How much insurance does 9.95 buy at Colonial Penn?
**With Colonial Penn, $9.95 is enough to purchase a guaranteed acceptance whole life insurance policy with a coverage amount of $1,000. This policy is available to individuals aged 50 to 85, with no medical exams or health questions required.**
1. What is Colonial Penn?
Colonial Penn is a life insurance company that specializes in offering affordable coverage options for individuals aged 50 and older.
2. How does guaranteed acceptance whole life insurance work?
Guaranteed acceptance whole life insurance is a type of policy that provides coverage for the rest of your life, with guaranteed acceptance for applicants within a certain age range.
3. Is $9.95 the only premium amount available at Colonial Penn?
No, $9.95 is the starting premium for the $1,000 coverage amount. There are higher coverage options available with corresponding premiums.
4. Are there any health questions or medical exams required for this policy?
No, Colonial Penn’s guaranteed acceptance whole life insurance does not require applicants to answer any health questions or undergo medical exams.
5. Can I adjust the coverage amount for $9.95?
The $9.95 premium is specifically for a $1,000 coverage amount. If you need more coverage, you can choose a higher premium amount.
6. Is there a waiting period for coverage to take effect?
Yes, there is typically a two-year waiting period before the full death benefit is payable for the guaranteed acceptance whole life insurance policy.
7. Are there any restrictions on how the death benefit can be used?
No, the death benefit from the policy can be used by your beneficiaries for any purpose they see fit, whether it’s for funeral expenses, debts, or other financial needs.
8. Can I cancel the policy if I change my mind?
Yes, you can cancel your policy at any time. Colonial Penn offers a 30-day money-back guarantee for added peace of mind.
9. Are there any cash value benefits with this policy?
No, the guaranteed acceptance whole life insurance policy from Colonial Penn does not accumulate cash value over time like some other types of permanent life insurance policies.
10. How can I apply for this $9.95 policy at Colonial Penn?
You can apply for the guaranteed acceptance whole life insurance policy online or over the phone. Simply provide your basic information and payment details to get started.
11. Is there a maximum coverage amount available with this policy?
Colonial Penn offers guaranteed acceptance whole life insurance policies with coverage amounts up to $50,000. Premiums will vary based on the selected coverage amount.
12. Can I add riders or additional coverage options to this policy?
Colonial Penn’s guaranteed acceptance whole life insurance policy does not offer riders or additional coverage options. It provides straightforward coverage for peace of mind.