It helps them make a lot more money because you are lumped in with a large number individuals who are very high risk. Whenever you are watching Colonial Penn TV commercials with Jonathan Lawson he mentions the three Ps, Price, Price, Price. The max term life benefit with Colonial Penn is $50,000 for $45.12 per month. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. We will be very blunt as I speak to hundreds of seniors like you every month about Colonial Penn whole life insurance options. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. But healthy people can generally get better prices from companies that consider more medical information when setting rates. 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 Having a real professional protects not only your interests but that of your family. 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. Coverage amounts range from $10,000 to $50,000 ($5,000 to $25,000 in New York). Im sure you dont want your loved ones in a mountain of debt by getting caught in limitations of coverage. In year 3 and for the remainder of your life, they will pay the full policy amount. 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. For context, one unit may earn you less than $700 in coverage and costs $9.95. 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. Here is the first tip. Something I didnt address thoroughly was the use of the term rate lock promoted in all the commercials. Colonial Penn sells coverage in units, and you can buy up to 15 units. 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. Always have an independent, seasoned professional verify your need for any guaranteed issue life insurance before buying. 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? However, the chronic illness option isn't available to applicants ages 65 to 75. 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). Enter your details and request an application for the company and plan you are interested in. Here is what you need to understand about that. No portion of InsuranceForBurial.com may be copied, published, or distributed in any manner for any purpose without the prior written authorization of the owner. Considering his yearly salary is quite high, it only makes sense that the iconic TV host has a net worth of $75 million! Let's compare Colonial Penn life insurance $9.95 per month plan coverage to the same amount but with Mutual of Omaha. He suffered with a terrible form of cancer and never quit. What to understand about Colonial Penn $9.95 Life Insurance units. We will go over why. The unit system used in this Colonial Penn 995 plan penalizes seniors particularly in their 70s and 80s. Decide which life insurance riders, if any, you want the policy to include. The problem here we have a sponsored celebrity endorsing a big name end all be all burial insurance product. They also insert a veiled 2 year limited benefit period for natural death into the policy. Insurance companies figure costs like this into policy expenses which translates to higher premiums for consumers of their policies. issues coverage without the need for a medical exam. 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. NerdWallet's ratings are determined by our editorial team. Guaranteed Issue Life Insurance from $9.95 month. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. So, the Colonial Penn life insurance @ $9.95 per month. This is the highest risk the average elderly person faces. I can tell you that in the late 90s, the average, burial policy I sold was about $7000. Colonial Penn TV Spot, 'Spare Change' Featuring Alex Trebek. For a person who is in a high risk situation, while expensive compared to the more competitive companies, it may be a solution. Guaranteed coverage available to applicants up to age 85. In addition, if you are healthy do you deserve a two-year waiting period? 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 get to that specifically later in the article. He gets paid to say what he says. Check that the insurers youre considering offer the coverage youre looking for. 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. Could funeral and burial expenses double in the next 10-20 yrsa distinct possibility! For reference, this quote is January 2023. Coverage was once $6.95 per unit. According to The Daily Mail, Trebek is worth around $50 million. 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. In our life insurance reviews, our editorial team considers the customer and the insurer. This indicates whether an insurer allows you to apply for and buy a policy completely online. Your cost does not change whether you have a independent agent or not. In fact it is inferior to the competition but that is beyond the scope of this article. 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. The maximum age is 75 for the whole life policy. If you had not already made the connection, the trivia game show host has driven a lot of people to consider Colonial Penn. He was their paid endorser until his death on November 8, 2020. The Colonial Penn guaranteed acceptance $995 plan has a two-year waiting period. To calculate each insurers rating, we adjusted the scores to a curved 5-point scale. Maple Valley Insurance Group Rating of Colonial Penn 995 Life Insurance = D. 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. Get even more expert advice to help you make informed choices. Imagine several people paying one months premium for a $10,000 death benefit. How Much is a Unit of Colonial Penn Life Insurance Worth Anyway? 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. 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. Do you want to save money and obtain the best benefits available or. No-exam policies dont require a medical exam. With premiums being higher than the top carriers and having to wait two years for a policy pays out, do you really think its a good deal? Yes, as long they apply between age 50-85, the insured is legally competent and can consent to coverage. No medical exams, no health questions. You will see this illustrated later in this article. Funerals have gone up in price over the years. For a 50-year-old man, rates for term life insurance from Colonial Penn can range from $13 to $57 per month. Keep in mind, all final expense whole life insurance is designed for people in less than ideal health. How Much is a Unit of Colonial Penn Life Insurance Worth Anyway? See what size policy that $149.25 per month will buy. Colonial Penn would be sunk real quick with a policy like that. However, you need to know the true value of the units. The cost and benefits that they are promoting to potential applicants in their commercials are horrible for seniors. The application asks health questions, but the insurer doesnt require a medical exam. 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. Applicants dont need to answer health questions or take a medical exam. In fact, this plan is a guaranteed acceptance plan with a two year waiting period. 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. 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. Watch out for other high priced guaranteed issue whole life plans. 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. Guaranteed issue life insurance: Is it worth it? Life insurance is all about the pricing the risk they have in insuring someone. You can add an optional living insurance rider to your policy. This policy is open to people ages 50 to 85 (50 to 75 in New York), and acceptance is guaranteed. 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. 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. Colonial Penn life insurance products that Jonathan Lawson promotes seniors will not receive benefits for the first two years. Colonial Penn sells coverage in units, and you can buy up to 15 units. In addition, we will look into Johnathan Lawson Colonial Penn commercials and the impact that may have on your buying decision. We generally advise people to use Gerber or AIG IF they need high risk life insurance like the Alex Trebek Life Insurance product. Most people just want the straight scoop without all the games and limitations. 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. The amount of life insurance you can get from Colonial Penn for $9.95 a month depends on your age and gender. It is not for the average consumer frankly. Calculate. She is based in Nashville. 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. 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. As of 2021 we have seen crazy spike in prices havent we? No one pays just $9.95 a month to protect their family. If you are looking for life insurance coverage, dont go to Colonial Penn. There simply are a lot of better options out there. But in reality, it is not. Looking at the sample above, 1 unit shows a minimum death benefit coverage amount of $932 for $9.95 per month. You buy it, just remember, Colonial Penn will not be making any exceptions for you or your family. Many people miss that major detail. How do I file a complaint against Colonial Penn. Better than having no life insurance protection at all. No matter what the gender is there are many better options out there for both. Jonathan was born June 3, 1980 in Dunedin, Florida. One of our friendly insurance representatives will be happy to help with your quote. The Alex Trebek commercial for life insurance comes in at $9.95 per unit. Number one, a high paid celebrity telling you how wonderful it is and second it offers guaranteed acceptance. One unit costs $9.95. Those companies would rather you did not do your due diligence as you have. F. Ill let you make your own assessment there. Again, no questions ask and that seniors instantly qualify is a little misleading. As mentioned earlier, you are buying a unit of insurance, not a death benefit amount. There are no shortage of reviews on whole life insurance products offered by Colonial Penn. Colonial Penn commercials with Jonathan Lawson are overpriced and your coverage is limited. We recommend going the Plan A route first. 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. It should not be plan A or even plan B for that matter. Be prepared to be shocked!! NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. With Colonial Penn, $9.95 a month would actually cost you about $138 per month. That hefty amount is anchored by the reported $10 million annual salary he receives from hosting the show. 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. Every week I take phone calls from people calling to price out final expense life insurance. First day coverage for accidental deathsuch as a car accident. As of January 2023 consumers age 50-85 are allowed to buy up to 15 units. With Colonial Penn, you are limited by your age at application time on how much coverage you can buy. Alex Trebek is the second-highest paid game show host on television. This site provides life insurance information and quotes. 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. No medical exam is the norm. You just have to realize $9.95 is a teaser rate to capture your interest in the product. Never try to sort this out on your own or call an insurance company home office like Colonial Penn. Every week we have people who think they cant qualify for the best benefits and lower premiums. Make sure you and your loved ones are covered - compare customized life insurance quotes from our partners. In fact, Colonial Penn 995 per unit does not sell itself once you know what type of product it is. This particular product, titled Colonial Penn Guaranteed Acceptance Whole Life is nothing unique. 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. 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. If you in your early 50s, you should be considering if you have a budget for a $30,000 policy. FYI, I talk to numerous life insurance consumers age 50-85 5+ days a week. There is no way around it. 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. The company's accelerated death benefit rider is also unusual. This means the maximum a 68-year-old male can purchase is $9,504 in life insurance coverage with a monthly premium of $119.40. $2,083 in coverage. 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In addition, if you are in good health the coverage is limited and the premiums are too high. Here is a list of our partners and here's how we make money. It's important to remember that Colonial Penn offers units in the amount of 9.95 each. They sell you what they are marketing. 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. When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. This is for 2 reasons. Your acceptance: guaranteed. Yes, you will receive quotes for whole life insurance. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. Certainly not when it is compared to the best final expense, no exam whole life coverage we offer here. The intention is to get you to call up Colonial Penn and just buy the policy. It is simply a high risk life insurance policy. Let them evaluate what you can qualify for. 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. In fact, if you are 70 + and buy this product, you may not have enough to simply cover the cost of a funeral and burial in 2023. Both are for $10,000 of no medical question, guaranteed issue whole life insurance with a 2 year waiting period for full benefits. Rates are regulated by the state. For example, a 75-year old male would get about $560 in coverage with one single unit at their current age. Men are hit considerably harder than women because women tend to live longer. 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. He was not carrying a life insurance license nor taking ongoing education requirements and training to advise people on life insurance. Wheres the value in that? Again, watch the marketing glitz. They are not going to help you get the best insurance at the lowest price. Alex Trebek insurance may feel like it is designed for all seniors as it accepts the healthy with the very unhealthy. 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. Did you know these 3 key points prior to doing your research here? It buys you 1 unit of their life insurance. It seems slippery from my perspective. Id like to suggest that life insurance is more complicated than the TV makes it out to be. Disclaimer: NerdWallet strives to keep its information accurate and up to date. No, Alex Trebek did not influence the insurance company nor did he provide the insurance products to anyone. Regardless of age, the maximum number or units you can buy is 15. 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