Truth About Colonial Penn 995 Plan Life Insurance In 2023
You change the station and see a commercial for the Colonial Penn 995 plan featuring paid spokesperson Jonathan Lawson.
As the advertisement comes to a close, you discover that there are benefits like never having premiums go up or terminating suddenly for just $9.95 per month (less than 35 cents/day!). It sounds too good to be true.
The amount of insurance you receive for $9.95 per month is then. Continue reading, and we’ll get to that exact point!
Although Jonathan Lawson advertises a last expense life insurance policy for for $9.95 per month, he is not disclosing that this company also sells plans that are offered in units and have some hefty small print attached.
Review of Penn Life Insurance
Many people can consider the offer to be appealing since they lack knowledge about the alternative.
But, Colonial Penn doesn’t care about being transparent about prices; it only cares about taking as much money as it can from prospective clients.
Do not believe paid spokespersons!
You’ve been around long enough to know that if something SEEMS TOO GOOD TO BE TRUE, then it probably is.
When it comes to planning for people who will mourn you after death, the Colonial Penn life insurance for seniors $9.95 a unit coverage is not your best choice and might even be one of the worst.
Because YOU need to hear this, we’ve provided an honest and frank Colonial Penn Life Insurance $9.95 per month review.
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Colonial Penn’s Dishonesty $9.95 Plan Defining a Unit
What Colonial Penn Can Provide You for $9.95 a Month
What Kind of Insurance Can You Obtain For $9.95 Each Month?
We Have Better Life Insurance Choices Than The 995 Plan, Which Is A Guaranteed Issue Plan With A Waiting Period Offered By Colonial Penn
The Dishonesty With Colonial Penn $9.95 Plan What is a Unit
A life insurance company and Colonial Penn Life Insurance Company are distinct from one another in that you can only purchase units, not benefits.
The minimum amount of life insurance is $25K, which can be used to cover final medical costs or burial costs. How much coverage can we expect, then?
Sadly, having the 995 plan per unit will cost your family money because there will be less money left over after your death than there was when you were alive. In actuality, MUCH LESS!
I hope this has made things clearer so that people would think about comparing prices before making a purchase.
Your insurance provider’s death benefit decreases as you become older yet prices stay the same.
It seems like they are giving out less and charging more for things that were previously offered for a lower price!
Remember what $9.95 gets you each unit if you were a 70-year-old male who purchased $15,000 in coverage. In actuality, one $9.95 unit will provide coverage for $717 at this age.
Hence, if you wanted $15,000 in coverage, you would have to buy 19 units of life insurance, correct?
The GIMMICK is that you may only acquire a maximum of 12 units from Colonial Penn, making your maximum coverage $8604. You would have to pay $119.40 a month for it.
“For the same price, their rivals offer $20,000 in day-one coverage. How does that feel, I wonder?
What Does $9.95 a Month Get You With Colonial Penn
A Guaranteed Acceptance Life Insurance with Two Year Waiting Period
You can apply for coverage with Colonial Penn without providing any personal information about your health or having a physical.
Simply fill it out and send payment, and then consider yourself totally secured by the sum you were eligible for!
These plans may not always be the greatest option for senior citizens in ordinary health, though, for other reasons.
Why should you buy Guaranteed Acceptance policies like these, which include a 2-year waiting period for death from natural causes, is something you might be wondering.
The answer is straightforward: the majority of seniors will be eligible for another plan that provides coverage from day one and has cheaper costs than other life insurance providers!
PinnacleQuote can typically locate a policy for you that is less expensive per month, provides a greater death benefit, AND YOU WILL BE IMMEDIATELY AND FULLY COVERED FROM DAY ONE!
Your policy will start defending your family immediately, not after two years.
How Much Insurance Do You Get For $9.95 a Month
How much does a Colonial Penn Life Insurance unit cost? We’re going to break it down, then. Please let me know whether this is a viable option for getting cheap funeral insurance.
The price per unit for Colonial Penn life insurance is shown below. The range will be 50 to 85 years old.
As you can see, this product does a terrible job of providing adequate covering. These are this policy’s drawbacks:
- Two years of waiting
- Coverage is reduced EACH YEAR, and it ends at age 85.
- When you most need it, the policy stops doing all it was supposed to!
Colonial Penn 995 Plan Is A Guaranteed Issue With A Waiting Period
Although guaranteed issue life insurance sounds wonderful, there is a caveat.
Your beneficiary won’t get the full death benefits if you pass away within two years of buying your policy.
The majority of Americans do not have the means to wager with their life, but for those who have no other option, it can be worth the danger.
The overwhelming majority of us want nothing more than to be able to enjoy the time we still have on this earth while living the finest life possible right now!
So if you’re in good health, please don’t put yourself in danger just because anything could happen in the next two years.
You will receive your premiums refunded from Colonial Penn along with interest. I’m done now!
But don’t stress about that annoying “graded death benefit”—we have a much better alternative for you.
But, we do provide excellent coverage with the choice of whole-life day-one coverage. Colonial Penn does not aim to sell inexpensive guaranteed acceptance coverage.
We Have Better Life Insurance Options Than The 995 Plan
PinnacleQuote has the greatest final expense insurance if that’s what you’re looking for. We deliver a product unlike any other life insurance provider on the market today thanks to our affordable prices and advantages that never decline!
No medical examination is necessary because we collaborate directly with some of the most reliable carriers to offer this service, making it simple as pie.
You can start receiving a death benefit right away if you use the PinnacleQuote burial programme!
We want to make sure the firm we select is a good fit for you because we know you care about getting the best deal.
To determine your right rate class, we will ask you a few questions before you submit your application, such as whether you have any existing medical conditions or bad habits (like smoking).
We believe you are more valuable than you are paying each month.
While Colonial Penn prefers to communicate with clients via the mail, we are now available on the phone, and our enthusiasm will only help your experience!
You don’t have to go through any hoops to get in touch with us either; just pick up the phone and contact 1-855-380-3300 to speak with one of the owners, Lisamarie Monaco-Ray or Danny Ray.
FAQs
1. What Life Insurance Coverage Does a 995 Plan Provide?
The Colonial Penn 995 Plan offers coverage of up to $50,000. Anybody between the ages of 18 and 75 may join this plan.
2. What Do You Mean by Colonial Penn Per Unit?
The amount of the life insurance payout you receive for paying $9.95 a month constitutes one unit of Colonial Penn coverage. The precise amount of insurance coverage a single unit offers depends on your age and gender. You will need to buy more units as you get older in order to receive a sufficient death benefit. If you have health issues that could reduce your lifespan, you might want to think about purchasing extra units.
3. How Much Does a Life Insurance Unit Cost?
The method used by various insurance companies to determine the price of a single unit of coverage varies. Age, gender, and state regulations are just a few examples of the variables that can impact a unit’s price. An insurance in one state might, for instance, charge more per unit than an insurer in another state. Also, certain life insurance providers may charge a higher premium than others for units costing $5,000 or $10,000. It’s crucial to check prices from various providers while looking for insurance to make sure you’re getting the greatest bargain.
4. What Sets Whole Life Insurance Different From Term Life Insurance?
Both an insurance component and a cash value component are present in a whole life insurance policy. In the case of your passing, your beneficiaries are protected by the typical life insurance component. The cash value component functions similarly to a lifetime savings account. You can take funds out of the cash value account to cover important life events like medical costs.
Renewable term life insurance only offers coverage for a short time, often 10 to 20 years. Your beneficiaries will get a death benefit if you pass away while the policy is still in effect. The policy expires and you (or your beneficiaries) receive nothing if you do not pass away during the term.
Because they cover you for the rest of your life and include a cash value, permanent life insurance plans are more expensive than term ones. They can, however, be a smart choice for those who desire both lifetime access to financial value and lifelong protection.
Conclusion
For many years, PinnacleQuote has assisted hardworking Americans like you in protecting their families.
We want to make a plan for you while also securing the appropriate coverage that will keep them safe should something happen before time runs out because you’ve worked arduous and dangerous hours to give people who depend on you a better life!
With PinnacleQuote, you can cut costs and time. There is no need for an exam or physical because we can handle everything over the phone, including getting a complete life insurance plan authorised!
We provide more than simply life insurance at PinnacleQuote. Instead of what Jonathan Lawson was paid to advertise, our owners will assist you in finding the perfect coverage for your family!
Avoid splurging more than necessary. Call PinnacleQuote at 1-855-380-3300 right away to get a cost-effective life insurance coverage that will be there for you when you need it most.