If you’re exploring a life insurance policy with a $50,000 death benefit from Colonial Penn, you’ll want to understand exactly how their pricing works—because the cost can vary significantly depending on your age, gender, health status and type of policy.
+In this article we’ll dive into what to expect, how Colonial Penn structures their policies, what sample costs look like, and how it compares. We’ll also include high CPC keywords for SEO optimization.
What kind of policies does Colonial Penn offer?
Colonial Penn specializes in life insurance products aimed at older applicants or those seeking simpler underwriting (often no medical exam). Their offerings include:
- Guaranteed acceptance whole life insurance: coverage starts with limited underwriting and typically has a waiting period for full benefits. Colonial Penn+2ValuePenguin+2
- Standard whole life or limited underwriting whole life: more conventional whole life policies where you may answer health questions and obtain coverage up to a specified amount (often up to $50,000). ValuePenguin+2M-Life Insurance+2
- Term life options in some cases, but for many of their offerings the death benefit maxima and underwriting limitations apply. ValuePenguin
For our topic—a $50,000 life insurance policy—Colonial Penn offers whole-life coverage up to that amount for eligible applicants. ValuePenguin+1
What affects the premium for a $50,000 policy?
Before looking at sample rates, it’s important to understand the major factors that determine how much you’ll pay:
- Age: Older applicants pay higher premiums because risk increases with age. Top Whole Life+1
- Gender: Women typically pay lower premiums than men, reflecting longer average life expectancy. Top Whole Life+1
- Health / Underwriting Class: Whether you answer health questions or go through no exam underwriting impacts cost. Guaranteed acceptance (no exam) tends to cost more or offer smaller benefits. PinnacleQuote
- Coverage amount & policy type: A $50,000 whole-life policy will cost more than a small final-expense policy; type of policy (whole vs term) matters. Choice Mutual+1
- Waiting period or graded death benefit: Some guaranteed acceptance policies have a waiting period in which full benefits are not paid if death occurs from certain causes in the first two years. PinnacleQuote+1
What are sample costs for a $50,000 policy from Colonial Penn?
While exact rates will depend on your specific profile and state of residence, here are some reference points:
- According to the review by ValuePenguin, Colonial Penn’s whole life policy letting you choose up to $50,000 death benefit shows sample premiums such as:
- Age 40, male: ~$76.04 per month for $50,000 benefit. ValuePenguin
- Age 40, female: ~$56.79 per month for $50,000 benefit. ValuePenguin
- Other sources note that the company’s “$9.95 per unit” plan is not applicable to $50,000 coverage without many units, and that plan may offer very small benefit amounts per unit depending on age. Final Expense Direct+1
- A broader market statistic for a $50,000 whole life policy (not specifically Colonial Penn) shows typical cost roughly $100-$500/month depending on age/health. Choice Mutual
Key takeaway: For a relatively young applicant (age ~40) in reasonably good health, you might expect a premium in the $55-$80/month range from Colonial Penn for a $50,000 whole life policy (per the sample above). For older ages, or with less favorable underwriting, expect significantly higher premiums.
Important limitations & considerations
There are some important caveats when buying from Colonial Penn (or any insurer) that you should keep in mind:
- Fixed maximum benefit: Their products often cap coverage at $50,000, which may not be sufficient if you have larger debts, dependents or long-term income replacement needs. ValuePenguin
- Higher cost for lesser value compared to competitors: Specialist reviews note that Colonial Penn’s rates are significantly higher per dollar of death benefit compared to traditional life insurance companies that require exams. GetSure+1
- Waiting period for full benefit: If you select a guaranteed acceptance product, there may be a graded benefit period (e.g., first 2 years death benefit is limited) if you die of natural causes. PinnacleQuote
- Coverage may be aimed at final‐expense / burial insurance: Some of these products are designed primarily to cover funeral costs rather than replace income. Ensure the benefit aligns with your financial goals. ValuePenguin
- Make sure to compare options: If you’re younger and in good health, you may find much better value from other carriers offering $50k+ coverage for lower premiums with full underwriting.
How to decide if a $50,000 policy from Colonial Penn is right for you
Ask yourself the following questions:
- What are your financial obligations (debts, dependents, mortgage, education)? Is $50,000 enough to cover them if you die?
- What is your age and health status? Younger and healthier = lower cost for higher benefit.
- Are you buying to cover final expenses (funeral, small debts) or to replace income for your family? The latter may require larger coverage.
- Are you comfortable with the premium you’ll pay, and do you know whether the policy includes any waiting periods or graded benefit years?
- Have you compared quotes from other insurers offering higher death benefit amounts or better cost for your health class?
Conclusion
If you’re considering a $50,000 life insurance policy from Colonial Penn, you’ll likely find a monthly premium in the ballpark of $55-$80/month for a 40-year-old in good health (per sample data). For older ages or less favorable health, premiums could be much higher. While Colonial Penn offers the convenience of no-exam underwriting and fixed premiums, you should weigh the benefit amount, premium cost and alternative options carefully.
Remember: getting life insurance isn’t just about price—it’s about making sure the coverage amount and policy features align with your financial goals and family’s needs. Before you commit, get multiple quotes, read the policy details, understand any waiting periods or limitations, and choose the best value for your situation.