![]() ![]() ![]() The downside to this is if you are a healthy person, or even have some minor health issues, you can get approved to be covered on day 1 for cheaper than the $9.95 plan! You can access that here and check out what a waiting period really is.īasically, a waiting period means if you were to pass away during the waiting period, your beneficiary would either get no payout, or only what you had paid on the policy. I go more in depth on waiting periods with MY carriers that I represent in an article I wrote. You could be just like my clients who have had these waiting period policies before they met me! If you are a healthy person but you are going through a waiting period, please reach out to me! I will get you fixed with a policy that goes effective today, lasts forever, and never increases in price, at a better price than what you are currently paying. This may look appealing to some, but any professional will tell you that with the right agent that has experience and expertise in this field, you can very well get a better policy that may not even have a waiting period. That means it is designed to approve virtually anyone it possibly can. The reason for this is because this plan is actually a “Guaranteed Acceptance” plan. That’s right, you can be a perfectly healthy individual with no medical issues or even prescriptions, but you will still have to go through the 2-year waiting period. Where my clients who are healthy, or even have minor health issues like High Blood Pressure or Cholesterol, will be getting day one immediate coverage, that same person will not get immediate coverage with the 995 plan. There is a 2-year waiting period even if you are perfectly healthy. This is a huge negative to this Colonial Penn $9.95 plan, so read closely. This plan goes from ages 50-85, and covers men or women with a simple electronic application online.Ĭlients can pay with direct draft, debit or credit card, or even mail in a check to the company. To read more about what these plans are, click here for my in depth articles on this topic! Such as a funeral, cremation, or whatever they choose to do at the end of their life. This is a final expense plan, or burial insurance plan, designed for a person to cover their final costs. As of lately, they have changed to Jonathan Lawson. In fact, you have probably seen a million advertisements with him on it. Colonial Penn is a life insurance company that is well known for having Alex Trabek as their spokesperson. This article will cover each of these main points, and then some.įirst though, we should figure out what the plan is. However, there are things you need to consider first. It is named the $9.95 plan because it is advertised that you can get coverage for that price each month. The $9.95 plan, or 995 plan is a Guaranteed Issue, or Guaranteed Acceptance Final Expense Burial Insurance plan from Colonial Penn. This article will cover the $9.95 plan, what it entails, and what it actually is so that you can make an informed decision for yourself, and not buy the plan without knowing the real facts.Ībove all, you want to know for sure what you are looking at when considering the Colonial Penn 995 plan, so let’s get into it. Unfortunately, that is simply not the case.Ĭonsumers should always read between the lines, especially when something sounds too good to be true like in this case. Many people believe that they will be able to get a policy that would cover an entire burial or cremation for $9.95. In my opinion, this product is very misleading, specifically in the advertising that Colonial Penn does for it. ![]() So in my professional opinion, it is not the plan for you. The amount of coverage you get for $9.95 is nowhere near enough to cover your needs 99% of the time. It is legitimate, however it is probably not what you think it is. ![]() There are many Colonial Penn 995 plan reviews out there, but I can assure you, this review is coming from a professional. Have you been approached by a Colonial Penn representative about their $9.95 Life Insurance Plan?Ĭurious as to whether or not it is legitimate or not? The Colonial Penn 995 plan has gained a ton of popularity over the past year. ![]()
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