Guaranteed issue life insurance is a type of whole life insurance policy that allows you to skip health questions and or undergo a medical exam. In some spaces, you may hear it referred to as guaranteed life insurance or guaranteed acceptance life insurance.

How Does The Colonial Penn 9.95 Plan Work? The 9.95 plan is a guaranteed acceptance life insurance policy that does not require you to take a medical exam or answer health questions. Colonial Penn sells the $9.95 plan by the unit. Everyone, regardless of age or gender, pays just $9.95 monthly for one unit.

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It provides permanent coverage, guaranteed premiums that don't increase, has guaranteed cash values, a guaranteed death benefit, and offers possible dividends.

In both policies, beneficiaries are guaranteed of receiving a death benefit. Also, premiums are level meaning they will not change as long as you continue to pay your premiums on time. However, the whole life is more expensive than GUL more so because of the investment factor.

$9.95 per unit What Types Of Life Insurance Does Colonial Penn Offer? Colonial Penn only sells whole life guaranteed acceptance coverage for $9.95 per unit.

Whole life insurance guarantees payment of a death benefit to beneficiaries in exchange for level, regularly-due premium payments. The policy includes a savings portion, called the “cash value,” alongside the death benefit. In the savings component, interest may accumulate on a tax-deferred basis.

We offer guaranteed acceptance whole life insurance for those ages 50-85 (in most states) with options starting at $9.95 a month- Ease the burden of final expenses and get back to living life on your terms. Colonial Penn's® popular guaranteed acceptance whole life insurance coverage rates are offered in units.

Key Takeaways Term life is “pure” insurance, whereas whole life adds a cash value component that you can tap during your lifetime. Term coverage only protects you for a limited number of years, while whole life provides lifelong protection - if you can keep up with the premium payments.

Better Planning – Whole Life Costing will add (where possible) a greater level of detail to planning within The University. It will help to provide internal customers and project managers with relevant information to help with effective planning.

Whole life insurance guarantees payment of a death benefit to beneficiaries in exchange for level, regularly-due premium payments. The policy includes a savings portion, called the “cash value,” alongside the death benefit.

The average annual interest rate of a whole life insurance policy is 1.5% according to Consumer Reports. How much is a $50,000 whole life insurance policy? A 30-year-old in good health can pay around $57 per month for a $50,000 whole life policy, but it depends on your age and health.