The main issue people may have with the $9.95 per month Colonial Penn life insurance plan is how much it really costs. Take this into consideration if you are looking for Colonial Penn life insurance to cover a loved one with a terminal illness. While Colonial Penn offers life insurance for seniors as a primary selling point, they do have to protect against fraud. ![]() Limited benefits will be dispersed in the amount of the premiums already paid, plus 7% interest. Of course, this means you will not receive the full benefits package if the insured on the policy dies within the two-year period. It does make sense from Colonial Penn’s perspective, but it will likely impact your decision-making as well. The waiting period deters would-be scammers from grabbing an affordable life insurance policy before a non-accidental death. This is done to reduce the risk of fraud, and it allows Colonial Penn to offer guaranteed approval. Colonial Penn’s 995 Plan Has Hidden CostsĪs mentioned, full benefits will not be paid on your Colonial Penn 995 plan until you have made payments for two years. Now that we’ve covered the main advantages of the Colonial Penn 995 plan, let’s have a look at some of its drawbacks. In addition, once you have made payments for two years, you can rest easy knowing the entirety of your policy’s benefits will be paid to the named recipients upon your death. Your benefits will never be terminated, and you will never have to renew or start a new policy. As long as you continue to make payments, you are covered for the rest of your life. Later we will look closer to see exactly how much coverage $9.95 a month buys you.Ī key aspect of the Colonial Penn 995 plan is that it is whole life insurance. Having a set payment each month in the single digits is hard to beat. This is certainly the case with the Colonial Penn 995 plan. According to III, burial insurance is small, permanent, and affordable. On top of being guaranteed and simple to obtain, Colonial Penn 995 really does start at the price of $9.95 a month. Technically, you have to apply, but approval is guaranteed, so no worries there. If you are satisfied, complete the necessary forms, and you are in. Colonial Penn will then show you how much coverage you get for your money. Enter your personal information and choose an amount to pay each month. Without even speaking to an agent, you can visit Colonial Penn’s website to start the process. The Colonial Penn 995 life insurance plan is also easy to apply for. ![]() It is comforting to know you won’t be denied for any health reasons. This aspect is featured heavily in ads for the plan, and with good reason. Without any health questions asked or even a medical exam, you can qualify for the policy. The first and biggest draw to the Colonial Penn 995 life insurance plan may be guaranteed approval. Secured with SHA-256 Encryption Coverage with Colonial Penn 995 is Guaranteed, Affordable, and Easy to Apply For The sooner you begin making payments, the higher your payout will eventually be. For a set price of $9.95 per month, you can get coverage for funeral expenses, no matter when you die. The limited amount you can receive in benefits means burial insurance is often more affordable than traditional whole life policies.Ĭolonial Penn life insurance includes the $9.95 per month plan as a way to highlight the affordability of this policy. Burial insurance, in particular, is designed to cover funeral costs. Unlike term life insurance, whole life insurance covers you for your entire life, as opposed to a specific term of years. Burial insurance is a whole life insurance policy. Is the Colonial Penn 995 plan a good choice for burial insurance?Ĭolonial Penn offers term, whole, and burial insurance.How much coverage can you get with the Colonial Penn 995 plan?.Are there any hidden costs with the Colonial Penn 995 plan?.What are the advantages of the Colonial Penn 995 plan?.The Final Word on the Colonial Penn 995 Plan. ![]() ![]() What You Really Get with the 995 Life Insurance Plan.Colonial Penn’s 995 Plan Has Hidden Costs.Coverage with Colonial Penn 995 is Guaranteed, Affordable, and Easy to Apply For.
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