What type of insurance is Colonial Life?

Colonial Life is an insurance company based in Columbia, South Carolina. They offer a wide range of financial protection options – accident, cancer, critical illness, dental, disability, hospital confinement indemnity and life insurance plans – to both individuals and businesses.

What is the 9.95 plan?

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). How much coverage you get for $9.95 depends on age and gender. There are no health questions.

Who bought out Colonial Life insurance?

Unum subsidiary
Unum subsidiary Unum acquired Colonial Life in 1993 for $571 million.

Does Colonial Life offer long term care insurance?

Whole Life Insurance with Long Term Care Coverage offered through Colonial Life: Whole Life insurance through Colonial Life provides two valuable benefits within one policy. Whole Life provides a fixed benefit and fixed premium for the employee and/or spouse at the time of purchase.

Is Colonial Life legit?

Colonial Life has earned a reputation as being one of the most respected insurance companies offering life insurance in the US. The carrier has received high ratings through A.M. Best and the BBB and has demonstrated consistent financial strength.

How much coverage do you get for 9.95 with Colonial Penn?

You call Colonial Penn to get a quote for $15,000 in coverage and they tell you they can’t do that– you have to buy units. For a 68 year-old-male, 1 unit at $9.95 a month qualifies you for a total of $792 in life insurance coverage. Yes, $792 per $9.95 each month for one unit.

How much coverage do you get with Colonial Penn 995 plan?

With this plan, you can receive a coverage maximum of $50,000, and it is available to anyone between the ages of 18 and 75.

Is Colonial Life better than Aflac?

Aflac is most highly rated for Work/life balance and Colonial Life & Accident Insurance Company is most highly rated for Work/life balance….

How much is a unit of Colonial Penn life insurance worth?

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. If you want to get more coverage, you have to buy more units.

Which is better colonial life or Aflac?

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

For a 68 year-old-male, 1 unit at $9.95 a month qualifies you for a total of $792 in life insurance coverage.

Who bought Colonial Life Insurance Company?

Unum acquired Colonial Life in 1993 for $571 million. James Orr , Unum’s chief executive, assumed the position of Colonial Life chief executive with the merger.

How does colonial life critical illness insurance work?

How Colonial Life critical illness insurance works. Health insurance is supposed to be there when you need it most, yet it often fails to cover all the expenses associated with a critical illness. Fortunately, Colonial Life can help bridge the gap and give you greater peace of mind. Colonial Life critical illness insurance helps supplement your major medical coverage by providing a lump-sum benefit that you may use to pay direct and indirect costs related to the most prevalent critical

How much does Colonial Penn life insurance cost?

Colonial Penn life insurance cost per unit is always $9.95 for everyone. No matter how old or young you are, male or female, a single unit is always $9.95. Everyone can choose to buy between 1 and 8 units. Again, what will change is the amount of coverage that a unit provides. Aug 12 2019

Should I get Colonial Penn life insurance?

Colonial Penn is a good potential option for customers who want to buy life insurance without a medical exam. However, other providers tend to offer more types of insurance, additional riders, and other benefits that Colonial Penn lacks. Other providers-Mutual of Omaha included-can also offer lower premiums for each dollar of coverage.