Colonial Penn 995 Plan – An Important Review

As the name implies, Colonial Penn’s 995 Plan offers guaranteed issue life insurance coverage for $9.95 per insurance unit. 

The Colonial Penn 995 Plan is a life insurance plan designed for seniors over the age of 50. The plan provides modest amounts of life insurance and everyone pays the same amount for a unit of coverage.

Should you buy a Colonial Penn’s $9.95 plan? 

Not necessarily. 

Typically, you can find more coverage for less cost elsewhere. But, it’s best to be informed. 

Here, you will find everything you need to know about Colonial Penn’s 995 plan, including its pros and cons, frequently asked questions, and next steps. 

Table of Contents

1. Who Is Eligible for the Colonial Penn 995 Plan?
2. What Are the Benefits?
3. How Can I Apply?
4. FAQs in Relation to Colonial Penn 995 Plan
5. Company History
6. Next Steps

Who Is Eligible for the Colonial Penn 995 Plan?

The Colonial Penn 995 Plan is available to people ages 50-85 who are US citizens or permanent residents. There are no medical exams required, and you can get coverage in as little as 24 hours.

Everyone qualifies and everyone pays the same rate. 

This makes the plan an attractive option for seniors who want to protect their loved ones from financial burden in the event of their death.

What Are the Benefits of the Colonial Penn 995 Plan?

The policy offers guaranteed acceptance for those aged 50-85, and there is no medical exam required.

This makes it a very convenient option for seniors who want to be prepared financially for their final expenses.

How Can I Apply for the Colonial Penn 995 Plan?

Assuming you are over the age of 50, here are the steps to apply for the Colonial Penn 995 Plan:

1. Go to www.colonialpennlife.com
2. Click on “995 Life Insurance” under “Our Products”.
3. Scroll down and click on “Get a Quote”.
4. Enter your zip code and date of birth, then click on “See Plans & Pricing”.
5. Select whether you are a smoker or non-smoker, then click on “Continue”.
6. On the next page, select your gender and coverage amount (between $10,000-$50,000), then click on “See My Price.” This will take you to the medical exam request form.
7. Fill out your personal information including name, address, phone number etc., as well as emergency contact information.
8. Once complete, click “Submit.” A customer service representative will reach out to schedule an appointment for your free medical exam.
9. Once you have completed the exam, the results will be sent to Colonial Penn and a decision will be made on your coverage.
10. If approved, you will receive your policy documents and can begin paying premiums.
11. You are now covered by the Colonial Penn 995 Plan.

Key Takeaway: The Colonial Penn 995 Plan is a life insurance policy for people over the age of 50 who are employed full-time. The Colonial Penn 995 Plan is a life insurance policy for people between the ages of 50 – 85.

FAQs in Relation to Colonial Penn 995 Plan

Here, we will cover frequently asked questions about Colonial Penn’s 995 Plan and their important answers. 

What does Colonial Penn give you for $9.95 a month?

It depends on your age and gender. 

For $9.95 a month, Colonial Penn grants you a unit of insurance. The value of each unit is determined by how old you are and whether you are male or female. 

For example, consider the following dollar amounts of coverage per unit: 

• 50 year old male – $1,669
• 50 year old female – $2000
• 65 year old male – $896
• 65 year old female – $1,258
• 85 year old male – $418
• 85 year old female – $468

What is the maximum number of units an individual can buy?

12 units. 

More often than not, this means you may not be able to secure your desired about of coverage even if you buy the maximum amount of units. 

Here’s what we mean – let’s say, for example, you a 65 year old male. The most coverage you can secure is $10,752. That amount may not even cover that final bill for you funeral. 

What kind of coverage do you get for 995 at Colonial Penn?

The 995 plan from Colonial Penn is a life insurance policy that can be used to cover final expenses, such as funeral costs.

The death benefit of the policy is typically $10,000, but this varies depending on the age and gender of the applicant. 

This type of policy does not require a medical exam or health questions, which makes it an attractive option for seniors who may have difficulty qualifying for traditional life insurance coverage.

Why do females receive more in coverage per unit of insurance?

Females are more likely to live longer than males, statistically-speaking. 

While it sounds impersonal, insurance rates are partly determined by mortality tables, or actuarial tables. The more likely someone is to pass away, the more they are charged for life insurance coverage.   

Colonial Penn History

Founded in 1968 by Leonard Davis, the AARP co-founder, Colonial Penn is now owned by its parent company CNO Financial Group. 

Made famous by Alex Trebek’s commercials, Colonial Penn is known for their life insurance products that cater to the senior market. 

Colonial Penn is currently headquartered out of Philadelphia, Pennsylvania. 

Next Steps

If you are a senior citizen in need of insurance coverage, iSeniorBenefits can help. We offer a variety of plans to fit your needs, including final expense, Medicare, health, and cancer insurance. Contact us today to learn more about our services and how we can help you get the coverage you need at an affordable price.