If you’re shopping around for guaranteed acceptance whole life insurance, you may have come across the term “unit” and are wondering what a unit of life insurance is and how it works.

A unit of life insurance represents the amount of guaranteed acceptance whole life insurance benefits you can purchase for a fixed amount. At Colonial Penn®, units of coverage start at $9.95 per month.* The cost of each unit and the amount of death benefits included vary according to
age, gender and state. (Only age is considered in Montana.)

Beneficiaries may purchase up to 25 units to build the appropriate amount of coverage for their individual needs. 

How can I pay for my units?

You'll have the option of paying for your life insurance units monthly, quarterly, semi-annually or annually.

Will my price per unit go up over time?

No. Once you are approved for coverage and your policy takes effect, your unit price will remain the same for as long as your policy remains in force.**

How many units of life insurance do I need?

Everyone’s life insurance needs may be different, and a Colonial Penn life insurance agent can help you determine how many units might be right for you and your family. Variables to consider include your current savings and investments, mortgage and other debts, childcare costs, education commitments and more. 

Will the value of my units be reduced over time?

No. After your coverage begins, the death benefits will not decrease as you age or undergo changes in your health. And your coverage will not be canceled as long as you remain up to date on your premiums.** 

Do I have to answer any medical questions to get approved?

There are no medical questions or physical examinations as part of the application process. If you are aged 50 to 85, you won’t be turned down because of health and your acceptance is guaranteed in most states.*** This plan has a two year limited benefit period.**** You can apply for coverage in just minutes and if you aren’t happy, you can change or cancel your plan for a full refund within 30 days of activation. 

Will my policy accumulate cash value?

Yes. Your Colonial Penn whole life insurance plan will accumulate cash value that you may borrow against after your first year of coverage.

How can I learn more or apply for coverage?

Just enter some basic information online for a free, no obligation guaranteed acceptance whole life insurance quote or call 1-855-390-3722 to speak to one of our licensed agents today to learn more.