The Cost Of Colonial Penn Insurance | 2023 Rates Charts By Age

Choice Mutual Rating

1.0

Choice Mutual's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.

The critical question you must ask is- how much life insurance do you get per unit?

One unit provides a dismal life insurance benefit.

For example, a 75-year-old female gets only $762 of life insurance per unit. If she bought two units, the monthly cost would be $19.90, and she would have $1,524 of coverage.

Refer to the rate charts and calculator below to see the total cost and how much life insurance you get from the 995 plan.

Colonial Penn Life Insurance Rate Chart & Coverage Calculator

Depending on the amount of coverage you need, you might need to buy more than one unit. Simply multiply $9.95 times the number of units you’re interested in.

Use the calculator below to determine the net death benefit you’ll get per number of units, along with the total monthly premium. Alternatively, refer to the table below if you only want to know how much life insurance you get from a single unit.

Coverage-Per-Unit Cost Calculator

Age

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Gender

Male

Female

Number of Units	Coverage Amount	Monthly Cost
1	$	$9.95
2	$	$19.90
3	$	$29.85
4	$	$39.80
5	$	$49.75
6	$	$59.70
7	$	$69.65
8	$	$79.60
9	$	$89.55
10	$	$99.50
11	$	$109.45
12	$	$119.40
13	$	$129.35
14	$	$139.30
15	$	$149.25

Please note that Colonial Penn’s $9.95-per-unit plan is guaranteed acceptance, which means that it comes with a two-year waiting period. If you die during the waiting period, Colonial Penn will only refund your premiums plus a small amount of interest.

What Types Of Life Insurance Does Colonial Penn Offer?

Colonial Penn only sells whole life guaranteed acceptance coverage for $9.95 per unit.

Colonial Penn used to sell term insurance and a traditional whole life insurance plan, but they were both discontinued.

The products page on the Colonial Penn website shows the $9.95 plan as the only option.

How Does The Colonial Penn $9.95 Plan Work?

The Colonial Penn guaranteed acceptance plan is a whole life insurance policy with no health questions. Everyone, regardless of their previous health conditions, is guaranteed approval.

Because it’s a guaranteed acceptance plan, a two-year waiting period is mandatory. If you die in the first two years, Colonial Penn will only refund your premiums and a small amount of interest. You must live longer than two years to get the full death benefit payout.

Since it’s a whole life policy, the monthly rate will never increase, and the coverage will never decrease.

Also, it will last forever and build cash value that the policyholder can borrow from in the future.

With Colonial Penn life insurance, everyone pays just $9.95 per month for a single unit of coverage.

Regardless of your gender or age, the price is always $9.95 monthly.

What varies depending on your age and gender is how much coverage you get per unit.

It’s an odd way to price final expense life insurance.

No other life insurance company uses the unit system for life insurance quotes.

How Much Did Colonial Penn Whole Life Insurance Cost?

Colonial Penn used to sell permanent whole life insurance for seniors that differed significantly from the $9.95 guaranteed acceptance policy.

The minimum was $10,000, and the maximum coverage was $50,000. There was underwriting, so you had to answer health questions (no medical exam was required). If you were approved, there was no waiting period.

There was also an optional living insurance benefit rider that would pay a monetary benefit for a critical or chronic illness.

It was not sold by the unit. The rates varied based on age, gender, tobacco history, and the benefit amount.

Below is a chart that outlines how much Colonial Penn’s whole life insurance used to cost.

Remember, this product is no longer available.

Better Final Expense Insurance Options To Consider

Multiple other burial insurance companies offer coverage that is much less expensive and usually has no waiting period.

It’s essential to compare quotes from multiple providers in the insurance industry to find the best rates. Also, working with an independent insurance agency such as Choice Mutual is helpful. An independent insurance agent represents numerous companies so that they can do the comparative shopping for you.

Essentially, you dial one phone number to an independent agent who can quickly find which company will offer you the best life insurance options based on your needs.

Here are three insurance providers that give you much more life insurance coverage per dollar spent.

Mutual of Omaha

Founding Year: 1909

A.M. Best

A+

Superior

BBB

A+

Accredited

Choice Mutual Rating

5.0

Choice Mutual’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.

NAIC Complaint Index

0.97

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.

Mutual of Omaha Living Promise coverage is much less expensive and has no waiting period. Their burial insurance for senior citizens accepts applicants who have diabetes, past heart attacks or strokes, and many other conditions common among seniors.

If you need insurance to cover your funeral expenses, Mutual of Omaha burial insurance is the best option if you qualify.

Aetna

Founding Year: 1853

A.M. Best

A

Excellent

BBB

A+

Not Accredited

Choice Mutual Rating

4.5

Choice Mutual’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.

NAIC Complaint Index

0

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.

Aetna Senior Products offers a final expense policy that has no waiting period, is cheaper than Colonial Penn, and accepts applicants older than 85.

Transamerica

Founding Year: 1904

A.M. Best

A

Excellent

BBB

B

Not Accredited

Choice Mutual Rating

4.0

Choice Mutual’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.

NAIC Complaint Index

2.7

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.

Transamerica offers no waiting period funeral insurance to applicants with high-risk medical conditions such as COPD, kidney disease, and lupus, to name a few. If you have high-risk medical conditions, you can still secure peace of mind with Transamerica knowing your funeral costs won’t burden your loved ones.

Also, Transamerica costs far less than Alex Trebek’s life insurance.

Colonial Penn Life Insurance Company Background And Financial Ratings

Based out of Philadelphia, Pennsylvania, Colonial Penn was founded in 1957 by Leonard Davis. CNO Financial Group is their parent company after completing the purchase in 1997.

Colonial Penn was the first insurance provider to sell guaranteed acceptance life insurance directly to seniors. Alex Trebek was their longtime spokesman until his demise in 2020. Now they lean on one of their sales managers, Jonathan Lawson, as the primary face in their television advertisements.

They offer life insurance products in all states, including New York.

Financial strength is one area where Colonial Penn shines bright. A.M. Best granted them an A- rating, as did Fitch Ratings and Standard & Poors. Despite many customer complaints, they currently have an A+ rating with the BBB (Better Business Bureau). Like the BBB, their complaint index with the NAIC (National Association of Insurance Commissioners) is 19.39 (2022 Individual Life), substantially higher than most companies.

Frequently Asked Questions