If you can afford twice that amount (~$20), you can purchase two units of coverage.
This is how Colonial Penn can get expensive: you have to buy multiple units of coverage, for $9.95 each, in order to get reasonably covered. So what if you need more coverage?Ĭolonial Penn allows you to purchase up to 15 units of coverage, with each unit costing $9.95. Buying Multiple Units Of CoverageĪs you can see, one “unit” does NOT provide a lot of coverage. Table: The Coverage You Get For $9.95Īs you can see, the amount of coverage you can purchase varies widely, depending on your age and gender.įrom as much as $2,000 for a 50-year-old woman to as little as $418 for an 85-year-old man. The table below shows the exact amount of coverage you can buy for $9.95 per month if you fall within this range. Men and women ages 50-85 are eligible to purchase the Colonial Penn 995 plan. The answer is: it depends on your age and gender. Let’s go back to the original question: how much coverage do you get for $9.95 with Colonial Penn? So How Much Coverage Will They Offer Me…? So instead, they call this a “unit” of coverage.Ī unit of life insurance coverage = the amount of coverage a specific person can buy for $9.95. How do they refer to what they sell for $9.95? Well, they can’t say they sell $1,000 of coverage or $2,000 of coverage because it’s different for every person. And then they tell you how much coverage you can buy for that price. Then, they quote you a price for that amount of coverage.Ĭolonial Penn does it in reverse. Most life insurance companies let you choose the amount of coverage you want.
How does Colonial Penn sell life insurance to everyone for the same price? By offering different amounts of coverage to each person for $9.95. How It Works: “Units” Of Life Insurance Coverage
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