you will see multiple other companies with better options.
Colonial Penn Financial Strength Rating
Even though Colonial Penn has a horrible customer complaint ratio index, they have a life insurance rating of A- (Excellent) with AM Best. They are unranked with JD Power’s Price Rank.
Colonial Penn Customer Service
If you ever have a complaint about Colonial life insurance plan final expense insurance product and want to cancel, contact us, or the phone number for Colonial Penn Life Insurance is (877) 877-8052.
Know Your Alternatives By Talking To an Independent Agent
Are there better alternatives? YES! Especially if you want peace of mind!
The 995 plan Colonial Penn life insurance plan may not fit your needs, so we encourage you to shop for life insurance options at other companies like American Amicable or Mutual of Omaha.
This will ensure you get coverage for your entire life with a quality final expense insurance product.
If the coverage doesn’t meet what you need or include specific features important to you, check out some other affordable coverage plans! Look at the top burial carriers that we offer.
In addition, there are so many better options for a guaranteed issue policy, such as Gerber, AIG, or Great Western.
Contact us and find out why our clients L❤VE US! We are life insurance experts. We will show you what tunnel vision quotes mean.
Just check out our reviews, and you will find that we are the senior’s choice for burial insurance.
Are you looking for a robust final expense insurance policy to provide for your family after you’re gone?
If so, they aren’t the best fit. They are Gimmicks like Lincoln Heritage, GLOBE, and AARP.
With their limited benefit period of $50,000, it’s unlikely that they’ll offer coverage more than just your final expenses.
But suppose you’ve struggled to get life insurance because of health or age and are looking for a guaranteed acceptance life insurance policy to pay for burial costs.
In that case, Colonial Penn’s life insurance company for seniors can be worth considering.
But again, the 995 plan Colonial Penn offers is a guaranteed issue plan. If you are healthy, you can get a much better life insurance plan from better life insurance companies that are DAY ONE with no waiting period!
To protect your family with a free quote for final expense insurance and get advisory services.
Contact us at 855-380-3300, or Get a Quote today by filling out the form to the right!
I hope you enjoyed our Colonial Penn life insurance review by us. Remember, ALWAYS compare quotes before buying a final expense policy!