Watch out for other high priced guaranteed issue whole life plans. We always recommend working with a independent professional to see if you qualify for better benefits and lower premiums than the Alex Trebek life insurance for $9.95 a unit. Stay with me here. Because it simply does not buy enough burial insurance to cover the costs of death. This means that they may not be able to purchase a enough financial protection (death benefits) to ensure their goals are met. I will elaborate on units in just a bit. have fewer than the expected number of complaints. Your loved ones could end up in a financial mess because of the 2 year limitation on coverage for natural death. With Colonial Penn $9.95 a month would actually cost you about $138 per month. Colonial Penn Life Insurance is a Philadelphia, Pennsylvania-based life insurance company. NerdWallets ratings are determined by our editorial team. How Much Insurance Do You Get From Colonial Penn For $9.95 A Month? Colonial Penn life insurance products that Jonathan Lawson promotes seniors will not receive benefits for the first two years. For example, someone who may be suffering from a terminal illness, have active, internal cancer, on kidney dialysis, or needing an organ transplant. To calculate each insurers rating, we adjusted the scores to a curved 5-point scale. Pre-qualified offers are not binding. They jack those rates up for starters. No medical exam is the norm. 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. If you had not already made the connection, the trivia game show host has driven a lot of people to consider Colonial Penn. Colonial Penn has raised their rates effectively by lowering the value of a unit with their $9.95 per unit life insurance. So sit back, and pay attention, you will probably save thousands of dollars, and youre welcome in advance. Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online. This is for 2 reasons. They must charge higher premiums and have a limited benefit period to offset their risk of loss. Its good you are reading $9.95 life insurance reviews like this that show you the real monthly cost of a burial policy with this carrier. In our life insurance reviews, our editorial team considers the customer and the insurer. Quick question to ask yourself as you move forward. There are much better whole life policieis available including lower pricing then the Colonial Penn 995 insurance plan. He gets paid to say what he says. I see no blatant dishonesty, but the responsibility is completely shifted onto a trusting senior who just wants affordable peace of mind for their family. I am licensed in all 50 states and represent almost three dozen A/A+ rated carriers. We use AM Best ratings to confirm an insurers long-term financial stability and ability to pay claims. The value determined will be locked. Calling Colonial Penn or any other carrier directly versus an independent agent or broker works against you. I am a life insurance expert that specializes in final expense, critical illness, Medicare Supplements, and term/UL policies. Remember, you are paying for permanent, lifelong coverage with the $9.95 life insurance product. Now, for those people that may need this type of insurance, I ran a quick quote of the top guaranteed acceptance companies across the country. With such misleading articles and commercials seniors and potential clients regardless of gender, can find much better insurance coverage with better companies. Plenty of people have told me they just paid over 10k in funeral costs alone in this past year (2022). Make sure you and your loved ones are covered - compare customized life insurance quotes from our partners. Colonial Penn TV Spot, 'Rate Lock Guaranteed' Featuring Alex Trebek. If you are wondering if the price per month was not accurate, you were just not aware of how the insurance company was pricing the 995 life insurance program. The older you are at the time of application with this Colonial Penn product, the lower the value of 1 unit is. and how long you want the coverage to last. You can easily find other articles about these complaints with a simple Google search. If youve found this article helpful, let us know. issues coverage without the need for a medical exam. Alex Trebek insurance may feel like it is designed for all seniors as it accepts the healthy with the very unhealthy. 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. Mentioned earlier but Colonial Penn uses a non standard way of calculating their premiums. 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. What has been apparent, consumers do not realize the actual cost and the policy limitations. For many seniors, the guaranteed acceptance whole life insurance advertised by Alex Trebek will not provide enough funding for a simple funeral. Determining the need for high risk life insurance should be done only with an independent life insurance specialist. How Much is a Unit of Colonial Penn Life Insurance Worth Anyway? Again, this type of whole life insurance is available from a number of life insurance companies and not proprietary to Colonial Penn. He also spent time in the marine corps serving his country. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. If you want to leave a significant death benefit for your loved ones, $9.95 per month isnt going to help out very much. Both are for $10,000 of no medical question, guaranteed issue whole life insurance with a 2 year waiting period for full benefits. are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a companys ability to pay future claims. The insurer says throughout its website and in commercials that premiums can be locked in for as little as $9.95 a month, but this price will earn you less than $700 in coverage. All financial products, shopping products and services are presented without warranty. This is not how life insurance is typically priced. Again, it appears to be a marketing tactic to distract you into thinking it is very affordable life insurance. FYI, I talk to numerous life insurance consumers age 50-85 5+ days a week. The insurance that Alex Trebek advertises is presented so you will be motivated to purchase Guaranteed Acceptance life insurance even if you can medically qualify for better coverage and a considerably lower price. Mr. Lawson, thank you for your service to our country. How Does the GlicRX Discount Drug Card Work? Yes, all the plans quoted here are designed for those in less than perfect health and require no medical exam. Once you have purchased a guaranteed acceptance whole life policy, the price will not go up and the benefits will not decrease. Do you have any objection to saving a lot of money and being able to obtain the best policy you qualify for? No life insurance company offers individual life insurance without health questions and no medical exam without a mandatory waiting/limited benefit period. That is why the maximum policy value is $30,000. Get more smart money moves straight to your inbox. You can add an optional living insurance rider to your policy. Most people just want the straight scoop without all the games and limitations. This indicates whether an insurer allows you to apply for and buy a policy completely online. When evaluating offers, please review the financial institutions Terms and Conditions. According to The Daily Mail, Trebek is worth around $50 million. Misunderstanding life insurance policy limitations and features combined with the overall costs of ownership are the common mistakes of consumers. We can help you determine who the best carrier is for you personally. For example, if you want to skip the. With Colonial Penn, you are limited by your age at application time on how much coverage you can buy. Id like to suggest that life insurance is more complicated than the TV makes it out to be. Were always here to help. You want $10,000 of coverage to take care of your funeral expenses. The 10-15% remaining still have more affordable options than Colonial Penn guaranteed acceptance insurance. FAQs Colonial Penn $9.95 Plan Rate Chart & Coverage Calculator Depending on the amount of coverage you need, you might need to buy more than one unit. She has also studied data journalism with the National Institute for Computer-Assisted Reporting, business editing with the American Press Institute and writing, editing and news research with the Poynter Institute. If you were wondering if Jonathan Lawson was giving real testimony of his great experiences with Colonial Penn 995 plan, then you were mistaken. 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. Andrew Marder is a lead writer for NerdWallet focusing on insurance and data analysis. Since you are buying units with Alex Trebek life insurance, the more units you purchase the larger the value of your policy. However, you need to know the true value of the units. AGE. Alex Trebek Colonial Penn Whole Life Insurance. Guaranteed issue life insurance: Is it worth it? Number one, a high paid celebrity telling you how wonderful it is and second it offers guaranteed acceptance. This could end poorly for your loved ones. Overall, when looking for burial insurance you will need to look at quality life insurance companies, so you do not want to be coerced by Jonathan Lawson into buying something based on a charming and familiar face. The Colonial Penn guaranteed acceptance $995 plan has a two-year waiting period. For decades, Colonial Penn has focused on selling life insurance to older customers, including a guaranteed issue whole life policy for people 50 and older. Learn how your comment data is processed. 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. Guaranteed coverage available to applicants up to age 85. As of January 2023 consumers age 50-85 are allowed to buy up to 15 units. That hefty amount is anchored by the reported $10 million annual salary he receives from hosting the show. This indicates whether the company offers a way to apply for and purchase policies entirely online. Read more. Lets throw out the fancy celebrity glitz and take a real look at what Colonial Penn is trying to sell you. 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. Let's say you are a 70-year-old male and in pretty good health. Colonial Penn will be happy to get that coverage in place today without answering any health questions or taking a medical exam. She is based in Nashville. Insurance companies design the no exam final expense policies for people 50-85. 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. For $9.95 a month, you can purchase one unit of the Colonial Penn Life Insurance Guaranteed Acceptance policy, the Alex Trebek insurance commerical. Before we get to far, I would like to make in known: In no way do we wish to put down Mr. Trebek. Take a paid endorser that does not have insurance expertise with a grain of salt. Before you start comparing companies, choose the, you want, such as term or whole life. The unit system used in this Colonial Penn 995 plan penalizes seniors particularly in their 70s and 80s. Colonial Penn doesnt require a life insurance medical exam for its policies, including its traditional whole life insurance. Thats a great question, there is no information online that confirms or denies whether Jonathan Lawson is married. You've probably seen Alex Trebek on your television giving you the low-down on the Colonial Penn Life Insurance Company. 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. Buy online. According to The Daily Mail, Trebek is worth around $50 million. My average policy is closer to $15K in 2023 for funeral and burial costs. Because it affects not only the policyowner but their loved onesdont be surprised if I bring the heat in this review!! If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. You see, life insurance is all about statistics. This allows them to make a profit with the risk profile they are willing to accept and pay out all claims. Jeopardy has never been the same in my opinion. So What Is The Alex Trebek Life Insurance Commerical About? Take a look at the competition out there. Units are not typical in the life insurance business. Here is the first tip. You got it. Our partners cannot pay us to guarantee favorable reviews of their products or services. Advertiser. The best life insurance companies have fewer than the expected number of complaints. Once you are a policyholder, you can make premium payments online, but youll need to download a form to file a life insurance claim or change beneficiaries. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Here is a list of our partners and here's how we make money. You can only choose 10, 20, or 30 years for term insurance. He has presented his work at the Gartner Marketing Symposium/Xpo and Accountex. 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. For example, a 75-year old male would get about $560 in coverage with one single unit at their current age. The life insurance policy promoted in the Alex Trebek life insurance ad is the $9.95 life insurance, a Guaranteed Acceptance insurance policy. This policy is open to people ages 50 to 85 (50 to 75 in New York), and acceptance is guaranteed. How Much is a Unit of Colonial Penn Life Insurance Worth Anyway? Whole life insurance. 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). A key point to remember, Alex Trebek, who had the respect of many people, was also a well compensated endorser of the Colonial Penn Life Insurance Company. Cemetery costs are easily another $4000 or more. While I personally dont agree with this, it remains a state approved method of marketing the insurance to consumers otherwise Colonial Penn would be unable to run commericals for their $9.95 life insurance. However, he holds a title with CNO Financial Group of Director of Quality Assurance & Escalations. In fact it is inferior to the competition but that is beyond the scope of this article. No-exam policies dont require a medical exam. Guaranteed acceptance/guaranteed issue whole life is the life insurance product to select after all other no exam, simplified issue whole products have been evaluated with an experienced independent agent or broker. Be sure to select Excellent Health if you believe your health is pretty average or better for someone your age. Does Colonial Penn pay out? They sell you what they are marketing. What you need to remember about the Guaranteed Acceptance program: it is for high risk life insurance applicants. Any questions you have, feel free to give us a call at 269-244-3420. Each unit of Colonial Penn's life insurance coverage is worth $9.95 per month and provides different amounts depending on age, gender, etc. Absolutely not. This Colonial Penn product is not benefit rich nor priced well. Alex Trebek is the second-highest paid game show host on television. We all know Ed McMahon, Joe Theismann and even Jerry Lewis. If you are looking for life insurance coverage, dont go to Colonial Penn. Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future. You must live more than two years before Colonial Penn will pay out the full death benefit. No-exam policies dont require a medical exam. Let's compare Colonial Penn 9.95 coverage to the same amount but with Mutual of Omaha. Remember that Colonial Penn's rates are determined by "units". 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. Is Alex Trebek insurance a scam? You will not be told that you can get a better policy and price elsewhere. Power of attorney is acceptable. He also spent time in the marine corps serving his country. For $9.95 a month, you can purchase one "unit" of the Colonial Penn Life Insurance Guaranteed Acceptance policy, the Alex Trebek insurance commerical. About 5-10% of our cases where guaranteed acceptance whole life insurance is truly necessary, we generally recommend the likes of AIG or Gerber Life not only for pricing but the amount of available protection over Colonial Penn Guaranteed Acceptance. However, this does not influence our evaluations. Coverage was once $6.95 per unit. You will see this illustrated later in this article. The problem here we have a sponsored celebrity endorsing a big name end all be all burial insurance product. Here is what you need to understand about that. Copyright 2023 - C & F Associates, LLC All Rights Reserved, Best ACA Marketplace Health Insurance Plans, Michigan, Medicare/Medigap Insurance Education Videos, Verify Any Insurance Agent or Brokers License Here, Prescription Drugs: How To Save Money Now, Alex Trebek Life Insurance Ad: Truth About The $9.95 Plan, Colonial Penn, Alex Trebek Insurance Commerical, The Alex Trebek Colonial Penn $9.95 Per Month Plan. MORE: Guaranteed issue life insurance: Is it worth it? Over more than a decade, he's worked in everything from banks to tech startups. How much does Colonial Penn pay Alex Trebek? It's important to remember that Colonial Penn offers units in the amount of 9.95 each. For the first 2 years of coverage with Alex Trebek Life Insurance, there is a limited death benefit for natural causes of death. Aah, here is the problem with Colonial Penn units. $9.95 sounds quite enticing but. To see a list of the best burial insurance carriers for seniors Click On Compare Quotes. Keep in mind, people age 50-85 are the vast majority of our clientele at Maple Valley Insurance Group. The. You may choose the Final Expense Life Insurance quoting tool on this page. I dont care for it and I think it is meant to confuse seniors into thinking this policy is very affordable regardless of your age at purchase. NerdWallet does not receive compensation for any reviews. Use our free tool on this page, select Poor under the Health Classification and you will see the top pricing from life insurers who offer the same type of protection. Most people we work with desire the most benefits they can get for the dollar spent. Dive deeper: Ratings methodology for life insurance. There is no reason not to utilize a professional independent agent. Calculate. This is variable and VERY important to understand. The scoring formula takes into account consumer complaint and customer satisfaction data. As of 2021 we have seen crazy spike in prices havent we? 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