Colonial Penn TV Spot, 'Important Message' Featuring Alex Trebek. They must charge higher premiums and have a limited benefit period to offset their risk of loss. This allows them to make a profit with the risk profile they are willing to accept and pay out all claims. You buy it, just remember, Colonial Penn will not be making any exceptions for you or your family. The Colonial Penn Life Insurance Company (often known as simply Colonial Penn) is an American life insurance company based in Philadelphia, Pennsylvania, founded by philanthropist and AARP co-founder Leonard Davis, owned by CNO Financial Group. 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. MORE: Guaranteed issue life insurance: Is it worth it? Here is an example of Colonial Penn insurance coverage, To file a complaint you can contact the BBB CLICK HERE. 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 offers whole life insurance to those ages 40 to 75 (50 to 73 for men and 50 to 75 for women in New York). Call us and we can have you qualified, and matched up with an A/A+ carrier within minutes. Read our editorial guidelines. Find out what is really available to you. 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). 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. Here is a list of. That is all. 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. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service. Coverage amounts range from $10,000 to $50,000 ($5,000 to $25,000 in New York). Plenty of people have told me they just paid over 10k in funeral costs alone in this past year (2022). When I give you the competitors rate for the exact same kind of guaranteed acceptance life insurance, you will see CP Guaranteed Acceptance is not so affordable at all. NerdWallet's ratings are determined by our editorial team. This is not term life insurance which typically expires by age 75 or 80. Above all, I am sure you have seen Jonathan Lawson Colonial Penn commercials. Buy additional units unless you need a very small policy. How Much is a Unit of Colonial Penn Life Insurance Worth Anyway? Having a real professional protects not only your interests but that of your family. 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. Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future. Jonathan was born June 3, 1980 in Dunedin, Florida. Calling Colonial Penn or any other carrier directly versus an independent agent or broker works against you. No one pays just $9.95 a month to protect their family. Weed it out. They dont know you from Adam.. 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. Here is the first tip. Ratios are determined separately for auto, home (including renters and condo) and life insurance. With Colonial Penn, $9.95 a month would actually cost you about $138 per month. People age 50-85 are the typical buyers of burial insurance. He also had nothing to do with paying death claims or handling customer service issues either. Imagine several people paying one months premium for a $10,000 death benefit. The life insurance policy promoted in the Alex Trebek life insurance ad is the $9.95 life insurance, a Guaranteed Acceptance insurance policy. He is another new actor or pitchman like Alex Trebek that are promoting and marketing Colonial Penns TV Commercials. You must live more than two years before Colonial Penn will pay out the full death benefit. 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. Save my name, email, and website in this browser for the next time I comment. This is the highest risk the average elderly person faces. This does not even count the actual burial costs at the cemetery. 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. Is it really a good policy or not? Get more smart money moves straight to your inbox. One unit does not buy enough insurance to scratch the cost of a cremation let alone a full funeral. Bottom line: With a high volume of complaints and relatively low coverage limits, youll likely find better options elsewhere. 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. 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. 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. Because the insurance company does not ask any health history questions. Interest on this policy as of 2023 is 7% which is lower than most other carriers who offer Guaranteed Accepantance whole life insurance. So how do we make money? This will be without a spokesman telling you what is best for you, but us explaining why it is best for you. Watch out for other high priced guaranteed issue whole life plans. These are some of the factors we take into account: Policies offered. However, they never talk about the age and how as you get older the unit you can buy decreases in coverage. But in reality, it is not. The full death benefit isnt paid out if the insured person dies during the first two years of taking out a policy. 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. The unit system used in this Colonial Penn 995 plan penalizes seniors particularly in their 70s and 80s. 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. Aah, here is the problem with Colonial Penn units. $9.95 sounds quite enticing but. It is a pure, high risk life insurance product for those who cannot qualify for better and more affordable life insurance coverage. The older you are at the time of application with this Colonial Penn product, the lower the value of 1 unit is. Colonial Penn TV Spot, 'The Three Ps' Featuring Alex Trebek. I will elaborate on units in just a bit. No-exam life insurance issues coverage without the need for a medical exam. TV personality Alex Trebek explains the average funeral cost and how a Whole Life Insurance plan from Colonial Penn can help cover final expenses. Jonathan Lawson works for CNO Financial Group, the parent company of Colonial Penn. Most people 50-85 can qualify for much better coverage than they believe. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. 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. So sit back, and pay attention, you will probably save thousands of dollars, and youre welcome in advance. 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 both offer additional benefits during the first 2 years for death due to natural causes. 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. Colonial Penn is not that type of life insurance company. If you have decent to excellent health as a senior, they really love you!! Colonial Penn life insurance products that Jonathan Lawson promotes seniors will not receive benefits for the first two years. Let's say you are a 70-year-old male and in pretty good health. According to The Daily Mail, Trebek is worth around $50 million. Consumers need to proceed with caution with this particular type of life insurance product. For many seniors, the guaranteed acceptance whole life insurance advertised by Alex Trebek will not provide enough funding for a simple funeral. 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. Price may not be the biggest driver behind your decision to buy. 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. Insurance companies negotiate premiums charged with your States Department of Insurance officials. Trebek's endorsements have long been the bedrock of Colonial Penn's marketing efforts, with the game show personality appearing in TV spots for the insurance company since 1998. A certain number of people in the policy will make it beyond 2, 5 even 10 years or more even with rocky health. He has over a decade of experience in finance, with previous roles at Barclays, The Motley Fool and Gartner. Ultimately, it is what is written in the contract, the policy itself that matters. As the host of Jeopardy for many years, plenty of consumers saw Mr. Trebek as someone who was very articulate and quite familiar. This is very similar to the advertising practices from Globe and Life Insurance Savings Group! 39a Sir Joseph Banks Street, Botany NSW; los angeles death notices 2022 0418 419 353; slaughter and may managing partner Contact us Our partners compensate us. It seems slippery from my perspective. However, he holds a title with CNO Financial Group of Director of Quality Assurance & Escalations. Either yes or no. Optionally, you can be more specific and use the instant quoting tool on this page. Just because you are a senior does not mean that you are one of these candidates. This. In fact, other than some information on him serving our country via the marine corps, his LinkedIn profile is limited as well. Let's compare Colonial Penn 9.95 coverage to the same amount but with Mutual of Omaha. Take a paid endorser that does not have insurance expertise with a grain of salt. Or simply call us direct at 888-626-0439. Im sure you dont want your loved ones in a mountain of debt by getting caught in limitations of coverage. Maple Valley Insurance Group Rating of Colonial Penn 995 Life Insurance = D. So What Is The Alex Trebek Life Insurance Commerical About? Pre-qualified offers are not binding. The amount of life insurance you can get from Colonial Penn for $9.95 a month depends on your age and gender. He was not carrying a life insurance license nor taking ongoing education requirements and training to advise people on life insurance. 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. Certainly not when it is compared to the best final expense, no exam whole life coverage we offer here. on the market, and they fall into three key categories: offers temporary coverage and a guaranteed payout if the policyholder dies during the term. Over more than a decade, he's worked in everything from banks to tech startups. Colonial Penn customer complaints and satisfaction. Not really. This means that they may not be able to purchase a enough financial protection (death benefits) to ensure their goals are met. The death benefit for your loved is determined at this time and will be paid out according to the terms written into the guaranteed acceptance policy. Again, this type of whole life insurance is available from a number of life insurance companies and not proprietary to Colonial Penn. 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. Colonial Penn TV Spot, 'Rate Lock Guaranteed' Featuring Alex Trebek. 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. WebYes, Jonathan Lawson is a real person and he does work for Colonial Penn. Its also important to make sure the policys medical requirements match your needs. To see a list of the best burial insurance carriers for seniors Click On Compare Quotes. 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. Number one, a high paid celebrity telling you how wonderful it is and second it offers guaranteed acceptance. They now feature Colonial Penn sales manager Jonathan Lawson as the pitchman in their commercials. The application asks health questions, but the insurer doesnt require a medical exam. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings. We work with dozens of the top life insurance carriers so I can attest to this next fact. Simply multiply $9.95 times the number of units you're interested in. With the Colonial Penn Guaranteed Acceptance plan, the value of the units depends strictly on your age at purchase, not health. Their most popular life insurance plan is the guaranteed acceptance whole life. Alex Trebek coverage is not a better policy than any other guaranteed acceptance policy from another company. For $9.95 a month, you can purchase one "unit" of the Colonial Penn Life Insurance Guaranteed Acceptance policy, the Alex Trebek insurance commerical. The Colonial Penn commercials have had a certain magic about them that washes away the reality of their guaranteed acceptance 995 life insurance plan. If youve found this article helpful, let us know. This is what protects their family. These 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. Guaranteed acceptance policies ran between $10 and $80 per month, while whole life insurance was the most expensive at $30 to $133. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. 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. With ANY guaranteed acceptance/issue life insurance, the first 2-3 years, the insured person is not covered with full benefits for natural death. NerdWallet's ratings are determined by our editorial team. Colonial Penn knows by statistics what they must bill you for your policy when you buy. Therefore, the maximum anyone would pay would be $149.25 per month. Truth is a great majority seniors we work with purchase much more protection than this plan can offer. Use the calculator below to determine the net death benefit you'll get per number of units, along with the total monthly premium. Here is a comparison of Colonial Penn with our two most affordable carriers. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Stay with me here. 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, its hard to not see them especially if you are a senior looking into life insurance options. Be sure to select Excellent Health if you believe your health is pretty average or better for someone your age. Coverage is marketed towards trusting seniors that are looking for dependable life insurance to meets the needs of their family. One unit costs $9.95. When you compensate paid spokesman its hard to take them seriously. We all know Ed McMahon, Joe Theismann and even Jerry Lewis. Because it simply does not buy enough burial insurance to cover the costs of death. But healthy people can generally get better prices from companies that consider more medical information when setting rates. 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. We are often working with people in less than ideal health. 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. The Philadelphia-based insurer is owned by CNO Financial Group, which is also the parent company of Bankers Life. Many or all of the products featured here are from our partners who compensate us. Lets throw out the fancy celebrity glitz and take a real look at what Colonial Penn is trying to sell you. While some people will only qualify for guaranteed acceptance life insurance, you need consult with a experienced independent agent or brokers before assuming you need it. She is based in Nashville. Both are for $10,000 of no medical question, guaranteed issue whole life insurance with a 2 year waiting period for full benefits. Wheres the value in that? We can help you determine who the best carrier is for you personally. Compare Alex Trebek life insurance rates by selecting Poor under the health classification menu. Buy online. For new policy owners, they now pay 15% of the death benefit the first year, 30% the second year. After high school at age 18, he went to Pierce College and earned his BBA. By now you probably realize Im not impressed with the Alex Trebek life insurance ad nor the product itself. The Alex Trebek life insurance ad has lots of gimmicks that are easy to fall for. You could end up ripped off and/or underinsured. It is simply a high risk life insurance policy. The fact is, any kind of guaranteed issue life insurance, regardless of the insurance carrier simply cannot claim this. If you are age 80 at purchase, the value of 1 unit is very low compared to age 50. Take a look at the Colonial Penn life insurance rates for this product in the tables below for specifics. No-exam policies dont require a medical exam. Calculate. Jeopardy has never been the same in my opinion. That hefty amount is anchored by the reported $10 million annual salary he receives from hosting the show. With the Alex Trebek, Guaranteed Acceptance insurance ad, the older you are, the less insurance you get for each $9.95 unit you buy. Remember that Colonial Penn's rates are determined by "units". In fact, this plan is a guaranteed acceptance plan with a two year waiting period. These situations do require guaranteed issue life insurance. This indicates whether the company offers a way to apply for and purchase policies entirely online. It should not be plan A or even plan B for that matter. Many people miss that major detail. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Again, it depends on the value of each unit at application. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. He has been advocating Colonial Penn life insurance as the best plan and best policy for years now. How Much Insurance Do You Get From Colonial Penn For $9.95 A Month? In short, Colonial Penn coverage is expensive and has a 2-year waiting period for most applicants. 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. The value of the units for you is determined at application. For $9.95 a month, you can purchase one unit of the Colonial Penn Life Insurance Guaranteed Acceptance policy, the Alex Trebek insurance commerical. That's a shocking statement, but it's true. 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. Coverage maximum amounts are limited to $50,000 for the term and whole life plan. We advise highly against it. 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. In the past 30 days, commercials featuring Alex Trebek have had 78,296 airings. Colonial Penn would be sunk real quick with a policy like that. Guaranteed acceptance life insurance. Assigning Editor | Insurance, data journalism. These types of guaranteed acceptance plans are usually 30-50% more in price than the best plans available. Then, based on how much you're willing to spend per month, Colonial Penn will tell you how much coverage they will give you based on your spending choice. Again, Jonathan Lawson is a paid spokesman for Colonial Penn Commercials. 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. Read more. How do I file a complaint against Colonial Penn. Both are marketed to senior citizens in general. Colonial Penn TV Spot, 'Spare Change' Featuring Alex Trebek. You got it. This is for 2 reasons. Published. Here are some typical health questions on a no exam application, for full, first day coverage. Sure Im bit biased myself because I have access to all the top burial insurance companies and plans out there. Guaranteed Acceptance insurance is a whole life policy with critical caveats. Verify any Agent or Brokers License with your State Department of Insurance. Heres the breakdown: Complaints. Colonial Penn earned 3 stars out of 5 for overall performance. They were all paid endorsers. 2023 Alex Trebek Life Insurance Review (Prices & Fine Print) alex trebek's commercials have no longer aired since his death, but you can still find his face in some penn colonial ads. 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. In other words, value. Colonial Penn Life Insurance is a Philadelphia, Pennsylvania-based life insurance company. You can only choose 10, 20, or 30 years for term insurance. Much higher premiums than the competition and commonly, lower value, Limited maximum death benefit (face amounts). Before launching his career in the insurance industry, he was a music producer. That hefty amount is anchored by the reported $10 million annual salary he receives from hosting the show. 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. The $9.95 per unit life insurance product is a no medical question, life insurance product. Lifetime coverage. 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. Jonathan Lawson is a paid spokesperson for Colonial Penn. Your loved ones could end up in a financial mess because of the 2 year limitation on coverage for natural death. AGE. 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. The intention is to get you to call up Colonial Penn and just buy the policy. Since the Alex Trebek advertisement focuses on the $9.95 guaranteed acceptance product with no health questions, we are presenting all the facts here so you understand the limitations of this product. 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. Get even more expert advice to help you make informed choices. Your acceptance: guaranteed. to those ages 40 to 75 (50 to 73 for men and 50 to 75 for women in New York). 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. You dont pay anything for their services, the insurance companies do that part. Be prepared to be shocked!! 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