2023 Colonial Penn Life Insurance for Seniors (Beware)

2024 Colonial Penn Life Insurance for Seniors (Beware)

February 17, 20247 min read

Particularly with Colonial Penn Life Insurance For Seniors, life insurance can be pricey.

But unlike other life insurance options, Colonial Penn Life Insurance Company charges high rates and imposes a two-year waiting period.

For instance, their costs are greater than the majority, which is something to take into account when looking into senior life insurance.

Before choosing who will receive your business for life insurance with confidence, you should be aware of the fine print in their policy.

How Good Is Colonial Penn Life Insurance For Seniors

Senior life insurance can be challenging, particularly when it comes to Colonial Penn’s coverage options. They provide a Guaranteed Acceptance entire life plan for seniors over 75 for just $9.95 per unit.

Additionally, there are no health-related questions or medical tests required, thus admittance is guaranteed!

However, those under 75 have slightly different options, such as increasing term life insurance or simplifying issues, which both come at a higher price than their younger counterparts but might end up saving them money in the long run, depending on how often they utilise their policy over its lifetime (2 years).

The saddest thing about these policies given by Colonial Penn is that anyone over 75 would always have to wait two years after acquiring a new policy before they can apply for benefits once more. This could be the deciding factor.

No services unrelated to insurance, such as financial advice or estate planning, are offered by a Colonial Penn life insurance firm.

The business provides supplemental health insurance that can be used in addition to your current health insurance to cover expensive medical expenses.

Although Colonial Penn does not provide a mobile app for managing policies, you might be interested in the following benefits.


Colonial Penn offers a Unit; what is a Unit?

Through lifetime coverage and an accumulating cash value, permanent life insurance can help you safeguard the future of your family.


If you add an expedited death benefit rider to your Colonial Penn Life Insurance policy and are found to have a covered ailment, such as cancer or a heart attack, you will receive 50% of your death benefit.

Each unit of Colonial Penn’s life insurance coverage costs $9.95 a month and offers varying amounts based on factors such as age, gender, and others.

For instance, at their current age, a 75-year-old male would receive around $560 in coverage from a single unit. This strategy is obviously not the greatest one for the grandparents.

The average number of units purchased for life insurance for any particular policy period is twelve, but it is advised that customers only buy the amount of life insurance benefit required to meet their immediate financial needs (i.e., six).

Here are some figures that illustrate how much each unit will cover based on several criteria

Colonial Penn Final Expense Whole Life Insurance

If you have a certain medical condition, Colonial Penn whole life policy’s “Living Insurance” option allows you to receive a portion of the death payment.

Policies with guaranteed acceptance do not offer this choice. You can select living insurance if you have had a heart attack or stroke, a specific type of cancer, or a persistent illness that is incapacitating.

At Colonial Penn, there are two varieties of whole life insurance.

The first, and most popular, is their guaranteed acceptance plan, which has a 2-year waiting period and costs $9.95 per unit.

The second does not have any waiting periods but has additional restrictions, such as higher prices because of risk considerations even though it is no longer subject to the medical exam after the initial issue date. It also has additional health questions about age or medical history that must be answered in order to qualify for it (which can include some exclusions).


How Does Colonial Penn Stack Up Against Their Competitors

Better pricing and underwriting are available from numerous different final expense whole life insurance providers.

For instance, compared to Colonial Penn, many carriers provide better rates or have more relaxed eligibility restrictions.

Call us at 855-468-8900 or complete the quote form to the right if you’re interested in receiving a quote from another business, and we’ll show you rates in a matter of seconds.

Additionally, avoid businesses like AARP, Colonial Penn, and GLOBE Life.

Colonial life insurance Rates for seniors

Let’s look at the rates for Colonial Penn’s basic problem plan.

AGE (5yr Increments) (5yr Increments)


Colonial Penn Renewable Term Life Insurance

If you apply for Colonial Penn Term Life Insurance, they will inquire about any family history of cancer or heart problems.

They take this action because studies indicate that these illnesses can raise the chance of death and result in lower rates for policyholders.

This information has probably already been shared with your employer if you have a prescription drug plan, so when applying, be sure to be honest!

How Does Colonial Penn Stack Up Against other No Medical Exam Term Providers

Research is the greatest approach to ensure that you are being offered term life insurance.

There are many other firms that have better rates, and it’s important to remember that buying term life insurance to pay for final expenses is never a good idea because there is a risk of outliving the policy (nearly 90% of life insurance claims are not paid off).

Then, you wouldn’t have any assured acceptance coverage for memorial expenses!

The tables display the rate of change in the cost of term life insurance offered by Colonial Penn.

I sincerely hope that this information was useful in assisting you or someone else in locating dependable, cost-effective healthcare solutions!


Does Colonial Penn offer Burial Insurance?

The terms burial insurance, final expense insurance, funeral insurance, and cremation insurance are all interchangeable in order to clear up any confusion.

All of these entire life insurance policies are simplified. Simply said, they have various labels for marketing reasons.

A Colonial Penn burial insurance policy features a two-year waiting period and is a guaranteed acceptance full life plan.

You receive very little coverage for the $9.95 per unit that varies according on your age and gender.

No matter how affordable they may seem at first glance, the majority of Colonial Penn insurance have their own specific restrictions.

Colonial Penns History…

Leonard Davis, a co-founder of AARP, established Colonial Penn more than 50 years ago.

They are currently owned by CNO Financial Group and were among the first life insurance companies to offer assured acceptance life insurance.

After presenting Jeopardy for 36 seasons on television, Alex Trebek served as the spokesperson for their advertisements for a number of years. He died in 2020 at the age of 80. Ed Mcmahon was another former host.

The present state of affairs at Colonial Penn Life Insurance Company is outlined here.

However, all of their ratings fall below what would be deemed good or average compared to other life insurance firms in their region, according to various rating agencies:

  • From AM, A Best;

  • BBB+ and Baa1 ratings from Standard & Poor’s and Fitch, respectively;

  • CCC from Moody’s (due to unresolved claims).

Currently, the lone exception is that it has an A+ rating from the Better Business Bureau.

According to statistics gathered by the National Association of Insurance Commissioners, this company has had a lot of complaints throughout time, which puts its complaint ratio significantly over average – around 200% higher than average!


Colonial Penn has been in business for more than a century and has covered more than 10 million customers.

Although that is certainly amazing, there are other, much better options available in the insurance sector with lower premiums and better benefits.

By giving life insurance quotes from many providers so that you may compare prices and coverage levels, we can assist you in locating a whole life insurance policy that is cheap and suits your needs.

If you haven’t had a chance to comparison shop yet, we advise doing so right now!

To see costs right away, call us at 855-468-8900 or complete the quote form on the right.

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