If you’ve watched daytime TV or received mail from Colonial Penn, you’ve probably seen their famous $9.95 a month life insurance offer. The ads make it sound simple — affordable life insurance coverage for less than the cost of a lunch.
But what does that $9.95 actually buy you? Is it truly the deal it seems, or are there important details hidden behind the marketing?
Let’s break it down clearly, so you can decide whether this plan fits your needs — or if there’s a better alternative available.
The Truth About Colonial Penn’s $9.95 Life Insurance Plan
Here’s what many people don’t realize: the $9.95 plan is priced per “unit” of coverage, not per policy. Each unit gives you only a limited amount of protection — and the amount depends on your age and gender.
For instance:
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A 50-year-old might receive roughly $1,200 of coverage per unit.
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Someone in their 70s might get only $400–$500 of coverage per unit.
So while $9.95 sounds appealing, it’s not a flat-rate plan for everyone. If you want meaningful coverage (like $10,000 or more for final expenses or burial costs), you’d likely need multiple units — and that $9.95 payment could quickly turn into $40 or $60 per month.
Guaranteed Acceptance — With Important Conditions
Colonial Penn’s policy is marketed as “Guaranteed Acceptance”, meaning no health questions or medical exams. That can be reassuring for seniors or those with preexisting conditions.
However, there’s a crucial limitation: during the first two years, the full death benefit isn’t available for natural causes. If the insured person passes away during that period, the beneficiary receives only the paid premiums plus some interest — not the full coverage amount.
Only after the two-year mark does the plan start paying the full death benefit.
This structure makes Colonial Penn’s plan a graded benefit policy, which is quite common in guaranteed-acceptance life insurance — but it’s essential to know what you’re signing up for.
How It Compares to Other Final Expense Options
While Colonial Penn is a well-known company, it’s not always the best value. Many other top-rated life insurance providers offer higher coverage amounts for the same or even lower monthly cost, often without requiring a medical exam.
That’s where Ryco Life Solutions can make a big difference.
At RycoLifeSolutions.com, our licensed agents compare quotes from multiple leading insurers nationwide to find you the most affordable plan that fits your age, health, and financial goals.
Whether you’re searching for:
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Final expense life insurance to cover burial and funeral costs
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Whole life insurance that builds cash value
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Or a senior life insurance policy with guaranteed approval —
We’ll help you secure the best coverage for your budget.
You can request a free, no-obligation quote anytime at RycoLifeSolutions.com, or call 314-876-0334 to speak directly with a knowledgeable agent.
The Bottom Line — Is the $9.95 Plan Worth It?
The Colonial Penn $9.95 plan isn’t a scam, but it’s also not the simple, full-coverage solution that the commercials make it sound like. It’s designed for people who may not qualify for traditional life insurance — but for those who are generally healthy, better-value options are almost always available.
If your goal is to protect your family from unexpected final expenses, take a few minutes to compare plans before committing. Many people find that for the same $9.95 (or slightly more), they can get two to three times more coverage from another insurer.
To explore your best life insurance options — without the confusion or pushy sales tactics — visit RycoLifeSolutions.com or call 314-876-0334. Our team will make sure you understand exactly what you’re getting, and how to get the most protection for your money.
Final Thoughts
At the end of the day, life insurance is about peace of mind — knowing your loved ones won’t have to struggle financially when the time comes. The Colonial Penn plan can work for some, but it’s not a one-size-fits-all solution.
Before you decide, compare your options. A quick call or quote from Ryco Life Solutions could help you save money and get better coverage — something every family deserves.
👉 Visit RycoLifeSolutions.com today to see how much protection you can get for your budget.