Is The 995 Plan A Good Life Insurance?

It’s important to note that the Colonial Penn 995 plan is a guaranteed acceptance life insurance. Typically, we would use these life insurance plans for folks with severe health conditions like cancer, cardiovascular disease, or if you’re bound to a nursing home. If you are healthy, don’t be fooled by the price that is being offered.

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. Two years to be exact. If you were to die from an illness or pre-existing condition during the first two years, you don’t receive your full benefit amount

Most seniors don’t know there are other plans available that they will qualify for day-1 coverage, and with lower pricing from other companies

At Final Expense Benefits, we work with the top insurance carriers and can usually find you a plan with a cheaper monthly rate that pays a larger death benefit

Is The Colonial Penn 995 Plan Worth It?

The easiest way to determine if the $9.95 plan is worth it is to compare to it’s competition. Let’s compare Colonial Penn life insurance $9.95 per month plan coverage to the same amount but with Mutual of Omaha.

Let’s say you are a 70-year-old male and in pretty good health. You want $10,000 of coverage to take care of your funeral expenses.

With Colonial Penn, $9.95 a month would actually cost you about $138 per month. How did we get that price? Well, remember, if you are 70 years old, one unit costs $9.95. That unit is $717 of coverage. you would need about 14 of those units to add up to $10,000 of coverage.

The same $10,000 of coverage for a male 70 years of age would be about $74 per month with Mutual of Omaha Below is a chart that estimates the cost of $10,000 of coverage We are comparing the Top A+ Rated Carriers vs Colonial Penn 995 Plan

In the next section of this article, you’ll be able to read and learn about Colonial Penn negative reviews, so you can determine for yourself if the insurance plan is worth it

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These figures were obtained from the NFDA and are estimates only For a detailed quote, please contact an agent.