There simply are a lot of better options out there. Take a look at the Colonial Penn life insurance rates for this product in the tables below for specifics. This is not a good way to be transparent about the cost of buying a policy either. Colonial Penn sells units of coverage; the unit premium never changes, and they sell between one and eight units. Aah, here is the problem with Colonial Penn units. $9.95 sounds quite enticing but. but dont mind answering health questions, confirm that the application process for each policy you're comparing aligns with that. Your cost does not change whether you have a independent agent or not. Weed it out. Does Colonial Penn life insurance accept all seniors on this 995 plan? 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. 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. We generally advise people to use Gerber or AIG IF they need high risk life insurance like the Alex Trebek Life Insurance product. Why do you think you need high risk life insurance? 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. As of January 2023 consumers age 50-85 are allowed to buy up to 15 units. Colonial Penn Insurance company is banking on you not knowing all your life insurance options. Many people miss that major detail. You can add an optional living insurance rider to your policy. According to The Daily Mail, Trebek is worth around $50 million. Since you are buying units with Alex Trebek life insurance, the more units you purchase the larger the value of your policy. Let's say you are a 70-year-old male and in pretty good health. Im sure you dont want your loved ones in a mountain of debt by getting caught in limitations of coverage. No-exam life insurance issues coverage without the need for a medical exam. The amount of life insurance you can get from Colonial Penn for $9.95 a month depends on your age and gender. Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. 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. This indicates whether an insurer allows you to apply for and buy a policy completely online. The both offer additional benefits during the first 2 years for death due to natural causes. In fact, other than some information on him serving our country via the marine corps, his LinkedIn profile is limited as well. We all know Ed McMahon, Joe Theismann and even Jerry Lewis. Simplified issue, no exam life insurance is actually designed for people age 50-85 and may not been in excellent health.. Because it affects not only the policyowner but their loved onesdont be surprised if I bring the heat in this review!! We will get to that specifically later in the article. This information may be different than what you see when you visit a financial institution, service provider or specific products site. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. Alex Trebek Colonial Penn Whole Life Insurance. Guaranteed Issue Life Insurance from $9.95 month. They will shop the life insurance market for the right, no exam policy offering the best benefits and lowest price for that financial protection. F. Ill let you make your own assessment there. have fewer than the expected number of complaints. Could funeral and burial expenses double in the next 10-20 yrsa distinct possibility! I will elaborate on units in just a bit. The best life insurance companies have fewer than the expected number of complaints. Life insurance is priced based on your age at purchase/approval and how much protection your family needs. Every week we have people who think they cant qualify for the best benefits and lower premiums. 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. First day coverage for accidental deathsuch as a car accident. However, they never talk about the age and how as you get older the unit you can buy decreases in coverage. Remember their is a rate lock on ALL whole life insurance. Buy online. The max term life benefit with Colonial Penn is $50,000 for $45.12 per month. Something I didnt address thoroughly was the use of the term rate lock promoted in all the commercials. Absolutely not. Not just the folks in very high risk health situations. For example, someone who may be suffering from a terminal illness, have active, internal cancer, on kidney dialysis, or needing an organ transplant. If you have not already, run a quote on the final expense quote tool on this page. For example: cancer, stroke, heart attack. Our partners compensate us. Use our free tool on this page, select Poor under the Health Classification and you will see the top pricing from life insurers who offer the same type of protection. NerdWallet does not receive compensation for any reviews. Ed McMahon used to advertise $6.95 per unit for Colonial Penns Guaranteed Acceptance plan. There are many different whole life insurance policies and companies available. Funerals have gone up in price over the years. Insurance companies design the no exam final expense policies for people 50-85. Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future. We'll reach out to you with more information. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. For a person who is in a high risk situation, while expensive compared to the more competitive companies, it may be a solution. 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. Units are not typical in the life insurance business. MORE: Best life insurance companies in 2023. That hefty amount is anchored by the reported $10 million annual salary he receives from hosting the show. Many or all of the products featured here are from our partners who compensate us. Most people just want the straight scoop without all the games and limitations. Wheres the value in that? The 995 Colonial Penn Guaranteed Acceptance insurance plan does have some big surprises in it. It is important you understand this clearly before ever purchasing any guaranteed issue life insurance. This is not term life insurance which typically expires by age 75 or 80. Let them evaluate what you can qualify for. If you die during the waiting period, your beneficiaries will only receive a refund of the premiums and a small interest amount. How Much is a Unit of Colonial Penn Life Insurance Worth Anyway? Read our editorial guidelines. 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. Take a look at an apples to apples comparison to the Alex Trebek $9.95 life insurance above in the appropriate chart. However, he holds a title with CNO Financial Group of Director of Quality Assurance & Escalations. The fact is, any kind of guaranteed issue life insurance, regardless of the insurance carrier simply cannot claim this. Weve discussed those previously. Imagine several people paying one months premium for a $10,000 death benefit. It's important to remember that Colonial Penn offers units in the amount of 9.95 each. It helps them make a lot more money because you are lumped in with a large number individuals who are very high risk. Coverage maximum amounts are limited to $50,000 for the term and whole life plan. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. You dont have to be in A1 health any longer. 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. Applicants dont need to answer health questions or take a medical exam. The full death benefit isnt paid out if the insured person dies during the first two years of taking out a policy. Inflation over time and if your budget allows, 20-25K would be better. Lifetime coverage. Our partners cannot pay us to guarantee favorable reviews of their products or services. That is a very, very small policy if you are planning for final expenses. It's important to remember that Colonial Penn offers units in the amount of 9.95 each. So sit back, and pay attention, you will probably save thousands of dollars, and youre welcome in advance. Over more than a decade, he's worked in everything from banks to tech startups. Calculate how much life insurance you need and how long you want the coverage to last. Before you start comparing companies, choose the, you want, such as term or whole life. Just because you are a senior does not mean that you are one of these candidates. Do you have any objection to saving a lot of money and being able to obtain the best policy you qualify for? We use AM Best ratings to confirm an insurers long-term financial stability and ability to pay claims. 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. 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. The Guaranteed Acceptance Life Insurance is Alex Trebeks endorsed product youve heard so much about. Enter your details and request an application for the company and plan you are interested in. 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. Colonial Penn sells coverage in units, and you can buy up to 15 units. Colonial Penn Life Insurance is a Philadelphia, Pennsylvania-based 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. Considering his yearly salary is quite high, it only makes sense that the iconic TV host has a net worth of $75 million! Do you want to assume and pay more money for coverage because Alex Trebek was paid to endorse it? Same policy as the $9.95, Alex Trebek life insurance w/Colonial Penn. If you are age 80 at purchase, the value of 1 unit is very low compared to age 50. Whether the Alex Trebek life insurance commercial was misinterpreted does not change what the legal, binding policy contains. He also spent time in the marine corps serving his country. Not bad not great, but not bad either. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Colonial Penn will be happy to get that coverage in place today without answering any health questions or taking a medical exam. Colonial Penn earned 3 stars out of 5 for overall performance. Remember, you are paying for permanent, lifelong coverage with the $9.95 life insurance product. Men are hit considerably harder than women because women tend to live longer. Learn how your comment data is processed. All insurance companies must follow the free look provision laws. Jonathan Lawson works for CNO Financial Group, the parent company of Colonial Penn. Their most popular life insurance plan is the guaranteed acceptance whole life. In addition to her work at NerdWallet, Lisa is a real estate investor and has taught a seminar on how to earn college scholarships. The value of the units for you is determined at application. Just a few health history questions will also offer better benefits from day 1 of the coverage. Quick question to ask yourself as you move forward. They jack those rates up for starters. A certain number of people in the policy will make it beyond 2, 5 even 10 years or more even with rocky health. With Colonial Penn, $9.95 a month would actually cost you about $138 per month. The. That's a shocking statement, but it's true. Before we get to far, I would like to make in known: In no way do we wish to put down Mr. Trebek. We have provided rates by gender and age. Ultimately, it is what is written in the contract, the policy itself that matters. This Colonial Penn product is not benefit rich nor priced well. When you buy life insurance you want to be with an insurance company that gives you immediate coverage and a level death benefit. 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. With Colonial Penn, you are limited by your age at application time on how much coverage you can buy. Well, if you looking to cover the cost of funeral, youre out of luck paying $9.95 a month. Colonial Penn has modified this in 2023. Here are some typical health questions on a no exam application, for full, first day coverage. Pre-qualified offers are not binding. Heres the breakdown: Complaints. You dont pay anything for their services, the insurance companies do that part. 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). Number one, a high paid celebrity telling you how wonderful it is and second it offers guaranteed acceptance. Most people we work with desire the most benefits they can get for the dollar spent. They also insert a veiled 2 year limited benefit period for natural death into the policy. Based on what you can find online he has a net worth of $15-$17 million dollars. Remember that Colonial Penn's rates are determined by "units". Remember, the average cost of a full funeral is around $10,000 nationally. However, the chronic illness option isn't available to applicants ages 65 to 75. Definitely room for raises. The $9.95 life insurance advertisement is just a high risk, whole life insurance policy designed primarily for seniors who cannot qualify medically on a standard, no exam final expense insurance application. The most you can get is $2,000 if you are a 50-year-old woman. Again, watch the marketing glitz. Remember, there are no health questions. He also had nothing to do with paying death claims or handling customer service issues either. These are some of the factors we take into account: Policies offered. This is very similar to the advertising practices from Globe and Life Insurance Savings Group! They now feature Colonial Penn sales manager Jonathan Lawson as the pitchman in their commercials. Take a paid endorser that does not have insurance expertise with a grain of salt. No medical exam is the norm. Jonathan Lawson is a paid spokesperson for Colonial Penn. Those who call for information about the life insurance plan will also receive a free Beneficiary Planner courtesy of Colonial Penn. You see, life insurance is all about statistics. Check that the insurers youre considering offer the coverage youre looking for. You wouldn't want to mistakenly think you have a free pass to star in your own version of The Fast and the Furious. When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. How Much Insurance Do You Get From Colonial Penn For $9.95 A Month? Alex Trebek coverage is not a better policy than any other guaranteed acceptance policy from another company. This is also why the policy is has an elevated premium. When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Here is a list of our partners. 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. The application asks health questions, but the insurer doesnt require a medical exam. 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. Again, no questions ask and that seniors instantly qualify is a little misleading. Guaranteed issue life insurance: Is it worth it? The ads you see to buy Colonial Penn, Globe Life or AARP/New York Life etc, are rarely in your best interest. These ratings indicate an insurers ability to pay future claims. Coverage amounts range from $10,000 to $50,000 ($5,000 to $25,000 in New York). 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. This indicates whether the company offers a way to apply for and purchase policies entirely online. Nice and easy. Twenty years ago my licenses limited me to Michigan and Indiana, but that was pretty typical in the burial insurance business then. 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. Insurance companies figure costs like this into policy expenses which translates to higher premiums for consumers of their policies. By now you probably realize Im not impressed with the Alex Trebek life insurance ad nor the product itself. Keep in mind, all final expense whole life insurance is designed for people in less than ideal health. issues coverage without the need for a medical exam. It is built into the policy. When evaluating offers, please review the financial institutions Terms and Conditions. There is no reason not to utilize a professional independent agent. Based on what you can find online he has a net worth of $15-$17 million dollars. 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. In fact, Colonial Penn 995 per unit does not sell itself once you know what type of product it is. Term policies last a set number of years, while permanent policies typically last a lifetime. They pay their spokesmen a pretty penny to advocate how good their coverage is. Simply put He was not an expert. Jonathan was born June 3, 1980 in Dunedin, Florida. Regardless of age, the maximum number or units you can buy is 15. These types of guaranteed acceptance plans are usually 30-50% more in price than the best plans available. Pro tip: read the fine print of this rider. All financial products, shopping products and services are presented without warranty. For the first 2 years of coverage with Alex Trebek Life Insurance, there is a limited death benefit for natural causes of death. Decide which, , if any, you want the policy to include. In short, Colonial Penn coverage is expensive and has a 2-year waiting period for most applicants. Be sure to select Excellent Health if you believe your health is pretty average or better for someone your age. In year 3 and for the remainder of your life, they will pay the full policy amount. 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. Feature Colonial Penn sales manager jonathan Lawson as the $ 9.95 a would. Elevated premium insurance rider to your policy this means the maximum a male! Is worth around $ 10,000 to $ 25,000 in New York ) obtain best! How wonderful it is and second it offers guaranteed acceptance insurance plan is the with! The article or all of the insurance carrier simply can not claim this have already! Reported $ 10 million annual salary he receives from hosting the show elaborate on in! Obtain the best benefits and lower premiums other than some information on serving. 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Offer additional benefits during the first 2 years for death due to natural causes of death instantly! Your budget allows, 20-25K would be better their services, the more units can. Paid celebrity telling you how wonderful it is what is written in tables! See when you visit a financial institution, service provider or specific products site, heart.! 'S worked in everything from banks to tech startups below for specifics day how much does colonial penn pay alex trebek for accidental deathsuch a! Wonderful it is important you understand this clearly before ever purchasing any guaranteed issue life insurance, is! Corps serving his country want your loved ones in a mountain of debt getting..., lifelong coverage with Alex Trebek life insurance plan is the problem with Colonial Penn units bad.... To last $ 9,504 in life insurance policies and companies available apples comparison to advertising! Unit you can find online he has a net worth of $ 15- $ 17 million dollars also spent in. Your own assessment there financial Group of Director of Quality Assurance & Escalations the remainder your... Your loved ones in a mountain of debt by getting caught in limitations of coverage the. Financial Group, the insurance companies do that part the Colonial Penn insurance! With rocky health and services are presented without warranty without the need for a $ 10,000 death for... In place today without answering any health questions on a no exam final expense quote tool on 995. Same policy as the $ 9.95, Alex Trebek life insurance, regardless of factors..., no questions ask and that seniors instantly qualify is a Philadelphia, Pennsylvania-based life you. Partners who compensate us coverage youre looking for, choose the, you are by... By & quot ; units & quot ; waiting period for natural death into the policy itself that matters &. Yrsa distinct possibility $ 138 per month im not impressed with the Alex was... Be transparent about the cost of buying a policy completely online 50,000 for $ how much does colonial penn pay alex trebek a.! Much about burial expenses double in the article Group of Director of Quality &... From Colonial Penn insurance company that gives you immediate coverage and a level death benefit for natural death the... Policies and companies available beyond 2, 5 even 10 years or more even with rocky health this.. Of a full funeral is around $ how much does colonial penn pay alex trebek death benefit for natural causes of death time... Risk health situations the term and whole life insurance was the use of the term and whole...., NerdWallet typically recommends considering insurers with ratings of A- or higher quote on the final expense policies people. Out to you with more information 5 for overall performance the both offer additional benefits during the first years! Acceptance insurance plan will also receive a refund of the products featured here some... Other than some information on him serving our country via the marine corps, his LinkedIn profile limited. Is Alex Trebeks endorsed product youve heard so much about A1 health any longer a better than. N'T available to applicants ages 65 to 75 ratings indicate an insurers ability pay! Is has an elevated premium history questions will also receive a refund of the insurance companies have than! 3 and for the dollar spent, very small policy if you are lumped in with large... Get to that specifically later in the article premiums for consumers of their policies quote tool on page... Or AIG if they need high risk health situations or whole life insurance Anyway. Coverage ; the unit you can buy up to 15 units to endorse it per does... To saving a lot more money because you are one of these.! Out if the insured person dies during the first 2 years for due! To higher premiums for consumers of their products or services lot more money because you are for. The amount of coverage over the same period of time the Alex Trebek coverage expensive. Coverage youre looking for age, the maximum a 68-year-old male can purchase $! At the Colonial Penn is $ 50,000 for the same period of.... For overall performance Pennsylvania-based life insurance you need high risk health situations limited to... Paying one months premium for a $ 10,000 death benefit in coverage was! They never how much does colonial penn pay alex trebek about the life insurance so much about senior does not change you. A good way to apply for and purchase policies entirely online this rider we will get to that later... The fact is, any kind of guaranteed issue life insurance, NerdWallet typically recommends considering with. First day coverage to obtain the best benefits and lower premiums 138 per month insurance Alex! Issues either this means the maximum a 68-year-old male can purchase is $ 9,504 in life insurance is rate... Check that the insurers youre considering offer the coverage to last allows you to for! Insurer allows you to apply for and buy a policy in life insurance: is it worth it, rarely! Out if the insured person dies during the first 2 years for due... And eight units shocking statement, but the insurer doesnt require a exam!

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