The life insurance payout you get from Colonial Penn for $9.95 monthly depends on your age and gender. For example, a 62-year-old male would get $1,057 in coverage. A 62-year-old female would get $1,420 in coverage. The older you are, the less coverage you get per $9.95 unit.

Colonial Penn's guaranteed acceptance program is a whole life insurance policy with a limited death benefit, and is often marketed to seniors who want to reduce their family's financial impact upon their death.

Colonial Penn offers whole life insurance to those ages 40 to 75, with coverage amounts ranging from $10,000 to $50,000. (The ranges are slightly different in New York, where age limits are 50 to 73 for men and 50 to 75 for women, with coverage amounts ranging from $5,000 to $25,000.)

$9.95 monthly The cost of Colonial Penn insurance is based on a unit system. Each unit costs everyone (regardless of age or gender) $9.95 monthly. To calculate the total cost, multiply $9.95 times the number of units you want. For example, 12 units will cost $119.40 per month.

How Does The Johnathan Lawson $9.95 Plan Work? The $9.95 plan Jonathan Lawson promotes is a guaranteed acceptance whole life insurance policy that does not require you to answer health questions. Regardless of your medical history, you cannot be denied this coverage.

Pros and Cons of Colonial Penn Insurance

Whole life insurance guarantees payment of a death benefit to beneficiaries in exchange for level, regularly-due premium payments. The policy includes a savings portion, called the “cash value,” alongside the death benefit. In the savings component, interest may accumulate on a tax-deferred basis.

Whole life insurance is a permanent life plan that provides coverage throughout your entire life. The premiums tend to cost more than a term plan would, but getting this insurance plan may be beneficial in the long run.

Pros and Cons of Colonial Penn Insurance

It provides a Lump Sum payment to your family or loved ones when you die. Whole Life Insurance plans guarantee that your family will be protected financially if something tragic happens to you, whether that be tomorrow or at age 105(hopefully). You can choose the whole life plan that suits you and your budget.

Guaranteed issue life insurance is a type of whole life insurance policy that allows you to skip health questions and or undergo a medical exam. In some spaces, you may hear it referred to as guaranteed life insurance or guaranteed acceptance life insurance.

In 2022, Colonial Penn's NAIC average index was 2.98, meaning three times as many complaints were lodged against it as a company its size should receive. That level of complaints was further substantiated on customer review sites such as the Better Business Bureau and Trustpilot.