Each unit of Colonial Penn's life insurance coverage is worth $9.95 per month and provides different amounts depending on age, gender, etc. Always have an independent, seasoned professional verify your need for any guaranteed issue life insurance before buying. A lot of people, young to old have seen the Alex Trebek life insurance commercial. Reviews Of Colonial Penns Guaranteed Acceptance Life Insurance Rates, The Pros Of The 9.95 Life Insurance Program, The Cons Of Alex Trebek, 9.95 Guaranteed Acceptance Life Insurance, Understanding Alex Trebek Colonial Penn Guaranteed Acceptance Commercial: The Fine Print, Very Expensive Insurance Alex Trebek Was Promoting, Colonial Penn Life Insurance Rates By Age Alex Trebek Insurance Advertisement, $9.95 Life Insurance Plan Quotes Your Alex Trebek Insurance Alternative, Problems With the Alex Trebek Life Insurance, No Health Question $9.95 Life Insurance: The Alex Trebek Insurance Ad, Alex Trebek Life Insurance Commerical For Seniors, Conclusion: 995 Insurance from Colonial Penn, Metlife Burial Insurance Review The Little Known Truth, Affordable Care Act Health Insurance Plans, Michigan, health questions on a no exam application, Lincoln Heritage Life Insurance Review [2023], Medicare Part D Prescription Drug Plans (Drug Plan Finder Tool), Enroll in Medicare Online Here (Social Security Adminstration), Take Me To The Free GlicRX Presription Drug Card Enrollment. The focus of these advertisements has been to promote a whole life insurance policy that offers guaranteed acceptance, a rate lock, premiums that will never go up and a death benefit which will never go down. This is for 2 reasons. So a 75 year old is going to be penalized regardless of good health versus a 65 year old who may have congestive heart failure and lung cancer. For example, say one unit of coverage provides a $1,621 death benefit for a 60-year-old woman. Calling Colonial Penn or any other carrier directly versus an independent agent or broker works against you. Is Alex Trebek insurance a scam? WebYes, Jonathan Lawson is a real person and he does work for Colonial Penn. She is based in Nashville. It is not responsible of a life insurance company to recommend products built for generally poor health applicants and market it like it is the affordable final expense solution for seniors. You must live more than two years before Colonial Penn will pay out the full death benefit. Guaranteed Issue Life Insurance from $9.95 month. A professional journalist since high school, she was an insurance writer at NerdWallet before becoming an assigning editor. Remember, this is better not only for you but your family who will be getting the full death benefit if you pass away in the next 2 years. Alex Trebek coverage is not a better policy than any other guaranteed acceptance policy from another company. See what size policy that $149.25 per month will buy. In the past 30 days, commercials featuring Alex Trebek have had 78,296 airings. If you have not already, run a quote on the final expense quote tool on this page. Andrew Marder is a NerdWallet authority on insurance. They dont know you from Adam.. Call us and we can have you qualified, and matched up with an A/A+ carrier within minutes. Why do you think you need high risk life insurance? Before we get to far, I would like to make in known: In no way do we wish to put down Mr. Trebek. Medically underwritten, no exam whole life is superior protection for your family, is more affordable and does not have the limitations written into the whole life policy. We will go over why. The $9.95 life insurance advertisement is just a high risk, whole life insurance policy designed primarily for seniors who cannot qualify medically on a standard, no exam final expense insurance application. Check that the insurers youre considering offer the coverage youre looking for. Most people just want the straight scoop without all the games and limitations. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings. You will not be told that you can get a better policy and price elsewhere. $10,000 is the minimum coverage amount. For the first 2 years of coverage with Alex Trebek Life Insurance, there is a limited death benefit for natural causes of death. This is not term life insurance which typically expires by age 75 or 80. Get more smart money moves straight to your inbox. Applicants dont need to answer health questions or take a medical exam. Take a break, see what our clients are saying about us, Or Call Lisa and danny 855-380-3300 where final expense insurance is done differently. The value of the units for you is determined at application. The Colonial Penn life insurance for seniors that Alex Trebek advertises will be best suited for those folks who are closer to 50 and in very poor health. Be sure to select Excellent Health if you believe your health is pretty average or better for someone your age. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. The minimum value of one unit is currently $418 while the maximum is $2000. Remember, there are no health questions. No one pays just $9.95 a month to protect their family. This site provides life insurance information and quotes. 1 Male Unit ($9.95) 1 Female Unit ($9.95) 12 units is the most you can buy, and this coverage comes with a 2-year waiting period. It helps them make a lot more money because you are lumped in with a large number individuals who are very high risk. Applicants dont need to answer health questions or take a medical exam. The Guaranteed Acceptance Life Insurance is Alex Trebeks endorsed product youve heard so much about. Sign up and well send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money. It is not for the average consumer frankly. Over three years, Colonial Penn has drawn far more than the expected number of complaints to state regulators for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners. We generally advise people to use Gerber or AIG IF they need high risk life insurance like the Alex Trebek Life Insurance product. Get even more expert advice to help you make informed choices. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. You need to choose coverage for heart attack or stroke, cancer or chronic illness, and youll be able to tap into your policys payout only if you develop the condition you chose or if youre diagnosed as terminally ill (with a life expectancy of 12 months or less). In fact, other insurance companies have far superior products for burial insurance with zero waiting periods. The actual death benefit is independent of the number of units you purchase. The value determined will be locked. However, the truth, this life insurance advertisment markets a particular type of whole life insurance with carefully, glossed over limitations and very high real world premiums. Ultimately, the rate lock Mr. Trebek mentions is a marketing term that is always a feature in any whole life insurance product. Lead Writer | Life insurance, auto insurance, insurance data. Colonial Penn life insurance products that Jonathan Lawson promotes seniors will not receive benefits for the first two years. Be prepared to be shocked!! Colonial Penns advertising may be misleading to those who arent familiar with its pricing structure. This means that they may not be able to purchase a enough financial protection (death benefits) to ensure their goals are met. That hefty amount is anchored by the reported $10 million annual salary he receives from hosting the show. It is fair to suggest he probably has been well paid over the years so his resources and his financial situation is likely different than most people on a fixed and or limited income. To see a list of the best burial insurance carriers for seniors Click On Compare Quotes. Truth is a great majority seniors we work with purchase much more protection than this plan can offer. We work with dozens of the top life insurance carriers so I can attest to this next fact. No-exam policies dont require a medical exam. Make sure you have the right product ladies and gentleman. Nowadays, it is about $10,000 on average for a full funeral around the country. From there, you will be automatically emailed a health questionaire asking you answer some basic health history questions and we will assess what plan and company would likely be best for you and your family. Sorry, Alex Trebek life insurance is not demonstrating anything special. There are much better whole life policieis available including lower pricing then the Colonial Penn 995 insurance plan. You could end up ripped off and/or underinsured. Folks, take the time and call a professional. Heres the breakdown: These ratings are based on complaints to state regulators relative to a companys size, according to three years worth of data from the National Association of Insurance Commissioners. Any questions you have, feel free to give us a call at 269-244-3420. Cemetery costs are easily another $4000 or more. Did you know these 3 key points prior to doing your research here? This policy is open to people ages 50 to 85 (50 to 75 in New York), and acceptance is guaranteed. Alex Trebek has been the beloved host of the hit NBC game show, "Jeopardy!" The Canadian-born star has been hosting the show since 1984, making him one of the longest-running game show hosts in television history. He has been at Colonial Penn for over 8 years and started off as a customer service manager and then as a telesales manager. However, there are also additional expenses baked into unit based pricing. They bought a term policy that is/was about to expire or bought a guaranteed acceptance policy from one of the few life insurance companies that offer them. Does Colonial Penn life insurance accept all seniors on this 995 plan? Do you assume you cannot qualify for a better policy because your health isnt ideal? They now feature Colonial Penn sales manager Jonathan Lawson as the pitchman in their commercials. I do not have an answer for that, but I can assure you, all the CP policyowners have paid for it. We all know Ed McMahon, Joe Theismann and even Jerry Lewis. Over more than a decade, he's worked in everything from banks to tech startups. Funeral and burial costs have been rising steadily for years but 2021 is a reminder that managing raging inflation should be part of the financial planning for our family. Based on what you can find online he has a net worth of $15-$17 million dollars. 50. It does not buy very much life insurance protection, period. It is written in the policy they mail you once your purchase coverage. You can add an optional living insurance rider to your policy. Stay with me here. Colonial Penn Life Insurance is a Philadelphia, Pennsylvania-based life insurance company. If you in your early 50s, you should be considering if you have a budget for a $30,000 policy. Both are for $10,000 of no medical question, guaranteed issue whole life insurance with a 2 year waiting period for full benefits. Better than having no life insurance protection at all. The life insurance policy promoted in the Alex Trebek life insurance ad is the $9.95 life insurance, a Guaranteed Acceptance insurance policy. What you need to remember about the Guaranteed Acceptance program: it is for high risk life insurance applicants. Above all, I am sure you have seen Jonathan Lawson Colonial Penn commercials. What has been apparent, consumers do not realize the actual cost and the policy limitations. Colonial Penn sells coverage in units, and you can buy up to 15 units. There may be several companies unable to insure you for immediate, full benefits while another can give you that same coverage very affordably without needing to resort to high risk life insurance such as the Alex Trebek advertisement for senior life insurance. Better yet, give us a call and lets talk about your needs and find the right plan to protect your family. All insurance companies must follow the free look provision laws. How Much is a Unit of Colonial Penn Life Insurance Worth Anyway? Our opinions are our own. We believe everyone should be able to make financial decisions with confidence. This is very similar to the advertising practices from Globe and Life Insurance Savings Group! Guaranteed acceptance policies ran between $10 and $80 per month, while whole life insurance was the most expensive at $30 to $133. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. 39a Sir Joseph Banks Street, Botany NSW; los angeles death notices 2022 0418 419 353; slaughter and may managing partner Contact us However, you need to know the true value of the units. This rider from Colonial Penn allows someone 40 to 65 years old to add an accidental death benefit ranging from $10,000 to $50,000. After a few minutes on the phone, they find out they can easily qualify for a premium policy for a much lower premium than Colonial Penn. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. You can add an optional living insurance rider to your policy. He talks about Price you can afford, Price cant increase and Price fits your budget, DUH, of course, $9.95 will fit a seniors budget. They put you in front of the most benefit rich and affordable final expense plans you can buy. What to understand about Colonial Penn $9.95 Life Insurance units. That is why the maximum policy value is $30,000. Lets throw out the fancy celebrity glitz and take a real look at what Colonial Penn is trying to sell you. In fact it is inferior to the competition but that is beyond the scope of this article. The 30 day money back guarantee, well that comes from the department of insurance in each state. What do you think they do in to offset the risk of not having a clear picture of whom is requesting life or burial insurance protection from them? Because it affects not only the policyowner but their loved onesdont be surprised if I bring the heat in this review!! The rates listed are for a $12,000 guaranteed issue life insurance policy for a male non-smoker: We used a $12,000 policy for our comparison because the average funeral cost in America is between $8,000 and $12,000. Her work has also won awards from the Society for Advancing Business Editing and Writing, Investigative Reporters and Editors, and the Society of Professional Journalists. The Philadelphia-based insurer is owned by CNO Financial Group, which is also the parent company of, to ensure the content on our site is accurate and fair so you can make financial decisions with confidence and choose the products that work best for you. Colonial Penn life insurance rates are just not very competitive nor offer the average senior and their family the full benefits of a no exam, medically underwritten (few health history question) whole life policy. However, he holds a title with CNO Financial Group of Director of Quality Assurance & Escalations. Most people 50-85 can qualify for much better coverage than they believe. How Does the GlicRX Discount Drug Card Work? Jonathan Lawson is a paid actor who you have seen in Colonial Penn commercials advocating the $9.95 plan. Yes, all the plans quoted here are designed for those in less than perfect health and require no medical exam. This indicates whether the company offers a way to apply for and purchase policies entirely online. Keep in mind, people age 50-85 are the vast majority of our clientele at Maple Valley Insurance Group. Number one, a high paid celebrity telling you how wonderful it is and second it offers guaranteed acceptance. You want $10,000 of coverage to take care of your funeral expenses. Financial strength ratingThese ratings indicate an insurers ability to pay future claims. The full death benefit isnt paid out if the insured person dies during the first two years of taking out a policy. When evaluating offers, please review the financial institutions Terms and Conditions. In the charts below, note that the pricing per month is displayed on top next to the appropriate number of units you would need to purchase. According to The Daily Mail, Trebek is worth around $50 million. In addition, we will look into Johnathan Lawson Colonial Penn commercials and the impact that may have on your buying decision. One of our friendly insurance representatives will be happy to help with your quote. With all whole life insurance, rate locks for your lifetime are a standard feature. The unit system used in this Colonial Penn 995 plan penalizes seniors particularly in their 70s and 80s. In addition, if you are in good health the coverage is limited and the premiums are too high. As of 2021 we have seen crazy spike in prices havent we? Life insurance is priced based on your age at purchase/approval and how much protection your family needs. Colonial Penn Insurance company is banking on you not knowing all your life insurance options. Simply put He was not an expert. would you prefer to worry for 2 years just so you dont have to answer a few health questions? $1,786 in coverage. Take a look at our article on Metlife guaranteed acceptance coverage. Life insurance is all about the pricing the risk they have in insuring someone. Assigning Editor | Insurance, data journalism. Ratios are determined separately for auto, home (including renters and condo) and life insurance. This information may be different than what you see when you visit a financial institution, service provider or specific products site. This allows them to make a profit with the risk profile they are willing to accept and pay out all claims. This is what protects their family. Now, Ive covered one of the problems with the Colonial Penn, Alex Trebek insurance commerical. Every week I take phone calls from people calling to price out final expense life insurance. Many or all of the products featured here are from our partners who compensate us. Advocating seniors about life insurance products mostly for burial insurance you would figure a person who promotes a message like this would be a little more accessible. During this time period, your loved ones would receive your premiums plus interest as the benefit amount if you pass away due to natural causes. It seems slippery from my perspective. No doctors, nurses or needles in your arm. Colonial Penn TV Spot, 'The Three Ps' Featuring Alex Trebek. The 995 Colonial Penn Guaranteed Acceptance insurance plan does have some big surprises in it. In addition, misleading Tv Commercials from paid spokesmen like Jonathan Lawson and previously Alex Trebek, you have clients that complain about this product 3-4 times more than the average life insurance companies in the industry. Many people miss that major detail. Determining the need for high risk life insurance should be done only with an independent life insurance specialist. So, the Colonial Penn life insurance @ $9.95 per month. You buy it, just remember, Colonial Penn will not be making any exceptions for you or your family. He is another new actor or pitchman like Alex Trebek that are promoting and marketing Colonial Penns TV Commercials. However, this does not influence our evaluations. Again, it depends on the value of each unit at application. May not be adequate for many seniors final expense needs. With such misleading articles and commercials seniors and potential clients regardless of gender, can find much better insurance coverage with better companies. Colonial Penn sells coverage in units, and you can buy up to 15 units. F. Ill let you make your own assessment there. You dont pay anything for their services, the insurance companies do that part. In fact, there is no way for a good health 75 year old to obtain the same amount of financial coverage if both purchased the maximum number of units with this particular policy. To cover properly, Colonial Penn will disappoint you. These types of guaranteed acceptance plans are usually 30-50% more in price than the best plans available. For new policy owners, they now pay 15% of the death benefit the first year, 30% the second year. With that said, do you believe he knows that much more about your life insurance needs versus the person down the street? Colonial Penn doesnt require a life insurance medical exam for its policies, including its traditional whole life insurance. Lisa Green leads the life insurance team and oversees insurance-focused data journalism at NerdWallet. Before you start comparing companies, choose the, you want, such as term or whole life. Do you have any objection to saving a lot of money and being able to obtain the best policy you qualify for? Most people are shocked when I explain why they dont want to own a policy like this unless they have no better permanent life insurance alternatives. Previously, Lisa spent more than 20 years as an editor at The Tennessean in Nashville, where she led business and consumer coverage for several years. How do I file a complaint against Colonial Penn. For a person who is in a high risk situation, while expensive compared to the more competitive companies, it may be a solution. We have provided rates by gender and age. They pay their spokesmen a pretty penny to advocate how good their coverage is. Never try to sort this out on your own or call an insurance company home office like Colonial Penn. About 85% or more of you reading this article would more than likely be able to qualify for the full, level benefit life insurance with the right insurance company. It is simply a high risk life insurance policy. They are not going to help you get the best insurance at the lowest price. Find out what is really available to you. for its policies, including its traditional whole life insurance. This is not a good way to be transparent about the cost of buying a policy either. Alex Trebek insurance may feel like it is designed for all seniors as it accepts the healthy with the very unhealthy. We frequently replace guaranteed acceptance policies with better benefits and lower cost policies. Plenty of people have told me they just paid over 10k in funeral costs alone in this past year (2022). After high school at age 18, he went to Pierce College and earned his BBA. It should not be plan A or even plan B for that matter. As a life insurance field underwriter and independent agent/broker I dont have to rely on Alex Trebek insurance to meet the needs of my clientele either. You can easily find other articles about these complaints with a simple Google search. In addition, if you are healthy do you deserve a two-year waiting period? Lifetime coverage. This Colonial Penn product is not benefit rich nor priced well. Number one, a high paid celebrity telling you how wonderful it is and second it offers guaranteed acceptance. You want $10,000 of coverage to take care of your funeral expenses. We recommend a goal of at least $15,000 to cover full funeral and burial costs for 2023. They engage in a numbers game of mass marketing and/or gimmicks. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. When evaluating offers, please review the financial institutions Terms and Conditions. He has over a decade of experience in finance, with previous roles at Barclays, The Motley Fool and Gartner. But healthy people can generally get better prices from companies that consider more medical information when setting rates. If you had not already made the connection, the trivia game show host has driven a lot of people to consider Colonial Penn. This indicates whether an insurer allows you to apply for and buy a policy completely online. Compare quotes from top insurance carriers, Burial Insurance With Pre Existing Conditions, How Much Does Colonial Penn Pay Jonathan Lawson, What is Jonathan Lawson Colonial Penn Net Worth, Who is Jonathan Lawson Colonial Penn Wife, Colonial Penn Commercials and Advertising Practices. Aah, here is the problem with Colonial Penn units. $9.95 sounds quite enticing but. Theyd be unable to pay the claims real and why they insert a 2 year limited benefit period into the policy contract. Buy additional units unless you need a very small policy. We use AM Best ratings to confirm an insurers long-term financial stability and ability to pay claims. For example, if you want to skip the. Colonial Penn is a life and health insurance company is located in Philadelphia, Pennsylvania. If you want to leave a significant death benefit for your loved ones, $9.95 per month isnt going to help out very much. Quick question to ask yourself as you move forward. The application asks health questions, but the insurer doesnt require a medical exam. 2023 Alex Trebek Life Insurance Review (Prices & Fine Print) alex trebek's commercials have no longer aired since his death, but you can still find his face in some penn colonial ads. They will shop the life insurance market for the right, no exam policy offering the best benefits and lowest price for that financial protection. That is a very, very small policy if you are planning for final expenses. Guaranteed coverage available to applicants up to age 85. Weed it out. At Maple Valley Insurance Group, we dont put square pegs in round holes regardless of the celebrity marketing, nor should you. That's a shocking statement, but it's true. He also brought to life a fun, educating game show for years and it is sad to know he wont be returning. We use AM Best ratings to confirm an insurers long-term financial stability and ability to pay claims. See if you can qualify based on your overall health for a simplified issue, no exam, medically underwritten plan first. Over three years, Colonial Penn has drawn far more than the expected number of complaints to state regulators for a company of its size, according to a NerdWallet analysis of data from the. Depending on the type of whole life insurance, it may increase the risk to your family of not receiving the monies you intended just because the wrong policy was purchased. Here is a list of our partners and here's how we make money. Yes, you will receive quotes for whole life insurance. While some people will only qualify for guaranteed acceptance life insurance, you need consult with a experienced independent agent or brokers before assuming you need it. At 65, the policy value of each $9.95 unit is much higher which translates into more death benefits than the than the healthy individual. He has been advocating Colonial Penn life insurance as the best plan and best policy for years now. Let's say you are a 70-year-old male and in pretty good health. No matter what the gender is there are many better options out there for both. Health questions will eliminate a select number say 10-15% of applicants who are in poor health for their age and cant qualify for no exam, level benefit whole life insurance (full, immediate protection). Be sure to review the rate chart above and see the maximum amount of financial protection that can be bought at your current age with CP. No life insurance company offers individual life insurance without health questions and no medical exam without a mandatory waiting/limited benefit period. Colonial Penn Life Insurance offers 2 different whole life policies. The maximum age is 75 for the whole life policy. 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