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.

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

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. Yes, $792 per $9.95 each month for one unit.

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.

What is a 995 plan?

The 995 plan is a Guaranteed Acceptance Policy When you choose Colonial Penn’s Guaranteed Acceptance Program, all you need to provide is your age, gender, and location. At this point, Colonial Penn will assign you a “unit” of coverage that can be purchased for $9.95.

How much coverage is a unit of life insurance?

One “unit” of life insurance usually equals $1,000 worth of coverage for most life insurance carriers. Some policies are arranged and sold in terms of coverage units, and premiums depend on the number of units requested.

How much coverage is a unit at Colonial Penn?

Colonial Penn guaranteed acceptance program The minimum value of a unit of coverage is approximately $400 and the maximum is approximately $2,100, meaning the maximum death benefit you can select is around $16,800. For example, say one unit of coverage provides a $1,621 death benefit for a 60-year-old woman.

Does Jonathan Lawson really work for 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.

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.

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.

Does whole life insurance grow in value?

Cash Value Accumulation in Whole Life Insurance Part of the premium payments for whole life insurance will accumulate in a cash value account, which grows over time and can be accessed. This is because the entire premium does not go to the cash value; only a small portion.

How much does Colonial Penn pay Alex Trebek?

According to The Daily Mail, Trebek is worth around $50 million. That hefty amount is anchored by the reported $10 million annual salary he receives from hosting the show. It’s important to remember that Colonial Penn offers units in the amount of 9.95 each.

How do I cancel my Colonial Penn Life Insurance?

Cancellation Policy To cancel your policy, contact Colonial Penn’s customer service team by calling 800-523-9100. With Colonial Penn, you have 30 days to cancel your policy after enrolling.