- Colonial Penn Rate Chart (By Age & Gender)
- Is The $9.95 Plan The Best Life Insurance For Seniors?
- Colonial Penn Whole Life Insurance Rates
- Who is Colonial Penn?
- What is Colonial Penn Guaranteed Acceptance Whole Life Insurance?
- What is Colonial Penn’s Simplified-Issue Whole Life Product?
- Colonial Penn Rate Chart FAQs
- Conclusion & Key Takeaways
Most people here want to know: are Colonial Penn’s rates as good as they sound?
Let’s take a look at the chart below, where we’ve compared how much it would cost to buy $5,000 of coverage from Colonial Penn’s $9.95 Plan and Mutual of Omaha, one of our more popular life insurance partners:
The reality is that they’re charging you almost nothing because they’re giving you almost nothing.
It’s a lousy gimmick, especially when the people coming to you do something selfless for their families.
If you’d like to see genuinely good rates—your best rate across our 19 life insurance partners—please try our quoter below.
Choose kindness.
You never know what battles people may be fighting.
Colonial Penn Rate Chart (By Age & Gender)
The table below shows how much coverage men and women ages 50 to 85 can get for $9.95. (Note that there is no price difference between smokers and non-smokers.)
For example, a 50-year-old man can get a $1,669 death benefit for $9.95 a month. On the other hand, a 50-year-old woman can get $2,000 of coverage for that same monthly rate.
This particular Colonial Penn plan is “guaranteed acceptance,” so you will be approved if you qualify by age (50-85).
How Much COVERAGE You Can Get For $9.95
| Age | Men | Women |
|---|---|---|
| Age 50 | $1,669 | $2,000 |
| Age 51 | $1,620 | $1,942 |
| Age 52 | $1,565 | $1,890 |
| Age 53 | $1,515 | $1,845 |
| Age 54 | $1,460 | $1,802 |
| Age 55 | $1,420 | $1,759 |
| Age 56 | $1,370 | $1,719 |
| Age 57 | $1,313 | $1,669 |
| Age 58 | $1,258 | $1,620 |
| Age 59 | $1,200 | $1,565 |
| Age 60 | $1,167 | $1,515 |
| Age 61 | $1,112 | $1,460 |
| Age 62 | $1,057 | $1,420 |
| Age 63 | $1,000 | $1,370 |
| Age 64 | $949 | $1,313 |
| Age 65 | $896 | $1,258 |
| Age 66 | $846 | $1,200 |
| Age 67 | $802 | $1,167 |
| Age 68 | $762 | $1,112 |
| Age 69 | $724 | $1,057 |
| Age 70 | $689 | $1,000 |
| Age 71 | $657 | $949 |
| Age 72 | $627 | $896 |
| Age 73 | $608 | $846 |
| Age 74 | $578 | $802 |
| Age 75 | $549 | $762 |
| Age 76 | $521 | $724 |
| Age 77 | $493 | $689 |
| Age 78 | $468 | $657 |
| Age 79 | $441 | $627 |
| Age 80 | $426 | $608 |
| Age 81 | $424 | $578 |
| Age 82 | $423 | $549 |
| Age 83 | $421 | $521 |
| Age 84 | $420 | $493 |
| Age 85 | $418 | $468 |
While their TV commercials imply you can get life insurance coverage for $9.95, they “forget” to mention how insufficient that coverage is, as you can see from the Colonial Penn life insurance rate chart by age above.
Colonial Penn’s Life Insurance Rates Are FAR Higher Than Its Competitors
You can get a lower price for a whole life insurance policy from almost any other company in the life insurance industry.
For example, in the comparison tables below, you’ll find the best whole life insurance rate from the 15 carriers we represent, compared to those from Colonial Penn Life Insurance Company for the demographic Colonial Penn serves (men and women ages 50-85).
The punch line is: Colonial Penn Life Insurance Company profits from customers who do not comparison shop
Is The $9.95 Plan The Best Life Insurance For Seniors?
Note: This article focuses on Colonial Penn’s rates. For a comprehensive look at their most famous plan, please see our Colonial Penn $9.95 Plan review.
Having seen the life insurance quotes above, consider how much of Colonial Penn life insurance for seniors coverage you’ll need to cover a simple funeral and burial.
The average cost of a funeral and burial in the U.S. is over $11,000.
If you’re purchasing life insurance to cover your funeral expenses, you will have to buy quite a few $10 Colonial Penn units to have the needed coverage.
If you’re considering purchasing life insurance from Colonial Penn, do your wallet a favor and look at your other final expense insurance options before deciding.
GetSure works with 19 carriers that offer better value and no waiting period policies. See below for comparisons between our carriers and Colonial Penn’s life insurance.
Colonial Penn vs. Competing Carriers: $5,000 of Life Insurance (Men)
| Age | Mutual of Omaha |
Colonial Penn |
Difference |
|---|---|---|---|
| 50 | $17 | $30 | +$13 |
| 55 | $20 | $35 | +$15 |
| 60 | $23 | $43 | +$19 |
| 65 | $30 | $56 | +$26 |
| 70 | $39 | $72 | +$33 |
| 75 | $52 | $91 | +$39 |
| 80 | $69 | $117 | +$48 |
| 85 | $95 | $119 | +$24 |
Colonial Penn vs. Competing Carriers: $5,000 of Life Insurance (Women)
| Age | Mutual of Omaha |
Colonial Penn |
Difference |
|---|---|---|---|
| 50 | $14 | $25 | +$11 |
| 55 | $15 | $28 | +$13 |
| 60 | $18 | $33 | +$15 |
| 65 | $22 | $40 | +$17 |
| 70 | $28 | $50 | +$22 |
| 75 | $38 | $65 | +$27 |
| 80 | $51 | $82 | +$31 |
| 85 | $70 | $106 | +$37 |
Choose kindness.
You never know what battles people may be fighting.
Colonial Penn Whole Life Insurance Rates
While less advertised, Colonial Penn does sell a more traditional whole life insurance product.
This policy does not have “guaranteed approval.” Colonial Penn underwrites your health based on a set of health questions on the application.
This simplified-issue whole life insurance product offers coverage between $10,000 and $50,000 and targets a slightly younger demographic than the $9.95 plan — ages 40-75.
Below is a Colonial Penn life insurance rate chart for men 40-75 years old (in $10,000 coverage increments).
Male Whole Life Insurance Rates (Ages 40-75)
| Age | $10,000 | $20,000 | $30,000 | $40,000 | $50,000 |
|---|---|---|---|---|---|
| Age 40 | $18 | $33 | $47 | $62 | $76 |
| Age 41 | $19 | $34 | $49 | $65 | $80 |
| Age 42 | $20 | $37 | $52 | $68 | $84 |
| Age 43 | $21 | $38 | $55 | $71 | $88 |
| Age 44 | $22 | $40 | $57 | $75 | $93 |
| Age 45 | $23 | $42 | $61 | $80 | $99 |
| Age 46 | $24 | $44 | $64 | $84 | $105 |
| Age 47 | $25 | $47 | $68 | $90 | $111 |
| Age 48 | $27 | $49 | $72 | $95 | $118 |
| Age 49 | $28 | $52 | $77 | $101 | $125 |
| Age 50 | $30 | $56 | $81 | $107 | $133 |
| Age 51 | $31 | $59 | $87 | $114 | $142 |
| Age 52 | $33 | $62 | $92 | $112 | $151 |
| Age 53 | $35 | $66 | $97 | $129 | $160 |
| Age 54 | $37 | $70 | $103 | $137 | $170 |
| Age 55 | $39 | $74 | $110 | $145 | $180 |
| Age 56 | $41 | $79 | $116 | $154 | $191 |
| Age 57 | $44 | $83 | $123 | $163 | $203 |
| Age 58 | $46 | $88 | $130 | $172 | $215 |
| Age 59 | $48 | $93 | $138 | $182 | $227 |
| Age 60 | $51 | $98 | $145 | $193 | $240 |
| Age 61 | $54 | $104 | $154 | $207 | $254 |
| Age 62 | $57 | $110 | $162 | $215 | $268 |
| Age 63 | $60 | $116 | $172 | $228 | $284 |
| Age 64 | $63 | $122 | $181 | $241 | $300 |
| Age 65 | $66 | $129 | $192 | $255 | $317 |
| Age 66 | $70 | $137 | $203 | $269 | $336 |
| Age 67 | $74 | $144 | $215 | $285 | $355 |
| Age 68 | $78 | $153 | $227 | $302 | $376 |
| Age 69 | $83 | $162 | $241 | $320 | $399 |
| Age 70 | $87 | $171 | $255 | $339 | $422 |
| Age 71 | $93 | $181 | $270 | $359 | $448 |
| Age 72 | $98 | $193 | $287 | $381 | $476 |
| Age 73 | $104 | $205 | $305 | $406 | $506 |
| Age 74 | $111 | $218 | $325 | $432 | $539 |
| Age 75 | $118 | $233 | $347 | $462 | $576 |
Female Whole Life Rates (Ages 40-75)
| Age | $10,000 | $20,000 | $30,000 | $40,000 | $50,000 |
|---|---|---|---|---|---|
| Age 40 | $15 | $27 | $39 | $50 | $62 |
| Age 41 | $16 | $28 | $40 | $53 | $65 |
| Age 42 | $16 | $29 | $42 | $55 | $67 |
| Age 43 | $17 | $30 | $44 | $57 | $70 |
| Age 44 | $18 | $32 | $46 | $60 | $74 |
| Age 45 | $18 | $33 | $48 | $63 | $77 |
| Age 46 | $19 | $35 | $50 | $66 | $81 |
| Age 47 | $20 | $36 | $53 | $69 | $85 |
| Age 48 | $21 | $38 | $55 | $73 | $90 |
| Age 49 | $22 | $40 | $58 | $77 | $95 |
| Age 50 | $23 | $42 | $62 | $81 | $100 |
| Age 51 | $24 | $44 | $65 | $82 | $105 |
| Age 52 | $25 | $46 | $68 | $89 | $110 |
| Age 53 | $26 | $49 | $71 | $93 | $116 |
| Age 54 | $27 | $51 | $75 | $98 | $122 |
| Age 55 | $29 | $53 | $78 | $103 | $128 |
| Age 56 | $30 | $57 | $83 | $109 | $136 |
| Age 57 | $32 | $60 | $88 | $116 | $144 |
| Age 58 | $34 | $64 | $93 | $123 | $153 |
| Age 59 | $35 | $67 | $99 | $131 | $162 |
| Age 60 | $37 | $71 | $105 | $139 | $172 |
| Age 61 | $39 | $75 | $110 | $145 | $181 |
| Age 62 | $41 | $78 | $116 | $153 | $190 |
| Age 63 | $43 | $82 | $121 | $161 | $200 |
| Age 64 | $45 | $87 | $128 | $169 | $211 |
| Age 65 | $47 | $91 | $135 | $178 | $222 |
| Age 66 | $50 | $97 | $144 | $190 | $237 |
| Age 67 | $54 | $104 | $154 | $204 | $253 |
| Age 68 | $57 | $111 | $165 | $218 | $272 |
| Age 69 | $61 | $119 | $177 | $234 | $292 |
| Age 70 | $66 | $128 | $190 | $251 | $313 |
| Age 71 | $70 | $137 | $203 | $270 | $336 |
| Age 72 | $75 | $147 | $218 | $290 | $361 |
| Age 73 | $81 | $158 | $235 | $312 | $389 |
| Age 74 | $87 | $170 | $253 | $336 | $420 |
| Age 75 | $94 | $184 | $275 | $365 | $455 |
Who is Colonial Penn?
Colonial Penn Life Insurance Company was founded in 1957 by Leonard David. It is headquartered in Pennsylvania and is a well-known insurance provider nationally. CNO Financial Group, a public company, owns Colonial Penn as a wholly-owned subsidiary.
Colonial Penn offers permanent whole life insurance only (life insurance that covers you for your whole life), essentially the guaranteed issue life insurance plan that does not have health questions.
Remember that Colonial Penn does NOT offer any term life insurance options (including renewable term life insurance, as providers like Globe Life and AARP do).
Colonial Penn is well-known for advertising its brand through TV and direct mail. They use creative marketing strategies and famous figures to get customers to buy a life insurance policy. Some celebrities include Alex Trebek, Meredith Viera, and Jonathan Lawson.
What is Colonial Penn Guaranteed Acceptance Whole Life Insurance?
Eligibility Requirements
Colonial Penn offers guaranteed acceptance policies to U.S. residents ages 50-85 (ages 50-75 in New York).
Guaranteed Acceptance
Colonial Penn’s guaranteed acceptance insurance is the company’s most popular product. It particularly appeals to individuals with a complicated medical history or poor health. Because this is a whole life insurance plan, you will have lifetime coverage if you keep paying your premiums.
An attractive feature of guaranteed acceptance policies is no medical exams or health questions. You are guaranteed coverage.
However, the trade-off is higher rates (as shown in the Colonial Penn plans sheet above). The more information you give insurers, the better your chance for lower rates.
Two-Year Waiting Period
Another way the Company can guarantee approval is by having a two-year waiting period. This means you will not be eligible for the full death benefit payout until the third year of your life insurance policy begins.
As you can see below, you won’t lose money in the first two years in the event of your death; however, your loved ones won’t get the full payout to cover your end-of-life expenses.
- Years 1-2: Payout equals premiums paid + 7% interest (limited death benefit)
- Years 3 and beyond: Payout equals the full death benefit.
Choose kindness.
You never know what battles people may be fighting.
What is Colonial Penn’s Simplified-Issue Whole Life Product?
This permanent whole life insurance plan is similar to the $9.95 Plan in that it also offers permanent coverage, and no medical exam is required.
However, this whole life plan offers more features than guaranteed acceptance, which we will cover below.
Eligibility and Coverage
Colonial Penn offers permanent whole life coverage to U.S. residents ages 40 to 75. Coverage can be purchased in increments of $10,000 (up to $50,000), and health questions must be answeredp p as part of the underwriting process.
Cash Value
Your life insurance policy will build cash value after the first year. This feature allows you to borrow money against your life insurance policy to cover urgent expenses (however, note that you will pay interest).
Accelerated Death Benefit Rider
You can add an accelerated death benefit rider (Living Insurance) for an additional premium, allowing you to receive early payouts in the event of illness. You can choose one of the three early payout options seen below.
- Heart attack or stroke: Access up to 50% of the death benefit if diagnosed with a heart attack or stroke.
- Chronic illness: Access up to 50% of your death benefit if diagnosed with a chronic or terminal illness.
- Cancer: Access up to 25% of the death benefit if diagnosed with cancer (not including skin cancer)
One thing to note is that other insurance providers allow access to up to 100% of your life insurance benefit amount for each scenario above. So, shopping around before purchasing Colonial Penn’s permanent whole life insurance is a good idea.
Colonial Penn Rate Chart FAQs
What is the AM Best rating for Colonial Penn life insurance?
Colonial Penn Life Insurance Company has an “A-” rating from A.M. Best. An A.M. Best rating is a great measure of a company’s financial strength.
What does $9.95 a month get you with Colonial Penn?
Unlike other insurance providers, Colonial Penn does things backward. The cost of a Colonial Penn life insurance “unit” is $9.95. The coverage amount is determined by age and gender. For example, a 50-year-old woman can get as much as $2,000 of coverage, while an 85-year-old man can get only $418.
What are the rates for Colonial Penn life insurance?
Colonial Penn rates are dramatically higher compared to other insurance providers. For example, a 65-year-old man can save $72 monthly with Sons of Norway. In this case, Colonial Penn’s rate would be $120 monthly, while Sons of Norway would cost $48.
How Much Insurance Do You Get From Colonial Penn For $9.95 A Month?
The amount of life insurance you can get from Colonial Penn for $9.95 a month depends on your age and gender. The most you can get is $2,000 if you are a 50-year-old woman. On the other hand, if you are an 85-year-old man, you will get only $418 of coverage for your $9.95 a month premium payment.
How Much Is The Death Benefit From Colonial Penn $9.95 Plan?
If you’re a 50-year-old woman, you can get up to $2,000 in coverage from Colonial Penn for a monthly premium of $9.95. This coverage amount may be suitable for individuals with few financial obligations or those who want to supplement an existing life insurance policy.
However, your coverage for the same premium amount decreases as you age. For instance, if you’re an 85-year-old man, the maximum coverage amount you can get from Colonial Penn for a $9.95 monthly premium is $418. This lower coverage amount is because older individuals generally face higher health risks and may have a shorter life expectancy, which increases the risk for the insurance provider.
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 life insurance policies.
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 coverage for far less than Colonial Penn.
For more details, look at our piece on Colonial Penn Insurance’s advantages and disadvantages.
If you have any questions, please don’t hesitate to comment, and we’ll respond promptly.
Warm Regards,
The GetSure Team
Article Sources
- Colonial Penn. Guaranteed Acceptance Life Insurance
- Colonial Penn. Guaranteed Acceptance Plan Quote Form
