The Truth About Colonial Penn 995 Plan [Review/Rates]

Is Colonial Penn Life Insurance $9.95 per month a SCAM? We will go over Colonial Penn life insurance reviews for the 9.95 plan.

I am sure you have seen your share of Colonial Penn Life Insurance reviews about their life insurance policies, but this is all about the Colonial Penn 995 plan reviews….

Let’s find out!!

This article will take a look at reviews for the Colonial Penn life insurance 995 plan compared to other life insurance companies and burial insurance products.

Although they have other life insurance products, we will focus on Colonial Penn’s final expense guaranteed acceptance life insurance policy which is a whole life.

What you will come to realize is not only is this a guaranteed issue policy offered by Colonial Penn hurt more than it helps but there are other life insurance policies available that are far superior that also do not require an exam.

Every Burial Insurance policy from any other company is better than Colonial Penns $9.95 Plan

In addition, give you an idea about what this kind of whole life insurance can do for you in case something unfortunate happens. So if you are purchasing life insurance to cover final expenses you must read this article.

Remember, when purchasing whole life insurance it is key to speak to an independent agent as you need to find the policy that is best for you.

Do you need a whole life insurance policy or sometimes called a burial insurance plan? The answer is probably yes.

In fact, purchasing a life insurance plan is one of those things that we hope will never be used.

However, if it ever comes up, it’s going to be a complete disaster for your family and loved ones if you have nothing in place. We will show you how Colonial Penn’s life insurance gimmick is not the way to go.

There are many whole life insurance policies that are offered by life insurance companies that are just superior. In fact, ALWAYS make sure you purchase the most adequate coverage.

Pay close attention, your family depends on it as they are the ones filing the life insurance claim and getting paid the full death benefit.

You will learn everything you need to know about Colonial Penn Life Insurance $9.95 per month plan and life insurance benefit amount.

Who is Colonial Penn Life Insurance

Above all, Colonial Penn’s main target audience has always been the retired and senior market.

This can be contributed 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” back to “Colonial Penn”. Some of their celebrity endorsements have included Ed McMahon and Joe Theismann.

Alex Trebek Life Insurance

Although, Alex Trebek recently joined Colonial Penn’s celebrity list when his contract with Jeopardy in 2018, he recently passed away on November 8, 2020.

You have seen these celebrities in the Colonial Penn commercial on late-night TV.

Colonial Penn offers two types of life insurance products, a one-year level term life insurance that renews every year with a maximum amount of coverage of $50,000 in addition to their final expense life insurance policy which is one of the worst guaranteed acceptance policies with a 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 a point it will become unaffordable.

These term life policies are good for short-term life coverage to cover a need.

This article will show a simplistic look at Colonial Penn’s $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 Colonial Penn Life Insurance review 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.

The 995 Plan What Is It and Is It Really $9.95?

Colonial Penn Life Insurance 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 issues like active cancer, dementia, or nursing home confinement. SO IF YOU ARE HEALTHY, don’t comprimise based on convenience. 😉

In fact, 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 Colonial Penn for your burial insurance needs.

In fact, 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 be able to get better coverage at lower premiums than Colonial Penn!

But overall, coverage will be level with no medical exams, unlike the whole life insurance Colonial Penn offers whereas the life insurance face amount decreases every year.

Again, you will find so much better with another life insurance provider.

The 995 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, gender, and location. In fact, no health questions and no medical exam!

At this point, the company will assign you a “unit” of coverage that can be purchased for $9.95. Keep in mind, if you choose the maximum death benefit, your coverage will drop every year you get older. 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 annualy whether you buy up to eight units or twelve.

Furthermore, you should check out other alternatives, call us at InsuranceForBurial.com, because you may be able to get better life insurance coverage at other life insurance carriers 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 that specialize in simplified whole life with no medical exam with 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!

What is a Unit of Coverage with the 995 plan Cost

How much is a unit of Colonial Penn life insurance? How many units is 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 are buying 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.

In order 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 whole life with no medical exam that is 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. Which Colonial Penn does on this 995 plan hybrid whole life insurance product.😤

Life insurers such as Colonial Penn want to make sure 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 make sure 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.

Here is the price per unit for Colonial Penns Life Insurance $9.95 per month, how many units would you buy?

Colonial Penn Life Insurance Rate Chart

Age at
Application
Units
(Max 12)
Coverage
Per Unit
Monthly
Payment
501$1,786$9.95
511$1,732$9.95
521$1,676$9.95
531$1,621$9.95
541$1,562$9.95
551$1,506$9.95
561$1,425$9.95
571$1,392$9.95
581$1,333$9.95
591$1,273$9.95
601$1,214$9.95
611$1,157$9.95
621$1,099$9.95
631$1,043$9.95
641$987$9.95
651$932$9.95
661$880$9.95
671$834$9.95
681$792$9.95
691$753$9.95
701$717$9.95
711$683$9.95
721$652$9.95
731$620$9.95
741$589$9.95
751$560$9.95
761$531$9.95
771$503$9.95
781$477$9.95
791$450$9.95
801$426$9.95
811$424$9.95
821$423$9.95
831$421$9.95
841$420$9.95
851$418$9.95

The cost of an insured increases with age–to keep premiums fixed, Colonial Penn must lower its $9.95 per unit death-benefit amount 50% from ages 50-80 years old on average for males only; females’ rates stay stable until 65 after which point 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 memebers thinking they are getting one thing rather than the other.

When you match Colonial Penn rates against the top in the industry and compare quotes, you will leave yourself saying good lord that’s a lot of money. Now, is it really worth it to purchase from this insurance company?

In addition, funeral costs do not stay the same price as inflation factors over time. That’s why you need to shop your life policy consistently to fill gaps every few years.

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.

If you purchase the guaranteed acceptance plan for your family and die before reaching age 65, 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 ages 75 or 80 death occurs – which is when most people retire- Colonial Penn will only pay out an amount even lower: $426 by 85 years old.

To be frank, if you buy this plan hope you don’t live a long time because the less your family will have 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 look into alternatives. If they have a Colonial Penn 995 plan policy, CALL US! We will find a much better alternative for your life policy.

Here at InsuranceForBurial.com we are experts that will give you coverage options that are tailored for YOU. We will qualify you, compare quotes, and pick out 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 usually a policy you get when you are turned down everywhere else.

Colonial Penn will offer full coverage, without any health questions asked or medical history checks with a graded death benefit. That is what guaranteed acceptance is. In addition, a waiting period.

These types of plans can be in force within 10 minutes after purchase, with the wait time being only 2 years (or more).

A Colonial Penn guaranteed issue policy with a waiting period can only be purchased between the ages of 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.

But if that doesn’t work out for them, they can also talk to us and go through a short assessment of their general health without any exams needed!

Above all, these types of policies we offer our extremely ill patients with dementia, cancer, or have HIV. Even with these health impairments, it’s nice to be able to get a death benefit paid to loved ones.

We are committed to you having affordable life insurance payments to relieve the family from financial burden. You must call us for alternatives as we have the best-guaranteed acceptance program to offer.

Colonial Penn 995 Plan Customer Complaints

What do Colonial Penn customer reviews & complaints say?

The Pennsylvania-based company has received a vast number of complaints from customers over the past three years that have been recorded by the National Association of Insurance Commissioners.

The data showed an astonishingly disproportionate number in relation to their size and customer base.

Colonial Penn customer review earned 2 stars out of 5 for overall performance. Colonial Penn customer complaints are not good.

Another company we consider a hybrid product is one that 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 a term life insurance policy until age 80.

Unfortunately, seniors jump on it as it is cheaper only to outlive it and pay 3-400% more down the road. But this is only a limited benefit period and you should STAY AWAY!

With these Hybrid products, make sure you read the find print because you are getting so much more than just cheap life insurance quotes as these are policies that are not their when you need them the most.

Some of these companies will portray themselves as day one coverage when in actuality, they are a guaranteed issue whole life policy that has 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 your funeral for free! 🤣

However, their rates are 30-150% higher than the best rates. 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!

Above all, Colonial Penn Customer Reviews has a 2.9/5 rating with Trustpilot, industry average is 4.2. This is a very important number when looking for a reputable final expense insurance product.

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 coverage when purchasing life insurance unless it’s your last resort.

There are so many other companies that are better. 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, call 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 index, they have a life insurance ratings of A- (Excellent) with AM Best and are unranked with JD Power’s Price Rank.

If you ever have a complaint on Colonial Penn 995 plan final expense insurance product and you want to cancel, call us or, Colonial Penn’s Customer Service Phone Number 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 life insurance plan may not fit all of your needs, so we encourage you to shop around for life insurance options at other companies like American Amicable or Mutual of Omaha. This will make sure 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 that are important to you, then check out some other affordable coverage plans! In fact, 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.

Call us and find out why our clients L❤VE US! We are the life insurance experts. We will show you what tunnel vision quotes really mean.

Just check out our reviews and you will find that we are the seniors 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 maximum benefit of $50,000, it’s unlikely that they’ll offer coverage more than just your final expenses.

But if 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, then Colonial Penn life insurance company for seniors can be an option worth considering.

But again, the 995 plan Colonial Penn offers is a guaranteed issue plan and if you are healthy, you can get much better life insurance plan from better life insurance companies that are DAY ONE with no waiting period!

However, we have other products like this with much better features and no health questions but you may qualify for something better. To protect your family with a free quote for final expense insurance.

Call 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 995 plan review by us. Remember, ALWAYS compare quotes before buying a final expense policy!