You have seen the commercials: $9.95 a month, no health questions, guaranteed acceptance. It sounds like the easiest way to cover a funeral. Then the policy arrives, and the death benefit is far smaller than you pictured.
The short answer: Colonial Penn reviews are mixed. The $9.95 plan is worth considering only if health problems keep you from qualifying anywhere else. For seniors in fair or good health, it usually costs more per dollar of coverage and pays less than a standard final expense policy.
Below, you will find how the $9.95 unit system works, what coverage you can expect at different ages, the most common complaints, a pros and cons list, and a side-by-side comparison with traditional burial insurance.
Colonial Penn $9.95 Plan Reviews: How the Unit System Works
Colonial Penn’s Guaranteed Acceptance Whole Life plan is sold in units. Each unit costs $9.95 per month, and that price does not change as you age. The part that changes is the death benefit each unit buys.
Age and gender set the benefit. A younger buyer gets more coverage per unit than an older one. This is the detail behind most of the negative reviews: buyers focus on the $9.95 and miss the benefit amount.
What One $9.95 Unit Buys by Age
Colonial Penn publishes exact figures by state, age, and gender. The ranges below are estimates based on industry benchmarks, not a quote. Women typically receive slightly more per unit than men.
|
Age |
Est. coverage per unit |
Est. units for $10,000 |
Est. monthly cost for $10,000 |
|
50 |
$1,500 – $2,000 |
5 – 7 |
$50 – $70 |
|
60 |
$900 – $1,100 |
9 – 11 |
$90 – $110 |
|
70 |
$500 – $650 |
15 – 20 |
$150 – $200 |
|
80 |
$250 – $400 |
25+ |
$250+ (often above unit caps) |
Unit caps matter. Colonial Penn limits how many units one person can buy, and the limit varies by state. Older applicants often cannot stack enough units to reach a full funeral budget. Confirm the cap for your state before you apply.
Most reviews of the 995 plan fall into one of two camps. Happy buyers were declined elsewhere and wanted a guaranteed yes. Unhappy buyers expected $10,000 or more and found the benefit closer to $2,000 or $3,000.
How Much Is Life Insurance From Colonial Penn?
The cost depends on which Colonial Penn product you choose. The $9.95 plan is the guaranteed acceptance option. Larger face amounts come from other products that ask health questions.
How Much Is $15,000 in Life Insurance From Colonial Penn?
Using the estimates above, $15,000 of guaranteed acceptance coverage at age 55 might take roughly 9 to 10 units, or about $90 to $100 a month. At 70, you would need 22 to 30 units, or $220 to $300 a month, which likely exceeds the unit cap.
In practice, an older buyer on this plan often cannot reach $15,000 at any price. Colonial Penn can confirm exact numbers for your age and state in a quote.
Can You Get $50,000 From Colonial Penn?
Not on the $9.95 plan. Unit caps keep guaranteed acceptance coverage well below $50,000. To reach that amount, you would need to qualify for a Colonial Penn term life or simplified issue whole life product, which involves health questions.
Term rates rise in age bands, such as 60–64 and 65–69. A healthy 50-year-old might pay roughly $40 to $60 a month for $50,000 of term coverage, but costs climb sharply after 65. Many policyholders drop term coverage because it becomes unaffordable, and a lapsed policy pays nothing.
FAITH & END-OF-LIFE PLANNING
Unsure If $9.95 Monthly Units Cover Real Funeral Costs?
Colonial Penn’s $9.95 plan can leave grieving families with far less coverage than expected due to shrinking unit values and state limits. Insure Final Expense helps seniors compare fixed, transparent burial insurance plans so your family receives full financial protection without unexpected out-of-pocket costs.
Colonial Penn Reviews and Complaints: What Real Buyers Say
Customer feedback on Colonial Penn splits along a clear line. The company pays claims, but communication and expectations cause friction.
Ratings and Reputation
- Financial strength: Colonial Penn’s parent, CNO Financial Group, carries an A (Excellent) rating from A.M. Best, which signals strong claim-paying ability.
- Better Business Bureau: Customer ratings on the BBB have been low, with complaints centered on billing, administrative delays, and sales communication.
- NAIC complaint index: The National Association of Insurance Commissioners publishes a complaint index for every insurer. Colonial Penn has landed above the industry average in past years, driven by claim delays and service issues.
Ratings change, so check the current A.M. Best, BBB, and NAIC figures before you decide.
The Most Common Colonial Penn Complaints
- Payout confusion. Beneficiaries expect $10,000 or $20,000 and learn the policy covers $1,500 to $3,000. This is the top theme in Colonial Penn life insurance reviews and complaints.
- The two-year waiting period. If the policyholder dies of natural causes within 24 months, beneficiaries receive the premiums paid plus interest, not the full death benefit. Accidental death is typically covered from the start.
- Sales pressure. Direct mail and phone follow-ups frustrate some buyers, who feel pushed to add units.
- Rising cost over time. Buyers who add units as they age find the price per $1,000 of coverage climbing quickly.
Colonial Penn Life Insurance Company Home Office Reviews
Reviews that mention the home office usually describe long hold times and paperwork backlogs when families file a death claim. Filing during grief makes delays feel worse. Keep a copy of the policy, the beneficiary form, and the death certificate ready, and follow up in writing.
Pros and Cons of Colonial Penn Insurance
Pros
- Guaranteed approval. No health questions or medical exam for ages 50 to 85.
- Fixed premium. Each unit stays at $9.95 per month for life.
- Strong financial backing. An A (Excellent) A.M. Best rating for the parent company.
Cons
- Two-year limited benefit. Natural death in the first 24 months does not pay the full face amount.
- Low coverage per dollar. Guaranteed issue costs more per $1,000 than simplified issue.
- Low maximum coverage. Older seniors may not reach a full funeral budget.
- Captive agents. Colonial Penn agents sell only Colonial Penn products and cannot compare other carriers.
How Do I Buy Life Insurance From Colonial Penn?
- Request a quote online. Enter your age, gender, and state on the Colonial Penn website to receive a quote packet.
- Call the sales line. The toll-free number from the TV ads connects you with a captive agent.
- Complete the mail application. Return the paper enrollment form sent to your home.
Buyer beware: Because Colonial Penn sells through direct marketing and its own agents, you will not see side-by-side prices from other insurers. Get at least one outside quote before you sign.
Colonial Penn vs. Traditional Final Expense Insurance
Independent agents can place you with several carriers. The table compares the Colonial Penn guaranteed plan with a typical simplified issue final expense policy. Costs are estimates and vary by carrier, age, and health.
|
Feature |
Colonial Penn $9.95 Guaranteed Plan |
Independent Final Expense Policy |
|
Underwriting |
Guaranteed issue (no health questions) |
Simplified issue (basic health questions) |
|
Waiting period |
2-year waiting period |
Day-one coverage available |
|
Pricing structure |
Sold per $9.95 unit; coverage drops with age |
Fixed death benefit ($10k, $15k, $25k) |
|
Est. cost for $10,000 |
About $120 – $190/month for older seniors |
About $45 – $80/month for average health |
|
Best for |
Seniors with severe or terminal health issues |
Healthy to moderately healthy seniors |
If you can answer a few health questions honestly and pass, you will usually get a lower price and full coverage from day one. If you have a condition that triggers a decline, guaranteed issue is a legitimate fallback, and Colonial Penn is one of several carriers offering it.
The Verdict on Colonial Penn and Better Options for Burial Coverage
Colonial Penn delivers what it promises: guaranteed acceptance and a locked-in $9.95 unit price. The trouble is what the price leaves out. Shrinking coverage per unit, caps, and the two-year wait leave many families with less than they planned for.
Before you commit, get a second quote. Many seniors qualify for day-one coverage at a lower monthly cost.
Insure Final Expense helps seniors compare top-rated burial and life insurance plans based on budget and health. You can see if you qualify for immediate payout policies, compare multiple carriers, and work with specialists who review the broader market. Get your free final expense quote today at Insure Final Expense.
PEACE OF MIND FOR YOUR FAMILY
Protect Your Family's Peace of Mind Today
Take control of your end-of-life planning so your loved ones can focus on celebrating your memory instead of worrying about final expenses. Visit Insure Final Expense today to explore tailored, hassle-free policies designed for your budget.
Frequently Asked Questions (FAQs)
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Expert Final Expense & Life Insurance Agent
Steffanie is a licensed life insurance specialist at Insure Final Expense, focusing on final expense, burial, and senior life insurance solutions. With years of industry experience, she helps families secure affordable coverage designed to protect their loved ones from financial hardship. Her content is carefully researched, compliance-focused, and created to provide clear, trustworthy guidance so readers can make confident insurance decisions.
