Take a look at our article on Metlife guaranteed acceptance coverage. It is not for the average consumer frankly. How Much Insurance Do You Get From Colonial Penn For $9.95 A Month? So What Is The Alex Trebek Life Insurance Commerical About? Let's say you are a 70-year-old male and in pretty good health. In fact, other insurance companies have far superior products for burial insurance with zero waiting periods. Our opinions are our own. 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. Let them evaluate what you can qualify for. This indicates whether an insurer allows you to apply for and buy a policy completely online. Insurance companies negotiate premiums charged with your States Department of Insurance officials. This will be without a spokesman telling you what is best for you, but us explaining why it is best for you. Whole life insurance. Whenever you are watching Colonial Penn TV commercials with Jonathan Lawson he mentions the three Ps, Price, Price, Price. The Colonial Penn guaranteed acceptance $995 plan has a two-year waiting period. As the host of Jeopardy for many years, plenty of consumers saw Mr. Trebek as someone who was very articulate and quite familiar. Whether you need help with your application or want to learn more about a policy, Colonial Penns live chat feature allows you to choose the type of specialist youd like to speak with. They offer life insurance and Medicare Supplement insurance for seniors. One unit does not buy enough insurance to scratch the cost of a cremation let alone a full funeral. Alex Trebek Colonial Penn Whole Life Insurance. Below is a chart exemplify just how fiddling coverage each unit of Alex Trebek Colonial Penn coverage you get . 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. No, Alex Trebek did not influence the insurance company nor did he provide the insurance products to anyone. Colonial Penn earned 3 stars out of 5 for overall performance. 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. Nice and easy. Remember, there are no health questions. Decide which life insurance riders, if any, you want the policy to include. You see, life insurance is all about statistics. 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. 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. We advise highly against it. They were all paid endorsers. Use the calculator below to determine the net death benefit you'll get per number of units, along with the total monthly premium. $1,786 in coverage. If you want to leave a significant death benefit for your loved ones, $9.95 per month isnt going to help out very much. He was best known for his role as host of the syndicated game show. That is why the rate charts above show diminishing amounts of insurance as you age. However, the chronic illness option isn't available to applicants ages 65 to 75. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. It buys you 1 unit of their life insurance. So, insurance companies, including Colonial Penn, cant approve applicants halfway in the casket with full life insurance benefits. If you are looking for life insurance coverage, dont go to Colonial Penn. When evaluating offers, please review the financial institutions Terms and Conditions. NerdWallet's ratings are determined by our editorial team. How Much is a Unit of Colonial Penn Life Insurance Worth Anyway? 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. 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. 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. Colonial Penn is not that type of life insurance company. 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. The value of the units for you is determined at application. 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. The younger you are at purchase, the lower your lifetime price on whole life insurance with that company. To calculate each insurers rating, we adjusted the scores to a curved 5-point scale. This is permanent, whole life insurance that will never go up in cost nor down in death benefits. Understand any and all limitations built into the policy. As of January 2023 consumers age 50-85 are allowed to buy up to 15 units. Its also important to make sure the policys medical requirements match your needs. 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. No life insurance company offers individual life insurance without health questions and no medical exam without a mandatory waiting/limited benefit period. Take a break, see what our clients are saying about us, Or Call Lisa and danny 855-380-3300 where final expense insurance is done differently. He also spent time in the marine corps serving his country. Many or all of the products featured here are from our partners who compensate us. The Alex Trebek commercial for life insurance comes in at $9.95 per unit. January 03, 2018. Before launching his career in the insurance industry, he was a music producer. We will be very blunt as I speak to hundreds of seniors like you every month about Colonial Penn whole life insurance options. These ratings indicate an insurers ability to pay future claims. allows you to access 25% to 50% of your payout early if youre diagnosed with certain cancers or debilitating chronic illness or you suffer a heart attack or stroke. The cost and benefits that they are promoting to potential applicants in their commercials are horrible for seniors. 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. Assigning Editor | Insurance, data journalism. So, here is the problem. 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. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. His work has appeared in The Week, The Washington Post and other national news outlets. 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). 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 The insurance that Alex Trebek advertises is presented so you will be motivated to purchase Guaranteed Acceptance life insurance even if you can medically qualify for better coverage and a considerably lower price. Just because you are a senior does not mean that you are one of these candidates. Over more than a decade, he's worked in everything from banks to tech startups. Stay with me here. The problem here we have a sponsored celebrity endorsing a big name end all be all burial insurance product. In fact, Colonial Penn 995 per unit does not sell itself once you know what type of product it is. In year 3 and for the remainder of your life, they will pay the full policy amount. If you die during the waiting period, your beneficiaries will only receive a refund of the premiums and a small interest amount. Lisa is an alumna of the Wharton Seminars for Business Journalists at the University of Pennsylvania. 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. Consumers need to proceed with caution with this particular type of life insurance product. Colonial Penn TV Spot, 'Spare Change' Featuring Alex Trebek. Or simply call us direct at 888-626-0439. 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. We use AM Best ratings to confirm an insurers long-term financial stability and ability to pay claims. The next one really affects those seniors on a fixed income and/or are money conscious. That is a statistical fact. In the past 30 days, commercials featuring Alex Trebek have had 78,296 airings. For example, a 75-year old male would get about $560 in coverage with one single unit at their current age. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. Jonathan Lawson is a paid spokesperson for Colonial Penn. Never try to sort this out on your own or call an insurance company home office like Colonial Penn. This indicates whether the company offers a way to apply for and purchase policies entirely online. The fact is, any kind of guaranteed issue life insurance, regardless of the insurance carrier simply cannot claim this. For $9.95 a month, you can purchase one unit of the Colonial Penn Life Insurance Guaranteed Acceptance policy, the Alex Trebek insurance commerical. Here is the first tip. Simply judge your health compared to your peers (Excellent, Decent, Poor) and less than a minute you will know what all the top life insurance companies will charge compared to the policy endorsed by the late Mr. Trebek. Coverage amounts range from $10,000 to $50,000 ($5,000 to $25,000 in New York). Coverage is marketed towards trusting seniors that are looking for dependable life insurance to meets the needs of their family. I am licensed in all 50 states and represent almost three dozen A/A+ rated carriers. In other words, value. For reference, this quote is January 2023. The first quote below is a fictitious, 75 year old female applicant later followed by a fictitious 75 year old male applicant. Even if you have been declined elsewhere, dont lose heart. Most of the life insurance complaints are from the Better Business Bureau, with a dismal 1.23/5 stars. 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. The life insurance policy promoted in the Alex Trebek life insurance ad is the $9.95 life insurance, a Guaranteed Acceptance insurance policy. For new policy owners, they now pay 15% of the death benefit the first year, 30% the second year. 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. Andrew Marder is a NerdWallet authority on insurance. So how do we make money? Remember their is a rate lock on ALL whole life insurance. 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 biggest problem your family may never see the benefits you thought they would get. The best life insurance companies have fewer than the expected number of complaints. Pre-qualified offers are not binding. He also spent time in the marine corps serving his country. Thats a great question, there is no information online that confirms or denies whether Jonathan Lawson is married. have fewer than the expected number of complaints. Men are hit considerably harder than women because women tend to live longer. Most folks are able to obtain much, much lower cost for whole life insurance with full protection from day 1. Colonial Penn would be sunk real quick with a policy like that. Now, Ive covered one of the problems with the Colonial Penn, Alex Trebek insurance commerical. With the Colonial Penn Guaranteed Acceptance plan, the value of the units depends strictly on your age at purchase, not health. Well, if you looking to cover the cost of funeral, youre out of luck paying $9.95 a month. Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future. Something I didnt address thoroughly was the use of the term rate lock promoted in all the commercials. Financial strength. Yes, all the plans quoted here are designed for those in less than perfect health and require no medical exam. Your loved ones could end up in a financial mess because of the 2 year limitation on coverage for natural death. But in reality, it is not. This could be devastating for your family if you buy the wrong policy. Whether you need help with your application or want to learn more about a policy, Colonial Penns live chat feature allows you to choose the type of specialist youd like to speak with. Calling Colonial Penn or any other carrier directly versus an independent agent or broker works against you. Both are marketed to senior citizens in general. Is Alex Trebek insurance a scam? Not bad not great, but not bad either. It is a pure, high risk life insurance product for those who cannot qualify for better and more affordable life insurance coverage. What is the value of overpaying for less benefits? Determining the need for high risk life insurance should be done only with an independent life insurance specialist. 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. This Colonial Penn product is not benefit rich nor priced well. However, the chronic illness option isn't available to applicants ages 65 to 75. Be sure to have the help of an independent professional who can sort out the good plans from the poor ones. If you in your early 50s, you should be considering if you have a budget for a $30,000 policy. Colonial Penn commercials with Jonathan Lawson are overpriced and your coverage is limited. The Alex Trebek life insurance ad has lots of gimmicks that are easy to fall for. Ultimately, the rate lock Mr. Trebek mentions is a marketing term that is always a feature in any whole life insurance product. Many people miss that major detail. You may choose the Final Expense Life Insurance quoting tool on this page. Published. Because the insurance company does not ask any health history questions. You wouldn't want to mistakenly think you have a free pass to star in your own version of The Fast and the Furious. Over more than a decade, he's worked in everything from banks to tech startups. Rates are regulated by the state. This allows them to make a profit with the risk profile they are willing to accept and pay out all claims. Colonial Penn sells coverage in units, and you can buy up to 15 units. Were always here to help. Applicants dont need to answer health questions or take a medical exam. 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. We have provided rates by gender and age. NerdWallet does not receive compensation for any reviews. To see a list of the best burial insurance carriers for seniors Click On Compare Quotes. The max term life benefit with Colonial Penn is $50,000 for $45.12 per month. It does not buy very much life insurance protection, period. 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? 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. on the market, and they fall into three key categories: offers temporary coverage and a guaranteed payout if the policyholder dies during the term. Aah, here is the problem with Colonial Penn units. $9.95 sounds quite enticing but. Here is an example of Colonial Penn insurance coverage, To file a complaint you can contact the BBB CLICK HERE. 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. That is why the maximum policy value is $30,000. After high school at age 18, he went to Pierce College and earned his BBA. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. However, you need to know the true value of the units. Lots of upset families that did not know or understand the Alex Trebek $9.95 life insurance offering has significant limitations built in. Andrew Marder is a lead writer for NerdWallet focusing on insurance and data analysis. Ed McMahon used to advertise $6.95 per unit for Colonial Penns Guaranteed Acceptance plan. This. Simply multiply $9.95 times the number of units you're interested in. The maximum age is 75 for the whole life policy. 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. When you buy life insurance you want to be with an insurance company that gives you immediate coverage and a level death benefit. This policy is open to people ages 50 to 85 (50 to 75 in New York), and acceptance is guaranteed. So, the Colonial Penn life insurance @ $9.95 per month. The company has a long history of selecting celebrities to endorse their 995 life insurance. The tool on this page will help you know what the competition is charging for no medical exam, whole life insurance. 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. That might be true but is it the best choice for you and your love ones? 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. At Maple Valley Insurance Group, we dont put square pegs in round holes regardless of the celebrity marketing, nor should you. Do you have any objection to saving a lot of money and being able to obtain the best policy you qualify for? Colonial Penn is a life and health insurance company is located in Philadelphia, Pennsylvania. Not really. Each rate shown is a quote based on information provided by the carrier. Inflation over time and if your budget allows, 20-25K would be better. Therefore, the maximum anyone would pay would be $149.25 per month. Again, Jonathan Lawson is a paid spokesman for Colonial Penn Commercials. 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. At The Tennessean, she was part of a 2011 Pulitzer Prize finalist team for coverage of devastating floods in Middle Tennessee. Again, selling life insurance in units is not common in the industry at all. But healthy people can generally get better prices from companies that consider more medical information when setting rates. 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. You can easily find other articles about these complaints with a simple Google search. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. He is another new actor or pitchman like Alex Trebek that are promoting and marketing Colonial Penns TV Commercials. Once you have purchased a guaranteed acceptance whole life policy, the price will not go up and the benefits will not decrease. to those ages 40 to 75 (50 to 73 for men and 50 to 75 for women in New York). It is automatic with a guaranteed issue whole life policy. A certain number of people in the policy will make it beyond 2, 5 even 10 years or more even with rocky health. See if you can qualify based on your overall health for a simplified issue, no exam, medically underwritten plan first. Does Colonial Penn life insurance accept all seniors on this 995 plan? Watch out for other high priced guaranteed issue whole life plans. Guaranteed coverage available to applicants up to age 85. Colonial Penn TV Spot, 'Rate Lock Guaranteed' Featuring Alex Trebek. AGE. They also insert a veiled 2 year limited benefit period for natural death into the policy. 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? We welcome comments below. To cover properly, Colonial Penn will disappoint you. No-exam life insurance issues coverage without the need for a medical exam. Same product folks. 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. If you misunderstood the commercial, they are not liable. $2,083 in coverage. Read more. Any questions you have, feel free to give us a call at 269-244-3420. It should not be plan A or even plan B for that matter. They will shop the life insurance market for the right, no exam policy offering the best benefits and lowest price for that financial protection. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. About 5-10% of our cases where guaranteed acceptance whole life insurance is truly necessary, we generally recommend the likes of AIG or Gerber Life not only for pricing but the amount of available protection over Colonial Penn Guaranteed Acceptance. Is it really a good policy or not? Decide which, , if any, you want the policy to include. Coverage amounts range from $10,000 to $50,000 ($5,000 to $25,000 in New York). I hope you enjoy this analysis of Alex Trebek's life insurance commercials, and learned something new about how burial insurance really works. The ads you see to buy Colonial Penn, Globe Life or AARP/New York Life etc, are rarely in your best interest. 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