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0.75/5
Overall Score

Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:

Factor Score Value
Price of Coverage
40%
No-Waiting-Period CoverageNo Waiting Period
20%
Financial Strength
20%
NAIC Complaint Index
20%
Overall Maximum
100%

Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.

Rating methodology
Score Breakdown
Price of Coverage
Price of Coverage
40% of overall score

Using this quote calculator, we compare the price of the insurer’s coverage to competitors with equivalent products. The score they receive is based on how close their price is to those three least expensive providers:

  • 5
    0-5% more expensive
  • 4
    6-10% more expensive
  • 3
    11-20% more expensive
  • 2
    21-30% more expensive
  • 1
    ≥ 40% more expensive
Price audit
1.0
No-Waiting-Period CoverageNo Waiting Period
No-Waiting-Period Coverage
20% of overall score

This scoring factor assesses whether an insurer offers coverage with no waiting period and, if so, how difficult it is to qualify for it. If an insurer does not provide coverage with no waiting period, it gets an automatic 1. A score from 2 to 5 indicates that immediate coverage is possible, and the higher the rating, the easier it is for the average applicant to qualify for it.

  • 5
    Most applicants qualify
  • 4
    Fairly easy qualification
  • 3
    Somewhat difficult qualification
  • 2
    Very difficult qualification
  • 1
    No-waiting-period coverage unavailableNo-waiting-period unavailable
1.0
Financial Strength
Financial Strength
20% of overall score

Our financial strength scores are based on A.M. Best’s Financial Strength Ratings (FSR), which measure an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores they receive are based on the following scale:

  • 5
    Superior (A+ or A++)
  • 4
    Excellent (A- to A)
  • 3
    Fair/Good (B- to B++)
  • 2
    Weak/Marginal (C- to C++)
  • 1
    Poor (D or Not Rated)
4.0
NAIC Complaint IndexNAIC Complaints
NAIC Complaint Index
20% of overall score

The NAIC (National Association of Insurance Commissioners) complaint index measures how frequently an insurer obtains consumer complaints relative to a median score across all insurers. Our scoring model is based on an insurer’s NAIC complaint index for the most recently available year and for ‘Individual Life’ products:

  • 5
    0.0 - 1.0 (avg or below avg complaints)
  • 4
    1.01 - 1.5 (slightly above avg complaints)
  • 3
    1.51 - 2.0 (up to 2x avg complaints)
  • 2
    2.01 - 3.0 (up to 3x avg complaints)
  • 1
    ≥ 3.01 (more than 3x avg complaints)
1.0
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Pros

  • Low starting cost ($9.95 monthly).
  • No exam or health questions are required.
  • New applicants as old as 85 can apply.

Cons

  • You get a very small death benefit coverage amount per 9.95 unit.
  • Coverage has a two-year waiting period before being covered for natural causes of death.
  • While Colonial Penn has an A rating with AM Best, it has an extraordinarily high number of negative consumer complaints.

A.M. Best
A
Excellent
Moody's
A3
Stable
S&P Global
A-
Stable

AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.

Moody’s Investors Service rates the creditworthiness of companies. The Moody’s Rating Scale has 21 possible scores ranging from “Aaa” (highest mark) down to “C” (lowest mark).

S&P Global Inc. issues credit ratings on a scale from “AAA” (highest rating) to “D” (lowest rating).

Customer Review Ratings
BBB
1.16/5
282 reviews
Trustpilot
1.6/5
32 reviews
Google
2.9/5
421 reviews
Yelp
1.1/5
37 reviews
Consumer Protection Organization Scores
NAIC Complaint Index
7.75
BBB Score & Accreditation
A+
Accredited

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.

The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.

Ratings and scores valid as of 10/30/2024.
    Policy Type
    Whole Life
    New Applicant Age Range
    50-85 (50-75 in NY)
    Death Benefit Options
    1-25 Units (12 in NY)
    States Where Available
    All
    Builds Cash Value
    Yes
    Has Health Questions
    No
    2-Year Waiting Period
    Yes
    Medical Exam Required
    No
    Age When Policy Expires
    Never
    Prices Increase
    Never
    Policy Type
    Whole Life
    New Applicant Age Range
    Male: 50-73 | Female: 50-75
    Death Benefit Options
    $5,000-$25,000 ($15,000 maximum if ≥ age 66 )
    States Where Available
    New York
    Builds Cash Value
    Yes
    Has Health Questions
    Yes
    2-Year Waiting Period
    No
    Medical Exam Required
    No
    Age When Policy Expires
    Never
    Prices Increase
    Never

     

    Colonial Penn Life Insurance Rate Chart & Coverage Calculator

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

    Number
    Of Units    		Total
    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
    16$159.20
    17$169.15
    18$179.10
    19$189.05
    20$199.00
    21$208.95
    22$218.90
    23$228.85
    24$238.80
    25$248.75
    Source: www.colonialpenn.com. Data retrieved on 10/15/2024.
    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
    Source: www.colonialpenn.com. Data retrieved on 9/12/2024.

     

    What Types Of Life Insurance Does Colonial Penn Offer?

    According to the products page of their website, Colonial Penn only sells whole life insurance.

    The $9.95 plan is their most popular life insurance plan. It’s a guaranteed acceptance policy with no health questions, medical exams, or other underwriting requirements. Because acceptance is guaranteed, there is a two-year waiting period.

    According to the fine print, if you die during the first 24 months, Colonial Penn will only refund your premiums (plus roughly 8% interest). In most states, you can add an accidental death benefit rider for a small additional fee that doubles the death benefit payout if you die from an accident.

    If you live in New York, Colonial Penn also offers LifeChoice whole life insurance. It’s a simplified issue policy without a medical exam. However, eligibility is based on your current and prior health issues. If you’re approved, there is no waiting period, meaning you will get the full death benefit payout starting on the first day of your policy.

     

    How Much Does Colonial Penn Whole Life Insurance Cost?

    In New York only, Colonial Penn offers a no medical exam whole life policy called LifeChoice whole life insurance. Below is a whole life rate table that outlines the prices for this policy.

    Age & Gender$10,000$15,000$25,000
    Female age 50$28.20$41.40$67.80
    Male age 50$33.50$49.35$81.05
    Female age 55$35.70$52.65$86.55
    Male age 55$42.20$62.40$102.80
    Female age 60$43.80$64.80$106.80
    Male age 60$53.10$78.75$130.05
    Female age 65$59.30$88.05$145.55
    Male age 65$74.30$110.55$183.05
    Female age 70$79.70$118.65$
    Male age 70$100.80$150.30N/A
    Female age 75$106.90$159.45N/A
    Male age 75N/AN/AN/A
    Source: www.colonialpenn.com. Data retrieved on 06/24/2024.

     

    Should You Buy Colonial Penn Insurance?

    The Colonial Penn 995 plan is rarely worth buying due to its high cost. You can get far more coverage from multiple other providers for a much lower price.

    In addition, the 9.95 plan has a two-year waiting period before you’re covered for natural causes of death. Dozens of other final expense life insurance companies offer no waiting period policies that fully insure you starting on day one.

    Here are three (and there are many more) such companies that are cheaper and offer immediate coverage options:

    3.25/5
    Overall Score

    Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:

    Factor Score Value
    Price of Coverage
    40%
    No-Waiting-Period CoverageNo Waiting Period
    20%
    Financial Strength
    20%
    NAIC Complaint Index
    20%
    Overall Maximum
    100%

    Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.

    3.25/5
    • $10K Policy Cost $43.99/month*
    • New Applicant Ages 45-80
    • Death Benefit Options $2,000-$50,000
    • 2-Year Waiting Period No
    See Prices Read Aflac review
    4.75/5
    Overall Score

    Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:

    Factor Score Value
    Price of Coverage
    40%
    No-Waiting-Period CoverageNo Waiting Period
    20%
    Financial Strength
    20%
    NAIC Complaint Index
    20%
    Overall Maximum
    100%

    Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.

    4.75/5
    • $10K Policy Cost $41.01/month*
    • New Applicant Ages 45-85
    • Death Benefit Options $2,000-$50,000
    • 2-Year Waiting Period No
    See Prices Read Mutual of Omaha review
    3.5/5
    Overall Score

    Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:

    Factor Score Value
    Price of Coverage
    40%
    No-Waiting-Period CoverageNo Waiting Period
    20%
    Financial Strength
    20%
    NAIC Complaint Index
    20%
    Overall Maximum
    100%

    Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.

    3.5/5
    • $10K Policy Cost $47.60/month*
    • New Applicant Ages 40-89
    • Death Benefit Options $2,000-$50,000
    • 2-Year Waiting Period No
    See Prices Read Aetna review
    *Policy costs are for a 65-year-old female non-tobacco user

     

    Use this life insurance quotes tool to compare final expense insurance prices from dozens of companies alongside Colonial Penn.

    The purpose of burial insurance is peace of mind, knowing that your loved ones will not be burdened by having to pay for your funeral costs.

    You’ll generally find the best life insurance options by working with a licensed insurance agent.

    Independent agents represent numerous companies, so they compare multiple policies to find you the best rates. Working with an agent is especially important if you have any pre-existing health conditions.

     

    Frequently Asked Questions

    The life insurance benefit per $9.95 unit varies based on gender and age. For example, a 50-year-old male would get $1,669 in coverage, whereas a 50-year-old female would get $2,000. 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 by the number of units you’d like, yielding the total monthly premium. For example, if you buy ten units, the total monthly cost would be $99.50. Remember that how much coverage you get per unit depends on your age and gender.

    Colonial Penn $9.95 rate chart

    The life insurance benefit amount of a unit from Colonial Penn depends upon your gender and age. For example, a 70-year-old male gets $689 in coverage from one unit, whereas a 65-year-old female gets $1,000 in coverage from a unit.

    A unit of coverage with Colonial Penn costs only $9.95 regardless of your age or gender. Remember that your age and gender determine how much life insurance coverage you get per unit. Also, since it’s a whole life insurance policy, the premiums will never increase.

    Colonial Penn does not offer term life insurance options. They only sell permanent life insurance.

    Anthony Martin
    Anthony Martin
    Choice Mutual CEO
    • Author
    • Nationally licensed life insurance agent with over 15 years of experience
    • Personal annual production that puts him in the top .001% out of all life insurance agents in the nation.

    Anthony Martin is a nationally licensed insurance expert with over 15 years of experience and has personally served over 10,000 clients with their life insurance needs. He frequently authors entrepreneurial and life insurance content for Forbes, Inc.com, Newsweek, Kiplinger, and Entreprenuer.com. Anthony has been consulted as an expert life insurance source for dozens of high-profile websites such as Forbes, Bankrate, Reuters, Fox Business, CNBC, Investopedia, Insurance.com, Yahoo Finance, and many more.

    Jeff Root
    Jeff Root
    Life Insurance Expert
    • Editor
    • Nationally licensed life insurance agent with over 19 years of experience
    • Best selling Amazon author.

    Jeff Root is a nationally licensed life insurance expert with over 19 years of experience. He has personally helped over 3000 clients with their life insurance needs. Jeff is a best-selling Amazon author and the managing partner of a highly successful insurance brokerage that manages over 2,500 licensed insurance agents across the USA. He has been a featured life insurance source for prestigious websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet, and many more.

    David Duford
    David Duford
    Life Insurance Expert
    • Editor
    • Nationally licensed life insurance agent with over 10 years of experience
    • Best selling Amazon author of three insurance sales books.

    David Duford is a nationally licensed insurance expert with over 10 years of experience. He has personally helped more than 1500 clients buy life insurance. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. He also runs one of the largest Youtube channels to help aspiring insurance agents serve their clients better.

    Jeff Root
    Jeff Root
    Life Insurance Expert
    • Editor
    • Nationally licensed life insurance agent with over 19 years of experience
    • Best selling Amazon author.

    Jeff Root is a nationally licensed life insurance expert with over 19 years of experience. He has personally helped over 3000 clients with their life insurance needs. Jeff is a best-selling Amazon author and the managing partner of a highly successful insurance brokerage that manages over 2,500 licensed insurance agents across the USA. He has been a featured life insurance source for prestigious websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet, and many more.

    David Duford
    David Duford
    Life Insurance Expert
    • Editor
    • Nationally licensed life insurance agent with over 10 years of experience
    • Best selling Amazon author of three insurance sales books.

    David Duford is a nationally licensed insurance expert with over 10 years of experience. He has personally helped more than 1500 clients buy life insurance. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. He also runs one of the largest Youtube channels to help aspiring insurance agents serve their clients better.

    Choice Mutual often cites third-party websites to provide context and verification for specific claims made in our work. We only link to authoritative websites that provide accurate information. You can learn more about our editorial standards, which guide our mission of delivering factual and impartial content.

    1. Colonial Penn website. https://colonialpenn.com/products/insurance
    2. $9.95 plan. https://colonialpenn.com/products/guaranteedacceptance
    3. Colonial Penn guaranteed acceptance plan. https://colonialpenn.com/products/guaranteedacceptance
    4. CNO Financial Group. https://www.cnoinc.com/what-we-do
    5. 1997. https://www.wsj.com/articles/SB862407721590336500
    6. LifeChoice whole life insurance. https://colonialpenn.com/products/lifechoice-wholelife
    7. A.M. Best. https://ratings.ambest.com/DisclosurePDF.aspx?AMBNum=6240
    8. Moody's. https://ir.cnoinc.com/financials/financial-ratings/
    9. S&P Global. https://ir.cnoinc.com/financials/financial-ratings/
    10. BBB. https://www.bbb.org/us/pa/philadelphia/profile/insurance-companies/colonial-penn-life-insurance-company-0241-80001800
    11. Trustpilot. https://www.trustpilot.com/review/www.colonialpenn.com
    12. Google. https://www.google.com/maps/place/Colonial+Penn+Life+Insurance+Company/@39.9506348,-75.1516416,16z/data=!3m1!5s0x89c6c88446e79631:0xedc6cdcc6712c19c!4m8!3m7!1s0x89c6c8844712c7c7:0x36df3df4d2e9e0b5!8m2!3d39.9506308!4d-75.1467707!9m1!1b1!16s%2Fg%2F1tgw5_2_?entry=ttu
    13. Yelp. https://www.yelp.com/biz/colonial-penn-insurance-philadelphia
    14. NAIC Complaint Index. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_COMPLAINTS&COCODE=62065&REALM=PROD&COCODE=62065&REALM=PROD
    15. BBB Score & Accreditation. https://www.bbb.org/us/pa/philadelphia/profile/insurance-companies/colonial-penn-life-insurance-company-0241-80001800
    16. www.colonialpenn.com. https://colonialpenn.com/quote
    17. accidental death benefit rider. https://colonialpenn.com/documents/7880008/7878584/ADR_GBL_new.html/5c8897fa-5ede-1dc3-f89f-b6286d13b2ba?t=1630500060773
    Article Published
    08/26/2022
    Article History Added
    04/25/2025
    History feature implemented