Jonathan Lawson, an insurance agent for over 15 years, reminds you of the three P's of having insurance on a fixed budget: price, price and price.

What are the pros and cons of Colonial Penn life insurance? Pros of Colonial Penn include no medical exams for some policies and easy application process. Cons include higher complaint ratios and limited plan options.

Colonial Penn life insurance policies. Whole life insurance. Colonial Penn offers whole life insurance to those ages 40 to 75, with coverage amounts ranging from $10,000 to $50,000.

$9.95 per month With Colonial Penn life insurance, everyone pays just $9.95 per month for a single unit of coverage. Regardless of your gender or age, the price is always $9.95 monthly.

$9.95 will buy one unit of insurance coverage. If you are a 50-year old man, that means your policy will pay out a death benefit of $1,669 when you pass away (if you pass away after two years). If you are a female, your unit will pay out $2,000 in death benefits if you pass away after two years.

Colonial Penn term life insurance For example, a woman who purchases $50,000 of coverage would pay: $35.21/month between the ages of 41 and 45. $45.21/month between the ages of 46 and 50. $56.46/month between the ages of 51 and 55.

You can own multiple life insurance policies from the same or different companies. But when you apply, insurers tend to look at any existing coverage you have to make sure the policy you're buying won't cause you to exceed your insurability limit. This limit is typically set at 20 to 30 times your annual income.

If you have many dependents, whole life insurance may be a better route. However, if financial planning and cash value are most important to you, universal life insurance may be a strong option. Lastly, if you are a business owner, group life insurance might be the best life insurance option.

Life insurance covers the insured person's life. So if you pass away while your policy is active, your beneficiaries can use the payout to cover whatever they choose - medical bills, funeral costs, education, loans, day-to-day costs, and even savings.

The average cost of a $100,000 whole life insurance policy is about $88 a month, or $1,056 a year, based on our analysis of whole life insurance quotes for a 30-year-old nonsmoker in good health. Whole life insurance offers permanent coverage, meaning it typically lasts your lifetime as long as you pay your premiums.

Key Takeaways. A $500,000 life insurance policy costs an average of $29 monthly for a 10-year term and $44 for a 20-year term.

Expect to pay $100-$500 monthly for a $50,000 whole life insurance policy depending upon your age, health, lifestyle, tobacco usage, state of residence, and the amount of coverage purchased.