Colonial Penn 995 Plan Review: What Does $9.95 Really Buy in 2026?
- ✅ Nationally licensed life insurance expert with over 30 years of experience
- ✅ Founder of InsuranceForBurial.com
Danny Ray is a nationally licensed life insurance expert and the Founder of PinnacleQuote Life Insurance Experts and InsuranceForBurial.com. With over 30 years of industry experience, he has helped thousands of families across all 50 states secure tailored life insurance solutions—specializing in final expense, term life, and impaired risk underwriting. Danny regularly writes educational content on life insurance, financial planning, and consumer protection. He has been featured as an expert source in leading publications including Forbes, Yahoo Finance, MarketWatch, Nasdaq, GoBankingRates, AOL, and MSN, where his insights help consumers make confident, informed decisions. As the architect of PinnacleQuote.com and insuranceForBurial.com, Danny is known for building transparent, client-first digital experiences that simplify the life insurance process. He is also the voice behind several national campaigns focused on educating seniors and families about affordable, no-pressure coverage options.
Colonial Penn 995 Plan: What Does $9.95 Really Buy?
The advertised $9.95 is the monthly price of one unit of Colonial Penn guaranteed acceptance whole life insurance—not a fixed $10,000 policy. The benefit attached to one unit changes by age, gender where permitted, and state.
Compare Before You Buy a $9.95 Unit
See a ballpark quote or have your health profile shopped across available final expense carriers.
Final eligibility and pricing are subject to carrier underwriting, state availability, and policy terms.
Table of Contents
How We Reviewed the Colonial Penn $9.95 Plan
We reviewed Colonial Penn’s current guaranteed acceptance product information, support FAQs, the unit values already used in this InsuranceForBurial.com article, current AM Best financial-strength information, and BBB business and complaint data. We separate insurer strength from policy value because a financially strong company can still offer a policy that is not the right fit for every buyer.
Last reviewed: 09/28/2026. Colonial Penn’s current main product page references quote options for up to 25 units. State-specific quotes and policy forms control actual availability and maximum coverage.
What Is the Colonial Penn 995 Plan?
The Colonial Penn 995 Plan is guaranteed acceptance whole life insurance sold in units. You do not take a medical exam or answer health questions. Coverage can remain in force for life as long as required premiums are paid.
The key point: $9.95 is the price of one unit, not a fixed face amount.
What Changes?
The benefit amount attached to one unit depends on age, gender where permitted, and state.
What Does Not Change?
Once coverage begins, Colonial Penn says the benefit does not decrease simply because you get older or your health changes.
How Does the Colonial Penn $9.95 Unit Work?
Every unit costs $9.95 per month. Buying more units increases both the monthly premium and total death benefit.
Colonial Penn $9.95 Plan Rate Chart by Age (2026)
The table below shows the one-unit benefit values used for this 2026 comparison. State-specific values can differ, so the official Colonial Penn quote and policy form control. The first six ages are shown by default; select Show Full Table to view every age from 50 through 85.
| Age | Male Benefit | Female Benefit |
|---|---|---|
| 50 | $1,669 | $2,000 |
| 51 | $1,620 | $1,942 |
| 52 | $1,565 | $1,890 |
| 53 | $1,515 | $1,845 |
| 54 | $1,460 | $1,802 |
| 55 | $1,420 | $1,761 |
| 56 | $1,370 | $1,719 |
| 57 | $1,313 | $1,669 |
| 58 | $1,258 | $1,620 |
| 59 | $1,200 | $1,565 |
| 60 | $1,167 | $1,515 |
| 61 | $1,112 | $1,460 |
| 62 | $1,057 | $1,420 |
| 63 | $1,000 | $1,370 |
| 64 | $949 | $1,313 |
| 65 | $896 | $1,258 |
| 66 | $846 | $1,200 |
| 67 | $802 | $1,167 |
| 68 | $762 | $1,112 |
| 69 | $724 | $1,057 |
| 70 | $689 | $1,000 |
| 71 | $657 | $949 |
| 72 | $627 | $896 |
| 73 | $608 | $846 |
| 74 | $578 | $802 |
| 75 | $549 | $762 |
| 76 | $521 | $724 |
| 77 | $493 | $689 |
| 78 | $468 | $657 |
| 79 | $441 | $627 |
| 80 | $426 | $608 |
| 81 | $424 | $578 |
| 82 | $423 | $549 |
| 83 | $421 | $521 |
| 84 | $420 | $493 |
| 85 | $418 | $468 |
Colonial Penn 995 Plan Unit Calculator
Select age, sex, and number of units to estimate monthly premium and death benefit using the same rate values shown above.
Calculator uses the rate values on this page. State-specific Colonial Penn quote availability controls.
How Much Can $10,000 of Colonial Penn Coverage Cost?
This table estimates how many whole units are needed to reach at least $10,000 at selected ages. Because units are whole numbers, the total benefit can land slightly above $10,000.
| Age | Male | Female | ||||
|---|---|---|---|---|---|---|
| Units | Monthly | Benefit | Units | Monthly | Benefit | |
| 50 | 6 | $59.70 | $10,014 | 5 | $49.75 | $10,000 |
| 55 | 8 | $79.60 | $11,360 | 6 | $59.70 | $10,566 |
| 60 | 9 | $89.55 | $10,503 | 7 | $69.65 | $10,605 |
| 65 | 12 | $119.40 | $10,752 | 8 | $79.60 | $10,064 |
| 70 | 15 | $149.25 | $10,335 | 10 | $99.50 | $10,000 |
| 75 | 19 | $189.05 | $10,431 | 14 | $139.30 | $10,668 |
| 80 | 24 | $238.80 | $10,224 | 17 | $169.15 | $10,336 |
| 85 | 24 | $238.80 | $10,032 | 22 | $218.90 | $10,296 |
What Is the Two-Year Limited Benefit Period?
Colonial Penn guarantees acceptance because the plan has a two-year limited benefit period for non-accidental death. The full face amount is generally not payable for non-accidental death during the first two policy years.
Years 1–2
Non-accidental death is subject to the policy’s limited-benefit formula. State-specific forms can define the formula differently.
After the Limited Period
The policy’s full scheduled death benefit generally applies, subject to the contract and any outstanding loans.
Before You Settle for Guaranteed Acceptance, Check Day-One Options
Many applicants with common health conditions can still qualify for simplified-issue final expense insurance.
Colonial Penn $9.95 Plan Pros and Cons
Potential Advantages
No health questions or medical exam. Premiums are locked after issue, the benefit does not decrease merely because you age, coverage can remain in force for life when required premiums are paid, and the policy can build cash value.
Important Tradeoffs
The advertised $9.95 buys only one unit, one unit provides less coverage at older issue ages, the plan has a two-year limited benefit for non-accidental death, and healthier applicants may have stronger immediate-benefit alternatives.
Does the Colonial Penn Plan Build Cash Value?
Yes. Colonial Penn’s current product information says the guaranteed acceptance whole life policy begins building cash value after the first year. Policy loans may be available against cash value, and Colonial Penn currently lists an 8% compounded annual loan interest rate. Unpaid loans and interest can reduce the death benefit.
Colonial Penn Ratings, Reviews and Complaints
Financial strength, BBB business ratings, and consumer complaints measure different things. A strong insurer rating does not automatically mean the product is the best value for every buyer.
Snapshot date: 09/28/2026. Complaint totals are dynamic and should be read as consumer signals, not proof that every customer will have the same experience.
Five Questions to Ask Before Buying the Colonial Penn 995 Plan
Turn the advertisement into specific buying questions before you apply.
Calculate the exact benefit for your age, state, and units.
Compare total monthly cost for the same face amount.
Check simplified-issue options first.
Review years one and two carefully.
Compare multiple carriers before deciding.
What Should You Compare With Colonial Penn?
The first comparison should be based on health eligibility. If you qualify for simplified-issue final expense insurance, some carriers can offer full natural-death benefits from day one. If simplified issue is not available, compare Colonial Penn with other guaranteed-issue policies by face amount, benefit timing, issue age, total cost, and policy features.
Useful InsuranceForBurial.com resources include our burial insurance company and rate comparison, Mutual of Omaha burial insurance review, American Amicable review, Gerber guaranteed acceptance review, and our guaranteed acceptance life insurance guide.
Who Might Still Consider Colonial Penn?
Colonial Penn may be worth considering for someone who wants guaranteed acceptance, falls within the eligible age range, understands the unit system, and cannot qualify for a medically underwritten or simplified-issue alternative. The lack of health questions can be valuable when serious medical conditions make other coverage difficult to obtain.
Common Questions About the Colonial Penn 995 Plan in 2026
Is the Colonial Penn 995 Plan really $9.95 a month?
Yes, one unit costs $9.95 per month. The important detail is that one unit is not a fixed $10,000 policy. A buyer seeking more coverage may need multiple units.
How much coverage does one $9.95 unit buy?
It depends on issue age, gender where applicable, and state. In the rate chart on this page, one unit ranges from $2,000 for a 50-year-old female to $418 for an 85-year-old male.
Does Colonial Penn have a two-year waiting period?
The guaranteed acceptance plan has a two-year limited-benefit period for non-accidental death. The state-specific policy form controls the exact benefit.
Does Colonial Penn coverage decrease as you get older?
No. Colonial Penn states that after coverage begins, the benefit does not decrease simply because you age or your health changes.
How many Colonial Penn units can you buy?
Colonial Penn’s current main product page references quote options for up to 25 units. State-specific availability and company guidelines control.
Colonial Penn 995 Plan FAQ
Is Colonial Penn a legitimate insurance company?
Yes. Colonial Penn is a regulated insurer and part of CNO Financial Group. Whether this specific policy is a good value is a separate question from company legitimacy.
Will the $9.95 premium increase later?
Colonial Penn says the price per unit is locked in after coverage begins and remains the same while the coverage stays in force.
Can you borrow from a Colonial Penn policy?
Colonial Penn says the policy can build cash value and loans may be available. Unpaid loans and interest can reduce the death benefit.
Should I cancel an existing policy if I find a better option?
No. Keep existing coverage until replacement coverage has been approved, issued, accepted, and is in force.
Bottom Line: Understand the Unit Before You Buy
The Colonial Penn 995 Plan is easy to qualify for, but the $9.95 advertising price tells you only the cost of one unit. The decision becomes clearer when you calculate the death benefit at your age, determine how many units you need, understand the two-year limited benefit period, and compare the total monthly cost with policies that ask health questions.
For applicants with serious health problems who need guaranteed acceptance, Colonial Penn can be one option to compare. For applicants who can qualify for simplified-issue coverage, shopping the market first may uncover immediate-benefit policies with clearer face amounts.
Know the Coverage Before You Commit
Compare your options first so you know whether guaranteed acceptance is necessary—or whether an immediate-benefit policy may be available.
Do not cancel existing coverage until replacement coverage has been approved, issued, accepted, and is in force.
- Colonial Penn — Guaranteed Acceptance Life Insurance
- Colonial Penn — How the $9.95 plan works
- Colonial Penn — Two-year limited benefit
- Colonial Penn — Benefit reduction FAQ
- AM Best — Colonial Penn rating disclosure
- BBB — Colonial Penn profile
- BBB — Colonial Penn complaints
The rate chart and calculator are provided for comparison and planning. Official Colonial Penn state-specific quotes and policy forms control actual benefit amounts, unit availability, and contract terms. InsuranceForBurial.com is independent and is not affiliated with Colonial Penn.
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.