Buying life insurance can be confusing. There are a lot of companies out there, all promising peace of mind, affordable rates, and some even pushing guaranteed acceptance. But is the Colonial Penn $9.95 plan everything it claims to be?
Let’s cut through their marketing noise. Below is our expert review based on years of working with real clients age 50 to 90. You’ll find honest answers, detailed comparisons, and straight-up facts about what this policy can (and can’t) do for your family.
What Is the Colonial Penn $9.95 Plan?
Colonial Penn’s $9.95 per month life insurance plan is a rebranded Guaranteed Acceptance Whole Life policy. You’ve probably seen the commercials. It’s marketed to folks between the ages of 50–85. But here’s what they don’t tell you up front:
- You’re buying “units,” not a fixed dollar amount of coverage.
- Each $9.95 unit buys less coverage as you get older.
- The policy has a 2-year waiting period for natural causes of death.
Guaranteed acceptance sounds good — but that peace of mind comes with serious trade-offs.
Compare your coverage options to ensure your family gets full benefits from day one.
Jonathan Lawson and the Rebrand
The newest face of Colonial Penn is Jonathan Lawson, an actual employee of the company. This is a shift from past paid celebrity endorsers like Ed McMahon or Alex Trebek.
Why the change? Likely to make the marketing seem more genuine and trustworthy. But the truth is, the policy hasn’t changed much. The $9.95 price point is still the bait and hook. The coverage amount remains underwhelming for most seniors.
Guaranteed Acceptance Explained
In the past, there were a 2 different Colonial Penn whole life insurance options. Only one remains available.
The company advertisements say, “No health questions. Guaranteed acceptance.” Sounds great, right?
Here’s the reality of policy ownership:
- Because they don’t ask about your health, the policy is automatically priced for very high risks.
- To protect themselves, they include a 2-year limited benefit period right upfront — meaning if you die from natural causes in the first two years, your family gets a refund plus fixed interest (currently 7%), but not the full death benefit.
⚠️ Quick Tip: People between 50–85 can qualify for immediate coverage with better pricing — simply by answering a few health history questions to obtain instant approval with the right insurer and policy. Find a life insurance broker who knows the senior insurance market thoroughly.
Not sure what your options are or concerned about your health? See what you may qualilfy for. Get your private pre-qualification questionaire and see how affordable no exam life insurance is for you. Your information is confidential and will only be reviewed by your advisor.
⚠️ Don’t Be Fooled by $9.95!
Colonial Penn’s commercials make it sound like $9.95/month buys you full coverage. Reality check: not unless you need a very, very small policy. There’s also a 2-year waiting period before your family gets the full payout if you pass away unexpectedly except in the case of an accident.
Most seniors, about 85% can get better coverage immediately for a lower price by answering a few health questions. Protect your family without the smoke and mirrors. Talk to a Life Insurance Expert, 269-244-3420.
⏳ I Don’t Mind Waiting 2 Years For Full Benefits.
Maybe you are going to live a very long time, sure. But, do you think your family feels secure knowing that the coverage on you is or, could be very limited in those first 2 years? Now, if your health is pretty decent or you just don’t want to talk about it with an agent, why not simply apply for a lower cost, full 1st day coverage policy with an automated, direct to consumer life insurance platform instead? Ethos is an answer to your dilemma. You can get more affordable instant final expense insurance policy without any agent conversation and the family gets peace of mind.
How the Unit Pricing Works
Colonial Penn’s $9.95 plan sells coverage in “units” — not dollars. Units are not the industry standard for pricing life insurance. With that said, in 2026, the maximum number of units you can purchase is 25. Each unit always costs $9.95/month, but the death benefit you get per unit shrinks with age until you purchase the policy and lock in your lifetime value.
Take a good look at the chart below to see how much insurance you get for $9.95 a month with Colonial Penn.
| Age | Male Coverage/Unit | Female Coverage/Unit |
|---|---|---|
| 50 | $1,669 | $2,000 |
| 60 | $1,167 | $1,515 |
| 70 | $689 | $1,000 |
| 80 | $426 | $608 |
| 85 | $418 | $468 |
✅ Premiums stay level once purchased — notice that the value of each unit is lower each year until purchased.
So You Realize the $9.95 Plan Isn’t What It Seems — Now What?
You’ve seen the numbers and the impact of unit pricing — and if you found yourself thinking “That can’t be $10,000 of real coverage…” you’re not alone. Lots of people only come here because a TV ad caught their eye, and now they’re asking the real questions most commercials don’t answer.
Here’s where you get to choose your next step — not because one path is right and another is wrong, but because everyone has different priorities and comfort levels when it comes to protecting their family:
🔹 Option 1 — DIY with Automated Platforms
If you don’t want to talk to an agent and prefer to handle things yourself — whether for privacy, convenience, or simply control — platforms like InstaBrain can get you real, first-day coverage directly from the insurance company which is Fidelify Life. You won’t need a medical exam or a nurse visit — but you will authorize industry-standard checks (prescription history, health databases like MIB, etc.) so the carrier can assess your risk and offer a true policy. This is how first-day coverage works everywhere.
👉 You stay in control, you get a real price, and if the automated offer isn’t what you want (like a graded or guaranteed issue offer instead of level benefit coverage), you can always pivot to Option 3 below.
(This path is strong for people who are reasonably healthy and want quick results with no in-person agent interaction.)
🔹 Option 2 — Guaranteed Issue Only
If you absolutely do not want to provide health information, then the only path available is guaranteed issue — where the insurer issues a policy without health screening. This is still legitimate, but understand the trade-offs:
- Higher premiums
- 2–3 year waiting periods before full benefits
- Coverage most often smaller relative to price
This option is there, but be aware of the costs.
🔹 Option 3 — Boutique Broker Guidance (Our Specialty)
If you want the best possible match between your health profile, budget, and coverage need — and you don’t want surprise high costs or limited offers — working with a licensed independent broker like Maple Valley Insurance Group is often the strongest choice.
With this approach:
- You get access to many carriers, not just one platform or the name you saw on TV.
- We help identify where you actually qualify for first-day coverage (even with health quirks others might decline)
- We guide you through verification and underwriting so you understand what’s happening at each step — no surprises
You’re still in control, but now you have an expert on your side if you need help navigating the outcomes.
You choose what “Plan A” means to you — but if Plan A doesn’t go the way you hoped, we’re here to help you with Plan B.
Pros and Cons of Colonial Penn Whole Life Insurance
👍 Pros:
- No medical exam required – You can qualify without any tests or doctor visits.
- Guaranteed acceptance for ages 50–85 – If you’re in that age range, you can get coverage regardless of health.
- Premiums never increase – Once set, your monthly payment stays the same for life.
- Whole life insurance suitable for final expense planning – Provides lifelong coverage for funeral costs and other end-of-life expenses.
👎 Cons:
Very low death benefit per dollar – The payout is minimal compared to what other carriers offer for the same monthly premium.
High cost relative to coverage – You’re paying a premium that’s higher than similar policies from other companies.
Two-year waiting period for natural death – If the insured passes away from natural causes within the first two years, the full benefit may not be paid immediately.
High complaint ratio per NAIC records – Colonial Penn has a higher-than-average number of consumer complaints, which may indicate service or claims issues.
Discover better value policies available today — review options with a licensed advisor.
Final Expense Life Insurance Comparison – $10,000 Whole Life Sample Policy
Sample Female Non-Smoker Rates (Monthly Premiums)
| Age | Mutual of Omaha | InstaBrain (Fidelity Life) | Colonial Penn* |
|---|---|---|---|
| Full Level Benefit | Full Level Benefit | Guaranteed / 2-Year Waiting Period | |
| 50 | $24.31 | $32.29 | $49.75 |
| 55 | $27.71 | $37.55 | $59.70 |
| 60 | $32.87 | $44.05 | $69.65 |
| 65 | $41.01 | $53.04 | $79.60 |
| 70 | $53.24 | $65.04 | $99.50 |
| 75 | $72.41 | $83.66 | $129.35 |
| 80 | $98.43 | $116.05 | $169.15 |
| 85 | $135.90 | $166.05 | $218.90 |
*Colonial Penn shown for roughly $10,000 coverage per month. Two-year waiting period applies. Mutual of Omaha, and InstaBrain Whole Life powered by Fidelity Life are first-day ,full coverage (level benefit) policies.
Note: Colonial Penn does not use the standard industry pricing per $1,000 of coverage. Instead, they price policies by units, which means exact $10,000 comparisons aren’t. The numbers in this table are estimates using whole units and are as close as reasonably possible to $10,000 coverage—ranging from $9,908 to $10,566 depending on age. Because you can only buy full units, some policies may be slightly over or under $10,000. This illustration gets you within a few dollars of the price you would pay if an exact $10,000 policy were available.
Key Takeaways
- First-Day Coverage:
- Our “boutique like” experience allows about 80% of applicants to qualify for first-day whole life coverage.
- Platforms like InstaBrain also offer first-day whole life coverage from Fidelity Life though not at an 80% placement level.
- Guaranteed Issue Options:
- If first-day coverage isn’t available, Instabrain/Fidelity Life—offers guaranteed issue.
- Colonial Penn’s guaranteed-issue policies are more expensive per coverage amount.
- Age & Health Matter:
- At certain ages, one product may appear cheaper, but health factors can make another product more advantageous.
- Don’t assume that just because one platform declines you, the other will automatically accept you. Each insurer has its own underwriting rules.
- Independent Broker Advantage:
- Working with an experienced broker like Maple Valley Insurance Group gives access to multiple carriers and niche products.
- We can pivot to the carrier that best fits your health and risk profile—something you can’t do on a single-platform solution.
- Our flexibility helps maximize coverage for your premium while avoiding unnecessary guaranteed-issue rates.
- Common First-Day Coverage Knockouts†:
Terminal illness, active internal cancer, organ transplant, recent heart attack, major diabetes complications, memory disorders (including medications), kidney failure, recent defibrillator, inability to perform daily activities, congestive heart failure (CHF).- These applicants still qualify for guaranteed-issue coverage.
- Not all conditions are listed; each applicant’s health profile is unique.
- Doing It Yourself:
- If you go direct via a platform, the insurance company still conducts identity, pharmacy, and sometimes driving record checks to verify your eligibility.
- Anyone claiming to offer first-day coverage without these checks is likely offering guaranteed issue or something questionable—a red flag.
- A DIY approach works if you’re healthy and confident, but complex situations are better handled with expert guidance.
†These knockouts are for first-day level benefit policies only; guaranteed-issue coverage is still available for qualified applicants.
You’ve done the homework — now what?
You’ve seen how Colonial Penn’s $9.95 plan really works, what it actually buys, and the limits behind those commercials. That’s a lot of clarity, and it’s exactly the hard part most people don’t get. Sure, the paperwork tells you the exact coverage—but knowing the plan’s details doesn’t answer the most important question: what works for you and your family today? Charts, units, and ad slogans don’t consider your age, your health, or your long-term needs.
The research part is over. The next step isn’t another article. It’s figuring out your best real-world option—and that’s where a licensed independent broker makes a difference. We do this every day, five to six days a week, helping people cut through the marketing and find the coverage that truly fits.
Want a hand sorting it out?
📞 269-244-3420 — no forms, no clicks, just a conversation to see what works for you.
Colonial Penn vs. Other Companies
Let’s compare the Colonial Penn $9.95 plan with a few top-rated insurers.
Male, age 64:
Colonial Penn: 10 units = $99.50/month = $9,490 of coverage
Gerber Life: $10,000 of coverage = $81.22/month
Female, age 64:
Colonial Penn: 7 units = $69.65/month = $9,191 of coverage
Gerber Life: $10,000 of coverage = $61.05/month
Gerber is clearly cheaper offering $1000.00 more insurance, and better 2-year graded benefits in this example.
Not sure and want to get some competitors pricing, use our instant quoting tool and see for yourself. Most seniors nearly 85% qualify for “Excellent Health” for final expense whole life insurance. Just compare yourself to other seniors, not to your 21 year old self.
Why So Many Complaints?
According to the NAIC, Colonial Penn had over 4x the complaint rate of similar-sized insurers in 2022.
Most complaints stem from:
- Misleading advertising
- Confusion about the 2-year waiting period
- Dissatisfaction with how little coverage was purchased
Consumer Tip: Always review the Colonial Penn policy carefully. Understand the limitations and how it will affect your loved ones if you pass away unexpectedly during the 1st couple of years. The policy will define what your loved ones will receive. Don’t rely on the commercial or name of the company. It lacks a lot of clarity. If you have purchased, you may use the free look period (20–30 days) by state law to cancel if the policy isn’t right for you. You will, in that case, be able to receive a full return of premium paid.
Better Burial Insurance Options
I think you will find there are a lot of negative Colonial Penn reviews surrounding their policies. While I don’t believe that Colonial Penn $9.95 life insurance is useless…let’s be frank. Suggesting burial expenses for a senior will be covered for $9.95 a month is a little outrageous or very misleading. One or the other. If you are over 80 and have active internal cancer, in most cases, guaranteed issue whole life is your only solution. CP accepts applicants as old as 85. Bear in mind, guaranteed acceptance insurance is very, very expensive for $10,000 of coverage in this age bracket. Your premiums will be hundreds per month, not “$9.95.”
The average cost of a funeral around the US is $10,000 and rising. $9.95 a month with this policy will put a very small dent in your final expenses. Of course, this is after you have paid into the company for 2 full years for full benefits. If you’re in your 70’s or 80’s when buying this policy, well, it won’t even fund a simple cremation and basic urn after doling our $10 a month for 1 “unit” of this life insurance plan.
This is not an affordable policy compared to the competition at all. Don’t let Colonial Penn or Jonathan Lawson tell you otherwise.
Most seniors qualify for better final expense policies — even with health conditions like:
- COPD
- Congestive Heart Failure
- Diabetes with complications
- Kidney disease (under a doctor’s care)
💡 Thinking About Colonial Penn?
Before you commit, see if you qualify for better coverage at a lower price with full first-day benefits. Speak to an independent life insurance broker today. Call 269-244-3420
When you work with a reputable and seasoned independent agent, they will compare policies from dozens of top-rated carriers — often with first-day coverage and better rates. They don’t play word games either. You are quoted a rate for the amount of insurance protection you’d like have. No sneaky “unit pricing” or $9.95 bait and switch tactics.
💡 Don’t settle. Protect your family with the right policy. One that is right for your budget and two, a policy which offers your family better benefits upon your passing. Let us help you shop policies that offer:
- Full immediate coverage
- Lower premiums
- No exams and just a few health questions (important tip – this is how you get better rates)
Don’t Want to Talk About Your Health? You Still Have Better Options
While our #1 suggestion is to speak with an experienced life insurance advisor like Maple Valley Insurance Group about your situation, not everyone will follow that path.
A lot of people choose guaranteed issue life insurance for one simple reason: they just don’t want to talk to anyone about their health.
That’s understandable. Medical conversations can feel invasive, uncomfortable, or just exhausting. I get it.
But here’s the part most people don’t realize: guaranteed issue is always more expensive and always comes with a waiting period. There’s no way around it.
InstaBrain offers a private, streamlined alternative.
You don’t have to talk to an agent. You don’t explain your health to anyone. You simply answer a few quick questions on their automated platform — no one listening, no one judging, no pressure.
InstaBrain checks your eligibility for final expense coverage and guides you to full first-day coverage whenever possible, with guaranteed issue as a fallback if you don’t qualify.
Most seniors benefit from final expense whole life insurance — it’s designed for people 50 and older looking to cover funeral and burial costs without the need for complex underwriting. Term life insurance is generally for those protecting income streams or mortgages and isn’t appropriate for final expense planning.
Quick Reality Check 👀
Not talking about your health doesn’t get you a better policy.
It gets you higher prices and often a waiting period. The smarter move is using a system like InstaBrain that checks — privately — whether you qualify for full first-day coverage first.
If not? Guaranteed issue is still available, so you can’t be turned down.
Which is better for you and your loved ones: full immediate coverage, or higher-cost guaranteed issue with a waiting period?
Prefer a fast, no-agent option? Check InstaBrain for simplified final expense coverage.
💡 Thinking About Colonial Penn?
Before you commit, see if you qualify for better coverage at a lower price with full first-day benefits. Speak to an independent life insurance broker today. Call 269-244-3420
Final Verdict
The 995 Colonial Penn plan & the marketing team with Jonathan Lawson at the helm, proudly broadcast they never ask you about your health. That is not doing you any favors and it is not a courtesy. It works against you. Their just not telling you the reality. The less an insurance company knows about you, the more overall risk they know they are assuming. You could have good health for your age by senior standards and Colonial Penn is still going to penalize you for taking their 995 offer.
Is the Colonial Penn $9.95 plan a scam? No, but this very expensive life insurance policy puts your loved ones at risk of not receiving the full payout of the policy…all for not asking any health questions.
For 90% of consumers, it’s not a smart purchase. Your trading no health questions for a:
- Very high lifetime price, low value policy
- 2-year wait for full coverage
Folks, there are:
- Much better, more affordable, no exam whole life policies — period.
Forget about “P”, “P” and “P.” That is just marketing baloney. A lot of people feel very misled with the 9.95 plan.
If you’re age 50–85 and even have some rocky health, you likely still qualify for a better plan. Talk to a life insurance broker who works with a good dozen carriers or more. Someone who has been around the block and not stuck in some high volume call center pushing guaranteed issue life insurance. Let them help you find the right whole life policy. Not sure who to call? We’re glad to provide our expertise, phone: 269-244-3420. You and your family deserve more affordable life insurance with full 1st day coverage if possible. Find out what you prequalify for first. The most important part of owning any life insurance policy is the “black and white” on the policy pages combined with its affordability. This is especially true for seniors on a fixed income.
The name of the insurance company whether it be Colonial Penn, AARP/New York Life, Globe Life or other familiar name does not necessarily “equal” a good policy. Brand name companies often sell lower tier life insurance or no health question policies like Colonial Penn’s $9.95 life insurance policy.
You may find the best policy for you and your family may come from a carrier you never heard of before. This is not unusual. Most life insurance companies market themselves to independent life insurance brokers/advisors not life insurance consumers.
Conclusion
Reading Colonial Penn reviews is definitely a good thing to do. You’re not blindly accepting what Jonathan Lawson is pitching. The current TV commericals are a lot of puff and fluff used to market a “Plan C” policy to you. And no, it’s not $9.95/month for a $5,000, $10,000, $15,000 policy with CP at any age. You may be surprised to learn some of this today. Their just spinning a very high priced and limited plan to you as though it is in your best interest. I’d like to add a recommendation to not limit yourself to one insurance company particularly with only 1 product. There are many good life insurance companies out there but there is no best life insurance company. Colonial Penn has a good number of complaints filed against it. Far more than the norm of an insurance company its size. There are also a few reputable guaranteed issue life insurance companies for those people who do require this type of whole life insurance.
For most people, the top suggestion to finding a good and affordable final expense policy…take a few minutes and talk to an independent life insurance agent/broker like Maple Valley Insurance Group. Yes, we are tooting our own horn here. It stops days of work of searching for the right policy. Working with a seasoned, professional advisor gives you access to not only professional insight, but also all the final life insurance companies and policies in one place. Get clarity on what is right for you and your family, not the “hot air” of a television commercial.
At Maple Valley Insurance Group, based in Kalamazoo, Michigan, we help people across the country understand their insurance options and make informed decisions that best fit their needs.
