Most folks should not be buying guaranteed acceptance coverage from Colonial Penn. If youre just looking for an instant quote to compare rates simply click on our free life insurance calculator. He was born on February 10, 1961 in Apex, North Carolina to Raymond (who predeceased him in death) and Frances . Colonial Penn doesnt even mention how much insurance is provided at the $9.95 price. You just have to read the fine print. 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. Here is our review of the Top Final Expense Companies in the market. As an independent insurance agency, Choice Mutual gets paid a commission from our insurance partners every time we sell a policy. May 18, 2020. Also, it will last forever and build cash value. Those marketing costs get passed down to the consumer. The Colonial Penn 9.95 plan is a guaranteed acceptance life insurance policy with minimal coverage that costs $9.95 per month PER UNIT of coverage (often only between $400-$1,000 depending on your age). Youll want to check the Colonial Penn 995 Plan rate chart that we created so you can see exactly what $9.95 gets you. menu menu. Telesales agents are awarded a full benefits package, in a flexible, work-from-home environment. Lets take a look at their rates. Yes, you can cancel your Colonial Penn policy at any time. Colonial Penn was a pioneer in designing insurance products to meet the needs of the mature market, and in 1968 became one of the first insurers to offer a Guaranteed Acceptance Life Insurance . Its important to note that the Colonial Penn 995 plan is a guaranteed acceptance life insurance. These figures were obtained from the NFDA and are estimates only. How did we get that price? Jonathan features in commercials and selects to represent the Colonial Penn company on Tv commercials now. Join our team to enjoy . The maximum face amount for their whole life policy is $50,000. He is an actual employee of Colonial Penn and not just a paid endorser like Alex Trebek was. While we have done our best to ensure all rates shown are accurate, human error is possible. Fill our the form and well contact you shortly. The Colonial Penn Life Insurance Company (often known as simply Colonial Penn) is an American life insurance company based in Philadelphia, Pennsylvania, founded by philanthropist and AARP co-founder Leonard Davis, owned by CNO Financial Group. All new policies must wait two years before they are eligible for payouts. We broke down a quick example below for a 65 year old man shopping for life insurance. If you pass the health questions, $50,000 in whole life insurance is the most coverage Colonial Penn offers. So what exactly is the Colonial Penn 995 Plan? No, you do not have to take a medical exam for Colonial Penn 9.95. Its also important to note the 223 complaints from the Better Business Bureau over the last three years. Insurance companies base units on risk factors such as age, gender and various requirements of different states. Jonathan Lawson is employed by Colonial Penn as a Director of Quality Assurance and Escalations. Colonial Penn Life Insurance is proud to locally Staying active is a great way to keep your body, your mood, and your mental health at their best. A guaranteed acceptance life insurance from Colonial Penn can be purchased between the ages of 50 and 85, and the death benefit is limited for the first 24 months of coverage. If you want to make sure youre getting the best life insurance policy available, heres what you need to do. With a life insurance company, you can buy that amount of coverage. No health questions and physical or medical exams are required to qualify for this plan. All plans with no waiting period require an applicant to be medically approved and are subject to the incontestability period. If you were to match Colonial Penn 995 Plan rates to the top insurance carriers, you will be shocked at the difference in money. 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. Can someone be denied homeowners insurance? Its important to note that after the two years limited benefit period, Colonial Penn guaranteed acceptance life insurance policy is active. Generally, the payout is the policys face value. (2023, February 16). It caters to people who don't know that they aren't covered in the first two years, There are many other companies that are better and cheaper to use. For example: if you are a 50-year-old male, only $1,786 of life insurance. Consent isnt a condition to purchase our products. In the chart below so you can see how Gerber Life and AIG is straightforward with their maximum coverage. Through his employer, Colonial Penn, Lawson's mission is to make sure every senior can get life insurance protection on a . More than likely its so they can use their creative marketing strategy of offering you life insurance for $9.95 per month. However, you need to keep in mind the terms and also the fine print associated with the Colonial Penn 995 plan. Dennis Haysbert. Is equipment floater the same as inland marine? Since you can only purchase up to 8 units, your maximum monthly premium will be $79.60 [8 units x $9.95 per month]. Once approved for coverage, your premium gets locked in at your current age. You need to be aware: Colonial Penns term rates will increase in time when your life insurance policy renews when youre older. What happens if I stop paying premiums to my Colonial Penn plan? If you shopping for a Colonial Penn plan or already have one of their policies, wed recommend shopping around especially if youre healthy. Explore Careers in Atlanta, GA. Telesales Agent Opportunities. Therefore, every applicant will get a different coverage amount for the same exact premium. In fact it is how all whole life insurance policies work. You should never purchase a guaranteed issue policy unless youre uninsurable. If you die in the first two years, Colonial Penn will only refund your premiums plus a small amount of interest. Its very important that you're honest and answer your agent's questions accurately. The Colonial Penn 995 plan is a Guaranteed Acceptance Plan with a two year waiting period. It doesnt have a medical exam and asks no health questions. Colonial Penn term life face amounts go up to $50,000. it can range from $1,786 to just $418 of coverage per unit. We are not endorsed by, directly affiliated with, maintained, authorized, or sponsored by any companies mentioned within Funeral Funds.com. camel spider symbolism. Unlike some burial insurance or guaranteed issue life insurance from companies that let you choose a particular face amount or death benefit payout, Colonial Penn gets your age, gender, and state, then they assign you a unit of coverage which you can buy for $9.95. Above you will see Guaranteed Acceptance-with NO health questions. This is one of the truths in this commercial. In fact some companies have 3 years or more. In the next section of this article, youll be able to read and learn about Colonial Penn negative reviews, so you can determine for yourself if the insurance plan is worth it. When you purchase the policy, you can be on your deathbed, and they have no way of knowing. Will my car insurance premium go up if I make a claim? Like Colonial Penn 995Plan, these companies offer: Unlike Colonial Penn 995 Plan, these companies also offer: Colonial Penn is a large, well-known company, but you need to read the fine print in these commercials. Funeral Funds is licensed in all 50 states to help individuals and families qualify for the lowest priced coverage with 1st-day coverage options. The carrier has received high ratings through A.M. Best and the BBB and has demonstrated consistent financial strength. This clause makes it economical for the company to offer a no-exam policy. Jonathan Lawson Colonial Penn Sales Manager. It outlines precisely how much life insurance you get from a single $9.95 unit based on your age and gender. We will search for all those companies to get the best rate. victim of crime, or vehicular accident during the first two years, Colonial The good news is, here at Final Expense Benefits, we work with companies that offer burial insurance with no waiting period and burial insurance with no medical exam. For a 68 year-old-male, 1 unit at $9.95 a month qualifies you for a. If you want to provide your family with financial security when you Do I get money back if I cancel my Colonial Penn life insurance? If you have any medical condition that disqualifies you from getting a level death benefit with no waiting period, then GI policy is an excellent choice. Yes, Colonial Penn whole life policies increase in value. Best Guaranteed Issue Life Insurance Companies, The Best Cash Value Whole Life Insurance Companies in 2022, Best No Medical Exam Life Insurance Companies, Best Burial Insurance Insurance Companies, Business Life Insurance For Owners, Partners & Employees, Sample Rates by Age, Gender & Policy Type, Life Insurance with Preexisting Conditions, guaranteed issue final expense life insurance. Philadelphia, Pennsylvania, U.S. Colonial Penn TV Commercial: "Call Sooner". Premiums increase over time in 5-year age brackets up to age 80. This means that it will stay in effect until you die, as long as premiums are paid on time. We are nationally recognized life insurance experts. Facebook gives people the power to share and makes the world more open and connected. Colonial Penn Two Year Wait Guaranteed Acceptance Life Insurance, Features Of Colonial Penns Guaranteed Acceptance Life Insurance, Colonial Penn Guaranteed Acceptance Life Insurance Pricing. Jonathan from Colonial Penn looks straight up demonic. Licensed Agent | CEO @ Funeral Funds of America, Verified | View Our Editorial Guidelines. Not only that, but youll often have significantly lower coverage amounts as the image below shows. They will only refund your premium to your beneficiary plus 7% interest. It's a guaranteed acceptance whole life insurance policy that does not require you to answer health questions. That way we can understand your situation before we can help you. He is an actor and licensed agent and can help you with any questions or concerns you may have about your policy. You won't be denied for pre-existing conditions and everyone pays $9.95 per unit of coverage. Colonial Penn offers flexible payment options. This is true of all other companies we work with at Funeral Funds. Liked by Jonathan Lawson Not all products are available in all states. It has a two-year waiting period on all new policies and maximum coverage of $16,664. Privacy Policy. 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