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

insurance 995 plan

Is Colonial Penn Life Insurance $9.95 per month a SCAM? Let’s find out….

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This article will take a look at reviews for the Colonial Penn life insurance 995 plan. Although they have other life insurance products, we will focus on this product specifically.In addition, give you an idea about what this kind of life insurance can do for you in case something unfortunate happens.Remember, when purchasing 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 life insurance policy? The answer is probably yes.In fact, purchasing life insurance policies are 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.Pay close attention, your family depends on it as they are the ones getting paid the 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.

Article Navigation

  • Who is Colonial Penn Life Insurance
  • The 995 Plan What Is It and Is It Really $9.95?
    • The 995 plan is a Guaranteed Acceptance Policy
  • What is a Unit of Coverage with the 995 plan Cost
  • How much life insurance can you get for $9.95 a month
  • Guaranteed Issue Life Insurance should be the last resort
  • Colonial Penn 995 Plan Customer Complaints
  • Know Your Alternatives By Talking To an Independent Agent
  • Conclusion

Who is Colonial Penn Life Insurance

The company’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.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.Although, Alex Trebek recently joined the list when his contract with Jeopardy in 2018, he recently passed away on November 8, 2020.You have seen these celebrities on the Colonial Penn commercial on late-night TV.They offer 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 995 plan final expense life insurance policy.The 995 plan accumulates cash value over time.This article will show a simplistic look at Colonial Penn’s $9.95 plan review which is a guaranteed acceptance whole life insurance policy.

Colonial Penn Life Insurance for seniors is NOT one of our top-rated life insurance carriers. 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 995 plan.-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.

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

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Above all, yes, but this is the “HOOK” and this price is a bit misleading.

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Colonial Penn Life Insurance specializes in life insurance products with limited underwriting and smaller death benefits that accumulate cash value.In fact, this is only adequate for those who need to have a very small amount of life insurance in place quickly.You may want to consider other options more suitable for your situation.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 as well!But overall, coverage will be level, unlike the 995 plan Colonial Penn offers whereas the life insurance face amount decreases every year.

The 995 plan is a 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!At this point, the company will assign you a “unit” of coverage that can be purchased for $9.95.If you would like to purchase more units (you can buy up to eight units of coverage), each unit price will remain fixed at $9.95.But again, you should check out other alternatives, call us at howtomake.info, because you may be able to get better life insurance coverage at other insurance carriers for the same price.To find the most adequate coverage for your need it’s important to talk to an independent life insurance agent.Use our free online resource to the right to see the top competitive rates in the industry.

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What is a Unit of Coverage with the 995 plan Cost

Above all, life insurance policies are a plan that provides financial protection for you and your family in the event of death.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, whole, universal, renewable, variable, indexed.But one unique form we don’t see much nowadays would be selling it by units; only likely as a misleading marketing strategy.Life insurers such as Colonial Penn 995 plan 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.Life insurers 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.Here is the price per unit for Colonial Penns Life Insurance $9.95 per month

The cost of an insured increase 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 rates in the industry, you will leave yourself saying good lord thats a lot of money. Now, is the 995 plan really worth it?

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 995 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- they 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.In addition, look at the coverage your parents have as they need to look into alternatives.

Guaranteed Issue Life Insurance should be the last resort

Guaranteed issue life insurance policies otherwise known as guaranteed acceptance coverage are for customers 50 and over.They offer full coverage, without any health questions asked or medical history checks with a graded death benefit.

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

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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 life insurance review earned 2 stars out of 5 for overall performance.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.Some of these companies will portray themselves as day one coverage when in actuality, they are a guaranteed acceptance policy.

Colonial Penn Financial Strength Rating

Even though that 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, Colonia 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.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.Trustpilot


Are you looking for a robust life 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 for seniors can be an option worth considering.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 life insurance review of the 995 plan.

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