Truth About Colonial Penn 995 Plan Life Insurance In 2024
Written by Daniel Ray, Life Insurance Expert |
✅
Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
You flip to a channel and find yourself watching a Colonial Penn 995 plan commercial with paid spokesman Jonathan Lawson.
As the ad finishes up, you notice that for just $9.95 per month (less than 35 cents/day!), there are benefits like never having premiums go up or ending abruptly – it sounds too good to be true.
So how much insurance do you get for $9.95 a month? We will get to exactly that, keep reading!
Jonathan Lawson is selling a final expense life insurance policy for just $9.95 per month, but what he isn’t telling you is that this company offers policies sold in units with some pretty expensive fine print attached to them.
A lot of people might think it’s an attractive offer because they don’t know any better.
However, Colonial Penn only cares about getting its hands on as many dollars from potential customers’ wallets without transparency on pricing.
Don’t be fooled by paid spokesman!
You have lived long enough to know that if it SOUNDS TOO GOOD TO BE TRUE, then you probably aren’t the only one who thinks so.
The Colonial Penn life insurance for seniors $9.95 a unit policy is not your best option and may be one of the worst when it comes to preparing for those who will miss you after death.
That’s why we put this straight and to the point Colonial Penn Life Insurance $9.95 per month reviews, it’s something YOU need to hear.
The Dishonesty With Colonial Penn $9.95 Plan What is a Unit
The difference between a life insurance company and Colonial Penn life insurance company is that you can only buy units, not benefits.
Life coverage starts at $25K for funeral expenses or final medical bills to be paid by your loved ones. So, how much coverage will be there?
Unfortunately, owning the 995 plan per unit will cost your family because when you pass away there is less than what you started with. In fact, A LOT LESS!
I hope this helped clear things up so people might want to consider shopping around before making their purchase decision.
As you age, the death benefit awarded by your insurance company goes down while prices stay stagnant.
It’s like they are giving away less money and charging more for what used to be available at a lower cost!
For example, if you were a 70-year-old male, and bought $15,000 in coverage, keep in mind what $9.95 buys you per unit. In fact, at this age, one $9.95 unit will offer coverage of $717.
So if you wanted $15,000 in coverage you would have to go with purchasing life insurance 19 units, right?
Here is the GIMMICK, the most units you can purchase from Colonial Penn is 12, so your maximum coverage would be $8604. That would cost you $119.40/per month.
“You can find day one coverage from their competitors of $20,000 for the same price. Hmmmmm….. How does that feel?”
What Does $9.95 a Month Get You With Colonial Penn
A Guaranteed Acceptance Life Insurance with Two Year Waiting Period😮
Colonial Penn has an application that can get you covered without answering any health questions or taking a medical exam.
Just fill it out and submit payment, then think of yourself as fully protected by the amount you qualified for!
However, there are other reasons why these policies won’t always be the best choice for seniors with average health.
You might be wondering why should you purchase Guaranteed Acceptance plans like these with a 2-year waiting period for death by natural causes.
The reason is simple. Most seniors will qualify for another plan that offers day 1 coverage and lower prices than other life insurance companies!
PinnacleQuote can usually find a policy that costs you less money per month, pays a larger death benefit AND YOU WILL BE IMMEDIATELY COVERED IN FULL FROM DAY 1!
You won’t have to wait two years for your policy to start protecting your family.
Colonial Penn 995 Plan Per Unit Cost
How Much Insurance Do You Get For $9.95 a Month?
How Much Is A Unit Of Colonial Penn Life Insurance? Well, we are going to break it down. You tell me if this is a good path to affordable burial insurance.
Below is the cost per unit of Colonial Penn life insurance rates per unit. This will be from age 50-85.
Colonial Penn 995 Plan Rate Chart
| AGE | 1 MALE UNIT ($9.95) | 1 FEMALE UNIT ($9.95) |
|---|---|---|
| 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 |
As you can see, this product is awful when it comes to proper coverage. Here are the downfalls to this policy!
- 2 year waiting period
- Coverage decreases EVERY YEAR
- Coverage expires at age 85
Everything you need the policy to do leaves you when you need it most!
Colonial Penn 995 Plan Is A Guaranteed Issue With A Waiting Period
Guaranteed issue life insurance sounds great, but of course, there’s a catch…
In the case that you die within two years after purchasing your policy – your beneficiary won’t receive full death benefits.
Most Americans are not in a position to gamble with their lives, but for those who have no other choice, it may be worth the risk.
The vast majority of us want nothing more than to live our best life now and be able to enjoy what time we still have left on this earth doing so!
But if you’re healthy, seriously, don’t consider putting yourself at risk just because in two years anything can happen – don’t do it!!!
Colonial Penn will pay back the premiums you paid, plus interest. That’s it!
But don’t worry about that pesky ” graded death benefit” because we’ve got a much better solution for you.
Colonial Penn doesn’t want to sell cheap guaranteed acceptance coverage, but we do offer great coverage with the option of whole-life day-one coverage.
We Have Better Life Insurance Options Than The 995 Plan
If you’re looking for the best final expense insurance, PinnacleQuote has what you are searching for. With our low rates and benefits that never decrease, we offer a product unlike any other life insurance provider out there today!
We work directly with some of the most trusted carriers in order to provide this service which makes it easy as pie – no medical exam required!
With the PinnacleQuote burial program, you can secure a death benefit from day 1!
We know you care about getting the best rate so we want to make sure that the company we choose is a good fit for you.
That’s why before submitting our application, there will be some questions to isolate your proper rate class. They will ask if have any pre-existing conditions or not-so-great habits (like smoking).
We think you’re worth more for far less cost each month.
While Colonial Penn mostly wants to deal with customers through the mail, we are available on-phone right now. Our eagerness will do nothing but make your experience easier!
You don’t have hoops to jump through when calling us either. Just pick up that phone and dial 1–855-380-3300 and you get through right away. You will only speak to one of the owners Danny Ray or Lisamarie Monaco-Ray.
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FAQs
You can receive up to $30,000 at age 50 as a female, $25,035 as a male with the Colonial Penn 995 Plan. The maximum number of units is 15. This plan is available to anyone between the ages of 50 and 85. At age 85 if you purchased the maximum of 15 units, Female would have $7,020 in coverage, male would have $6,270.
A unit of Colonial Penn coverage is the life insurance benefit amount you receive for $9.95 per month. Your age and gender determine the exact amount of insurance coverage a single unit provides. The older you are, the more units you will need to purchase in order to get an adequate death benefit. You may also want to consider buying additional units if you have health concerns that could shorten your life expectancy.
Different insurance companies have different ways of calculating how much one unit of coverage costs. Factors such as age, gender, and state requirements can all affect the cost of a unit. For example, an insurer in one state may charge more for a unit than an insurer in another state. Additionally, other life insurance companies may charge more for units worth $5,000 or $10,000 than others. When shopping for insurance, it’s important to compare rates from multiple providers to ensure you’re getting the best deal possible.
A whole life insurance policy has both an insurance component and a cash value component. The traditional life insurance component provides protection for your beneficiaries in the event of your death. The cash value component is like a savings account that you can use during your lifetime. You can withdraw money from the cash value to pay for things like medical expenses or major life events.
Renewable term life insurance only provides protection for a limited period of time, usually 10-20 years. If you die during the term of the policy, your beneficiaries will receive a death benefit. If you don’t die during the term, the policy expires and you (or your beneficiaries) get nothing.
Permanent life insurance policies are more expensive than term life insurance because they last for your entire life and have a cash value component. However, they can be a good option for people who want lifelong protection and the ability to access cash value during their lifetime.
Conclusion
We at PinnacleQuote have been helping hardworking Americans like you protect their family for decades.
You’ve worked long and perilous hours to provide a better life for those who depend on you, so we want to plan for you while also getting the right coverage that will keep them safe should something happen before time runs out!
PinnacleQuote is here to save you time and money. We’ll take care of everything over the phone, including getting a whole life insurance plan approved – no need for an appointment or physical!
At PinnacleQuote, we offer more than just life insurance. Our owners will help you find the right coverage for your family and not what Jonathan Lawson got paid to advertise!
Stop spending more than you should. Get peace of mind with one phone call to PinnacleQuote today, dial 1-855–380––3300, and have an affordable life insurance policy that is there when it matters most!
8 Comments
Dez R
They are a scam; after a year and a half of paying $40.80 per month for a $6,000. whole life policy, I received a letter that I owe over $700. for another policy that I supposedly signed up for. The reference/policy number was completely different from the one I had. I can never get a hold of someone there, it is very hard to connect to a person. When I finally got someone to answer, it was a guy in PhiIippines, who had no clue why I had another policy. I told him to cancel the policy and return my money. This was almost a year ago and I have not received any money back from them. I paid $40.80 for approximately 2 years, that's how long they scammed me. Please anyone who sees this, do not fall for this Colonial Penn CRAP!
Danny Ray
Dez, we agree 100%, give us a call and we will help you and answer any questions.
855-380-3300 ext 2
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