Would you be surprised to learn that a $9.95 Colonial Pain unit will give a 50-year-old male only $1,786 of life insurance? And if you are over 50, one unit will give you even less coverage! In colonial penn life insurance rate chart.
Here is another example.
A 75-year-old woman would get only $792 of life insurance coverage from a $9.95/month unit.
Oh, and all of their units have a waiting period of 2 years before you can get insured.
The bottom line is that Colonial Pen’s $9.95 units are a rip-off.
You can get more coverage for the dollar spent from other life insurance companies. Not to mention, many other companies offer coverage that has no waiting period. In colonial penn life insurance rate chart.
$9.95 How Colonial Penn Insurance Plan Works
The Colonial Pain Life Insurance Plan for $9.95 per month is a guaranteed acceptance whole life policy with a waiting period of 2 years. There are no health questions or exams. They guarantee your approval.
Oddly, they sell this coverage using a one unit system (up to 12 units per person) where each unit provides a specific amount of life insurance.
In fact, everyone pays only $9.95 per unit of coverage, and how much coverage you get from each unit varies depending on your age and gender.
You have to decide how many units you want. For example, if you purchased 5 units, your monthly premium would be $49.75, and 12 units would cost $119.40 per month.
But as for the million dollar question…
How Much Life Insurance Coverage Do You Get for $9.95?
The short answer is not much.
In the next paragraph below, you can see exactly how much coverage one unit provides for all ages. In colonial penn life insurance rate chart.
|$9.95 Plan Product Details|
|Policy Type||Whole Life Insurance|
|2-Year Waiting Period||Yes|
|States Available||All States|
|New Applicant Age Range||50-85|
|Coverage Amount Range||1-12 Units|
|Cost||$9.95 Per Unit|
(regardless of age or gender)
What is a Unit?
One unit of Colonial Pain coverage corresponds to the life insurance benefit amount you receive for $9.95 per month. Your age and gender determine the exact amount of insurance coverage an entity will provide.
Below is a table that clearly shows how much Colonial Penn life insurance you get using their unit system.
|AGE||1 Male Unit ($9.95)||1 Female Unit ($9.95)|
|12 units is the most you can buy, and this coverage comes with a 2-year waiting period.|
|50||$1,786 in coverage||$2,083 in coverage|
|51||$1,732 in coverage||$2,068 in coverage|
|52||$1,676 in coverage||$2,022 in coverage|
|53||$1,621 in coverage||$1,973 in coverage|
|54||$1,562 in coverage||$1,929 in coverage|
|55||$1,506 in coverage||$1,884 in coverage|
|56||$1,452 in coverage||$1,838 in coverage|
|57||$1,392 in coverage||$1,786 in coverage|
|58||$1,333 in coverage||$1,732 in coverage|
|59||$1,273 in coverage||$1,676 in coverage|
|60||$1,214 in coverage||$1,621 in coverage|
|61||$1,157 in coverage||$1,562 in coverage|
|62||$1,099 in coverage||$1,506 in coverage|
|63||$1,043 in coverage||$1,452 in coverage|
|64||$987 in coverage||$1,392 in coverage|
|65||$932 in coverage||$1,333 in coverage|
|66||$880 in coverage||$1,273 in coverage|
|67||$834 in coverage||$1,214 in coverage|
|68||$792 in coverage||$1,157 in coverage|
|69||$753 in coverage||$1,099 in coverage|
|70||$717 in coverage||$1,043 in coverage|
|71||$683 in coverage||$987 in coverage|
|72||$652 in coverage||$932 in coverage|
|73||$620 in coverage||$880 in coverage|
|74||$589 in coverage||$834 in coverage|
|75||$560 in coverage||$792 in coverage|
|76||$531 in coverage||$753 in coverage|
|77||$503 in coverage||$717 in coverage|
|78||$477 in coverage||$683 in coverage|
|79||$450 in coverage||$652 in coverage|
|80||$426 in coverage||$620 in coverage|
|81||$424 in coverage||$589 in coverage|
|82||$423 in coverage||$560 in coverage|
|83||$421 in coverage||$531 in coverage|
|84||$420 in coverage||$503 in coverage|
|85||$418 in coverage||$477 in coverage|
What is Colonial Pen Rate Lock?
Colonial pen rate lock is not unique. In fact, every single life insurance company that sells whole life insurance offers the same benefits.
They are referring to the fact that their coverage is whole life insurance, which has a fixed monthly value for life. Whole life insurance, no matter who you buy it from, always has a lock-in rate.
Alternative Colonial Penn Whole Life Insurance Options
They don’t advertise it, but Colonial Penn does offer a more whole life policy outside of their $9.95 plan. In colonial penn life insurance rate chart.
As you can see here, this whole life policy is very different.
In short, this whole life policy is not sold by the entity, and has an underwriting component. You must be medically qualified, which means you must answer health questions (you can view them here).
Underwriting is pretty strict on this plan, so don’t expect to qualify unless you’re in picture-perfect health.
Even if you qualify, the prices are not very competitive. For example, a 66-year-old male would pay $70.15 per month for $10,000 in coverage for this Colonial Penn Whole Life Plan. In comparison, Mutual of Omaha will only charge $59.85 per month.
Below is a table that compares both their life choices.
Whole Life ($9.95/Unit)
With Health Questions
|Coverage Options||1-12 Units||$10,000 – $50,000|
|Has Health Questions||No||Yes|
|2-Year Waiting Period||Yes||No|
|Medical Exam Required||No||No|
Company history, financials and complaints
Colonial Pain Life Insurance Company was founded over 50 years ago by AARP co-founder Leonard Davis. They are owned by CNO Financial Group.
They were one of the first insurers to offer guaranteed acceptance life insurance.
For many of years, Alex Trebek was the face of the Penn Life Insurance Company. He was one of a paid endorser until his death on November 8, 2020.
Now, the Meredith Viera has assumed the role of their paid spokesperson.
Currently, A.M. BEST rated Colonial Pen an A- which is good. However, Standard & Poor’s and Fitch have downgraded their ratings to BBB+. Moore’s rating is Baa1.
One rating organization where they shine is the Better Business Bureau. They currently have an A+ rating. In colonial penn life insurance rate chart.
Over the years, he has collected quite a few Colonial Pain life insurance complaints. When you start analyze their complaint ratio with the National Association of Insurance Commissioners, their numbers are well above average.
It is not surprising that they are receiving many complaints considering their misleading advertisement.
When you make it seem like everyone gets $10,000 in coverage for $9.95 a month, you’ll find some angry customers who file complaints against you.
How to Find a Better Life Insurance Option from Colonial Penn
If you’re looking for life insurance for final expenses or anything else, you can find 100% pretty low prices elsewhere.
Also, you are very likely to get coverage that has no waiting period.
The biggest issue with Alex Trebek life insurance is that you are dealing with a captive insurance company.
When you talk to a Colonial Pain agent, they can’t shop around and show you another insurance company that can potentially give you a better deal. In colonial penn life insurance rate chart.
In short, an independent agency like Choice Mutual will shop the market for you to determine which insurance carrier has the best prices and coverage based on your unique situation.
Believe it or not, working with an independent agency doesn’t cost you anything, and the insurance itself isn’t overly expensive.
Working with an independent agency can save you up to 70% on your life insurance (that’s no exaggeration).
You can call us at 1-800-644-2926 and we can assist you. We are independent and have over 15 different A rating companies that we will purchase for you. Final Expense Life Insurance is our specialty. We do all this. In colonial penn life insurance rate chart.
FAQ about Colonial Penn Life Insurance Rate Chart Best in 2022.
What is the cost of one unit of Colonial Pen?
The minimum value of a unit of coverage is approximately $400 and the maximum is approximately $2,100, meaning the maximum death benefit you can choose is approximately $16,800. For example, let’s say that one unit of coverage provides a $1,621 death benefit for a 60-year-old woman. In colonial penn life insurance rate chart.
How Much Coverage Can You Get with Colonial Pain?
The maximum coverage capacity of Colonial Pain’s whole life insurance policy is only $50,000. This policy requires the insured to answer health-related questions, but not complete a medical examination.
How much is Colonial Pain in a month?
The Colonial Pain Life Insurance Plan for $9.95 per month is a guaranteed acceptance whole life policy with a waiting period of 2 years. There are no health questions or exams. In colonial penn life insurance rate chart.
Does Colonial Pain Life Insurance Have a Cash Value?
Colonial Pain’s 995 plan is a guaranteed acceptance life insurance product with limited underwriting and small death benefits accumulating cash value. Unlike term life coverage. In colonial penn life insurance rate chart.
Who Owns Colonial Pens?
CNO Financial Group
Conseco Life Insurance Company of Texas
Colonial Penn/Parental Organization
Thanks for reading colonial penn life insurance rate chart.