You may choose the Final Expense Life Insurance quoting tool on this page. F. Ill let you make your own assessment there. With that said, a good professional agent can quickly give you the same rates you spent weeks or months on and identify which company and product would be best for your needs and health scenario. What has been apparent, consumers do not realize the actual cost and the policy limitations. For example, a 75-year old male would get about $560 in coverage with one single unit at their current age. Colonial Penn sells coverage in units, and you can buy up to 15 units. Watch out for other high priced guaranteed issue whole life plans. Men are hit considerably harder than women because women tend to live longer. Pro tip: read the fine print of this rider. So sit back, and pay attention, you will probably save thousands of dollars, and youre welcome in advance. All financial products, shopping products and services are presented without warranty. Did you know these 3 key points prior to doing your research here? Were going to review the $9.95 Alex Trebek life insurance Ad in this article so you know what you may be getting yourself into if you choose to purchase the Colonial Penn, Guaranteed Acceptance insurance plan. Heres the breakdown: Complaints. It should not be plan A or even plan B for that matter. However, this does not influence our evaluations. In this article, we will look deep into something senior consumers need to be aware of and what a Colonial Penn commercial may lead you to do. Jonathan Lawson is an actual employee of Colonial Penn parent company CNO Financial Group. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. That is why the maximum policy value is $30,000. This policy is open to people ages 50 to 85 (50 to 75 in New York), and acceptance is guaranteed. Absolutely not. 50. Because all life insurance companies have different health questions. As we get into this article, I will explain the limited use of Guaranteed Acceptance life insurance and why it should be avoided if possible. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. Learn how your comment data is processed. We will be very blunt as I speak to hundreds of seniors like you every month about Colonial Penn whole life insurance options. Here is a list of. When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. Financial strength ratingThese ratings indicate an insurers ability to pay future claims. Jonathan was born June 3, 1980 in Dunedin, Florida. This indicates whether an insurer allows you to apply for and buy a policy completely online. Well, if you looking to cover the cost of funeral, youre out of luck paying $9.95 a month. I will elaborate on units in just a bit. Make sure you have the right product ladies and gentleman. allows you to access 25% to 50% of your payout early if youre diagnosed with certain cancers or debilitating chronic illness or you suffer a heart attack or stroke. But in reality, it is not. You can add an optional living insurance rider to your policy. As mentioned earlier, you are buying a unit of insurance, not a death benefit amount. Coverage amounts range from $10,000 to $50,000 ($5,000 to $25,000 in New York). Having a real professional protects not only your interests but that of your family. Get even more expert advice to help you make informed choices. 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. Many of us heard the Alex Trebek life insurance commercial more than a few times over the years. 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. According to The Daily Mail, Trebek is worth around $50 million. 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. All insurance companies must follow the free look provision laws. There are many types of life insurance on the market, and they fall into three key categories: Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term. Certainly not when it is compared to the best final expense, no exam whole life coverage we offer here. In fact, other insurance companies have far superior products for burial insurance with zero waiting periods. At Maple Valley Insurance Group, we dont put square pegs in round holes regardless of the celebrity marketing, nor should you. Colonial Penn is not that type of life insurance company. Before I get into the meat of this post, it is advised to use our free, instant quoting tool on this page. Whether you need help with your application or want to learn more about a policy, Colonial Penns live chat feature allows you to choose the type of specialist youd like to speak with. It buys you 1 unit of their life insurance. Weve discussed those previously. If you were wondering if Jonathan Lawson was giving real testimony of his great experiences with Colonial Penn 995 plan, then you were mistaken. He has been at Colonial Penn for over 8 years and started off as a customer service manager and then as a telesales manager. Simply judge your health compared to your peers (Excellent, Decent, Poor) and less than a minute you will know what all the top life insurance companies will charge compared to the policy endorsed by the late Mr. Trebek. The older you are on the date of purchase, the less that $9.95 per month will buy in real financial protection for your loved ones. To see a list of the best burial insurance carriers for seniors Click On Compare Quotes. Colonial Penn TV Spot, 'Spare Change' Featuring Alex Trebek. If you are looking for life insurance coverage, dont go to Colonial Penn. Most of their licensed insurance agents work from the home office in downtown Philadephia Pennsylvania. Again, selling life insurance in units is not common in the industry at all. This indicates whether the company offers a way to apply for and purchase policies entirely online. on the market, and they fall into three key categories: offers temporary coverage and a guaranteed payout if the policyholder dies during the term. Those who call for information about the life insurance plan will also receive a free Beneficiary Planner courtesy of Colonial Penn. 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. Published. Our opinions are our own. Simply put He was not an expert. Without having a background in life insurance, his judgement of companies, their products and what the average senior needs for life insurance protection is really limited. You've probably seen Alex Trebek on your television giving you the low-down on the Colonial Penn Life Insurance Company. Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online. Get more smart money moves straight to your inbox. Financial strength. 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. Guaranteed acceptance life insurance. Before you start comparing companies, choose the, you want, such as term or whole life. Units are not typical in the life insurance business. Jonathan Lawson is a paid actor who you have seen in Colonial Penn commercials advocating the $9.95 plan. Because the insurance company does not ask any health history questions. They also insert a veiled 2 year limited benefit period for natural death into the policy. The ads you see to buy Colonial Penn, Globe Life or AARP/New York Life etc, are rarely in your best interest. No doctors, nurses or needles in your arm. Most folks are able to obtain much, much lower cost for whole life insurance with full protection from day 1. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. I hope you enjoy this analysis of Alex Trebek's life insurance commercials, and learned something new about how burial insurance really works. Read our editorial guidelines. Colonial Penn TV Spot, 'The Three Ps' Featuring Alex Trebek. Colonial Penn TV Spot, 'Important Message' Featuring Alex Trebek. Since you are buying units with Alex Trebek life insurance, the more units you purchase the larger the value of your policy. This particular product, titled Colonial Penn Guaranteed Acceptance Whole Life is nothing unique. The biggest problem your family may never see the benefits you thought they would get. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. No matter what the gender is there are many better options out there for both. So, the Colonial Penn life insurance @ $9.95 per month. That is a statistical fact. 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. NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2019-2021. The life insurance policy promoted in the Alex Trebek life insurance ad is the $9.95 life insurance, a Guaranteed Acceptance insurance policy. Price may not be the biggest driver behind your decision to buy. Again, no questions ask and that seniors instantly qualify is a little misleading. The above quote was taken directly from colonialpenn.com in 2019. The 30 day money back guarantee, well that comes from the department of insurance in each state. Why do you think you need high risk life insurance? NerdWallet does not receive compensation for any reviews. Or simply call us direct at 888-626-0439. Coverage is marketed towards trusting seniors that are looking for dependable life insurance to meets the needs of their family. However, he holds a title with CNO Financial Group of Director of Quality Assurance & Escalations. In real life, units can pose a major problem for families being underinsured thereby imposing major financial troubles for those they are trying to protect. In fact, here at our agency, roughly 85-90% of seniors are not! Life insurance is a giant money pool each policyholder pays into. He is another new actor or pitchman like Alex Trebek that are promoting and marketing Colonial Penns TV Commercials. However, you need to know the true value of the units. 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. Interest on this policy as of 2023 is 7% which is lower than most other carriers who offer Guaranteed Accepantance whole life insurance. One of our friendly insurance representatives will be happy to help with your quote. There is a catch here with this 995 life insurance product. There is no way around it. Before we get to far, I would like to make in known: In no way do we wish to put down Mr. Trebek. With that said, select poor health only if you want to see who offers guaranteed acceptance policies like the 9.95 life insurance plan from Colonial Penn. It is not for the average consumer frankly. Decide which, , if any, you want the policy to include. For reference, this quote is January 2023. 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Youre certainly welcome to experiment with the instant quote tool on this page. So, here is the problem. Guaranteed acceptance policies ran between $10 and $80 per month, while whole life insurance was the most expensive at $30 to $133. In short, Colonial Penn coverage is expensive and has a 2-year waiting period for most applicants. When evaluating offers, please review the financial institutions Terms and Conditions. What you need to remember about the Guaranteed Acceptance program: it is for high risk life insurance applicants. Pre-qualified offers are not binding. Alex Trebek is the second-highest paid game show host on television. They engage in a numbers game of mass marketing and/or gimmicks. Several different life insurance companies offer it. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. Colonial Penn would be sunk real quick with a policy like that. This accelerated death benefit allows you to access 25% to 50% of your payout early if youre diagnosed with certain cancers or debilitating chronic illness or you suffer a heart attack or stroke. In addition, we will look into Johnathan Lawson Colonial Penn commercials and the impact that may have on your buying decision. Once you have purchased a guaranteed acceptance whole life policy, the price will not go up and the benefits will not decrease. Make sure you speak with the right independent life insurance agent who works with people 50-85 daily. You may have to answer a few health questions, but you will not be limited on how much coverage you need in a ridiculous unit plan system. By now you probably realize Im not impressed with the Alex Trebek life insurance ad nor the product itself. One unit costs $9.95. 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. In fact it is inferior to the competition but that is beyond the scope of this article. She is based in Nashville. The fact is, any kind of guaranteed issue life insurance, regardless of the insurance carrier simply cannot claim this. 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. Just a few health history questions will also offer better benefits from day 1 of the coverage. The unit system used in this Colonial Penn 995 plan penalizes seniors particularly in their 70s and 80s. Yes, you will receive quotes for whole life insurance. 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. The maximum age is 75 for the whole life policy. Weekly I find myself talking to new seniors who were duped into the wrong life insurance product. Inflation over time and if your budget allows, 20-25K would be better. The application asks health questions, but the insurer doesnt require a medical exam. Over more than a decade, he's worked in everything from banks to tech startups. for its policies, including its traditional whole life insurance. Take a look at the Colonial Penn life insurance rates for this product in the tables below for specifics. Mentioned earlier but Colonial Penn uses a non standard way of calculating their premiums. Again, this type of whole life insurance is available from a number of life insurance companies and not proprietary to Colonial Penn. Guaranteed Acceptance coverage from any life insurance company that offers it, will take high risk life insurance individuals. Buy additional units unless you need a very small policy. $1,786 in coverage. To cover properly, Colonial Penn will disappoint you. Jeopardy has never been the same in my opinion. All by answering a few health questions. Is Alex Trebek insurance a scam? The problem here we have a sponsored celebrity endorsing a big name end all be all burial insurance product. Definitely room for raises. Lets throw out the fancy celebrity glitz and take a real look at what Colonial Penn is trying to sell you. Applicants dont need to answer health questions or take a medical exam. Folks, take the time and call a professional. Many or all of the products featured here are from our partners who compensate us. Funerals have gone up in price over the years. Colonial Penns advertising may be misleading to those who arent familiar with its pricing structure. For example, if you want to skip the. Considering his yearly salary is quite high, it only makes sense that the iconic TV host has a net worth of $75 million! This means that they may not be able to purchase a enough financial protection (death benefits) to ensure their goals are met. Most states require life insurance companies to have a free look, 20-30 day period to evaluate the policy to decide if they want a refund or not. So What Is The Alex Trebek Life Insurance Commerical About? 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 the first 2 years of coverage with Alex Trebek Life Insurance, there is a limited death benefit for natural causes of death. He also brought to life a fun, educating game show for years and it is sad to know he wont be returning. Your loved ones could end up in a financial mess because of the 2 year limitation on coverage for natural death. For a person who is in a high risk situation, while expensive compared to the more competitive companies, it may be a solution. The 995 Colonial Penn Guaranteed Acceptance insurance plan does have some big surprises in it. Cemetery costs are easily another $4000 or more. 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? Life insurance is priced based on your age at purchase/approval and how much protection your family needs. Colonial Life costs can be expensive compared to other insurance companies' rates. For new policy owners, they now pay 15% of the death benefit the first year, 30% the second year. All financial products, shopping products and services are presented without warranty. Jonathan Lawson works for CNO Financial Group, the parent company of Colonial Penn. They are not going to help you get the best insurance at the lowest price. This does not even count the actual burial costs at the cemetery. With Colonial Penn $9.95 a month would actually cost you about $138 per month. With such misleading articles and commercials seniors and potential clients regardless of gender, can find much better insurance coverage with better companies. If you watched the video above, you may have noticed that the cost per unit has increased nearly 50% in the last 20 years or so. Colonial Penn sells coverage in units, and you can buy up to 15 units. But healthy people can generally get better prices from companies that consider more medical information when setting rates. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. This is the highest risk the average elderly person faces. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service. 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. With almost 3 decades of dedication to thousands of clients, I share my knowledge with you so that you can feel comfortable fulfilling your needs and goals. Because it simply does not buy enough burial insurance to cover the costs of death. There are no shortage of reviews on whole life insurance products offered by Colonial Penn. We recommend a goal of at least $15,000 to cover full funeral and burial costs for 2023. So if you purchase a whole life policy for $50K from Colonial Penn and add the $50K accidental death benefit rider, your beneficiary could receive up to $100K if you die from an accident. You can feel confident that you will not find a better option or a better agent than me. Remember, there are no health questions. Be prepared to be shocked!! Regardless of what the Alex Trebek insurance commerical said, Colonial Penn guaranteed acceptance is not particularly affordable when doing an apples to apples comparison with their competitors. In fact, Colonial Penn 995 per unit does not sell itself once you know what type of product it is. Regardless of age, the maximum number or units you can buy is 15. Colonial Penn TV Spot, 'Rate Lock Guaranteed' Featuring Alex Trebek. With that said, do you believe he knows that much more about your life insurance needs versus the person down the street? NerdWallets life insurance ratings 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. We have updated these pricing tables for 2023. The minimum value of one unit is currently $418 while the maximum is $2000. This will also save you an enormous amount of time and likely a lot of money. Better than having no life insurance protection at all. It does not ask any health questions for starters. Colonial Penn customer complaints and satisfaction. Now let's talk about Trebek. These are some of the factors we take into account: Policies offered. Colonial Penn sells units of coverage; the unit premium never changes, and they sell between one and eight units. January 03, 2018. He has over a decade of experience in finance, with previous roles at Barclays, The Motley Fool and Gartner. NerdWallet's ratings are determined by our editorial team. Let's compare Colonial Penn life insurance $9.95 per month plan coverage to the same amount but with Mutual of Omaha. Imagine several people paying one months premium for a $10,000 death benefit. It does not buy very much life insurance protection, period. He suffered with a terrible form of cancer and never quit. That is all. We can help you determine who the best carrier is for you personally. We welcome comments below. Even if you have been declined elsewhere, dont lose heart. For example, say one unit of coverage provides a $1,621 death benefit for a 60-year-old woman. 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. You can add an optional living insurance rider to your policy. Television has been the common marketing avenue of Colonial Penn for years. Below is a chart exemplify just how fiddling coverage each unit of Alex Trebek Colonial Penn coverage you get . 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. Colonial Penn Life Insurance offers 2 different whole life policies. Would you buy a policy that is probably not in your familys best interest because it has a paid, Alex Trebek paid endorsement on it? For example, if you want to skip the life insurance medical exam but dont mind answering health questions, confirm that the application process for each policy you're comparing aligns with that. Confident that you will receive quotes for whole life insurance, the maximum value. Particular product, titled Colonial Penn is trying to sell you of death show for years and it is was... 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