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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.
Below you’ll see a Colonial Penn life insurance rate chart.
It outlines precisely how much life insurance you get from a single $9.95 unit based on your age and gender.
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Colonial Penn Rate Chart Monthly Cost Per # Of Units
Below is a rate chart table that shows the total monthly cost you’d pay based on how many units you buy.
| # 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** | |
How Much Coverage Do You Get From Each $9.95 Unit?
Use the calculator below to see exactly how much coverage you get per unit based on age and gender.
| 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 |
The Colonial Penn coverage chart below outlines how much life insurance you get from a single coverage unit.
| 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 |
How Does The Colonial Penn $9.95 Plan Work?
The Colonial Penn guaranteed acceptance plan is a whole life policy with no health questions.
Everyone, regardless of their pre-existing conditions, is guaranteed approval.
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.
With Colonial Penn, everyone pays just $9.95 per month for a single unit of coverage.
Whether you’re 50 or 70, male or female, the price is just $9.95 monthly.
It’s an odd way to price final expense life insurance.
No other life insurance company uses the unit system.
How much coverage you get for a unit of coverage varies depending on your age and gender.
As shown in the table above, a 65-year-old female gets just $1,258 of life insurance from one unit.
A 75-year-old female gets $762 of coverage from one unit.
Finally, you must be 50-85 to apply, and 15 is the maximum number of units you can buy.
| $9.95 Plan Product Details | |
|---|---|
| Policy Type | Whole Life Insurance |
| Policy Duration | Lifetime |
| Fixed Premiums | Yes |
| Underwriting Class | Guaranteed Acceptance Life Insurance |
| Health Questions | No |
| Medical Exam | No |
| 2-Year Waiting Period | Yes |
| States Available | All States |
| New Applicant Age Range | 50-85 (50-75 in New York) |
| Coverage Options | 1-15 Units |
| Cost | $9.95 Per Unit (regardless of age or gender) |
Better Final Expense Insurance Options To Consider
After all, Jonathan Lawson (the actor in their ads) proclaims loud and proud that it costs just $9.95.
But once you investigate a Colonial Penn life insurance rate chart, you quickly see how expensive they truly are.
Here’s the bottom line.
Multiple other burial insurance companies offer coverage that is much less expensive and usually has no waiting period.
Here are three insurance providers that give you much more bang for your buck.
Mutual of Omaha
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 stroke, and many other conditions common among seniors.
| 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-$40,000 | |
| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| 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
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 | |
| 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
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.
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 | |
| 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 (no dialysis) 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 earned 1 star out of 5 for overall performance. Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, complaint data from the National Association of Insurance Commissioners, and financial strength ratings.
Learn about our rating methodology.
Frequently Asked Questions
If you pass the health questions, $50,000 in whole life insurance is the most coverage Colonial Penn offers. If you opt for the $9.95 guaranteed acceptance policy, 15 units are the most you can buy.
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.