Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
In this Colonial Penn $9.95 life insurance review, we’ll explain how the $9.95 plan works and how much coverage you get per unit based on age and gender.
Also, we’ll explain the fine print they conveniently elude to in their commercials.
How Does The Colonial Penn 9.95 Plan Work?
The 9.95 plan is a guaranteed acceptance life insurance policy that does not require you to take a medical exam or answer health questions. Colonial Penn sells the $9.95 plan by the unit. Everyone, regardless of age or gender, pays just $9.95 monthly for one unit.
The most crucial consideration is how much coverage you get per unit. Age and gender determine how much of a death benefit you get per unit and the most you can buy is 15 units.
For example, a 57-year-old male gets $1,313 of coverage per unit, whereas a 77-year-old male gets only $493 in coverage. If a 57-year-old male wanted $10,000 in coverage, he would need to buy eight units, costing him $79.60 per month.
It’s important to remember that since the 9.95 plan is a guaranteed acceptance policy, there is a two-year waiting period. If you die during the first two years, Colonial Penn will only pay your beneficiaries a refund of your premiums plus roughly 10% interest.
It’s permanent whole life insurance, so the premiums will never increase, the death benefit won’t decrease in value, and it builds cash value.
Colonial Penn Life Insurance $9.95 Per Month Rate Chart
Refer to the Colonial Penn life insurance rate chart below to see the total monthly premium based on how many units you want.
| # Of Units | Monthly Cost | # Of Units | Monthly Cost |
|---|---|---|---|
| 1 | $9.95 | 9 | $89.55 |
| 2 | $19.90 | 10 | $99.50 |
| 3 | $29.85 | 11 | $109.45 |
| 4 | $39.80 | 12 | $119.40 |
| 5 | $49.75 | 13 | $129.35 |
| 6 | $59.70 | 14 | $139.30 |
| 7 | $69.65 | 15 | $149.25 |
| 8 | $79.60 | **15 units is the most you can buy** | |
Colonial Penn $9.95 Coverage Calculator
Use the calculator or table below to see the amount of coverage you’d get per unit of Colonial Penn coverage.
Just choose your state, age, and gender.
| AGE | 1 Male Unit ($9.95) | 1 Female Unit ($9.95) |
|---|---|---|
| 50 | $1,669 in coverage | $2,000 in coverage |
| 51 | $1,620 in coverage | $1,942 in coverage |
| 52 | $1,565 in coverage | $1,890 in coverage |
| 53 | $1,515 in coverage | $1,845 in coverage |
| 54 | $1,460 in coverage | $1,802 in coverage |
| 55 | $1,420 in coverage | $1,761 in coverage |
| 56 | $1,370 in coverage | $1,719 in coverage |
| 57 | $1,313 in coverage | $1,669 in coverage |
| 58 | $1,258 in coverage | $1,620 in coverage |
| 59 | $1,200 in coverage | $1,565 in coverage |
| 60 | $1,167 in coverage | $1,515 in coverage |
| 61 | $1,112 in coverage | $1,460 in coverage |
| 62 | $1,057 in coverage | $1,420 in coverage |
| 63 | $1,000 in coverage | $1,370 in coverage |
| 64 | $949 in coverage | $1,313 in coverage |
| 65 | $896 in coverage | $1,258 in coverage |
| 66 | $846 in coverage | $1,200 in coverage |
| 67 | $802 in coverage | $1,167 in coverage |
| 68 | $762 in coverage | $1,112 in coverage |
| 69 | $724 in coverage | $1,057 in coverage |
| 70 | $689 in coverage | $1,000 in coverage |
| 71 | $657 in coverage | $949 in coverage |
| 72 | $627 in coverage | $896 in coverage |
| 73 | $608 in coverage | $846 in coverage |
| 74 | $578 in coverage | $802 in coverage |
| 75 | $549 in coverage | $762 in coverage |
| 76 | $521 in coverage | $724 in coverage |
| 77 | $493 in coverage | $689 in coverage |
| 78 | $468 in coverage | $657 in coverage |
| 79 | $441 in coverage | $627 in coverage |
| 80 | $426 in coverage | $608 in coverage |
| 81 | $424 in coverage | $578 in coverage |
| 82 | $423 in coverage | $549 in coverage |
| 83 | $421 in coverage | $521 in coverage |
| 84 | $420 in coverage | $493 in coverage |
| 85 | $418 in coverage | $468 in coverage |
Better Options Than Colonial Penn
If you need insurance to cover your funeral expenses or for any other reason, Colonial Penn is the last company you should consider.
Many other insurance providers offer cheaper final expense life insurance with no waiting period.
Please note that most burial insurance companies that offer no waiting period coverage only do so through licensed insurance agencies. For example, the three companies below rely on agencies to sell their products. They don’t directly provide life insurance quotes or sell policies in-house.
1) Mutual of Omaha
Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 45-85 | |
| 2-Year Waiting Period: No (subject to underwriting approval) | |
| Coverage Amount Range: $2,000-$50,000 | |
| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness or is under nursing home confinement. | |
| Optional Riders: Accidental Death (2X the payout for accidental death) | |
| Application Details | Where to Apply: Agencies licensed to sell Mutual of Omaha products (you can't buy this plan directly from them) |
| Phone Number to Apply: 1-800-644-2926 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: No | |
| Application Approval Time: 10 Minutes to 2 Business Days | |
Common health conditions still eligible for no waiting period coverage: Aneurysm Arthritis Asthma Blindness Blood clots > 2 years ago Blood thinners Cancer > 4 years ago Circulatory surgery > 2 years ago Crohn’s disease Depression Diabetes (type 2) Diverticulitis Epilepsy Fibromyalgia Grave’s disease Heart attack > 2 years ago Heart surgery > 2 years ago Hepatitis A or B High blood pressure High cholesterol Scleroderma Seizures Sleep apnea Squamous/basal cell skin cancer Stroke/TIA > 2 years ago Tumors (non-cancerous) |
|
2) Aetna
Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 40-89 | |
| 2-Year Waiting Period: No (subject to underwriting approval) | |
| Coverage Amount Range: $2,000-$50,000 (varies by age) |
|
| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness that is expected to cause death within 12 months. | |
| Optional Riders: Accidental Death (2X the payout for accidental death) |
|
| Application Details | Where to Apply: Agencies licensed to sell Aetna products (you can't buy this plan directly from them) |
| Phone Number to Apply: 1-800-644-2926 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: No | |
| Application Approval Time: 15 Minutes-3 Business Days | |
Common conditions still eligible for no waiting period coverage: Afib Aneurysm (if surgically repaired) Arthritis Asthma Bipolar disorder Blindness Blood clots Blood thinners Cancer > 2 years ago Chronic bronchitis Circulatory surgery > 2 years ago COPD Crohn’s disease Depression Diabetes (type 1 or 2) Diabetic coma > 2 years ago Diverticulitis Epilepsy Fibromyalgia Graves’ disease Heart attack > 1 year ago Heart surgery > 1 year ago Hepatitis > 2 years ago High blood pressure High cholesterol Insulin shock > 2 years ago Lupus Multiple sclerosis Obesity Over 85 life insurance Pacemaker (installed > 1 year ago) Parkinson’s disease Sarcoidosis Schizophrenia Scleroderma Seizures Sleep apnea Squamous/basal cell skin cancer Stroke/TIA > 1 year ago Tumors (noncancerous) |
|
3) Aflac
Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 45-80 | |
| 2-Year Waiting Period: No (subject to underwriting approval) | |
| Coverage Amount Range: $2,000-$50,000 (varies by age) |
|
| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness that is expected to cause death within 12 months. | |
| Optional Riders: Accidental Death (2X the payout for accidental death) |
|
| Application Details | Where to Apply: Agencies licensed to sell Aflac products (you can't buy this plan directly from them) |
| Phone Number to Apply: 1-800-644-2926 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: No | |
| Application Approval Time: 15 Minutes-3 Business Days | |
Common conditions still eligible for no waiting period coverage: Afib Aneurysm (if surgically repaired) Arthritis Asthma Bipolar disorder Blindness Blood clots Blood thinners Cancer > 2 years ago Chronic bronchitis Circulatory surgery > 2 years ago COPD Crohn’s disease Depression Diabetes (type 1 or 2) Diabetic coma > 2 years ago Diverticulitis Epilepsy Fibromyalgia Graves’ disease Heart attack > 1 year ago Heart surgery > 1 year ago Hepatitis > 2 years ago High blood pressure High cholesterol Insulin shock > 2 years ago Lupus Multiple sclerosis Obesity Over 85 life insurance Pacemaker (installed > 1 year ago) Parkinson’s disease Sarcoidosis Schizophrenia Scleroderma Seizures Sleep apnea Squamous/basal cell skin cancer Stroke/TIA > 1 year ago Tumors (noncancerous) |
|
Colonial Penn Life Insurance Company Background
Colonial Penn was started in 1968 by Leonard Davis, one of AARP’s co-founders.
CNO Financial Group owns Colonial Penn and many other insurance companies, such as Bankers Life.
Alex Trebek was their former spokesman in their television advertisements until his death in 2020. Now Jonathan Lawson is the primary actor in their commercials.
Colonial Penn’s home office is in downtown Philadelphia, Pennsylvania, where most of their insurance agents work.
Below is an outline of their contact information:
- Website: www.colonialpenn.com
- Address: 399 Market St, Philadelphia, PA 19181
- Phone number (all states except NY): 1-877-877-8052
- Phone number for New York residents: 1-800-323-4542
Below are third-party financial strength ratings and customer reviews:
- BBB (Better Business Bureau rating): A+
- AM Best rating: A-
- Moody’s: A3
- Fitch Ratings: A-
- Standard & Poor’s: A-
Frequently Asked Questions
The coverage you get per 995 unit varies by your age and gender. In short, the older you are or if you’re male, the less coverage you get. For example, a 68-year-old male gets $762 in life insurance coverage per $9.95 unit. A 68-year-old female would get $1,112 in coverage. An 80-year-old male gets $426 in coverage per unit, whereas an 80-year-old female would get $608 in coverage.
The 995 plan has a two-year waiting period because there are no health questions. Colonial Penn has a whole life policy with no waiting period, but it’s only available in New York.
The Colonial Penn 9.95 plan has no additional fees or surcharges. The monthly premium is simply $9.95 times however many units you want. Depending on your insurance needs, you might need to buy more than one unit to secure the amount of coverage you want. For example, if you wish to buy seven units of coverage, then the total monthly fee would be $69.65.
The 995 plan costs $9.95 monthly per unit. Multiply 9.95 times the number of units you want for the total monthly cost.
- 1 unit: $9.95
- 2 units: $19.90
- 3 units: $29.85
- 4 units: $39.80
- 5 units: $49.75
- 6 units: $59.70
- 7 units: $69.65
- 8 units: $79.60
- 9 units: $89.55
- 10 units: $99.50
- 11 units: $109.45
- 12 units: $119.40
- 13 units: $129.35
- 14 units: $139.30
- 15 units: $149.25
Colonial Penn no longer sells term life insurance. They did in the past, and some websites still erroneously claim they do. According to the Colonial Penn website, permanent life insurance is the only type of coverage they offer.
The death benefit payout from the Colonial Penn $9.95 plan depends on your age and gender and 15 units maximum amount. For example, a 50-year-old female would get a $2,000 death benefit per 995 unit. If she bought five units at $49.75 monthly (9.95 x 5), the total payout would be $10,000. Lastly, remember that the 9.95 plan has a two-year waiting period. If you die during the waiting period, Colonial Penn will only refund your premiums plus approximately 10% interest.
