The Truth About Colonial Penn 995 Plan in 2023 (Seniors Beware)
Posted in Burial Insurance Carrier Reviews last updated on May 28, 2023The 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!!
Easy Article Navigation
What is the Colonial Penn 995 Plan
Colonial Penn $9.95 plan Is a Guaranteed Acceptance Life Insurance with a two-year waiting period. What that means is, if death occurs in the first two years, they will only refund premiums to your beneficiary.
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.
But, is the Colonial Penn life insurance $9.95 per month plan worth it?
If you are looking for burial insurance the 995 Colonial Penn plan probably is not the one!
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) |
|---|---|---|---|
| 50 | $99.50/month | $17,860/$20,830 | $35,213/$41,000 |
| 55 | $99.50/month | $15,060/$18,840 | $29,409/$39,301 |
| 60 | $99.50/month | $12,140/$16,210 | $24,752/$32,462 |
| 65 | $99.50/month | $9,320/$13,330 | $18,940/$25,470 |
| 70 | $99.50/month | $7,170/$10,430 | $14,541/$19,599 |
| 75 | $99.50/month | $5,600/$7,920 | $10,310/$14,034 |
| 80 | $99.50/month | $4,260/$6,200 | $7,053/$10,111 |
| 85 | $99.50/month | $4,180/$4,770 | $5,103/$7,256 |
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) |
|---|---|---|
| 50 | $1,786 | $2,083 |
| 51 | $1,732 | $2,068 |
| 52 | $1,676 | $2,022 |
| 53 | $1,621 | $1,973 |
| 54 | $1,562 | $1,929 |
| 55 | $1,506 | $1,884 |
| 56 | $1,452 | $1,838 |
| 57 | $1,392 | $1,786 |
| 58 | $1,333 | $1,732 |
| 59 | $1,273 | $1,676 |
| 60 | $1,214 | $1,621 |
| 61 | $1,157 | $1,562 |
| 62 | $1,099 | $1,506 |
| 63 | $1,043 | $1,452 |
| 64 | $987 | $1,392 |
| 65 | $932 | $1,333 |
| 66 | $880 | $1,273 |
| 67 | $834 | $1,214 |
| 68 | $792 | $1,157 |
| 69 | $753 | $1,099 |
| 70 | $717 | $1,043 |
| 71 | $683 | $987 |
| 72 | $652 | $932 |
| 73 | $620 | $880 |
| 74 | $589 | $834 |
| 75 | $560 | $792 |
| 76 | $531 | $753 |
| 77 | $503 | $717 |
| 78 | $477 | $683 |
| 79 | $450 | $652 |
| 80 | $426 | $620 |
| 81 | $424 | $589 |
| 82 | $423 | $560 |
| 83 | $421 | $531 |
| 84 | $420 | $503 |
| 85 | $418 | $477 |
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
| PROS | 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 plan 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.
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.
That’s food for thought!!
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👇
Compare Quotes From The Top 18 A/A+ Rated Carriers Instantly
Or Call Lisa and danny 855-380-3300 where final expense insurance is done differently
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.
Conclusion
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!
12 Comments
Ferne Clements
I am 72 and looking for end of life insurance
Danny Ray
Hi Ferne, I can assist you with that. Your rate class will determine the carrier and price.
Click here, https://insuranceforburial.com/burial-insurance-quote/ to view rates and put your contact information and I will contact you.
GERALD LYNCH
71.3 AGE GENERAL HEALTH VERY GOOD/REAR HEART CORONARY STENT 010 additional SUPPLEMENTAL SUPPORT STENT COUPLED TO FIRST STENT TO SUPPORT SAME CORONARY STENT FLOW IN 012;AT PRESENT BEING TREATED FOR LEAKING DIC L-4 LEFT HIP AN LEG PELVIC NERVE DIC LEAK PELVIC NERVE PINCH WITH PAIN MEDS :OPERATION RECOMMENDED TO SNIP DIC GEL LEAK TONGUE PINCHING LEFT HIP BONE NERVE TO LEFT LEG AN PELVIC AREA .ABLE AT THIS TIME TO DO REGULAR PERSONAL SURVIVAL TASKS IN AN OUT OF HOUSE WITH PAIN MEDS HUNT FISH DRIVE LIMITED DAYLIGHT HRS!
Danny Ray
Gerald, we can help you, fill this out, https://insuranceforburial.com/pre-qualification-for-rate-class/
Penny
What happens when your monthly payments succeed the amount of the policy? Do you have to keep sending monthly payments?
Danny Ray
Penny, these are simplified issue whole life policies that are level for life and builds cash value. All carriers are different, some will endow at age 100 (Get a check equal to the face amount), some carriers are paid up in your 80's. Again, its hard to give you a accurate answer not knowing what you qualify for and who the best carrier is.
To find out what you qualify for, call us, 855-380-3300 ext 2
But, you might want to ask yourself, have you paid for auto insurance your whole life? If you got into an accident, do you think you have paid more for car insurance than what the cost of it is to fix?
Insurance is for if something happens, not when.
Lynne
This commercial is fraudulent. It makes you think you pay $9.95 a month will give you enough coverage for a burial. You can't have a $1600 burial anywhere. Disgusted what they are doing to the elderly.
Danny Ray
I agree, we have the best options for the elderly. But we believe in awareness for seniors. Reach out anytime, 855-380-3300 ext 5, my wife’s name is Lisamarie.
Brian Raudibaugh
Just checking out the policy
Danny Ray
Let me know if you have any questions. My name is Danny, I am the owner.
Brian v Morrison
Looking into getting life insurance for a 34 yr girl, whole or term what's the payment rate going to be, iam 62 with a fixed income..thanks for your response..
Danny Ray
We can help you, call 855-380-3300 for assistance.