You called colonial penn for a quote for life insurance. They told you that you have to buy units. For a 68 year-old-male, 1 unit at $9.95 a month will give you $792 in life insurance coverage This is a good deal because it only costs $9.95 each month for one unit.
What do you get for the $9.95 plan from Colonial Penn?
These term life policies are good for short-term life coverage to cover a need. This article will show a simplistic look at Colonial Penn’s $9.95 plan review which is a guaranteed acceptance whole life insurance policy with no medical exam and a maximum death benefit of $50,000.
How much coverage do you get for the 995 a month plan?
With this plan, you can receive a coverage maximum of $50,000 , and it is available to anyone between the ages of 18 and 75.
What is the value of a unit of Colonial Penn insurance?
Colonial Penn guaranteed acceptance program The minimum value of a unit of coverage is approximately $400 and the maximum is approximately $2,100 , meaning the maximum death benefit you can select is around $16,800. For example, say one unit of coverage provides a $1,621 death benefit for a 60-year-old woman.
What is a unit of insurance?
A unit of insurance represents a fixed monetary value of insurance coverage In a life insurance policy, a unit of insurance is equal to $1,000 worth of coverage.
How much does a 50000 life insurance policy cost?
How Much Is A $50,000 Term Life Insurance Policy ? A $50,000 life insurance policy costs around $7.63 per month for a 36 year old female in excellent health looking at a 10 year term and $9.21 per month for a male in excellent health looking for the same coverage.
What are the rates for Colonial Penn life insurance?
The per-unit price is a fixed amount, and pricing starts at $9.95 per unit Several units can be purchased to build a bigger death benefit. Colonial Penn offers up to $50,000 in coverage for people ages 50 to 85 in most states.
Does Jonathan really work for Colonial Penn?
Yes, Jonathan Lawson is a real person He served in the MArine Corps early on and then went to work for Colonial Penn full time. While working at Colonial Penn, he earned his degree. He continues to work with Colonial Penn and represents them in many commercials and TV advertisements.
What is the difference between whole life and term life insurance?
Two of the most common types of life insurance are term life vs. whole life. Both term life and whole life provide a death benefit for the beneficiaries you choose, but whole life is a type of permanent policy with a savings component, while term life is only in force for the period of time that you choose.
What is the term in term life insurance?
A term life insurance policy is the simplest, purest form of life insurance: You pay a premium for a period of time – typically between 10 and 30 years – and if you die during that time a cash benefit is paid to your family (or anyone else you name as your beneficiary).
Is Colonial life a good insurance?
Colonial Life has earned a reputation as being one of the most respected insurance companies offering life insurance in the US The carrier has received high ratings through A.M. Best and the BBB and has demonstrated consistent financial strength.
Does Colonial Penn life insurance have cash value?
Colonial Penn’s 995 plan is guaranteed acceptance life insurance products with limited underwriting and smaller death benefits that accumulate cash value Unlike term life coverage.
Is Colonial Penn term or whole life insurance?
Colonial Penn Life Insurance only offers renewable term life, guaranteed acceptance life insurance and whole life insurance , which may make it a competitive option for shoppers over age 50 who are looking for life insurance.
How do insurance units work?
A unit linked insurance plan is a product that offers a combination of insurance and investment payout ULIP policyholders must make regular premium payments, which cover both the insurance coverage and the investment. ULIPs are frequently used to provide a range of payouts to their beneficiaries following their death.
How do you pay Colonial Penn?
Payment Options Direct Bill – We’ll mail you statements and you can pay by check or money order For more info call our toll-free service line, 1-800-523-9100.
How much money is a unit of life insurance?
Insurance companies base units on risk factors such as age, gender and various requirements of different states. How much one unit of coverage costs may differ from one provider to another. While most insurers typically deal in units of $1,000, it’s common to see units worth $5,000 or $10,000.