They were all paid endorsers. You want $10,000 of coverage to take care of your funeral expenses. The $9.95 per unit life insurance product is a no medical question, life insurance product. We are often working with people in less than ideal health. The life insurance policy promoted in the Alex Trebek life insurance ad is the $9.95 life insurance, a Guaranteed Acceptance insurance policy. Coverage was once $6.95 per unit. 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. Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online. They also insert a veiled 2 year limited benefit period for natural death into the policy. Assigning Editor | Insurance, data journalism. They are not going to help you get the best insurance at the lowest price. I do not have an answer for that, but I can assure you, all the CP policyowners have paid for it. In fact, its hard to not see them especially if you are a senior looking into life insurance options. 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. 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. How Much is a Unit of Colonial Penn Life Insurance Worth Anyway? 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. The Colonial Penn commercials have had a certain magic about them that washes away the reality of their guaranteed acceptance 995 life insurance plan. With Colonial Penn, you are limited by your age at application time on how much coverage you can buy. on the market, and they fall into three key categories: offers temporary coverage and a guaranteed payout if the policyholder dies during the term. Sure Im bit biased myself because I have access to all the top burial insurance companies and plans out there. This is not term life insurance which typically expires by age 75 or 80. Be sure to select Excellent Health if you believe your health is pretty average or better for someone your age. The middle man/advocate is saving you good money by recommending the right coverage for you and paid by the insurance company if you purchase coverage. Call us and we can have you qualified, and matched up with an A/A+ carrier within minutes. That is all. There is a catch here with this 995 life insurance product. For example: cancer, stroke, heart attack. Colonial Penn will be happy to get that coverage in place today without answering any health questions or taking a medical exam. You must understand that life insurance companies cannot evaluate the risk level of a person accurately without asking health questions. How Does the GlicRX Discount Drug Card Work? Since you are buying units with Alex Trebek life insurance, the more units you purchase the larger the value of your policy. He also brought to life a fun, educating game show for years and it is sad to know he wont be returning. Coverage amounts range from $10,000 to $50,000 ($5,000 to $25,000 in New York). No-exam policies dont require a medical exam. Records online have Jonathan Lawson Colonial Penn salary at approximately $400,000 per year. We'll reach out to you with more information. However, he holds a title with CNO Financial Group of Director of Quality Assurance & Escalations. For $9.95 a month, you can purchase one unit of the Colonial Penn Life Insurance Guaranteed Acceptance policy, the Alex Trebek insurance commerical. According to average statistics, the annual salary for a game show host in the United States is about $32,196 a year, with a high of $86,780. Do you assume you cannot qualify for a better policy because your health isnt ideal? If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. This policy is open to people ages 50 to 85 (50 to 75 in New York), and acceptance is guaranteed. There is no reason not to utilize a professional independent agent. for its policies, including its traditional whole life insurance. We frequently replace guaranteed acceptance policies with better benefits and lower cost policies. This indicates whether the company offers a way to apply for and purchase policies entirely online. Colonial Life costs can be expensive compared to other insurance companies' rates. They jack those rates up for starters. Those who call for information about the life insurance plan will also receive a free Beneficiary Planner courtesy of Colonial Penn. If you misunderstood the commercial, they are not liable. When you buy life insurance you want to be with an insurance company that gives you immediate coverage and a level death benefit. 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 will not be told that you can get a better policy and price elsewhere. Ultimately, it is what is written in the contract, the policy itself that matters. Based on what you can find online he has a net worth of $15-$17 million dollars. There is no way around it. The value of the units for you is determined at application. Because all life insurance companies have different health questions. This influences which products we write about and where and how the product appears on a page. NerdWallet's ratings are determined by our editorial team. Before we get to far, I would like to make in known: In no way do we wish to put down Mr. Trebek. Men are hit considerably harder than women because women tend to live longer. NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2019-2021. This could be devastating for your family if you buy the wrong policy. Twenty years ago my licenses limited me to Michigan and Indiana, but that was pretty typical in the burial insurance business then. 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. 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? In fact, Colonial Penn 995 per unit does not sell itself once you know what type of product it is. unless your quite close to age 50 particularly for men, the protection is not cheap and the amount of coverage you get for your monthly premium is low. 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. He was not carrying a life insurance license nor taking ongoing education requirements and training to advise people on life insurance. Sorry, Alex Trebek life insurance is not demonstrating anything special. For the first 2 years of coverage with Alex Trebek Life Insurance, there is a limited death benefit for natural causes of death. May not be adequate for many seniors final expense needs. Weve discussed those previously. A certain number of people in the policy will make it beyond 2, 5 even 10 years or more even with rocky health. Not bad not great, but not bad either. One unit costs $9.95. Each rate shown is a quote based on information provided by the carrier. As you'll see in our in-depth review of Colonial Penn's $9.95 plan, life insurance from Colonial Penn is not nearly as cheap as it sounds. They dont know you from Adam.. Use the calculator below to determine the net death benefit you'll get per number of units, along with the total monthly premium. It buys you 1 unit of their life insurance. Colonial Penn is a life and health insurance company is located in Philadelphia, Pennsylvania. Get more smart money moves straight to your inbox. A professional journalist since high school, she was an insurance writer at NerdWallet before becoming an assigning editor. Guaranteed Acceptance insurance is a whole life policy with critical caveats. This particular product, titled Colonial Penn Guaranteed Acceptance Whole Life is nothing unique. Calculate how much life insurance you need and how long you want the coverage to last. Maple Valley Insurance Group Rating of Colonial Penn 995 Life Insurance = D. Could funeral and burial expenses double in the next 10-20 yrsa distinct possibility! Truth is a great majority seniors we work with purchase much more protection than this plan can offer. Decide which life insurance riders, if any, you want the policy to include. Jonathan was born June 3, 1980 in Dunedin, Florida. Applicants dont need to answer health questions or take a medical exam. In addition, we will look into Johnathan Lawson Colonial Penn commercials and the impact that may have on your buying decision. Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. In fact, other than some information on him serving our country via the marine corps, his LinkedIn profile is limited as well. At The Tennessean, she was part of a 2011 Pulitzer Prize finalist team for coverage of devastating floods in Middle Tennessee. Simply multiply $9.95 times the number of units you're interested in. Which one would truly give you and your family real peace of mind? Therefore, the maximum anyone would pay would be $149.25 per month. If you are age 80 at purchase, the value of 1 unit is very low compared to age 50. Colonial Penn sells coverage in units, and you can buy up to 15 units. Read more. With that said, do you believe he knows that much more about your life insurance needs versus the person down the street? Here is a comparison of Colonial Penn with our two most affordable carriers. Over more than a decade, he's worked in everything from banks to tech startups. Life insurance is not created equal. This indicates whether an insurer allows you to apply for and buy a policy completely online. About the author: Andrew Marder is a NerdWallet authority on insurance. They offer life insurance and Medicare Supplement insurance for seniors. Not just the folks in very high risk health situations. We welcome comments below. 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. 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. So sit back, and pay attention, you will probably save thousands of dollars, and youre welcome in advance. Keep in mind, all final expense whole life insurance is designed for people in less than ideal health. 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. Does Colonial Penn life insurance accept all seniors on this 995 plan? 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. This is what protects their family. Make sure you speak with the right independent life insurance agent who works with people 50-85 daily. I will elaborate on units in just a bit. As the host of Jeopardy for many years, plenty of consumers saw Mr. Trebek as someone who was very articulate and quite familiar. The. Learn how your comment data is processed. No doctors, nurses or needles in your arm. Jonathan Lawson is a paid spokesperson for Colonial Penn. Either yes or no. Optionally, you can be more specific and use the instant quoting tool on this page. For context, one unit may earn you less than $700 in coverage and costs $9.95. After high school at age 18, he went to Pierce College and earned his BBA. 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. Over more than a decade, he's worked in everything from banks to tech startups. This is for 2 reasons. With the Colonial Penn Guaranteed Acceptance plan, the value of the units depends strictly on your age at purchase, not health. Do not sell or share my personal information. Buy online. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. At Maple Valley Insurance Group, we dont put square pegs in round holes regardless of the celebrity marketing, nor should you. When evaluating offers, please review the financial institutions Terms and Conditions. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Based on what you can find online he has a net worth of $15-$17 million dollars. Calling Colonial Penn or any other carrier directly versus an independent agent or broker works against you. 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. Alex Trebek was a Canadian-born American game show host who had a net worth of $75 million at the time of his death. Colonial Penn sells units of coverage; the unit premium never changes, and they sell between one and eight units. How do I file a complaint against Colonial Penn. 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. There are no shortage of reviews on whole life insurance products offered by Colonial Penn. So, insurance companies, including Colonial Penn, cant approve applicants halfway in the casket with full life insurance benefits. Colonial Penn TV Commercial: "Call Sooner" In this commercial, the latest Colonial Penn actor, Jonathan Lawson, makes the pitch. 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. Find out what is really available to you. He has presented his work at the Gartner Marketing Symposium/Xpo and Accountex. 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. This does not even count the actual burial costs at the cemetery. Every week we have people who think they cant qualify for the best benefits and lower premiums. Looking at the sample above, 1 unit shows a minimum death benefit coverage amount of $932 for $9.95 per month. How much is Jonathan Lawson from Colonial Penn worth Jonathan Lawson is an actual employee of Colonial Penn parent company CNO Financial Group. 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. Just because you are a senior does not mean that you are one of these candidates. 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. You want $10,000 of coverage to take care of your funeral expenses. 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. 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? Most of their licensed insurance agents work from the home office in downtown Philadephia Pennsylvania. Once you are a policyholder, you can make premium payments online, but youll need to download a form to file a, Find the right life insurance plan for you. The Alex Trebek commercial for life insurance comes in at $9.95 per unit. Colonial Penn life insurance products that Jonathan Lawson promotes seniors will not receive benefits for the first two years. In our life insurance reviews, our editorial team considers the customer and the insurer. Most people we work with desire the most benefits they can get for the dollar spent. Term policies last a set number of years, while permanent policies typically last a lifetime. AGE. The amount of life insurance you can get from Colonial Penn for $9.95 a month depends on your age and gender. Theyd be unable to pay the claims real and why they insert a 2 year limited benefit period into the policy contract. 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. They pay their spokesmen a pretty penny to advocate how good their coverage is. Let's say you are a 70-year-old male and in pretty good health. would you prefer to worry for 2 years just so you dont have to answer a few health questions? 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. Do you have any objection to saving a lot of money and being able to obtain the best policy you qualify for? Here is an example of Colonial Penn insurance coverage, To file a complaint you can contact the BBB CLICK HERE. 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. 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. Take a look at the Colonial Penn life insurance rates for this product in the tables below for specifics. They now feature Colonial Penn sales manager Jonathan Lawson as the pitchman in their commercials. Considering his yearly salary is quite high, it only makes sense that the iconic TV host has a net worth of $75 million! No one pays just $9.95 a month to protect their family. Those companies would rather you did not do your due diligence as you have. NerdWallet strives to keep its information accurate and up to date. To cover properly, Colonial Penn will disappoint you. 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. Remember that Colonial Penn's rates are determined by "units". Whole life insurance. It is important you understand this clearly before ever purchasing any guaranteed issue life insurance. While Colonial Penn offers one other life insurance product, the Alex Trebek, Colonial Penn insurance product is what most seniors are curious about. Colonial Penn Life Insurance is a Philadelphia, Pennsylvania-based life insurance company. Now that you know the real cost of $9.95 life insurance, put away your thoughts of Alex Trebek insurance. The vast majority of people 50-85 do not need guaranteed acceptance life insurance. The minimum value of a unit of coverage is approximately $400 and the maximum is approximately $2,100, meaning the maximum death benefit you can select is around $16,800. You've probably seen Alex Trebek on your television giving you the low-down on the Colonial Penn Life Insurance Company. That hefty amount is anchored by the reported $10 million annual salary he receives from hosting the show. Id like to suggest that life insurance is more complicated than the TV makes it out to be. The younger you are at purchase, the lower your lifetime price on whole life insurance with that company. Financial strength ratingThese ratings indicate an insurers ability to pay future claims. MORE: Best life insurance companies in 2023. With ANY guaranteed acceptance/issue life insurance, the first 2-3 years, the insured person is not covered with full benefits for natural death. Here are some typical health questions on a no exam application, for full, first day coverage. If you die during the waiting period, your beneficiaries will only receive a refund of the premiums and a small interest amount. 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. Colonial Penn TV Spot, 'Spare Change' Featuring Alex Trebek. I am a life insurance expert that specializes in final expense, critical illness, Medicare Supplements, and term/UL policies. The ads you see to buy Colonial Penn, Globe Life or AARP/New York Life etc, are rarely in your best interest. NAIC complaintsRatings 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. F. Ill let you make your own assessment there. 1 Unit = $9.95 2 Units = $19.10 3 Units = $29.85 4 Units = $39.80 5 Units = $49.75 6 Units = $59.70 7 Units = $69.65 8 Units = $79.60 9 Units = $89.55 We have updated these pricing tables for 2023. 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. For new policy owners, they now pay 15% of the death benefit the first year, 30% the second year. Again, it depends on the value of each unit at application. Before I get into the meat of this post, it is advised to use our free, instant quoting tool on this page. Because it simply does not buy enough burial insurance to cover the costs of death. Insurance companies negotiate premiums charged with your States Department of Insurance officials. What has been apparent, consumers do not realize the actual cost and the policy limitations. That sounds pretty good right? Guaranteed Issue Life Insurance from $9.95 month. 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. What you need to remember about the Guaranteed Acceptance program: it is for high risk life insurance applicants. Disclaimer: NerdWallet strives to keep its information accurate and up to date. 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. 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. Let's compare Colonial Penn life insurance $9.95 per month plan coverage to the same amount but with Mutual of Omaha. These are some of the factors we take into account: Policies offered. Alex Trebek is the second-highest paid game show host on television. For $9.95 a month, you can purchase one "unit" of the Colonial Penn Life Insurance Guaranteed Acceptance policy, the Alex Trebek insurance commerical. No-exam life insurance issues coverage without the need for a medical exam. The cost and benefits that they are promoting to potential applicants in their commercials are horrible for seniors. How much does Colonial Penn pay Alex Trebek? While there is no short supply of Alex Trebek life insurance reviews out there, here is the straight scoop you need to be absolutely clear on when comparing any life insurance product to another. 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). typically lasts a lifetime and builds cash value that can be borrowed against in the future. While all insurance companies have a certain amount of complaints against them, Colonial Penn life insurance has a higher than average number complaints against it. January 03, 2018. The 30 day money back guarantee, well that comes from the department of insurance in each state. People age 50-85 are the typical buyers of burial insurance. Does Colonial Penn pay out? Yes, the other 10-15% of seniors life insurance policy holders have some very serious medical issues which impair their ability to medically qualify for immediate benefit, no exam whole life insurance.

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