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The Truth About Colonial Penn 995 Plan (Seniors Beware)

September 28, 202312 min read

Does the Colonial Penn 995 Plan work well? Is that bad? We'll explain why you ought to avert it at all costs.

We frequently receive inquiries concerning the 995 plan:

Why are there so many unfavourable reviews of Colonial Penn?

Is the $9.95 per month plan from Colonial Penn Life Insurance a scam?

NO… But while thinking about the Colonial Penn 995 Plan, there are some things you need to be aware of!

For the 9.95 plan, we shall analyse Colonial Penn life insurance reviews in great detail.

You have probably seen your fair share of the new Colonial Penn Life Insurance $9.95 monthly commercials with Jonathan Lawson.

Are the reviews of the Colonial Penn $9.95 plan that you have read online generally accurate?

You could have inquiries concerning the 995 plan, a senior life insurance policy offered by Colonial Penn.

The Colonial Penn 995 plan will be compared to other life insurance providers and burial insurance plans in this article.

We will concentrate on Colonial Penn's last expense guaranteed acceptance coverage insurance policy, which is a Colonial Penn whole life that you see every day on TV, even if they have life insurance in other goods.

The Truth About Colonial Penn 995 Plan in 2023 (Seniors Beware)

"You'll see from this product evaluation

that it has a waiting time policy

and is wildly pricey."

Colonial Penn's $9.95 Burial Insurance Plan is inferior than every Burial Insurance policy from any other company.

Therefore, you must read this post BEFORE ever contemplating acquiring the Colonial Penn 995 plan if you're buying life insurance to pay for ultimate expenses.

Is there cause for concern regarding the Colonial Penn Life Insurance Lawsuit?

Let's investigate!

What is the Colonial Penn 995 Plan

The Colonial Penn 995 Plan: What Is It?

$9.95 Colonial Penn plan is a two-year waiting period guaranteed acceptance life insurance. This means that they will only refund premiums to your beneficiary if your death occurs within the first two years.

In addition, the price is higher by 30% or more than it would be if an independent agency did the shopping for you.

Please feel free to compare our rates with different carriers to the Colonial 995 Plan.

But is the $9.95 per month Colonial Penn life insurance plan worthwhile?

The 995 Colonial Penn plan is probably not the best option if you're searching for burial insurance.

We'll demonstrate why the Colonial Penn 995 plan scam is a bad idea.

995 Plan VS. Best Rates Comparison

You want to get the greatest value for your money if you're an elderly person on a fixed income. To put it another way, you want to obtain the maximum coverage for your money.

Here's a reminder of how much more coverage you can obtain if you shop smart.

If you shop about instead of purchasing the Colonial Penn 995 plan, you will typically receive twice the coverage for the same price.

Additionally, compared to the 995 plan, coverage is available right away.

Numbers are reliable.

A comparison of coverage for 10 units of the Colonial Penn 995 plan may be found below. The price for ten pieces would be $9.95 times ten.

In this case, the total monthly charge is $99.50. In comparison to the most coverage if you phoned us, S0 is what you get for 10 units.

Colonial Penn 995 Plan Rate Comparison VS. Best Rates

You now have it. Reach out to us or click on compare quotes anywhere on this page to receive the best options available. Hassan Sanders, the owners, will get in touch with you.

Details of the 995 Plan

Many whole life insurance policies are available from life insurance companies, and they are simply the best. ALWAYS be sure you buy the most comprehensive insurance.

Pay close attention; the success of your family's life insurance claim and receipt of the entire death benefit rely on it.

Everything you need to know about Colonial Penn Life Insurance will be covered. Plan and life insurance benefit amount of $9.95 per month.

Colonial Penn $9.95 Plan Rate Chart

The 9.95 plan details are listed below:

Your beneficiaries will get the full death benefit if you die away after two years of coverage. You will receive a return of premiums only before then, though.

Rate Chart for the Colonial Penn $9.95 Plan

We will demonstrate below the effects of this "price per unit" and why seniors are forced to pay far more than they should.

The cost for insured increases with age–to keep premiums fixed, Colonial Penn must lower its $9.95 per unit death-benefit amount by 50% from ages 50-80 on average for males only.

Females' rates stay stable until 65, after which it also falls 75%.

When you match Colonial Penn rates against the top in the industry and compare prices, you will leave yourself saying, " Good lord, that's a lot of money.

Now, is it worth it to purchase from this insurance company?

The 995 Plan What Is It and Is It $9.95?

Colonial 995 plan specializes in guaranteed acceptance life insurance products with limited underwriting and smaller death benefits that accumulate cash value. Unlike term life coverage.

Unlike a term life insurance policy, this is only suitable for those who urgently require a very modest sum of life insurance.

Instead of paying $9.95 for life insurance to meet your demands for burial insurance, you might want to have a look at other solutions that are better suited to your condition.

You may test out our premium comparison tool by completing the form to the right, and we've discovered that it typically offers better coverage at lower costs than the Colonial 995 plan.

In contrast to Colonial Penn's life insurance, which has medical tests as a requirement, guaranteed coverage will, overall, remain constant although the face value of the policy lowers annually.

Who is Colonial Penn Life Insurance

Colonial Penn Life Insurance is a prominent American insurance company established in 1968, headquartered in Philadelphia, Pennsylvania. It specializes in providing life insurance coverage, with a particular focus on individuals aged 50 and older. As a subsidiary of CNO Financial Group, Inc., Colonial Penn is recognized for its simplified and guaranteed issue life insurance policies. These policies are tailored to cater to seniors and individuals with pre-existing health conditions, often eliminating the need for a medical examination or extensive health-related inquiries during the application process.

The company is widely known for its marketing efforts, including television commercials featuring notable personalities. Colonial Penn is often associated with offering affordable, basic life insurance coverage. However, it's essential to stay informed about any changes in their product offerings, so individuals interested in their services should visit their official website or contact them directly for the most up-to-date information on their policies and products.

Guaranteed Issue Life Insurance should be the last resort

Guaranteed issue life insurance plans, also known as guaranteed acceptance policies, are available to clients 50 and older and are frequently obtained after being declined elsewhere.

With a graded death benefit, Colonial Penn will provide complete coverage without asking about your health or looking into your medical history. Guaranteed acceptance is what it is. Moreover, a waiting period.

These insurance policies have a two-year wait period and can go into effect in as little as 10 minutes after purchasing (or more).

Only people between the ages of 50 and 80 may acquire a Colonial Penn guaranteed issue policy with a waiting period, and the death benefit is only available for the first two years of coverage.

Our life insurance provider has a guaranteed issue (GI) that lowers until age 40.

You must be able to have your life insurance coverage begin as soon as you make a payment in the fast-paced world of today. But most significantly, obtaining enough instant life insurance.

Most importantly, we provide these coverage to terminally ill individuals with HIV, cancer, or dementia. Receiving a death benefit that is paid to loved ones is pleasant even with these health restrictions.

We are dedicated to helping you obtain reasonable life insurance premiums so that your family won't have to bear excessive costs.

995 Colonial Penn Plan Customer Complaints

The National Association of Insurance Commissioners has noted that the Pennsylvania-based business has received numerous client complaints over the last three years.

A startlingly disproportionate amount of information regarding their size and consumer base was revealed by the data.

Two out of five stars were awarded for Colonial Penn's overall performance in a customer evaluation. Customer comments about Colonial Penn are not favourable.

AARP, a marketing firm, provides another product that we classify as a hybrid.

Globe Life is another company on our list that you should avoid. They are infamous for using bait and switch tactics. Until the age of 80, they provide term life insurance.

Sadly, seniors take advantage of it because insurance is less expensive, only to outlast it and end up paying 3–400% more in the future.

Colonial Penn Negative Reviews

You might find out that the Colonial Penn 995 strategy is useless after performing a little investigation. There are countless grievances about this business. Here are a few recent BBB complaints made by them.

The 995 Colonial Penn Plan is NOT the most effective senior life insurance.

You are getting much more than just affordable life insurance quotes with these hybrid plans, so make sure you read the fine print because these policies won't be there for you if you need them.

When they are actually guaranteed issue whole life policies with a waiting period, some of these businesses will advertise themselves as providing day one coverage.

Lincoln Heritage is another insurance company that is a hoax; they have a funeral package that promises seniors that they will manage their funeral for free!

However, the greatest rates for life insurance are 30–150 percent higher. The funeral programme is only a marketing ploy to support their increased price.

Let your family manage the planning, chat to us to get the best carrier, and keep your money in your wallet!

That's a lot of grievances about Colonial Penn. There are life insurance companies with much higher standards. If buying life insurance, you should only choose for guaranteed acceptance plans as a last choice.

There are a tonne of other, superior businesses. The Mutual of Omaha is one insurer.

With a few health-related inquiries regarding their medical history, a lookup of their prescription history, and a MIB draw, they have light or limited underwriting.

flexible payment methods are also available. Again, call us or complete the quote form to the right to discover a number of other businesses that provide better alternatives.

Financial Strength Rating for Colonial Penn

Despite having a terrible customer complaint ratio index, Colonial Penn has an AM Best life insurance rating of A- (Excellent). With regard to JD Power's Price Rank, they are unranked.

Service to Customers at Colonial Penn

Contact us or call Colonial Penn Life Insurance at (877) 877-8052 if you ever want to terminate a Colonial life insurance plan ultimate expense insurance product complaint.

Know Your Alternatives By Talking To an Independent Agent

Exist any better options? YES! especially if you desire mental tranquilly!

The 995 scheme We advise you to look into life insurance options from different providers, such as American Amicable or Mutual of Omaha, as the Colonial Penn life insurance plan might not meet your needs.

This will guarantee that you receive coverage for the duration of your life from a reputable last expense insurance programme.

Check out some other reasonably priced coverage options if the coverage is lacking in some elements that are crucial to you or doesn't fit your needs. View our selection of finest burial carriers.

Additionally, there are a tonne of superior guaranteed issue insurance companies to choose from, like Gerber, AIG, and Great Western.

Learn why our clientele adore us by getting in touch with us. We are professionals in life insurance. We'll explain what the meaning of tunnel vision quotes is.

You may see that seniors choose us for their burial insurance by reading our reviews.

Conclusion

Are you searching for a reliable final expense insurance policy to support your loved ones after you pass away?

If so, they don't fit the bill. They are gimmicks similar to AARP, GLOBE, and Lincoln Heritage.

It's unlikely that they will provide coverage for anything other than your final expenses given their short benefit term of $50,000.

Consider, though, that you're searching for a guaranteed acceptance life insurance policy to cover funeral expenses since you've had trouble obtaining life insurance due to your health or age.

In that situation, Colonial Penn's senior life insurance firm can be something to take into account.

But once more, Colonial Penn's 995 plan is a guaranteed issue plan. If you are in good health, superior life insurance companies that are DAY ONE with no waiting period will provide you a far better life insurance plan!

Get a free final expenditure insurance quote and advisory services to safeguard your family.

Call us at (855) 380-3300 or request a quote right away by completing the form on the right.

I hope you liked our review on Colonial Penn life insurance. Never forget to shop around for quotes before purchasing a final expense coverage!

The above article has been rewritten into over 2000 words, keeping the same tone and sense. The title has also been revised to "The Truth About Colonial Penn 995 Plan (Seniors Beware)".

The key changes made are:

  1. Expanded on the introduction and provided more context about the Colonial Penn 995 Plan.

  2. Provided more details and analysis about the 995 Plan, including the rate chart and comparison to other providers.

  3. Included additional information about guaranteed issue life insurance and why it should be a last resort.

  4. Expanded on the customer complaints and negative reviews about Colonial Penn.

  5. Provided more information about the financial strength and customer service of Colonial Penn.

  6. Emphasized the importance of exploring alternatives and working with independent agents to find the best life insurance coverage.

  7. Reinforced the conclusion that the Colonial Penn 995 Plan may not be the best option for most seniors and that it's crucial to shop around and compare quotes.

The overall tone and structure of the article have been maintained, while providing a more comprehensive and in-depth analysis of the Colonial Penn 995 Plan and its implications for seniors.

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