![]() ![]() ![]() However, you can explore your options below. Additionally, Colonial Penn life insurance rates are usually more expensive than competitors.Ĭolonial Penn doesn’t offer a variety of plans, so you don’t have much to choose from. However, before you sign up for a Colonial Penn plan, you should know that this company has strict age requirements for its term and permanent plans. ![]() If that’s true for you, Colonial Penn has other traditional plans to choose from. Not everyone sees the appeal in buying life insurance by the unit. Secured with SHA-256 Encryption Does Colonial Penn sell other types of life insurance? However, you can look at the average unit’s coverage for a 55-year-old below. The amount of coverage that each unit contains depends on your unique characteristics. Once you know how much coverage each unit is worth, you can buy up to 15. Colonial Penn determines how much coverage each unit contains by collecting basic information about you, like your gender, location, and age. You can purchase up to $50,000 in coverage, but only if you buy multiple units.Įach unit costs $9.95, no matter what your situation is. It uses a unique sales technique you won’t find with most other companies. The $9.95 plan is Colonial Penn’s life insurance for seniors, as you only qualify for coverage between 50 and 85. You’re mostly correct if you think it sounds too good to be true. According to the commercials, the $9.95 plan is one of the most affordable whole-life policies on the market. While Colonial Penn sells several types of insurance, it’s most famous for its $9.95 plan. What is Colonial Penn’s $9.95 life insurance plan? Pros and Cons of Colonial Penn Insurance.How much does Colonial Penn life insurance cost?.Pros and Cons of Colonial Penn Life Insurance.Is Colonial Penn life insurance right for you?.Additional Add-ons for Colonial Penn Insurance.Does Colonial Penn sell other types of life insurance?.What is Colonial Penn’s $9.95 life insurance plan?.Although you can buy some coverage for $10, you’ll probably pay much more.Ĭolonial Penn also offers traditional insurance, though these products aren’t quite as popular as its $9.95 plan. Unfortunately, Colonial Penn’s $9.95 plan is misleading. However, it’s been selling coverage since 1939 and remains a semi-popular choice for no-medical exam life insurance.įinding life insurance for under $10 a month is appealing, especially to seniors living on a budget. Life insurance is one of the best ways to take care of your loved ones after your death, so a $10 monthly plan sounds too good to be true.Įven though you might’ve seen the commercial, Colonial Penn is probably not the first name you think of for life insurance. Whether on late-night cable or between online videos, many people have seen Colonial Penn’s commercials for life insurance that only costs $9.95. Best and an A+ from the Better Business Bureau, but many customers are unsatisfied with their service Colonial Penn receives an A- from A.M.Most Colonial Penn plans don’t require a medical exam, but rates are higher than competitors.Although Colonial Penn is best known for its $9.95 life insurance plan, it also sells term and whole life coverage.
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