Choice Mutual Rating
1.0

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 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.

# Of UnitsMonthly Cost# Of UnitsMonthly Cost
1$9.959$89.55
2$19.9010$99.50
3$29.8511$109.45
4$39.8012$119.40
5$49.7513$129.35
6$59.7014$139.30
7$69.6515$149.25
8$79.60**15 units is the most you can buy**

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.

AGE1 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

 

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.

$9.95 Plan Product Details
Policy TypeWhole Life Insurance
Policy DurationLifetime
Fixed PremiumsYes
Underwriting ClassGuaranteed Acceptance Life Insurance
Health QuestionsNo
Medical ExamNo
2-Year Waiting PeriodYes
States AvailableAll States
New Applicant Age Range50-85
(50-75 in New York)
Coverage Options1-15 Units
Cost$9.95 Per Unit
(regardless of age or gender)

 

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.

AgeMale
$10,000
Female
$10,000
Male
$20,000
Female
$20,000
40$18.95$15.94$34.15$28.13
45$23.92$19.22$44.10$34.68
50$31.33$24.02$58.91$44.28
55$41.26$30.18$78.76$56.61
60$53.73$39.18$103.71$74.61
65$70.15$50.41$136.54$97.06
70$92.59$70.28$181.43$136.81
75$118.29$94.07$232.82$184.39

 

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+
Superior
BBB
A+
Accredited
Choice Mutual Rating
5.0

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.

Brochure Sample Policy Sample Application

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.

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)

 

Aetna

Founding Year: 1853
A
Excellent
BBB
A+
Not Accredited
Choice Mutual Rating
4.5

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.

Brochure Sample Policy Sample Application

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

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)

 

Transamerica

Founding Year: 1904
A
Excellent
BBB
B
Not Accredited
Choice Mutual Rating
4.0

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.

Brochure Sample Policy Sample Application

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.

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: $1,000-$50,000 (varies by age)
States Available: All States
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 Transamerica 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- 5 Business Days
Common conditions still eligible for no waiting period coverage:


Afib
Angina (chest pains)
Aneurysm (if surgically repaired)
Arthritis
Asthma
Bipolar disorder
Blindness
Blood clots
Blood thinners
Cancer > 4 years ago
Chronic bronchitis
Circulatory surgery > 1 year ago
COPD
Crohn’s disease
Depression
Diabetes (type 2)
Diverticulitis
Epilepsy
Fibromyalgia
Grave’s disease
Heart attack > 1 year ago
Heart surgery > 1 year ago
Hepatitis
High blood pressure
High cholesterol
Kidney disease
Lupus
Multiple sclerosis
Pacemaker (installed > 1 year ago)
Parkinson’s disease
Schizophrenia
Scleroderma
Seizures
Sleep apnea
Squamous/basal cell skin cancer
Stroke/TIA > 1 year ago
Tumors

 

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

The life insurance benefit per $9.95 unit varies based on gender and age. For example, a 73-year-old male would get $608 in coverage, whereas a 73-year-old female would get $846. The older you are, the less coverage you get per unit.

The Colonial Penn guaranteed issue life insurance policy (995 plan) costs only $9.95 monthly per unit. If you want more than one unit, you will multiply $9.95 times the number of units you’d like, yielding the total monthly cost. For example, if you buy 10 units, the total monthly cost would be $99.50.

A unit of coverage from Colonial Penn varies based on your age and gender. A 65-year-old male gets $896 in coverage from one unit. A 65-year-old female gets $1,258 in coverage from a unit.

Colonial Penn life insurance for $9.95 per month is a guaranteed acceptance whole life policy. Colonial Penn sells their coverage by the unit. How much coverage you get from each $9.95 unit depends on your gender and age.

A unit of coverage with Colonial Penn costs only $9.95. That’s true for all ages and genders. What varies is how much coverage you get from a unit. For example, a 70-year-old female gets $1,000 in coverage from one unit, and a 70-year-old male gets just $689 in coverage from a unit.

Although many Colonial Penn life insurance reviews claim that Colonial Penn sells term life insurance, they do not. Currently, the guaranteed acceptance whole life policy ($9.95 plan) is the only type of life insurance they sell.