[NEW UPDATE] Colonial Penn 995 Plan and Chart by Age
[NEW UPDATE] Colonial Penn 995 Plan and Chart by Age

[NEW UPDATE] Colonial Penn 995 Plan and Chart by Age

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Colonial penn 995 plan? When it comes to deciding life insurance you will need to consider a variety of aspects to think about. For instance the kind of policy do you require? Which company should you choose? Perhaps most important what is the best price for you? This review will take a look at Colonial Penn Life Insurance and examine if it’s the best option for you.

What exactly is Colonial Penn 995 plan?

Colonial Penn offers term, whole burial, and term insurance. Burial insurance is an total life insurance policy. In contrast to term life insurance, whole life insurance is a policy that covers you for the entire duration of your life, not just for the specific duration of time. Burial insurance, particularly is intended to cover funeral expenses. The amount that you receive in benefits means that burial insurance can be less expensive than traditional life insurance.

Colonial Penn life insurance includes the $9.95 per month plan in order to emphasize the value of this insurance. With a price set at $9.95 monthly, you’ll get insurance for funeral expenses regardless of when you pass away. The earlier you start making payments, the more the amount you will receive.

It sounds like a good idea But let’s dive deeper into the specifics to see what you will get for your cash. Before you sign up for any life insurance policy it is important to conduct your own research. We will examine the advantages and disadvantages that come with the Colonial Penn insurance plan.

Colonial Penn Pros

  • Two Whole Life Insurance Options
  • Rates As Low As $9.95 Per Month
  • Living Benefit Features
  • No Medical Exams Required
  • Simple Application Process
  • Lifetime Protection

Colonial Penn Cons

  • $9.95 Does Not Provide Much Coverage
  • Several Negative Customer Reviews
  • Better Coverage Options Through Many Other Providers

The 995 Plan. Is It Really $9.95?

Yes, but this rate can be a bit confusing. Colonial Penn specializes in life insurance with low underwriting, and less payouts in the event of death, making them ideal for people who require little coverage that can be in place rapidly. It is possible to look at alternatives that are more appropriate for your needs. We’ve observed that you may have more coverage and lower costs with a comparison of prices that you can use by clicking the button above.

Colonial Penn 995 Rate Chart by Age

The most common question people would like to know during the Colonial Penn life insurance review is “how much coverage can I get for $9.95?” So let’s take a look.

Age Payout For $9.95 (Men) Payout For $9.95 (Women)
50 $1,669 $2,000
51 $1,620 $1,942
52 $1,565 $1,890
53 $1,515 $1,845
54 $1,460 $1,802
55 $1,420 $1,759
56 $1,370 $1,719
57 $1,313 $1,669
58 $1,258 $1,620
59 $1,200 $1,565
60 $1,167 $1,515
61 $1,112 $1,460
62 $1,057 $1,420
63 $1,000 $1,370
64 $949 $1,313
65 $896 $1,258
66 $846 $1,200
67 $802 $1,167
68 $762 $1,112
69 $724 $1,057
70 $689 $1,000
71 $657 $949
72 $627 $896
73 $608 $846
74 $578 $802
75 $549 $762
76 $521 $724
77 $493 $689
78 $468 $657
79 $441 $627
80 $426 $608
81 $424 $578
82 $423 $549
83 $421 $521
84 $420 $493
85 $418 $468

 

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Colonial Penn’s 995 Plan Has Hidden Costs

As stated, the full benefits won’t be available on you Colonial Penn 995 plan until you’ve paid over two consecutive years. This reduces the chance of fraud and also permits Colonial Penn to offer guaranteed approval. The waiting time deters potential fraudsters from purchasing a low-cost life insurance policy prior to the event of a non-accidental death. It’s logical from the perspective of Colonial Penn however, it is likely to influence your decision-making process as well.

Naturally, this means you will not be able to receive the entire benefits package if the person insured under the policy dies within the period of two years. The benefits are distributed in the amount of premiums you have already paid, and interest of 7. Although Colonial Penn offers life insurance for senior citizens as their main feature, they need to guard against fraudulent claims. Be aware of this if you’re in search of Colonial Penn life insurance to protect a loved one who has an illness that is terminal.

The biggest issue that people be facing about this $9.95 monthly Colonial Penn life insurance plan is the price it costs. While you can buy a policy at less than $10 per month, the plan offers a limited amount of protection. The most important thing is the way Colonial Penn structures their payouts. Let’s take a look.

What you really get with the plan 995? Life Insurance Plan

Typically, life insurance companies let you decide the amount of coverage you’d like. You inform them of the benefits you would like the beneficiaries to receive and they’ll offer the opportunity to pay a monthly amount to accomplish this. You are able to get the coverage you’d like, but the monthly costs will be determined by your insurance provider.

In Colonial Penn, they do things slightly differently. They let you decide how much to pay each month, beginning with $9.95 monthly. Each installment of $9.95 is referred to as a unit and you can purchase the number of units you’d like. Each unit Colonial Penn will tell you how much coverage they’ll give you. The amount of coverage determined by two variables.

First, your gender is considered. Women and men have different life expectancies and since the policies are based on the timing of death in the future, coverages are different for males and females. Since women be more active than their male counterparts, females are able to receive a higher payout by paying over an extended period of time. Women are different from. men rates for term life insurance differ by the company.

The most important factor in determining the amount of coverage you will have to consider your age. The earlier you start paying premiums to the Colonial Penn 995 plan, the greater the value will accumulate. The plan will begin earning cash value as soon as you sign it and it’s beneficial to purchase a policy earlier instead of later. Be aware that you need to be at least 50 years old in order to be eligible.

If the amount of insurance offered through Colonial Penn for your 995 policy isn’t sufficient for the funeral expenses you anticipate then you may be able to make larger payments. In the above paragraph, each $9.95 amount of payment is an “unit” that corresponds to an amount that is a benefit. You can pay as much as 15 units a month of life insurance that is guaranteed burial insurance under Colonial Penn 995. Colonial Penn 995 plan. Of course, this could mean you have to pay much over $9.95 each month. Remember this when you are making life insurance decision.

Information Company Colonial Penn 995 plan

The most well-known Colonial Penn life insurance product is the assured acceptance life insurance. The above card highlights the policy’s benefits, and we’ll discuss more details below.

Company 101 Details
Type Life Insurance Carrier
Founded 1968
Address 399 Market Street
Philadelphia, PA 19106
Email N/A
Phone (800) 523-9100
Website https://colonialpenn.com
BBB Rating A+
A.M. Best Rating A- (Excellent)

 

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Why Get Life Insurance?

Before we get into the details of the ways Colonial Penn can provide you with the protection you require, let’s first go over the basics and then go over the main reasons you should consider life insurance. Although there are many reasons, the main ones are the following:

  • Guard Your Family’s Future: Your family is dependent on your financial support and you are unable to provide them with a life insurance policy, it is vital as it can replace your income if you die in death. Life insurance will provide your family with the funds they require to meet their expenses and lead a full life.
  • Leave an inheritance A fantastic method of preparing your children for a secure financial future is to buy life insurance even if have no other assets you can pass on. If you purchase Life insurance and designate your children as your beneficiaries, you may create an inheritance for your children.
  • Include Financial Security Every parent or spouse is hoping to feel secure that their loved ones are taken care of when they’re gone. That’s why purchasing life insurance can provide those with peace of mind that they are able to care to their family even if they’re not around anymore.
  • Pay-off expenses: One of the most feared fears that anyone faces is the possibility of leaving their family members in financial trouble following the passing of. With life insurance, you are able to help your loved ones by providing an extra source of income or financial aid to cover living expenses including outstanding debts, even burial and funeral expenses.

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