Our agency can help you compare burial insurance rates with many highly rated life insurance companies. However, if you do not suffer from any of these ailments, you have many options for senior life insurance in the market today. If you are undergoing dialysis, chemotherapy, cardiac problems, COPD, organ transplant, or other chronic illness, you can qualify for coverage. The main reasons why you would want to obtain a colonial Penn burial insurance policy is because of their well-known name, or because of bad health. Use or burial insurance calculator today, and compare quotes with top-rated competitors. Therefore, if you have average health, you may be able to obtain a more affordable life insurance plan with better benefits. Therefore, as you will see on the table below, depending on your age, this type of insurance can be substantially more expensive than other regular level final expense plans. However, these policies have limitations and exclusions, and the prices are calculated based on units of coverage. Furthermore, Alex Trebek explains that with the “Colonial Penn 995 Plan (guaranteed acceptance)”, You cannot be turned down for any reason, and your rates are guaranteed not go up because of age or health. Additionally, the commercial states that Colonial Penn insurance guarantees your acceptance, and NO health questions are required. Featuring Alex Trebek, the commercial portrays a persistent message about obtaining burial insurance coverage for “just $9.95 a month”. The Colonial Penn burial insurance plan is constantly promoted through extensive Television marketing campaigns. About Colonial Penn 995 plan on TV Commercials Hence, you should consider learning more about Colonial Penn insurance products. They offer a multitude of affordable life insurance plans to people of all ages. Leonard Davis co-founded the company in 1968, and it now has its headquarters in Philadelphia as a subsidiary of CNO Financial Group Inc. It states: “Limited benefit first 2 years.”įind more of our coverage on life insurance here.About Colonial Penn Life Insurance CompanyĬolonial Penn Life Insurance Company has been the leader in the Guaranteed Acceptance of life insurance in the US market for half a century. In fact, the only indication that the advertised plan may not pay out in full in the first two years of coverage comes via a written disclaimer that flashes on screen twice for a total of eight seconds. In addition to telling consumers that they “cannot be turned down for any health reason,” Lawson says that “here are no health questions with this plan.”Īlso, your idea of what constitutes an “accidental death” may be different than the criteria Colonial Penn uses to determine the cause of death:Īccidental death does not include death resulting from bodily or mental illness or disease, infection, suicide, medical or surgical treatment, voluntary use of any controlled substance unless prescribed by a physician, or any act of war. Meanwhile, Colonial Penn’s TV ad targets people ages 50-85 with preexisting health conditions. Not to be grim – though it may be too late for that – but the older you get the less likely you are to die from an accident and the more likely you are to die from disease, according to the CDC. In other words, if you die within the first two years of coverage, the beneficiary of your plan only receives the full benefit if the death is ruled an accident. After the first two years, the full face amount will be paid for death from any cause. If death from non-accidental causes occurs during the first two years of coverage, the beneficiary will receive the premiums paid plus 7% interest compounded annually. We can guarantee your acceptance because of a two-year limited benefit period for death from non-accidental causes. Fine print on the Colonial Penn website states: “You cannot be turned down for any health reason.”īut what Lawson leaves out of his pitch is the reason why acceptance is guaranteed and how that might affect the amount the insurance plan pays out in the first two years. “With our $9.95 plan, your acceptance is guaranteed,” Colonial Penn sales manager and spokesman Jonathan Lawson says in the above TV ad.
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