Colonial Penn burial insurance review & cost

Reviewed by licensed insurance agents· Updated July 2026

Colonial Penn's guaranteed-acceptance whole life — the famous "$9.95 plan" — is the most-recognized final expense product in America. Here's how it actually works, and when a different carrier gets you more coverage for the money.

Quick answer

Colonial Penn's $9.95 plan is guaranteed-acceptance whole life priced in units — one unit is $9.95/month, and how much coverage a unit buys depends on your age and gender. It's easy to get (no health questions, ages 50-85) but has a 2-year waiting period, and healthy seniors can usually get more coverage per dollar elsewhere.

How the $9.95 plan actually works

Priced in "units"

One unit costs $9.95/month. How much coverage a unit buys depends on your age and gender — older applicants get less per unit, so most buyers add several units.

Guaranteed acceptance

No health questions, no medical exam, ages 50-85. You cannot be turned down — the main reason the plan is so widely recognized.

2-year waiting period

Pass from natural causes in the first 2 years and beneficiaries get premiums back plus 7% — not the full benefit. Accidental death is covered from day one.

Colonial Penn vs. the alternatives

Guaranteed acceptance is convenient, but it's not the only — or cheapest — way to get covered.

Plan type	Health questions	Waiting period	Coverage per $	Best for
Colonial Penn $9.95 unit plan	None	2 years	Lower	Can't qualify elsewhere
Simplified issue (e.g. Mutual of Omaha)	A few	Day one	Higher	Healthy seniors
Guaranteed issue (other carriers)	None	2 years	Similar	Serious health issues

Colonial Penn is the #1 most-requested carrier among the 1,283 policies we’ve placed for clients — but “most requested” isn’t always “best value.” We match you to whichever A-rated carrier gives you the most coverage for your age, health and budget.

Frequently asked questions

Is the Colonial Penn $9.95 plan a good deal?

Good if you can't qualify for medically-underwritten coverage — acceptance is guaranteed. But healthy seniors usually get more coverage per dollar from a simplified-issue carrier with day-one benefits.

How much coverage does $9.95 buy?

$9.95/month buys one "unit." The dollar amount per unit depends on age and gender and drops as you get older, so most buyers purchase several units.

Is there a waiting period?

Yes — 2 years. Die of natural causes in the first 2 years and beneficiaries get premiums plus 7%, not the full benefit. Accidental death is covered from day one.

Can I be turned down?

No. The $9.95 guaranteed-acceptance plan asks no health questions and cannot decline you, ages 50-85.

Who is it best for?

Seniors with health conditions who can't qualify elsewhere, or who want a recognizable brand. Healthy seniors should compare simplified-issue carriers first.

Compare Colonial Penn with other carriers

See if another A-rated carrier beats Colonial Penn for your age and health — more coverage, day-one benefits. Free, no exam.

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Related guides: best carriers compared · no-exam plans · cost by age · over 65

About these figures: the premiums and averages shown are estimates based on our own placed-policy data (our internal systems) — not official carrier-published quotes. Your actual rate depends on age, gender, tobacco use, health and coverage amount, and is confirmed by the carrier at application.