Ed McMahon used to advertise $6.95 per unit for Colonial Penns Guaranteed Acceptance plan. Before we get to far, I would like to make in known: In no way do we wish to put down Mr. Trebek. For example, a 75-year old male would get about $560 in coverage with one single unit at their current age. Here is a list of our partners. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. Andrew Marder is a lead writer for NerdWallet focusing on insurance and data analysis. 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 You must live more than two years before Colonial Penn will pay out the full death benefit. If you are age 80 at purchase, the value of 1 unit is very low compared to age 50. Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. Remember their is a rate lock on ALL whole life insurance. Our opinions are our own. For example, say one unit of coverage provides a $1,621 death benefit for a 60-year-old woman. 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. In addition to her work at NerdWallet, Lisa is a real estate investor and has taught a seminar on how to earn college scholarships. In addition, if you are in good health the coverage is limited and the premiums are too high. Sorry, Alex Trebek life insurance is not demonstrating anything special. When evaluating offers, please review the financial institutions Terms and Conditions. Colonial Life costs can be expensive compared to other insurance companies' rates. Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future. Colonial Penn sells coverage in units, and you can buy up to 15 units. Well, if you looking to cover the cost of funeral, youre out of luck paying $9.95 a month. 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. Both are for $10,000 of no medical question, guaranteed issue whole life insurance with a 2 year waiting period for full benefits. The biggest problem your family may never see the benefits you thought they would get. Colonial Penn sells units of coverage; the unit premium never changes, and they sell between one and eight units. This Colonial Penn product is not benefit rich nor priced well. Simply put He was not an expert. All insurance companies must follow the free look provision laws. The full death benefit isnt paid out if the insured person dies during the first two years of taking out a policy. Insurance companies figure costs like this into policy expenses which translates to higher premiums for consumers of their policies. Colonial Penn customer complaints and satisfaction. Learn how your comment data is processed. Could funeral and burial expenses double in the next 10-20 yrsa distinct possibility! Most people 50-85 can qualify for much better coverage than they believe. Colonial Penns advertising may be misleading to those who arent familiar with its pricing structure. 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. Here is the first tip. Weve discussed those previously. Folks, the easier life insurance is to qualify for, the higher the cost of purchasing it. 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. Alex Trebek insurance may feel like it is designed for all seniors as it accepts the healthy with the very unhealthy. 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. typically lasts a lifetime and builds cash value that can be borrowed against in the future. Before I get into the meat of this post, it is advised to use our free, instant quoting tool on this page. So he is 42 years of age. Coverage is limited, no health questions, and a confusing price per unit. So, here is the problem. Plenty of people have told me they just paid over 10k in funeral costs alone in this past year (2022). Check that the insurers youre considering offer the coverage youre looking for. A professional journalist since high school, she was an insurance writer at NerdWallet before becoming an assigning editor. 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. NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2019-2021. for its policies, including its traditional whole life insurance. 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. Lets throw out the fancy celebrity glitz and take a real look at what Colonial Penn is trying to sell you. 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. How Does the GlicRX Discount Drug Card Work? It does not ask any health questions for starters. The application asks health questions, but the insurer doesnt require a medical exam. A lot of people, young to old have seen the Alex Trebek life insurance commercial. Reviews Of Colonial Penns Guaranteed Acceptance Life Insurance Rates, The Pros Of The 9.95 Life Insurance Program, The Cons Of Alex Trebek, 9.95 Guaranteed Acceptance Life Insurance, Understanding Alex Trebek Colonial Penn Guaranteed Acceptance Commercial: The Fine Print, Very Expensive Insurance Alex Trebek Was Promoting, Colonial Penn Life Insurance Rates By Age Alex Trebek Insurance Advertisement, $9.95 Life Insurance Plan Quotes Your Alex Trebek Insurance Alternative, Problems With the Alex Trebek Life Insurance, No Health Question $9.95 Life Insurance: The Alex Trebek Insurance Ad, Alex Trebek Life Insurance Commerical For Seniors, Conclusion: 995 Insurance from Colonial Penn, Metlife Burial Insurance Review The Little Known Truth, Affordable Care Act Health Insurance Plans, Michigan, health questions on a no exam application, Lincoln Heritage Life Insurance Review [2023], Medicare Part D Prescription Drug Plans (Drug Plan Finder Tool), Enroll in Medicare Online Here (Social Security Adminstration), Take Me To The Free GlicRX Presription Drug Card Enrollment. Watch out for other high priced guaranteed issue whole life plans. This is what protects their family. $10,000 is the minimum coverage amount. She is based in Nashville. Youre certainly welcome to experiment with the instant quote tool on this page. 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. 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. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. 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. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. They were all paid endorsers. He talks about Price you can afford, Price cant increase and Price fits your budget, DUH, of course, $9.95 will fit a seniors budget. 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. Because all life insurance companies have different health questions. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service. For context, one unit may earn you less than $700 in coverage and costs $9.95. Television has been the common marketing avenue of Colonial Penn for years. 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. They put you in front of the most benefit rich and affordable final expense plans you can buy. For context, one unit may earn you less than $700 in coverage and costs $9.95. To cover properly, Colonial Penn will disappoint you. This. Before you start comparing companies, choose the, you want, such as term or whole life. In addition, we will look into Johnathan Lawson Colonial Penn commercials and the impact that may have on your buying decision. Its also important to make sure the policys medical requirements match your needs. 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. Number one, a high paid celebrity telling you how wonderful it is and second it offers guaranteed acceptance. Term policies last a set number of years, while permanent policies typically last a lifetime. The Alex Trebek commercial for life insurance comes in at $9.95 per unit. The unit system used in this Colonial Penn 995 plan penalizes seniors particularly in their 70s and 80s. NerdWallet's ratings are determined by our editorial team. Never try to sort this out on your own or call an insurance company home office like Colonial Penn. Colonial Penn is a life and health insurance company is located in Philadelphia, Pennsylvania. Guaranteed acceptance policies ran between $10 and $80 per month, while whole life insurance was the most expensive at $30 to $133. Something I didnt address thoroughly was the use of the term rate lock promoted in all the commercials. WebYes, Jonathan Lawson is a real person and he does work for Colonial Penn. As of 2021 we have seen crazy spike in prices havent we? Enter your details and request an application for the company and plan you are interested in. The maximum age is 75 for the whole life policy. Units are not typical in the life insurance business. NerdWallet does not receive compensation for any reviews. Weekly I find myself talking to new seniors who were duped into the wrong life insurance product. For example: cancer, stroke, heart attack. This indicates whether an insurer allows you to apply for and buy a policy completely online. The ads you see to buy Colonial Penn, Globe Life or AARP/New York Life etc, are rarely in your best interest. Here is a comparison of Colonial Penn with our two most affordable carriers. The most you can get is $2,000 if you are a 50-year-old woman. Each rate shown is a quote based on information provided by the carrier. With such misleading articles and commercials seniors and potential clients regardless of gender, can find much better insurance coverage with better companies. Use the calculator below to determine the net death benefit you'll get per number of units, along with the total monthly premium. Again, it depends on the value of each unit at application. With that said, do you believe he knows that much more about your life insurance needs versus the person down the street? What is the value of overpaying for less benefits? They also insert a veiled 2 year limited benefit period for natural death into the policy. That is all. The. If you perish due to an accident such as a car wreck or slip and fall, Colonial Penn would be obligated to pay the full policy amount. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. Do not sell or share my personal information. This is the highest risk the average elderly person faces. 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. The company's accelerated death benefit rider is also unusual. Here is a list of. It is automatic with a guaranteed issue whole life policy. For example, if you want to skip the. My average policy is closer to $15K in 2023 for funeral and burial costs. Colonial Penn sells coverage in units, and you can buy up to 15 units. Originally, AARP co-founder Leonard Davis founded Colonial Penn, with AARP for a time working with Colonial Penn as its life insurance partner, offering coverage through Colonial Penn to AARP members. We do not offer this product. 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. Here is a list of our partners and here's how we make money. If you have not already, run a quote on the final expense quote tool on this page. That's a pretty bizarre number. You can add an optional living insurance rider to your policy. MORE: Guaranteed issue life insurance: Is it worth it? With Colonial Penn, you are limited by your age at application time on how much coverage you can buy. The scoring formula takes into account consumer complaint and customer satisfaction data. Not bad not great, but not bad either. If youve found this article helpful, let us know. Its also important to make sure the policys medical requirements match your needs. Keep in mind, people age 50-85 are the vast majority of our clientele at Maple Valley Insurance Group. Buy additional units unless you need a very small policy. Because it simply does not buy enough burial insurance to cover the costs of death. 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. Colonial Penn commercials with Jonathan Lawson are overpriced and your coverage is limited. The older you are at the time of application with this Colonial Penn product, the lower the value of 1 unit is. 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. We all know Ed McMahon, Joe Theismann and even Jerry Lewis. 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. Why do you think you need high risk life insurance? This is permanent, whole life insurance that will never go up in cost nor down in death benefits. However, you need to know the true value of the units. Guaranteed acceptance life insurance. Verify any Agent or Brokers License with your State Department of Insurance. However, this does not influence our evaluations. have fewer than the expected number of complaints. For many years, Alex Trebek was the face of Penn Life Insurance Company. At Maple Valley Insurance Group, we dont put square pegs in round holes regardless of the celebrity marketing, nor should you. Funerals have gone up in price over the years. Colonial Penn doesnt require a life insurance medical exam for its policies, including its traditional whole life insurance. 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. He was not carrying a life insurance license nor taking ongoing education requirements and training to advise people on life insurance. He has presented his work at the Gartner Marketing Symposium/Xpo and Accountex. 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. However, there are also additional expenses baked into unit based pricing. Absolutely not. 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. Colonial Penn TV Spot, 'Rate Lock Guaranteed' Featuring Alex Trebek. Be sure to have the help of an independent professional who can sort out the good plans from the poor ones. Colonial Penn TV Spot, 'Important Message' Featuring Alex Trebek. Insurance companies negotiate premiums charged with your States Department of Insurance officials. Each unit of Colonial Penn's life insurance coverage is worth $9.95 per month and provides different amounts depending on age, gender, etc. For a 50-year-old man, rates for term life insurance from Colonial Penn can range from $13 to $57 per month. MORE: Best life insurance companies in 2023. Take a look at the Colonial Penn life insurance rates for this product in the tables below for specifics. Stay with me here. We can help you determine who the best carrier is for you personally. So What Is The Alex Trebek Life Insurance Commerical About? Colonial Penn would be sunk real quick with a policy like that. The company has a long history of selecting celebrities to endorse their 995 life insurance. Guaranteed issue life insurance: Is it worth it? Again, this type of whole life insurance is available from a number of life insurance companies and not proprietary to Colonial Penn. They offer life insurance and Medicare Supplement insurance for seniors. Ultimately, the rate lock Mr. Trebek mentions is a marketing term that is always a feature in any whole life insurance product. Therefore, the maximum anyone would pay would be $149.25 per month. Calling Colonial Penn or any other carrier directly versus an independent agent or broker works against you. This is not term life insurance which typically expires by age 75 or 80. All financial products, shopping products and services are presented without warranty. There are many different whole life insurance policies and companies available. Decide which, , if any, you want the policy to include. 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. There is a catch here with this 995 life insurance product. Do you assume you cannot qualify for a better policy because your health isnt ideal? Make sure you and your loved ones are covered - compare customized life insurance quotes from our partners. He also spent time in the marine corps serving his country. He gets paid to say what he says. Whole life insurance. Because it affects not only the policyowner but their loved onesdont be surprised if I bring the heat in this review!! You must understand that life insurance companies cannot evaluate the risk level of a person accurately without asking health questions. Their most popular life insurance plan is the guaranteed acceptance whole life. Most of their licensed insurance agents work from the home office in downtown Philadephia Pennsylvania. 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. The value determined will be locked. This accelerated death benefit 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. Colonial Penn TV Commercial: "Call Sooner" In this commercial, the latest Colonial Penn actor, Jonathan Lawson, makes the pitch. Those who call for information about the life insurance plan will also receive a free Beneficiary Planner courtesy of Colonial Penn. This particular product, titled Colonial Penn Guaranteed Acceptance Whole Life is nothing unique. 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? 1 Male Unit ($9.95) 1 Female Unit ($9.95) 12 units is the most you can buy, and this coverage comes with a 2-year waiting period. 50. 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. This indicates whether an insurer allows you to apply for and buy a policy completely online. Lots of upset families that did not know or understand the Alex Trebek $9.95 life insurance offering has significant limitations built in. Guaranteed Acceptance coverage hands you a three fold penalty. Dive deeper: Ratings methodology for life insurance. They engage in a numbers game of mass marketing and/or gimmicks. This is not a good way to be transparent about the cost of buying a policy either. I do not have an answer for that, but I can assure you, all the CP policyowners have paid for it. Mentioned earlier but Colonial Penn uses a non standard way of calculating their premiums. About the author: Andrew Marder is a NerdWallet authority on insurance. With ANY guaranteed acceptance/issue life insurance, the first 2-3 years, the insured person is not covered with full benefits for natural death. What to understand about Colonial Penn $9.95 Life Insurance units. It is built into the policy. Sure Im bit biased myself because I have access to all the top burial insurance companies and plans out there. Since you are buying units with Alex Trebek life insurance, the more units you purchase the larger the value of your policy. 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? In short, Colonial Penn coverage is expensive and has a 2-year waiting period for most applicants. Jonathan Lawson is a paid spokesperson for Colonial Penn. Simply multiply $9.95 times the number of units you're interested in. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. Just be sure to keep up your premium payments. The problem here we have a sponsored celebrity endorsing a big name end all be all burial insurance product. This allows them to make a profit with the risk profile they are willing to accept and pay out all claims. Before launching his career in the insurance industry, he was a music producer. Colonial Penn TV Spot, 'The Three Ps' Featuring Alex Trebek. This means that they may not be able to purchase a enough financial protection (death benefits) to ensure their goals are met. For those who purchase the coverageColonial Penn will pay the claims according to the terms of the policy. Previously, Lisa spent more than 20 years as an editor at The Tennessean in Nashville, where she led business and consumer coverage for several years. to those ages 40 to 75 (50 to 73 for men and 50 to 75 for women in New York). 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. Read our. No matter what the gender is there are many better options out there for both. Because the insurance company does not ask any health history questions. 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. Find out what is really available to you. All financial products, shopping products and services are presented without warranty. You can only choose 10, 20, or 30 years for term insurance. In fact it is inferior to the competition but that is beyond the scope of this article. When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. If you have decent to excellent health as a senior, they really love you!! This is also why the policy is has an elevated premium. 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. He suffered with a terrible form of cancer and never quit. If you want to leave a significant death benefit for your loved ones, $9.95 per month isnt going to help out very much. Alex Trebek coverage is not a better policy than any other guaranteed acceptance policy from another company. Remember that Colonial Penn's rates are determined by "units". There simply are a lot of better options out there. No-exam life insurance issues coverage without the need for a medical exam. Lisa Green leads the life insurance team and oversees insurance-focused data journalism at NerdWallet. We advise highly against it. Records online have Jonathan Lawson Colonial Penn salary at approximately $400,000 per year. 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. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. The Colonial Penn life insurance for seniors that Alex Trebek advertises will be best suited for those folks who are closer to 50 and in very poor health. No, Alex Trebek did not influence the insurance company nor did he provide the insurance products to anyone. Most of the life insurance complaints are from the Better Business Bureau, with a dismal 1.23/5 stars. In fact, other insurance companies have far superior products for burial insurance with zero waiting periods. TV personality Alex Trebek explains the average funeral cost and how a Whole Life Insurance plan from Colonial Penn can help cover final expenses. That's a shocking statement, but it's true. Price may not be the biggest driver behind your decision to buy. Determining the need for high risk life insurance should be done only with an independent life insurance specialist. Be sure to select Excellent Health if you believe your health is pretty average or better for someone your age. 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