Laura Berry An effective financial tool, life insurance allows you to leave behind financial support for your loved ones after you die. Unfortunately, if you are shopping for no exam life insurance, it is easy to become overwhelmed by all of the choices on today’s market.
Thankfully, Colonial Penn’s $9.95 plan reviews like this one can help you narrow the playing field to discover which insurance product is the best fit for your coverage needs.
Keep reading this Colonial Penn Life Insurance $9.95 plan review to learn more about the company and the entire range of life insurance products it has to offer you.
What is the Colonial Penn Life Insurance Company?
If you are interested in companies that provide life insurance for seniors, Colonial Penn may be a good fit for you.
Now a subsidiary of the CNO Financial Group, the Colonial Penna Life Insurance company was founded by AARP co-founder Leonard Davis in 1968.
Along with life insurance, like the Colonial Penn $9.95 plan, this insurance company also offers supplemental health insurance products. Colonial Penn makes shopping for life insurance easy as you can request a quote from the company website.
You can call 1-800-523-9100 or use the company’s live chat tool to speak to a company representative if you have questions about a Colonial Penn policy.
What life insurance coverage does Colonial Penn provide?
You may be interested in doing business with Colonial Penn if you’ve seen commercials for the Colonial Penn $9.95 plan, but this insurance company actually offers a variety of different plans, which include:
- Guaranteed acceptance life insurance
- Whole life insurance
- Renewable term life insurance
- Living insurance
These plans have unique features, so let’s take a detailed look at each policy to determine which one best fits your specific insurance needs.
Guaranteed Acceptance Life Insurance
You must be between 50 and 85 years old if you would like to apply for Colonial Penn’s most popular policy, the guaranteed acceptance life insurance policy.
You will not have to undergo a medical exam or answer any questions about your health when applying, making this type of policy a great choice for seniors or individuals with health concerns.
Your Colonial Penn guaranteed acceptance life insurance policy will also build cash value after being active for one year.
Colonial Penn advertises that the rates for such a policy start at $9.95, but the company does not say it will be $9.95 for applicants across the board. So while this policy could be available at a low rate, this number could fluctuate from person to person.
When shopping for insurance, request quotes from multiple companies so you can compare rates and coverage options.
Whole Life Insurance
If you are between the ages of 40 and 75, you are eligible to apply for Colonial Penn’s whole life insurance policy. Your coverage options begin at $50,000 with this policy. This whole life insurance policy can build cash value when it is active.
Unlike other insurance companies that offer whole life policies, Colonial Penn will not require you to take a medical exam. Still, you will have to answer a few health questions to determine your eligibility for this policy.
Remember to make your required payments on time. Failing to do so could result in a policy cancellation and leave you without coverage entirely.
Renewable Term Life Insurance
Colonial Penn’s term life insurance policy is available to individuals between the ages of 18 and 75. You have to option to renew your Colonial Penn Life Insurance policy until your 90th birthday.
Like Colonial Penn’s whole life policy, you won’t have to take a medical exam. Rates for term insurance policies are typically less expensive than other policies. You can review sample term rates here:
Cheap 10 Year No Exam Life Insurance Quotes Male
| $25,000 | $50.000 | $100,000 | $250,000 | |
|---|---|---|---|---|
| 20 Year Old | $10.12 | $7.64 | $8.47 | $11.39 |
| 25 Year Old | $9.97 | $7.71 | $8.60 | $11.58 |
| 30 Year Old | $9.82 | $7.77 | $8.74 | $11.77 |
| 35 Year Old | $10.51 | $7.89 | $8.92 | $12.03 |
| 40 Year Old | $12.10 | $8.51 | $10.30 | $15.25 |
| 45 Year Old | $14.13 | $10.84 | $13.01 | $21.00 |
| 50 Year Old | $17.48 | $13.48 | $16.71 | $26.32 |
| 55 Year Old | $24.49 | $18.31 | $21.72 | $42.28 |
| 60 Year Old | $37.28 | $24.70 | $33.16 | $66.87 |
| 65 Year Old | $46.07 | $38.72 | $69.09 | $148.76 |
| 70 Year Old | $79.94 | $78.61 | $150.93 | $356.18 |
| 75 Year Old | $139.91 | $130.28 | $254.25 | $613.58 |
| 80 Year Old | $232.10 | $330.93 | $655.73 | NA |
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Now, your rates are influenced by a variety of factors, like your age and health, so your rates may vary from those shown above.
Living Insurance
The Living Insurance plan from Colonial Penn is very similar to the company’s whole life insurance plan, but it has a rider called the accelerated death benefit. Such a rider grants you access to 50% of your life insurance benefit if you are diagnosed with a condition covered by the policy like cancer.
Riders are commonly used to enhance life insurance policies. You can use the data table below to examine which companies offer similar insurance enhancements:
Compare Riders Of No Exam Life Insurance Companies
| Foresters | Phoenix Life | American National | Sagicor | Fidelity | |
|---|---|---|---|---|---|
| Accelerated Death Benefit | Included | Included | Included | Included | Included |
| Accidental Death Benefit | Available | Available | Not available | Available | Available |
| Waiver Of Premium For Disability | Available | Not available | Available | Available | Not available |
| Children's Term | Available | Not available | Available | Available | Available |
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Subject to change.
It is also important to note that you won’t have to take a medical exam when applying for a Colonial Penn living insurance policy.
Is filing a claim with Colonial Penn simple?
Unfortunately, if tragedy were to strike, your beneficiary will not be able to file a claim online to access your policy’s death benefit.
Your beneficiary will be required to submit the original life insurance contract and a certified death certificate as to this address: Colonial Penn Life Insurance Company, Life Claims Department, P.O. Box 1918, Carmel, Indiana 46082-1918.
A phone number for the Colonial Penn claims department is not shared online. This could cause frustrations for individuals who need assistance during the claims filing process.
Is Colonial Penn highly rated?
You can rest assured that Colonial Penn will be able to pay out your death benefit as it has A.M. Best gave this company an A-. You can expect good customer service from Colonial Penn as well, as it earned an A+ from the Better Business Bureau (BBB).
What You Need to Know About the Colonial Penn $9.95 Plan
While Colonial Penn advertises that you may buy a guaranteed acceptance life insurance policy for just $9.95, you may be able to secure a term policy for a cheaper rate.
Remember that Colonial Penn says rates start at $9.95, so you may be charged a higher rate. However, if the guaranteed acceptance life insurance policy does not seem to be a good fit for your needs, Colonial Penn does offer other life insurance products.
