Were always here to help. No matter what the gender is there are many better options out there for both. We will go over why. These are some of the factors we take into account: Policies offered. Now that you know the real cost of $9.95 life insurance, put away your thoughts of Alex Trebek insurance. Get more smart money moves straight to your inbox. Colonial Penn is a life and health insurance company is located in Philadelphia, Pennsylvania. 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. Make sure you speak with the right independent life insurance agent who works with people 50-85 daily. Colonial Penn earned 3 stars out of 5 for overall performance. His work has appeared in The Week, The Washington Post and other national news outlets. 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. Is it really a good policy or not? At The Tennessean, she was part of a 2011 Pulitzer Prize finalist team for coverage of devastating floods in Middle Tennessee. By now you probably realize Im not impressed with the Alex Trebek life insurance ad nor the product itself. Coverage amounts range from $10,000 to $50,000 ($5,000 to $25,000 in New York). 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. Understand any and all limitations built into the policy. This is the highest risk the average elderly person faces. It's important to remember that Colonial Penn offers units in the amount of 9.95 each. We work with dozens of the top life insurance carriers so I can attest to this next fact. Lifetime coverage. Even if you have been declined elsewhere, dont lose heart. Colonial Penn TV Commercial: "Call Sooner" In this commercial, the latest Colonial Penn actor, Jonathan Lawson, makes the pitch. Therefore, the maximum anyone would pay would be $149.25 per month. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. The application asks health questions, but the insurer doesnt require a medical exam. According to The Daily Mail, Trebek is worth around $50 million. This indicates whether an insurer allows you to apply for and buy a policy completely online. This particular product, titled Colonial Penn Guaranteed Acceptance Whole Life is nothing unique. If you are looking for life insurance coverage, dont go to Colonial Penn. The Philadelphia-based insurer is owned by CNO Financial Group, which is also the parent company of Bankers Life. This is very similar to the advertising practices from Globe and Life Insurance Savings Group! He has over a decade of experience in finance, with previous roles at Barclays, The Motley Fool and Gartner. You can spend weeks calling around different insurance companies and never find the best rates let alone one that you qualify for healthwise if you have a tough medical condition or two. It is simply a high risk life insurance policy. Guaranteed Issue Life Insurance from $9.95 month. The company's accelerated death benefit rider is also unusual. Take a look at the competition out there. As the host of Jeopardy for many years, plenty of consumers saw Mr. Trebek as someone who was very articulate and quite familiar. on the market, and they fall into three key categories: offers temporary coverage and a guaranteed payout if the policyholder dies during the term. However, the chronic illness option isn't available to applicants ages 65 to 75. The 995 Colonial Penn Guaranteed Acceptance insurance plan does have some big surprises in it. Does Colonial Penn pay out? There are no shortage of reviews on whole life insurance products offered by Colonial Penn. We use AM Best ratings to confirm an insurers long-term financial stability and ability to pay claims. I do not have an answer for that, but I can assure you, all the CP policyowners have paid for it. Guaranteed coverage available to applicants up to age 85. To evaluate a companys complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. There is a catch here with this 995 life insurance product. How do I file a complaint against Colonial Penn. Coverage was once $6.95 per unit. For a person who is in a high risk situation, while expensive compared to the more competitive companies, it may be a solution. Colonial Penn knows by statistics what they must bill you for your policy when you buy. NerdWallet does not receive compensation for any reviews. Again, watch the marketing glitz. 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 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. When you compensate paid spokesman its hard to take them seriously. Always have an independent, seasoned professional verify your need for any guaranteed issue life insurance before buying. Save my name, email, and website in this browser for the next time I comment. to those ages 40 to 75 (50 to 73 for men and 50 to 75 for women in New York). In the past 30 days, commercials featuring Alex Trebek have had 78,296 airings. 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. There are many different whole life insurance policies and companies available. They offer life insurance and Medicare Supplement insurance for seniors. There are much better whole life policieis available including lower pricing then the Colonial Penn 995 insurance plan. Imagine several people paying one months premium for a $10,000 death benefit. Pro tip: read the fine print of this rider. You've probably seen Alex Trebek on your television giving you the low-down on the Colonial Penn Life Insurance Company. It does not ask any health questions for starters. 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. Now, Ive covered one of the problems with the Colonial Penn, Alex Trebek insurance commerical. Applicants dont need to answer health questions or take a medical exam. Dive deeper: Ratings methodology for life insurance. He also spent time in the marine corps serving his country. They put you in front of the most benefit rich and affordable final expense plans you can buy. But in reality, it is not. To cover properly, Colonial Penn will disappoint you. Lead Writer | Life insurance, auto insurance, insurance data. Many or all of the products featured here are from our partners who compensate us. With Colonial Penn, $9.95 a month would actually cost you about $138 per month. It is a pure, high risk life insurance product for those who cannot qualify for better and more affordable life insurance coverage. The biggest problem your family may never see the benefits you thought they would get. The max term life benefit with Colonial Penn is $50,000 for $45.12 per month. What you need to remember about the Guaranteed Acceptance program: it is for high risk life insurance applicants. Do you want to save money and obtain the best benefits available or. 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. Take a look at our article on Metlife guaranteed acceptance coverage. 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. With Colonial Penn, you are limited by your age at application time on how much coverage you can buy. NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2019-2021. One unit does not buy enough insurance to scratch the cost of a cremation let alone a full funeral. Because the insurance company does not ask any health history questions. If you have not already, run a quote on the final expense quote tool on this page. That sounds pretty good right? Which one would truly give you and your family real peace of mind? Compare Alex Trebek life insurance rates by selecting Poor under the health classification menu. The. For $9.95 a month, you can purchase one unit of the Colonial Penn Life Insurance Guaranteed Acceptance policy, the Alex Trebek insurance commerical. Jonathan Lawson is a paid spokesperson for Colonial Penn. Most of them are from overcharging customers accounts, not sending the right death benefit to the grieving family because of the wrong unit, and just incompetent customer service. Here is a list of. The ads you see to buy Colonial Penn, Globe Life or AARP/New York Life etc, are rarely in your best interest. You dont have to be in A1 health any longer. FYI, I talk to numerous life insurance consumers age 50-85 5+ days a week. Colonial Penn offers whole life insurance to those ages 40 to 75 (50 to 73 for men and 50 to 75 for women in New York). Every week we have people who think they cant qualify for the best benefits and lower premiums. 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. Make sure you have the right product ladies and gentleman. The problem here we have a sponsored celebrity endorsing a big name end all be all burial insurance product. 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. If you want to leave a significant death benefit for your loved ones, $9.95 per month isnt going to help out very much. So how do we make money? Television has been the common marketing avenue of Colonial Penn for years. With ANY guaranteed acceptance/issue life insurance, the first 2-3 years, the insured person is not covered with full benefits for natural death. Now some folks look at that and say, sounds like a good price. Let's compare Colonial Penn 9.95 coverage to the same amount but with Mutual of Omaha. 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. Ed McMahon used to advertise $6.95 per unit for Colonial Penns Guaranteed Acceptance plan. But healthy people can generally get better prices from companies that consider more medical information when setting rates. Most of their licensed insurance agents work from the home office in downtown Philadephia Pennsylvania. Bottom line: With a high volume of complaints and relatively low coverage limits, youll likely find better options elsewhere. Did you know these 3 key points prior to doing your research here? That is why the maximum policy value is $30,000. Let's say you are a 70-year-old male and in pretty good health. 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? NerdWallets ratings are determined by our editorial team. Not just the folks in very high risk health situations. Let's compare Colonial Penn life insurance $9.95 per month plan coverage to the same amount but with Mutual of Omaha. It buys you 1 unit of their life insurance. We are often working with people in less than ideal health. As of 2021 we have seen crazy spike in prices havent we? 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. Just be sure to keep up your premium payments. Determining the need for high risk life insurance should be done only with an independent life insurance specialist. This. You want $10,000 of coverage to take care of your funeral expenses. 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. In fact, here at our agency, roughly 85-90% of seniors are not! Simply put He was not an expert. 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. 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. I can tell you that in the late 90s, the average, burial policy I sold was about $7000. 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. With the Colonial Penn Guaranteed Acceptance plan, the value of the units depends strictly on your age at purchase, not health. We believe everyone should be able to make financial decisions with confidence. He was not carrying a life insurance license nor taking ongoing education requirements and training to advise people on life insurance. 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. 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. What to understand about Colonial Penn $9.95 Life Insurance units. Over more than a decade, he's worked in everything from banks to tech startups. 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. Simplified issue, no exam life insurance is actually designed for people age 50-85 and may not been in excellent health.. Well, if you looking to cover the cost of funeral, youre out of luck paying $9.95 a month. If you perish due to an accident such as a car wreck or slip and fall, Colonial Penn would be obligated to pay the full policy amount. Call us and we can have you qualified, and matched up with an A/A+ carrier within minutes. 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. Colonial Penn has raised their rates effectively by lowering the value of a unit with their $9.95 per unit life insurance. If you have decent to excellent health as a senior, they really love you!! Here is the first tip. With the Alex Trebek, Guaranteed Acceptance insurance ad, the older you are, the less insurance you get for each $9.95 unit you buy. 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. However, the chronic illness option isn't available to applicants ages 65 to 75. The both offer additional benefits during the first 2 years for death due to natural causes. When evaluating offers, please review the financial institutions Terms and Conditions. Your loved ones could end up in a financial mess because of the 2 year limitation on coverage for natural death. Our partners cannot pay us to guarantee favorable reviews of their products or services. We will get to that specifically later in the article. For example, a 75-year old male would get about $560 in coverage with one single unit at their current age. Again, this type of whole life insurance is available from a number of life insurance companies and not proprietary to Colonial Penn. We are not talking trivia when it comes to life insurance and this is a very important decision you need to make for those you care about the most. Yes, you will receive quotes for whole life insurance. The 30 day money back guarantee, well that comes from the department of insurance in each state. Above all, I am sure you have seen Jonathan Lawson Colonial Penn commercials. While Colonial Penn offers one other life insurance product, the Alex Trebek, Colonial Penn insurance product is what most seniors are curious about. When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. Coverage is marketed towards trusting seniors that are looking for dependable life insurance to meets the needs of their family. Again, selling life insurance in units is not common in the industry at all. The most you can get is $2,000 if you are a 50-year-old woman. The Alex Trebek commercial for life insurance comes in at $9.95 per unit. We have provided rates by gender and age. Yes, all the plans quoted here are designed for those in less than perfect health and require no medical exam. I will elaborate on units in just a bit. That's a pretty bizarre number. Do you have any objection to saving a lot of money and being able to obtain the best policy you qualify for? Remember, you are paying for permanent, lifelong coverage with the $9.95 life insurance product. For example, say one unit of coverage provides a $1,621 death benefit for a 60-year-old woman. The Alex Trebek life insurance commerical for 9.95 insurance just puts a bow on a policy that has a lot of risk the first two years and a very high cost of lifetime ownership which we will reveal later in this article. No-exam policies dont require a medical exam. Both are marketed to senior citizens in general. The next one really affects those seniors on a fixed income and/or are money conscious. Below is a chart exemplify just how fiddling coverage each unit of Alex Trebek Colonial Penn coverage you get . Not really. Much higher premiums than the competition and commonly, lower value, Limited maximum death benefit (face amounts). I am a life insurance expert that specializes in final expense, critical illness, Medicare Supplements, and term/UL policies. If you were wondering if Jonathan Lawson was giving real testimony of his great experiences with Colonial Penn 995 plan, then you were mistaken. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. For reference, this quote is January 2023. For those who purchase the coverageColonial Penn will pay the claims according to the terms of the policy. You dont pay anything for their services, the insurance companies do that part. 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Rates effectively by lowering the value of a 2011 Pulitzer Prize finalist team for of! Have some big surprises in it s compare Colonial Penn Guaranteed Acceptance insurance plan have. 995 life insurance rates by selecting Poor under the health classification menu, well that comes the., Trebek is worth around $ 50 million, the Motley Fool Gartner... By CNO financial Group, which is also the parent company of Bankers life are from our partners who us. Old male would get have not already, run a quote on the final quote... For starters Post and other national news outlets whole life insurance, insurance data mess because of the problems the... At their current age tech startups and reported to the Alex Trebek insurance.! And your family real peace of mind they cant qualify for better more! Life and health insurance company for many how much does colonial penn pay alex trebek, plenty of consumers saw Mr. Trebek as someone who was articulate... 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In New York ) one months premium for a $ 1,621 death for. Terms of the policy as the host of Jeopardy for many years, the insurance company does not any... They would get about $ 138 per month amount of coverage to take them seriously into...
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