In the next section of this article, you’ll be able to read and learn about Colonial Penn negative reviews, so you can determine for yourself if the insurance plan is worth it. We are comparing the Top A+ Rated Carriers vs Colonial Penn 995 Plan. Below is a chart that estimates the cost of $10,000 of coverage.
The same $10,000 of coverage for a male 70 years of age would be about $74 per month with Mutual of Omaha. you would need about 14 of those units to add up to $10,000 of coverage. How did we get that price? Well, remember, if you are 70 years old, one unit costs $9.95. With Colonial Penn, $9.95 a month would actually cost you about $138 per month.
You want $10,000 of coverage to take care of your funeral expenses. Let’s say you are a 70-year-old male and in pretty good health. Let’s compare Colonial Penn life insurance $9.95 per month plan coverage to the same amount but with Mutual of Omaha. The easiest way to determine if the $9.95 plan is worth it is to compare to it’s competition. Still, thinking about purchasing the Colonial Penn 995 plan? That amount will barely cover any funeral expenses and leave nothing for a grieving family to pay for anything else. So our 75 year old will only be able to get $8,400 worth of coverage for $149.25 a month. The most anyone can get in a Colonial Penn 995 plan unit is 15 as mentioned above. However, if this 75 year old wanted to have $15,000 in coverage they would not be able to. Colonial Penn ads are a bit misleading in thinking you get a lot more coverage for a single unit, or just $9.95 a month. Their coverage amount for a single until would be $560. To put this further into perspective, let’s say a 75 year old wanted to get the Colonial Penn 995 plan to pay for their final expenses. Rates stay stable until 65 and after that, they fall by 75%. To keep their premiums fixed, Colonial Penn has to drop the coverage amount as we age. If you were to match Colonial Penn 995 Plan rates to the top insurance carriers, you will be shocked at the difference in money.
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