Frequent question: How do I cancel my Colonial Penn Life Insurance?

To cancel your policy, contact Colonial Penn’s customer service team by calling 800-523-9100. With Colonial Penn, you have 30 days to cancel your policy after enrolling. If you enroll in a plan and decide within 30 days that it’s not right for you, you can change or cancel it and get a full refund of any premiums paid.

How much coverage do you get for 9.95 a month from Colonial Penn?

The Colonial Penn life insurance for $9.95 per month is a guaranteed acceptance whole life policy with a 2-year waiting period. Everyone pays $9.95 per unit (max of 12 units).

What is a unit?

AGE 1 Male Unit ($9.95) 1 Female Unit ($9.95)
84 $420 in coverage $503 in coverage
85 $418 in coverage $477 in coverage

What does the 9.95 with Colonial Penn?

Colonial Penn’s guaranteed life insurance works by adjusting the benefit amount (also known as coverage) per unit based on your age, gender and location. Each unit will always be $9.95, but how much coverage you get for $9.95 will change. … Instead, Colonial Penn will refund the premiums you’ve paid.

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Is Colonial Penn the same as colonial life?

Philadelphia, Pennsylvania, U.S. The Colonial Penn Life Insurance Company (often known as simply Colonial Penn) is an American life insurance company based in Philadelphia, Pennsylvania, founded by philanthropist and AARP co-founder Leonard Davis, owned by CNO Financial Group.

How much life insurance can you get for $9.95 a month?

Colonial Penn Life Insurance Benefits and Rates

Units Life Insurance Benefit Amount at 50 Average Monthly Life Insurance Rates
1 $1,786 $9.95
2 $3,572 $19.90
3 $5,358 $29.85
4 $7,144 $39.80

Can you have two life insurance policies?

It’s totally possible — and legal — to have multiple life insurance policies. Many people have life insurance coverage through their employer in addition to their own term life policy or permanent life insurance policy. But there are also benefits to having more than two life insurance policies.

How much does a $50000 life insurance policy cost?

How Much Is A $50,000 Term Life Insurance Policy ? A $50,000 life insurance policy costs around $7.63 per month for a 36 year old female in excellent health looking at a 10 year term and $9.21 per month for a male in excellent health looking for the same coverage.

What is a unit of Colonial Penn life insurance worth?

Colonial Penn guaranteed acceptance program

The minimum value of a unit of coverage is approximately $400 and the maximum is approximately $2,100, meaning the maximum death benefit you can select is around $16,800. For example, say one unit of coverage provides a $1,621 death benefit for a 60-year-old woman.

Does Jonathan really work for Colonial Penn?

Jonathan Lawson served in the Marine Corps and earned his college degree while working full time at Colonial Penn. Now, Colonial Penn customers who have benefited from Mr. Lawson’s advice over the years say thank you to him, and thank you to Colonial Penn.

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What is pure term life insurance?

Term life insurance, also known as pure life insurance, is a type of life insurance that guarantees payment of a stated death benefit if the covered person dies during a specified term.

What is a final expense policy?

Final expense insurance is a type of whole life insurance designed to cover medical bills and funeral expenses when you pass. A final expense policy is also known as burial or funeral insurance and is popular with seniors.

With confidence in life