There are much better whole life policieis available including lower pricing then the Colonial Penn 995 insurance plan. NerdWallet does not receive compensation for any reviews. Weve discussed those previously. However, this does not influence our evaluations. Same policy as the $9.95, Alex Trebek life insurance w/Colonial Penn. Jonathan Lawson is a paid actor who you have seen in Colonial Penn commercials advocating the $9.95 plan. One of our friendly insurance representatives will be happy to help with your quote. For example, if you want to skip the. The application asks health questions, but the insurer doesnt require a medical exam. The $9.95 per unit life insurance product is a no medical question, life insurance product. Just because you are a senior does not mean that you are one of these candidates. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Id like to suggest that life insurance is more complicated than the TV makes it out to be. Yes, all the plans quoted here are designed for those in less than perfect health and require no medical exam. Remember their is a rate lock on ALL whole life insurance. 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. Before launching his career in the insurance industry, he was a music producer. Colonial Penns advertising may be misleading to those who arent familiar with its pricing structure. Colonial Penn TV Spot, 'Spare Change' Featuring Alex Trebek. Here is a comparison of Colonial Penn with our two most affordable carriers. Be sure to select Excellent Health if you believe your health is pretty average or better for someone your age. He was their paid endorser until his death on November 8, 2020. NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2019-2021. No, Alex Trebek did not influence the insurance company nor did he provide the insurance products to anyone. While that all sounds nice, it is important to note that Mr. Trebek was not a life insurance expert, but a paid spokesman for Colonial Penn Life Insurance Company. After high school at age 18, he went to Pierce College and earned his BBA. So, insurance companies, including Colonial Penn, cant approve applicants halfway in the casket with full life insurance benefits. He also had nothing to do with paying death claims or handling customer service issues either. Coverage was once $6.95 per unit. The scoring formula takes into account consumer experience, financial strength ratings and complaint data. Thats a great question, there is no information online that confirms or denies whether Jonathan Lawson is married. At Maple Valley Insurance Group, we dont put square pegs in round holes regardless of the celebrity marketing, nor should you. As of January 2023 consumers age 50-85 are allowed to buy up to 15 units. To see a list of the best burial insurance carriers for seniors Click On Compare Quotes. 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. The insurer says throughout its website and in commercials that premiums can be locked in for as little as $9.95 a month, but this price will earn you less than $700 in coverage. How much is Jonathan Lawson from Colonial Penn worth Jonathan Lawson is an actual employee of Colonial Penn parent company CNO Financial Group. MORE: Best life insurance companies in 2023. No life insurance company offers individual life insurance without health questions and no medical exam without a mandatory waiting/limited benefit period. Compare Alex Trebek life insurance rates by selecting Poor under the health classification menu. 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. Whole life insurance. Once you have purchased a guaranteed acceptance whole life policy, the price will not go up and the benefits will not decrease. Colonial Penn TV Spot, 'The Three Ps' Featuring Alex Trebek. It should not be plan A or even plan B for that matter. We believe everyone should be able to make financial decisions with confidence. for its policies, including its traditional whole life insurance. 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. Term policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies dont require a medical exam. Take a look at our article on Metlife guaranteed acceptance coverage. This is what protects their family. Financial strength. For many seniors, the guaranteed acceptance whole life insurance advertised by Alex Trebek will not provide enough funding for a simple funeral. Calculate how much life insurance you need and how long you want the coverage to last. Based on what you can find online he has a net worth of $15-$17 million dollars. If you are looking for life insurance coverage, dont go to Colonial Penn. 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. You will see this illustrated later in this article. Alex Trebek was a Canadian-born American game show host who had a net worth of $75 million at the time of his death. In fact, this plan is a guaranteed acceptance plan with a two year waiting period. 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 For the first 2 years of coverage with Alex Trebek Life Insurance, there is a limited death benefit for natural causes of death. All insurance companies must follow the free look provision laws. Because the insurance company does not ask any health history questions. Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. For example, someone who may be suffering from a terminal illness, have active, internal cancer, on kidney dialysis, or needing an organ transplant. Take a look at an apples to apples comparison to the Alex Trebek $9.95 life insurance above in the appropriate chart. 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. 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 means that they may not be able to purchase a enough financial protection (death benefits) to ensure their goals are met. Wheres the value in that? Guaranteed Acceptance insurance is a whole life policy with critical caveats. In addition, if you are in good health the coverage is limited and the premiums are too high. You want $10,000 of coverage to take care of your funeral expenses. You must live more than two years before Colonial Penn will pay out the full death benefit. Consumers need to proceed with caution with this particular type of life insurance product. The intention is to get you to call up Colonial Penn and just buy the policy. 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. Something I didnt address thoroughly was the use of the term rate lock promoted in all the commercials. Ultimately, it is what is written in the contract, the policy itself that matters. 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. You can add an optional living insurance rider to your policy. Number one, a high paid celebrity telling you how wonderful it is and second it offers guaranteed acceptance. Here is a list of. Television has been the common marketing avenue of Colonial Penn for years. Find out what is really available to you. The scoring formula takes into account consumer complaint and customer satisfaction data. These types of guaranteed acceptance plans are usually 30-50% more in price than the best plans available. One unit does not buy enough insurance to scratch the cost of a cremation let alone a full funeral. Our partners compensate us. We will go over why. This will be without a spokesman telling you what is best for you, but us explaining why it is best for you. Here are some typical health questions on a no exam application, for full, first day coverage. Units are not typical in the life insurance business. If you had not already made the connection, the trivia game show host has driven a lot of people to consider Colonial Penn. What you need to remember about the Guaranteed Acceptance program: it is for high risk life insurance applicants. Guaranteed Acceptance coverage hands you a three fold penalty. 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. Colonial Penn has modified this in 2023. We have provided rates by gender and age. 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. Disclaimer: NerdWallet strives to keep its information accurate and up to date. For many years, Alex Trebek was the face of Penn Life Insurance Company. Folks, the easier life insurance is to qualify for, the higher the cost of purchasing it. Over more than a decade, he's worked in everything from banks to tech startups. How Much is a Unit of Colonial Penn Life Insurance Worth Anyway? Colonial Penn has raised their rates effectively by lowering the value of a unit with their $9.95 per unit life insurance. When evaluating offers, please review the financial institutions Terms and Conditions. However, the chronic illness option isn't available to applicants ages 65 to 75. But healthy people can generally get better prices from companies that consider more medical information when setting rates. The Colonial Penn guaranteed acceptance $995 plan has a two-year waiting period. This site provides life insurance information and quotes. The Alex Trebek life insurance ad has lots of gimmicks that are easy to fall for. All financial products, shopping products and services are presented without warranty. So, here is the problem. 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. We do not offer this product. 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. Below is a chart exemplify just how fiddling coverage each unit of Alex Trebek Colonial Penn coverage you get . The Colonial Penn commercials have had a certain magic about them that washes away the reality of their guaranteed acceptance 995 life insurance plan. Because it affects not only the policyowner but their loved onesdont be surprised if I bring the heat in this review!! For example: cancer, stroke, heart attack. In fact, other than some information on him serving our country via the marine corps, his LinkedIn profile is limited as well. 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. Misunderstanding life insurance policy limitations and features combined with the overall costs of ownership are the common mistakes of consumers. But in reality, it is not. The younger you are at purchase, the lower your lifetime price on whole life insurance with that company. Plenty of people have told me they just paid over 10k in funeral costs alone in this past year (2022). To cover properly, Colonial Penn will disappoint you. 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. Ultimately, the cost of your life insurance will depend on your age, gender and the amount of coverage . Youre certainly welcome to experiment with the instant quote tool on this page. 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. Colonial Penn life insurance rates are just not very competitive nor offer the average senior and their family the full benefits of a no exam, medically underwritten (few health history question) whole life policy. Those companies would rather you did not do your due diligence as you have. No matter what the gender is there are many better options out there for both. Even if you have been declined elsewhere, dont lose heart. Make sure you have the right product ladies and gentleman. In addition, we will look into Johnathan Lawson Colonial Penn commercials and the impact that may have on your buying decision. We recommend going the Plan A route first. In fact it is inferior to the competition but that is beyond the scope of this article. Check that the insurers youre considering offer the coverage youre looking for. Is it really a good policy or not? Take a look at the Colonial Penn life insurance rates for this product in the tables below for specifics. 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. With Colonial Penn, $9.95 a month would actually cost you about $138 per month. 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. In year 3 and for the remainder of your life, they will pay the full policy amount. This Colonial Penn product is not benefit rich nor priced well. Whenever you are watching Colonial Penn TV commercials with Jonathan Lawson he mentions the three Ps, Price, Price, Price. 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. Get even more expert advice to help you make informed choices. These situations do require guaranteed issue life insurance. Before I get into the meat of this post, it is advised to use our free, instant quoting tool on this page. Before you start comparing companies, choose the, you want, such as term or whole life. 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