Colonial Penn burial insurance plans provide great value to customers. Rates for guaranteed burial insurance coverage can be as low as $9.95 for all ages, although coverage amounts will vary. Colonial Penn is well known for its television commercials, but this company actually does offer high-quality burial insurance.
What do you get for $9.95 a month from Colonial Penn?
In its TV ads, Colonial Penn advertises life insurance coverage starting at $9.95 per month for its Guaranteed Acceptance Plan. While the policy doesn’t require a medical exam, it only offers limited benefits for the first two years.
What is the 9.95 plan?
The Colonial Penn life insurance for $9.95 per month is a guaranteed acceptance whole life policy with a 2-year waiting period. Everyone pays $9.95 per unit (max of 12 units). How much coverage you get for $9.95 depends on age and gender. There are no health questions.
Does the beneficiary of a life insurance policy have to pay for the deceased funeral cost?
The beneficiary has no obligation to pay for the funeral using the life insurance proceeds. If no beneficiary is named on the life insurance policy, the proceeds will go to the estate. In that case, the proceeds will be used to pay for the funeral and burial.
How much life insurance can I get without a medical exam?
Simplified issue life insurance Simplified whole life, or permanent, insurance policies of up to $50,000 are available for consumers up to age 75 without a medical exam or lab tests.
What types of insurance does Colonial Penn offer?
Colonial Penn life insurance products. Colonial Penn offers three life insurance products: a standard term life insurance, a permanent whole life insurance, and its flagship product, guaranteed acceptance life insurance.
How much does Colonial Penn life insurance cost?
Colonial Penn life insurance cost per unit is always $9.95 for everyone. No matter how old or young you are, male or female, a single unit is always $9.95. Everyone can choose to buy between 1 and 8 units. Again, what will change is the amount of coverage that a unit provides. Aug 12 2019
Should I get Colonial Penn life insurance?
Colonial Penn is a good potential option for customers who want to buy life insurance without a medical exam. However, other providers tend to offer more types of insurance, additional riders, and other benefits that Colonial Penn lacks. Other providers-Mutual of Omaha included-can also offer lower premiums for each dollar of coverage.
What is an unit of Colonial Penn life insurance?
Colonial Penn uses something called a unit to calculate the total death benefit available to you. The unit refers to the total death benefit available based on how old you are and your gender. Oct 31 2019