The deal with Colonial Penn is that they offer a two-year wait on their guaranteed acceptance policy, which is one of the longest wait times in the industry. Funeral Funds is licensed in all 50 states to help individuals and families qualify for the lowest priced coverage with 1st-day coverage options. You might be asking yourself, What is the Colonial Penn life insurance $9.95 per month plan coverage amount? or Is the $9.95 Colonial Penn Life Insurance worth it? Today we are going to share everything you need to know so you can make the right decision. Additionally, now that you know that Colonial Penn guaranteed acceptance policy has a limited death benefit period, you can now ask more specific questions about it as you shop for plans so that when you finally make your decision, it will surely fit your needs. What is the maximum unit you can buy at Colonial Penn? A limited benefit period or graded death benefit is a clause written in all guaranteed acceptance life insurance policies, including Colonial Penn. Beginning at age 40, you can buy Colonial Penns whole life policy. Once approved for coverage, your premium gets locked in at your current age. Not all products are available in all states. If you find yourself approaching the age of 65 and you still have debt, then keeping a term or permanent life insurance can be an effective way of protecting your spouse or loved ones in the event of your death. Last modified Feb 16, 2023. https://choicemutual.com/blog/colonial-penn-life-insurance-rate-chart/. There is no way to speed up the waiting period with Colonial Penn. The unit refers to the total death benefit available based on how old you are and your gender. We work with many A+ rated insurance carriers that specialize in covering healthy or high-risk clients like you. Most folks should not be buying guaranteed acceptance coverage from 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. With a life insurance company, you can buy that amount of coverage. Colonial Penn term life face amounts go up to $50,000. You can request a quote on their website to see the death benefit amount you can buy up to 8 units of coverage. Since this plan is a guaranteed issue life insurance, there is a two-year waiting period. The Colonial Penn 995 plan is a Guaranteed Acceptance Plan with a two year waiting period. The Colonial Penn $9.95 policy is a guaranteed acceptance life insurance policy with a monthly cost of $9.95 PER UNIT of coverage (often only between $400-$1,000 depending on your age). You want $10,000 of coverage to take care of your funeral expenses. He graduated high school in 1998 and spent the following 14 years as an infantryman in the Marine Corps where he not only served in combat, but also was a Master Instructor at the Marine Corps University. Join our team to enjoy . There are no health questions or exams to determine your eligibility (approval is guaranteed). A unit of the Colonial Penn 995 coverage corresponds to the life insurance benefit amount you receive for $9.95 per month. But since his passing, the actor Jonathan Lawson took his spot on the well known TV commercials for Colonial Penn. If you die during the waiting period, Colonial Penn will only refund your premiums plus a small amount of interest. Yes, Jonathan Lawson is a real person. The Colonial Penn 9.95 plan has several advertised benefits (which are not great benefits if you want a 1st-day coverage plan with the lowest pricing): Compare Quotes From Top Life Insurance Companies, Mailing AddressPO Box 270179Flower Mound, TX 75027 However, you will need to answer some health questions on the application and you will have a 2-year waiting period where it will not pay for any health or medical-related death. But how much does $9.95 get you? These policies only have a few questions and each company is different. Immediate protection for Accidental Death. Youll get more coverage at a lower rate if you buy from AIG or Gerber Life. If you were to match Colonial Penn 995 Plan rates to the top insurance carriers, you will be shocked at the difference in money. He was born on March 27 . For example, a 75-year-old female gets only $762 of life insurance per unit. They will only refund your premium to your beneficiary plus 7% interest. More than likely its so they can use their creative marketing strategy of offering you life insurance for $9.95 per month. What he is promoting is a guaranteed issue life insurance policy that charges $9.95 per unit of insurance. Colonial Penns high prices may have something to do with their marketing as their advertisements are frequently on TV. We also recommend these top 3 companies: If you have any questions about Colonial Penn or any other company, please contact us. Suppose death from natural death occurs during the first two years of the policy. It's a guaranteed acceptance whole life insurance policy that does not require you to answer health questions. Finally, you must be 50-85 to apply, and 15 is the maximum number of units you can buy. camel spider symbolism. The older you get, the less coverage a unit provides for you. is in force or the death must occur within 90 days (180 days in Oregon and The maximum face amount for their whole life policy is $50,000. Your age and gender determine how much you pay each month. If youve seen Colonial Penns commercials then you may have gotten excited when Alex Trebek mentioned their Rate Lock. What is the minimum age to apply for Colonial Penn? What is Colonial Penn guaranteed acceptance program? He frequently authors entrepreneurial and life insurance content for Forbes, Inc.com, Newsweek, and Entreprenuer.com. Terms Of Use This article has been thoroughly reviewed by the author and third-party life insurance experts to ensure it adheres to our quality standards for accurate and honest advice. Most seniors dont know there are other plans available that they will qualify for day-1 coverage, and with lower pricing from other companies. This will result in a substantially cheaper premium and no waiting period. This is the complete opposite way of how almost every life insurance company determines their rate. One unit of Colonial Penn Life Insurance is $9.95, regardless of your age and gender. If you pass the health questions, $50,000 in whole life insurance is the most coverage Colonial Penn offers. Conforming to monthly income, Jonathan Lawson Net Worth is calculated as $15 million Approx. Colonial Penn designed their guaranteed acceptance plan so they are insulated from the inherent risk of insuring those people from deaths door. The maximum unit you can buy at Colonial Penn is 8 units at $9.95 per unit. If you are looking for a professional take on their final expense plan, look no further. What is the waiting period for a payout with Colonial Penn? No problem, the limited death benefit policy may be confusing, but simply understanding that it exists is the most important factor in determining if a guaranteed acceptance policy from Colonial Penn will be right for you. Were always happy to offer our guidance. Join Facebook to connect with Jonathan Lawson and others you may know. Also, it will last forever and build cash value. Paying celebrities like Ed McMahon and Alex Trebek to be your spokesman isnt cheap. What are the limited benefits for the first 2 years with Colonial Penn? This means that the policyholders beneficiary will receive a payout upon death, regardless of when it occurs. What is a unit? Since you can only purchase up to 8 units, your maximum monthly premium will be $79.60 [8 units x $9.95 per month]. Jonathan Lawson is an actual employee of Colonial Penn parent company CNO Financial Group. Colonial Penn has the power to sell its life insurance product through massive advertising, but it does not offer the best value in life insurance. In the chart below so you can see how Gerber Life and AIG is straightforward with their maximum coverage. Colonial Penns whole life policy will grow cash value like all whole life policies. Two years to be exact. Jonathan Lawson first started working at Colonial Penn in 2014. Penn would pay the full death benefit. victim of crime, or vehicular accident during the first two years, Colonial Jonathan Lawson became the official spokesperson of Colonial Penn when Alex Trebek passed away. Colonial Penn Life Insurance Company Commercial 2006 A list of the top final expense insurance companies in the nation and which popular companies to avoid. All content is regularly updated and reviewed to ensure the highest degree of accuracy. YOU MAY NEED LIFE INSURANCE AFTER 65 IF YOU HAVE SIGNIFICANT FINANCIAL OBLIGATIONS. For example: if you are a 50-year-old male, only $1,786 of life insurance. Colonial Penn guaranteed acceptance life insurance is a whole life insurance policy with no health questions asked and no medical exam required. You do need to prequalify for this policy to be approved, but there is no medical exam required. As you can see, our John Doe example can purchase$8,000 in coverage for less than $68. A unit of life insurance is the minimum amount of coverage you can purchase, and an increase in coverage will be a multiple of that basic unit. Learn more about our editorial standards. Mutual of Omaha Living Promise coverage is much less expensive and has no waiting period. The Colonial Penn Life Insurance Company (often known as simply Colonial Penn) is an American life insurance company based in Philadelphia, . In our example above, the maximum amount of coverage that a man age 65 can purchase without any health questions was $7,456. The Colonial Penn $9.95 policy is a guaranteed acceptance life insurance policy with a monthly cost of $9.95 PER UNIT of coverage (often only between $400-$1,000 depending on your age). Consent isnt a condition to purchase our products. If you were to die within the first two years of your policy being in force, then your beneficiary would not receive the death benefit. This plan is marketed to people between 50 and 85 who want to cover their funeral and final expenses upon death. How To Qualify With Pre-Existing Conditions, No Waiting Period Life & Burial Insurance, Mutual of Omaha Children's Life Insurance. Yes, Jonathan Lawson worked at Colonial Penn, at one point. Above you will see Guaranteed Acceptance-with NO health questions. This is one of the truths in this commercial. Home Companies Colonial Penn Life Insurance Company Reviews. Product and policy availability, features, and benefits may vary by state. Can I switch from a Medicare Advantage plan back to Original Medicare. Sinai-Beth Israel Hospital in New York City, New York, with family and. If you want to make sure youre getting the best life insurance policy available, heres what you need to do. Being that the Colonial Penn 995 plan is a guaranteed acceptance life insurance, this also comes with a waiting period before the death benefit would be paid out. back to you. His birthplace is Dunedin, Florida, United States. She started her career in 2016 as a telesales manager and later became a customer service manager. ), there are benefits like never having premiums go up or ending abruptly . Why would Colonial Penn offer life insurance shoppers this odd coverage amount? Not all life insurance providers provide a return of premium at 10% interest. He was born on February 10, 1961 in Apex, North Carolina to Raymond (who predeceased him in death) and Frances . All company names and products are the registered trademarks of their original owners and Funeral Funds of America declares no affiliation, sponsorship, nor any partnerships with any registered trademarks unless otherwise stated.. For example, say one unit of coverage provides a $1,621 death benefit for a 60-year-old woman. It is Colonial Penn's guaranteed acceptance plan. They very likely could be your best option. Based on what you can find online he has a net worth of $15-$17 million dollars. Yes, the Colonial Penn 995 life insurance is a real plan. Jonathan Lawson Colonial Penn Sales Manager. You should never purchase a guaranteed issue policy unless youre uninsurable. A unit is based on the age and gender of the proposed insured. Its important to note that the Colonial Penn 995 plan is a guaranteed acceptance life insurance. We are not endorsed by, directly affiliated with, maintained, authorized, or sponsored by any companies mentioned within Funeral Funds.com. Like other final expense life insurance policies, it does not require a medical exam, but is has a graded benefit. Generally, the payout is the policys face value. A limited benefit period allows the company to offer this type of policy. This is where we really begin working to figure out exactly which company will get you the best rate, and how to make it happen. The Colonial Penn life insurance plan for $9.95 per month is a guaranteed acceptance whole life insurance policy with a waiting period of two years. Since 2018, Colonial Penn sales manager Jonathan Lawson has appeared as a pitchman in the commercials while Trebek was unavailable at times due to health issues. You can choose to pay monthly, quarterly, semi-annually, or annually. While working at Colonial Penn, he earned his degree. How Does The Johnathan Lawson Colonial Penn Life Insurance Plan Work? Yes, the Colonial Penn $9.95 plan has a limited benefit clause that states your policy has to remain in effect for two years before it will pay the death benefit to your beneficiary. No portion of lifeinsuranceblog.com may be copied, published or distributed in any manner for any purpose without prior written authorization of the owner. Not a lot, right?? How much is a unit of Colonial Penn life insurance? You can pay your Colonial Penn premiums in several ways, including by check, credit card, or automatic withdrawal. What kind of life insurance can you get for 995 a month? 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