Colonial Penn Life Insurance Rate Chart (By Age)

  • May 20, 2024
Person calculating on a desk with calculator, pen, and papers.

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.

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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

See how much you could save

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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.

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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

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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
  1. Colonial Penn. Guaranteed Acceptance Life Insurance
  2. Colonial Penn. Guaranteed Acceptance Plan Quote Form

Rikin Shah

Rikin is the Founder & CEO of GetSure. He is a licensed life, accident & health insurance agent in all 50 states (plus D.C.) and has over 15 years of experience in the financial services industry. He has been featured in publications such as Forbes, USA Today, and U.S. News & World Report, among others. Rikin holds a B.S. in Applied Mathematics from Columbia University and an MBA from The Stanford Graduate School of Business. If you'd like to speak with Rikin to discuss your life insurance options or questions, don't hesitate to email him at hello [at] getsure.org.