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Colonial Penn Life Insurance, The Infamous $9.95 Plan Review

So, in 1968, Colonial Penn came on the scene. Their type of life insurance consists of a guarantee issue product that has no health questions. Most commonly, through TV on a Colonial Penn commercial, they advertise to seniors that stay up late. In this article, you will discover the inner workings of the 995 plan!

*There is not a term life insurance plan available.

We will go over the pros and cons of Colonial Penn Insurance plan. With that being said…

Lets get started!

So you have may wondered…

Is Alex Trebek Colonial Penn Life Insurance Good?

Absolutely Not! If you want a policy that has a immediate coverage, and have any of these health conditions:

  • Cancer history
  • Diabetes
  • Lung Issues
  • Heart Attack History
  • Stroke History
  • Bypass History
  • Parkinson’s
  • Lupus
  • Depression/Bipolar
  • Schizophrenia
  • Dementia/Alzheimer

Now, Colonial Penn does not offer First-Day FULL Coverage for any of these health conditions. If you are looking for DAY 1 coverage, CLICK HERE!

Do you desire a 2 year waiting period plan? No worries…BUT!…

What are the types of life insurance that Colonial Penn has?

As mentioned previously in this article. There are two type of products that Colonial Penn has available. Here are the laid out details for each.

Firstly, Guaranteed Acceptance Life Insurance

Firstly, the most common that’s is advertised is the guarantee issue product. Which, in most states, ages ranges from 50-85. Here are more details…

  • Medical Exam Requirements

There are no medical exams required, as long you are fall in the ages from 50-85, you are guaranteed coverage.

  • Length of Coverage

This is whole life product. Therefore, the coverage is lifetime guaranteed, if premiums are paid.

  • Cash Value

With every whole life policy, there is cash value. As cash value grows there are options for loans, if desired.

  • Monthly Premiums

Again, like every other whole life policy, premiums are Rate-Locked, which stay level through the lifetime of the policy.

  • Coverage

With them guaranteeing you the coverage, the coverage that you apply for will not be immediately in force. If you were to pass in the first 24 months, they will NOT pay the full amount.

They will only pay a portion of the premiums that were paid in! That’s HUGE

So what’s the scam?…

There’s “no” real scam. However clients that recieve these type of policies are often not getting the policy that they deserve! Most commonly, the complaints come from clients that are unaware of the type of policy they’re getting.

Also, there are BETTER policies out there for them.

Secondly, Permanent Whole Life Insurance

  • Medical Exam Requirements

There are no medical exams required, as long you are fall in the ages from 40-75, you are guaranteed coverage. In order to determine eligibility, questions must be answered.

  • Length of Coverage

This is whole life product. Therefore, the coverage is lifetime guaranteed, if premiums are paid.

  • Cash Value

With every whole life policy, there is cash value. As cash value grows there are options for loans, if desired.

  • Monthly Premiums

Again, like every other whole life policy, premiums are Rate-Locked, which stay level through the lifetime of the policy.

  • Coverage

There is no waiting period for this coverage.

  • Additional “AARP Living Insurance”

Is an option in this life insurance policy that gives you the ability to access up to 50% of the coverage amount upon diagnosis of either a heart attack, cancer, or chronic illness.

So what’s the catch?…

With this type policy the catch is in the price, and ages. With ages being from 40-75, an applicant is limited to this option if they fall out of that age range.

So what are the best prices for ages 40-75?

When comparing prices, there are are a lot to consider.

How much is a unit of Colonial Penn Life insurance?

But, Tyler! My policy is only 9.95!

Well, that is, if you are only looking for “One unit”

A unit is measure by an amount of coverage. For 9.95, this is what coverage you can get.

In Conclusion, you can see how much Colonial Penn Life Insurance really is!

Is Colonial Penn legit?

Although there may be some negatives in the Colonial Penn Insurance reviews, Colonial Penn is legit. They have been around for some time. Between the two main products that are available, they have a couple to pick from. To each its own I say.

However, with ages, being limited and premium rates being high for a simple unit of coverage.

As you can see there are much Better insurance policies that are brought to you by your burial insurance specialists here at BetterBurialInsuranceToday.com!!