Please contact us Monday through Friday at (800) 523-9100 between 8:30 A.M. to 5:30 P.M. ET if you have any questions or concerns.

How much life insurance do you get from Colonial Penn for $9.95 a month?

You call Colonial Penn to get a quote for $15,000 in coverage and they tell you they can’t do that– you have to buy units. For a 68 year-old-male, 1 unit at $9.95 a month qualifies you for a total of $792 in life insurance coverage.

How much is a unit of Colonial Penn life insurance worth?

Colonial Penn’s guaranteed life insurance works by adjusting the benefit amount (also known as coverage) per unit based on your age, gender and location. Each unit will always be $9.95, but how much coverage you get for $9.95 will change. If you want to get more coverage, you have to buy more units.

Is Colonial Life and Colonial Penn the same company?

Is Colonial Life and Colonial Penn the same insurance company? No. Colonial Life provides a range of life, and supplemental coverage plans to benefit the employees.

Is Colonial Penn life insurance whole life or term life?

Colonial Penn’s guaranteed acceptance program is a whole life insurance policy with a limited death benefit, and is often marketed to seniors who want to reduce their family’s financial impact upon their death.

What do you get from Colonial Penn for 995 a month?

Colonial Penn 995 plan (guaranteed acceptance) 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.

How much coverage do you get with Colonial Penn 995 plan?

With this plan, you can receive a coverage maximum of $50,000, and it is available to anyone between the ages of 18 and 75.

Who is Jonathan from Colonial Penn?

Jonathan Lawson served in the Marine Corps and earned his college degree while working full time at Colonial Penn. Now, Colonial Penn customers who have benefited from Mr. Lawson’s advice over the years say thank you to him, and thank you to Colonial Penn.

Does AARP offer whole life insurance?

The AARP program features permanent and term life insurance with simplified underwriting, which means applicants answer health questions but do not have to undergo a medical exam to qualify. The program also offers whole life insurance with guaranteed acceptance for everyone except for those who are terminally ill.

What is difference between whole life and term life insurance?

Two of the most common types of life insurance are term life vs. whole life. Both term life and whole life provide a death benefit for the beneficiaries you choose, but whole life is a type of permanent policy with a savings component, while term life is only in force for the period of time that you choose.

Who owns Colonial Penn Insurance Company?

Colonial Penn Life Insurance Company is a subsidiary of CNO Financial Group, Inc, a financial services organization headquartered in Carmel, Indiana. Through its subsidiary companies, CNO currently serves more than 4 million middle-income working Americans and retirees.

Who owns colonial life?

The company is headquartered in Columbia, South Carolina. Colonial Life is wholly owned by Unum, but operates as an independent subsidiary.

Where is Colonial Penn headquarters?

The policy builds a cash value, beginning after the first year of coverage, and allows you to choose the death benefit limit. A Colonial Penn Guaranteed Acceptance Plan covers you for your entire life if you continue to pay the premium.

What’s the deal with Colonial Penn?

For decades, Colonial Penn has focused on selling life insurance to older customers. Its most popular plan is a guaranteed issue whole life policy for people age 50 and older. Colonial Penn also offers term life insurance for ages 18 to 75, but the maximum coverage amount may be too small for many families.