Colonial penn rate chart

Updated: August 7, 2022

Índice Show

How Much Coverage Can You Get For $9.95 (By Age)?
How Many Units Do You Need?
Colonial Penn’s Life Insurance Rates Are NOT Cheap
Colonial Penn $9.95 Plan Rate & Coverage Charts
Is Colonial Penn Legit?
The Colonial Penn $9.95 Guaranteed Acceptance Whole Life Insurance Plan
How Does Guaranteed Acceptance Coverage Work?
Conclusion & Key Takeaways
Leave a Comment
How much insurance do you get from Colonial Penn for $9.95 a month?
What is the value of a unit of Colonial Penn insurance?
How much does Colonial Penn payout?
How much is life insurance per month for a 60 year old?

Let’s be honest.

Colonial Penn’s life insurance coverage is not easy to understand.

Most life insurance companies ask you how much coverage you want, then show you a price.

Not Colonial Penn. For their famous $9.95 guaranteed acceptance policies, you choose the price, and Colonial Penn tells you how much coverage they can offer you.

Let’s dig into some examples.

How Much Coverage Can You Get For $9.95 (By Age)?

With no further ado, see below the rate chart for the Colonial Penn 995 guaranteed acceptance life insurance plan.

The table below shows you how much coverage Colonial Penn will sell you for $9.95, broken down by age and gender.

This amount is referred to as one “unit of coverage” for you. You can buy up to 15 units of coverage, and each one costs the same $9.95 price.

There is no price difference for smokers and non-smokers.

Table: COVERAGE Available for $9.95 (Ages 50-85)

Age	Coverage For 1 "Unit" (Men)	Coverage For 1 "Unit" (Women)
50	$1,669	$2,000
51	$1,620	$1,942
52	$1,565	$1,890
53	$1,515	$1,845
54	$1,460	$1,802
55	$1,420	$1,759
56	$1,370	$1,719
57	$1,313	$1,669
58	$1,258	$1,620
59	$1,200	$1,565
60	$1,167	$1,515
61	$1,112	$1,460
62	$1,057	$1,420
63	$1,000	$1,370
64	$949	$1,313
65	$896	$1,258
66	$846	$1,200
67	$802	$1,167
68	$762	$1,112
69	$724	$1,057
70	$689	$1,000
71	$657	$949
72	$627	$896
73	$608	$846
74	$578	$802
75	$549	$762
76	$521	$724
77	$493	$689
78	$468	$657
79	$441	$627
80	$426	$608
81	$424	$578
82	$423	$549
83	$421	$521
84	$420	$493
85	$418	$468

How Many Units Do You Need?

Having seen the life insurance quotes, consider how much of this guaranteed acceptance coverage you’ll need to cover a simple funeral and burial.

(The average cost of a funeral and burial in the U.S. is now over $10,500.)

Clearly, if your life insurance needs = funeral expenses, then you are going to have to buy quite a few $10 “units” of Colonial Penn’s guaranteed acceptance life insurance to have the coverage options you need.

Colonial Penn’s Life Insurance Rates Are NOT Cheap

Colonial Penn’s rates are not nearly as cheap as their ads lead you to think.

In fact, you can get a lower price for a whole life insurance policy from almost any other company in the life insurance industry.

This includes every life insurance company GetSure represents (e.g., Mutual of Omaha, Liberty Bankers, and Aetna, among many others).

For example, in the tables below, you’ll find comparisons of whole life insurance rates from the nine carriers we represent to those from Colonial Penn, for the demographic that Colonial Penn serves (men and women ages 50-85).

Table: Rates For Colonial Penn vs. Traditional Life Insurers

The punch line is: Colonial Penn profits from customers who do not comparison shop.

If you’re considering purchasing life insurance from Colonial Penn, do your wallet a favor and take a look at your other final expense insurance options before making your decision.

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Colonial Penn $9.95 Plan Rate & Coverage Charts

This is where people get stuck when it comes to Colonial Penn’s life insurance.

Their TV commercials imply you can get adequate life insurance coverage for $9.95. This is misleading, as you can see from the tables above. While you can buy some coverage for that price, the life insurance benefit amount.

Table: Coverage Available By Monthly Premium (Men)

Units (Cost)	50	55	60	65	70	75	80	85
1 ($9.95)	$1,669	$1,420	$1,167	$896	$689	$549	$426	$418
2 ($19.90)	$3,338	$2,840	$2,334	$1,792	$1,378	$1,098	$852	$836
3 ($29.85)	$5,007	$4,260	$3,501	$2,688	$2,067	$1,647	$1,278	$1,254
4 ($39.80)	$6,676	$5,680	$4,668	$3,584	$2,756	$2,196	$1,704	$1,672
5 ($49.75)	$8,345	$7,100	$5,835	$4,480	$3,445	$2,745	$2,130	$2,090
6 ($59.70)	$10,014	$8,520	$7,002	$5,376	$4,134	$3,294	$2,556	$2,508
7 ($69.65)	$11,683	$9,940	$8,169	$6,272	$4,823	$3,843	$2,982	$2,926
8 ($79.60)	$13,352	$11,360	$9,336	$7,168	$5,512	$4,392	$3,408	$3,344
9 ($89.55)	$15,021	$12,780	$10,503	$8,064	$6,201	$4,941	$3,834	$3,762
10 ($99.50)	$16,690	$14,200	$11,670	$8,960	$6,890	$5,490	$4,260	$4,180
11 ($109.45)	$18,359	$15,620	$12,837	$9,856	$7,579	$6,039	$4,686	$4,598
12 ($119.40)	$20,028	$17,040	$14,004	$10,752	$8,268	$6,588	$5,112	$5,016
13 ($129.35)	$21,697	$18,460	$15,171	$11,648	$8,957	$7,137	$5,538	$5,434
14 ($139.30)	$23,366	$19,880	$16,338	$12,544	$9,646	$7,686	$5,964	$5,852
15 ($149.25)	$25,035	$21,300	$17,505	$13,440	$10,335	$8,235	$6,390	$6,270

Table: Coverage Available By Monthly Premium (Women)

Units (Cost)	50	55	60	65	70	75	80	85
1 ($9.95)	$2,000	$1,759	$1,515	$1,258	$1,000	$762	$608	$468
2 ($19.90)	$4,000	$3,519	$3,030	$2,516	$2,000	$1,524	$1,216	$936
3 ($29.85)	$6,000	$5,278	$4,545	$3,774	$3,000	$2,286	$1,824	$1,404
4 ($39.80)	$8,000	$7,037	$6,060	$5,032	$4,000	$3,048	$2,432	$1,872
5 ($49.75)	$10,000	$8,797	$7,575	$6,290	$5,000	$3,810	$3,040	$2,340
6 ($59.70)	$12,000	$10,556	$9,090	$7,548	$6,000	$4,572	$3,648	$2,808
7 ($69.65)	$14,000	$12,315	$10,605	$8,806	$7,000	$5,334	$4,256	$3,276
8 ($79.60)	$16,000	$14,075	$12,120	$10,064	$8,000	$6,096	$4,864	$3,744
9 ($89.55)	$18,000	$15,834	$13,635	$11,322	$9,000	$6,858	$5,472	$4,212
10 ($99.50)	$20,000	$17,593	$15,150	$12,580	$10,000	$7,620	$6,080	$4,680
11 ($109.45)	$22,000	$19,353	$16,665	$13,838	$11,000	$8,382	$6,688	$5,148
12 ($119.40)	$24,000	$21,112	$18,180	$15,096	$12,000	$9,144	$7,296	$5,616
13 ($129.35)	$26,000	$22,871	$19,695	$16,354	$13,000	$9,906	$7,904	$6,084
14 ($139.30)	$28,000	$24,631	$21,210	$17,612	$14,000	$10,668	$8,512	$6,552
15 ($149.25)	$30,000	$26,390	$22,725	$18,870	$15,000	$11,430	$9,120	$7,020

Is Colonial Penn Legit?

Technically speaking, Colonial Penn is a legitimate life insurance provider. Their life insurance products are legal and well-regulated, and they will certainly pay out on your claim if you buy a policy from them.

They have an A+ rating from the Better Business Bureau and their parent company is the well-respected CNO Financial Group.

But practically speaking? The Colonial Penn whole life insurance $9.95 plan is far from a legitimately good purchase.

Once you realize how little life insurance you actually get for $9.95, it becomes easy to see that their policies are a ripoff and their TV commercials are highly misleading.

Feel free to take a quick look at our piece on the positives and negatives of life insurance from Colonial Penn.

The Colonial Penn $9.95 Guaranteed Acceptance Whole Life Insurance Plan

So what exactly are you buying if you purchase a Colonial Penn plan?

You are purchasing a guaranteed issue life insurance policy, which is a type of whole life insurance.

You do not have to take any medical exams or answer any health questions because your acceptance is guaranteed.

How Does Guaranteed Acceptance Coverage Work?

With a Colonial Penn guaranteed acceptance policy, you purchase “coverage units.” A unit of coverage is the life insurance coverage that someone can purchase for $9.95.

Coverage amounts are based on your age, gender, and state of residence
The price per unit stays fixed at $9.95
If you want more coverage, you can purchase multiple units

No medical exam

As mentioned above, no matter how sick you are, Colonial Penn will still cover you for the rest of your life. (Recall that whole life insurance is permanent life insurance, so it covers you permanently, as long as you keep paying your premiums.)

Locked-in premiums and death benefits

Once you are approved, your premiums will never increase.

Similarly, your death benefit payout (also known as the face amount of your policy) will never go down, no matter your age or health.

Builds Cash Value

After your first year of coverage, your policy will begin to build cash value. And while you shouldn’t take money out of your life insurance policy lightly, if you need to, you can borrow against your cash value at a fixed rate

Conclusion & Key Takeaways

We’re not going to beat around the bush.

Don’t buy life insurance from Colonial Penn. Especially not their guaranteed acceptance whole life insurance policies (a.k.a their 995 plan).

Burial insurance carriers like Mutual of Omaha, Liberty Bankers, Aetna, American Amicable, Royal Neighbors of America, Foresters Financial, and many more can offer you the same amount of coverage for far less than Colonial Penn.

Finally, if you’re sick of staring at numbers and want to learn more about Colonial Penn’s plans in a more entertaining way, be sure to check out our piece on Colonial Penn’s TV commercials over the years.

If you have any questions, please don’t hesitate to leave a comment and we’ll get back to you promptly.

Warm Regards,
The GetSure Team

Rikin Shah

Rikin is the Founder & Head of Content at GetSure. He is a licensed life, accident & health insurance agent in all 50 states (plus D.C.), with over 10 years of experience in the financial services industry. He holds a B.S. in Applied Mathematics from Columbia University and an MBA from The Stanford Graduate School of Business.

Your Quote Results

GetSure is a marketplace of 14 insurers Our price = the insurance company's price

Our Advice

AVOID Getting Denied... Denials stay on your record for life Denials cause higher future life and health insurance price Denials waste your time

Test Our Worth You Guide Us: Click "Next Step" (below) and tell us more about you We Work: We'll call your lowest-priced quotes until we get you approved We Report Back: In 1 business day, we'll share our findings (+ added solutions)

Apply once. Get approved. Get the best price.

Your Lowest-Priced Policy of Coverage With:

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

You called Colonial Penn for a quote for life insurance. They told you that you have to buy units. For a 68 year-old-male, 1 unit at $9.95 a month will give you $792 in life insurance coverage. This is a good deal because it only costs $9.95 each month for one unit.

What is the value of a unit of Colonial Penn insurance?

A unit of coverage corresponds to the life insurance benefit amount available to you. The per-unit price is a fixed amount, and pricing starts at $9.95 per unit. Several units can be purchased to build a bigger death benefit. Colonial Penn offers up to $50,000 in coverage for people ages 50 to 85 in most states.

How much does Colonial Penn payout?

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.