Get even more expert advice to help you make informed choices. You can easily find other articles about these complaints with a simple Google search. Sure Im bit biased myself because I have access to all the top burial insurance companies and plans out there. The life insurance policy promoted in the Alex Trebek life insurance ad is the $9.95 life insurance, a Guaranteed Acceptance insurance policy. Not just the folks in very high risk health situations. No doctors, nurses or needles in your arm. 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. Here is a list of. and how long you want the coverage to last. Before launching his career in the insurance industry, he was a music producer. My average policy is closer to $15K in 2023 for funeral and burial costs. Because all life insurance companies have different health questions. Yes, as long they apply between age 50-85, the insured is legally competent and can consent to coverage. Since you are buying units with Alex Trebek life insurance, the more units you purchase the larger the value of your policy. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. 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. 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. Absolutely not. 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. But healthy people can generally get better prices from companies that consider more medical information when setting rates. A professional journalist since high school, she was an insurance writer at NerdWallet before becoming an assigning editor. He was not carrying a life insurance license nor taking ongoing education requirements and training to advise people on life insurance. 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. When you compensate paid spokesman its hard to take them seriously. Our partners compensate us. Our opinions are our own. 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. Imagine several people paying one months premium for a $10,000 death benefit. Take a look at the competition out there. You got it. In fact, other insurance companies have far superior products for burial insurance with zero waiting periods. Yes, you will receive quotes for whole life insurance. Well, if you looking to cover the cost of funeral, youre out of luck paying $9.95 a month. 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? That's a shocking statement, but it's true. 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. Coverage amounts range from $10,000 to $50,000 ($5,000 to $25,000 in New York). That is a very, very small policy if you are planning for final expenses. If you misunderstood the commercial, they are not liable. If you have decent to excellent health as a senior, they really love you!! We will be very blunt as I speak to hundreds of seniors like you every month about Colonial Penn whole life insurance options. Take a look at the Colonial Penn life insurance rates for this product in the tables below for specifics. See what size policy that $149.25 per month will buy. Lisa Green leads the life insurance team and oversees insurance-focused data journalism at NerdWallet. Simplified issue, no exam life insurance is actually designed for people age 50-85 and may not been in excellent health.. This does not even count the actual burial costs at the cemetery. When evaluating offers, please review the financial institutions Terms and Conditions. Based on what you can find online he has a net worth of $15-$17 million dollars. Most people 50-85 can qualify for much better coverage than they believe. 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. Ultimately, the cost of your life insurance will depend on your age, gender and the amount of coverage . Before we get to far, I would like to make in known: In no way do we wish to put down Mr. Trebek. Those companies would rather you did not do your due diligence as you have. They pay their spokesmen a pretty penny to advocate how good their coverage is. 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. So, here is the problem. Jeopardy has never been the same in my opinion. However, the chronic illness option isn't available to applicants ages 65 to 75. Each rate shown is a quote based on information provided by the carrier. January 03, 2018. Alex Trebek Colonial Penn Whole Life Insurance. 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 has been advocating Colonial Penn life insurance as the best plan and best policy for years now. Colonial Penn commercials with Jonathan Lawson are overpriced and your coverage is limited. But healthy people can generally get better prices from companies that consider more medical information when setting rates. Life insurance is priced based on your age at purchase/approval and how much protection your family needs. 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. The actual death benefit is independent of the number of units you purchase. Life insurance is not created equal. This will be without a spokesman telling you what is best for you, but us explaining why it is best for you. Determining the need for high risk life insurance should be done only with an independent life insurance specialist. Save my name, email, and website in this browser for the next time I comment. What has been apparent, consumers do not realize the actual cost and the policy limitations. Nice and easy. NerdWallet does not receive compensation for any reviews. 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. 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. Be sure to review the rate chart above and see the maximum amount of financial protection that can be bought at your current age with CP. Take a paid endorser that does not have insurance expertise with a grain of salt. Understand thisall limitations are applied to anyone who buys this type of policy. The older you are at the time of application with this Colonial Penn product, the lower the value of 1 unit is. If you want to leave a significant death benefit for your loved ones, $9.95 per month isnt going to help out very much. I dont care for it and I think it is meant to confuse seniors into thinking this policy is very affordable regardless of your age at purchase. This indicates whether an insurer allows you to apply for and buy a policy completely online. Its also important to make sure the policys medical requirements match your needs. but dont mind answering health questions, confirm that the application process for each policy you're comparing aligns with that. Many of us heard the Alex Trebek life insurance commercial more than a few times over the years. Your loved ones could end up in a financial mess because of the 2 year limitation on coverage for natural death. In fact, Colonial Penn 995 per unit does not sell itself once you know what type of product it is. We use AM Best ratings to confirm an insurers long-term financial stability and ability to pay claims. Before I get into the meat of this post, it is advised to use our free, instant quoting tool on this page. The intention is to get you to call up Colonial Penn and just buy the policy. Check that the insurers youre considering offer the coverage youre looking for. Andrew Marder is a lead writer for NerdWallet focusing on insurance and data analysis. So, the Colonial Penn life insurance @ $9.95 per month. I can tell you that in the late 90s, the average, burial policy I sold was about $7000. With the Colonial Penn Guaranteed Acceptance plan, the value of the units depends strictly on your age at purchase, not health. 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. 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. Lots of upset families that did not know or understand the Alex Trebek $9.95 life insurance offering has significant limitations built in. The value determined will be locked. Even if you have been declined elsewhere, dont lose heart. 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. 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. No-exam policies dont require a medical exam. Funerals have gone up in price over the years. 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. With Colonial Penn, you are limited by your age at application time on how much coverage you can buy. Jonathan Lawson is a paid spokesperson for Colonial Penn. However, this does not influence our evaluations. Did you know these 3 key points prior to doing your research here? Looking at the sample above, 1 unit shows a minimum death benefit coverage amount of $932 for $9.95 per month. Truth is a great majority seniors we work with purchase much more protection than this plan can offer. Ultimately, the rate lock Mr. Trebek mentions is a marketing term that is always a feature in any whole life insurance product. In this article, we will look deep into something senior consumers need to be aware of and what a Colonial Penn commercial may lead you to do. What to understand about Colonial Penn $9.95 Life Insurance units. With that said, do you believe he knows that much more about your life insurance needs versus the person down the street? He has over a decade of experience in finance, with previous roles at Barclays, The Motley Fool and Gartner. You can add an optional living insurance rider to your policy. 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. These situations do require guaranteed issue life insurance. This could end poorly for your loved ones. Whether the Alex Trebek life insurance commercial was misinterpreted does not change what the legal, binding policy contains. The Guaranteed Acceptance Life Insurance is Alex Trebeks endorsed product youve heard so much about. Most people just want the straight scoop without all the games and limitations. The scoring formula takes into account consumer complaint and customer satisfaction data. Colonial Penn TV Spot, 'Important Message' Featuring Alex Trebek. 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. Published. To cover properly, Colonial Penn will disappoint you. Considering his yearly salary is quite high, it only makes sense that the iconic TV host has a net worth of $75 million! If you want to be proactive and have a preapproved offer from the best carrier fill out this form by CLICKING HERE. would you prefer to worry for 2 years just so you dont have to answer a few health questions? Your cost does not change whether you have a independent agent or not. Our partners cannot pay us to guarantee favorable reviews of their products or services. 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. Enter your details and request an application for the company and plan you are interested in. However, you need to know the true value of the units. Calculate how much life insurance you need and how long you want the coverage to last. The Colonial Penn commercials have had a certain magic about them that washes away the reality of their guaranteed acceptance 995 life insurance plan. 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. For example: cancer, stroke, heart attack. No, Alex Trebek did not influence the insurance company nor did he provide the insurance products to anyone. This Colonial Penn product is not benefit rich nor priced well. For example, if you want to skip the. By now you probably realize Im not impressed with the Alex Trebek life insurance ad nor the product itself. His work has appeared in The Week, The Washington Post and other national news outlets. 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. If you die during the waiting period, your beneficiaries will only receive a refund of the premiums and a small interest amount. We all know Ed McMahon, Joe Theismann and even Jerry Lewis. He also brought to life a fun, educating game show for years and it is sad to know he wont be returning. As of January 2023 consumers age 50-85 are allowed to buy up to 15 units. This will also save you an enormous amount of time and likely a lot of money. All financial products, shopping products and services are presented without warranty. Assigning Editor | Insurance, data journalism. Colonial Penn sells units of coverage; the unit premium never changes, and they sell between one and eight units. For example, a 75-year old male would get about $560 in coverage with one single unit at their current age. Colonial Penn TV Commercial: "Call Sooner" In this commercial, the latest Colonial Penn actor, Jonathan Lawson, makes the pitch. In the past 30 days, commercials featuring Alex Trebek have had 78,296 airings. The problem here we have a sponsored celebrity endorsing a big name end all be all burial insurance product. Thats a great question, there is no information online that confirms or denies whether Jonathan Lawson is married. What is the value of overpaying for less benefits? 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. That hefty amount is anchored by the reported $10 million annual salary he receives from hosting the show. You wouldn't want to mistakenly think you have a free pass to star in your own version of The Fast and the Furious. NerdWallets ratings are determined by our editorial team. Again, this type of whole life insurance is available from a number of life insurance companies and not proprietary to Colonial Penn. You will not be told that you can get a better policy and price elsewhere. Keep in mind, all final expense whole life insurance is designed for people in less than ideal health. I see no blatant dishonesty, but the responsibility is completely shifted onto a trusting senior who just wants affordable peace of mind for their family. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. Stay with me here. How much does each unit of coverage cost? Based on what you can find online he has a net worth of $15-$17 million dollars. Folks, the easier life insurance is to qualify for, the higher the cost of purchasing it. TV personality Alex Trebek explains the average funeral cost and how a Whole Life Insurance plan from Colonial Penn can help cover final expenses. Heres the breakdown: Complaints. Same policy as the $9.95, Alex Trebek life insurance w/Colonial Penn. Learn how your comment data is processed. See if you can qualify based on your overall health for a simplified issue, no exam, medically underwritten plan first. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Price may not be the biggest driver behind your decision to buy. Alex Trebek was a Canadian-born American game show host who had a net worth of $75 million at the time of his death. Decide which life insurance riders, if any, you want the policy to include. So he is 42 years of age. How much does Colonial Penn pay Alex Trebek? 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. In real life, units can pose a major problem for families being underinsured thereby imposing major financial troubles for those they are trying to protect. How Does the GlicRX Discount Drug Card Work? Call us and we can have you qualified, and matched up with an A/A+ carrier within minutes. Watch out for other high priced guaranteed issue whole life plans. If you watched the video above, you may have noticed that the cost per unit has increased nearly 50% in the last 20 years or so. Again, no questions ask and that seniors instantly qualify is a little misleading. Men are hit considerably harder than women because women tend to live longer. Or simply call us direct at 888-626-0439. 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. This allows them to make a profit with the risk profile they are willing to accept and pay out all claims. Above all, I am sure you have seen Jonathan Lawson Colonial Penn commercials. Colonial Penn would be sunk real quick with a policy like that. I do not have an answer for that, but I can assure you, all the CP policyowners have paid for it. The scoring formula takes into account consumer experience, financial strength ratings and complaint data. Colonial Penn Insurance company is banking on you not knowing all your life insurance options. The ads you see to buy Colonial Penn, Globe Life or AARP/New York Life etc, are rarely in your best interest. Coverage maximum amounts are limited to $50,000 for the term and whole life plan. Im sure you dont want your loved ones in a mountain of debt by getting caught in limitations of coverage. Colonial Penn is a life and health insurance company is located in Philadelphia, Pennsylvania. Several different life insurance companies offer it. These are some of the factors we take into account: Policies offered. Over more than a decade, he's worked in everything from banks to tech startups. Alex Trebek has been the beloved host of the hit NBC game show, "Jeopardy!" The Canadian-born star has been hosting the show since 1984, making him one of the longest-running game show hosts in television history. So how do we make money? The cost and benefits that they are promoting to potential applicants in their commercials are horrible for seniors. Again, selling life insurance in units is not common in the industry at all. 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. That hefty amount is anchored by the reported $10 million annual salary he receives from hosting the show. The 10-15% remaining still have more affordable options than Colonial Penn guaranteed acceptance insurance. 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. The biggest problem your family may never see the benefits you thought they would get. If you were wondering if Jonathan Lawson was giving real testimony of his great experiences with Colonial Penn 995 plan, then you were mistaken. Insurance companies design the no exam final expense policies for people 50-85. You can feel confident that you will not find a better option or a better agent than me. 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. We have provided rates by gender and age. The application asks health questions, but the insurer doesnt require a medical exam. That is all. Always have an independent, seasoned professional verify your need for any guaranteed issue life insurance before buying. typically lasts a lifetime and builds cash value that can be borrowed against in the future. You could end up ripped off and/or underinsured. How Much Insurance Do You Get From Colonial Penn For $9.95 A Month? AGE. It could cost you, the consumer and your family dearly. Colonial Penn Life Insurance offers 2 different whole life policies. It is built into the policy. 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. 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. According to The Daily Mail, Trebek is worth around $50 million. Weekly I find myself talking to new seniors who were duped into the wrong life insurance product. It helps them make a lot more money because you are lumped in with a large number individuals who are very high risk. We advise highly against it. There is a catch here with this 995 life insurance product. For $9.95 a month, you can purchase one unit of the Colonial Penn Life Insurance Guaranteed Acceptance policy, the Alex Trebek insurance commerical. Alex Trebek is the second-highest paid game show host on television. Were always here to help. How Much is a Unit of Colonial Penn Life Insurance Worth Anyway? With ANY guaranteed acceptance/issue life insurance, the first 2-3 years, the insured person is not covered with full benefits for natural death. The minimum value of one unit is currently $418 while the maximum is $2000. Nowadays, it is about $10,000 on average for a full funeral around the country. 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. 39a Sir Joseph Banks Street, Botany NSW; los angeles death notices 2022 0418 419 353; slaughter and may managing partner Contact us Do you assume you cannot qualify for a better policy because your health isnt ideal? That sounds pretty good right? Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future. This is for 2 reasons. Not bad not great, but not bad either. 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. She is based in Nashville. The next one really affects those seniors on a fixed income and/or are money conscious. People age 50-85 are the typical buyers of burial insurance. 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. Here is a comparison of Colonial Penn with our two most affordable carriers. Colonial Penn will be happy to get that coverage in place today without answering any health questions or taking a medical exam. Units are not typical in the life insurance business. For new policy owners, they now pay 15% of the death benefit the first year, 30% the second year. NerdWallets life insurance ratings 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. Understand any and all limitations built into the policy. It seems slippery from my perspective. With all whole life insurance, rate locks for your lifetime are a standard feature. We will go over why. We recommend going the Plan A route first. The company has a long history of selecting celebrities to endorse their 995 life insurance. Colonial Penn customer complaints and satisfaction. All financial products, shopping products and services are presented without warranty. They will shop the life insurance market for the right, no exam policy offering the best benefits and lowest price for that financial protection. You want $10,000 of coverage to take care of your funeral expenses. One of our friendly insurance representatives will be happy to help with your quote. Whole life insurance. So, insurance companies, including Colonial Penn, cant approve applicants halfway in the casket with full life insurance benefits. Guaranteed Acceptance insurance is a whole life policy with critical caveats. The Alex Trebek life insurance ad has lots of gimmicks that are easy to fall for. Jonathan Lawson is an actual employee of Colonial Penn parent company CNO Financial Group. issues coverage without the need for a medical exam. Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. The max term life benefit with Colonial Penn is $50,000 for $45.12 per month. Coverage amounts range from $10,000 to $50,000 ($5,000 to $25,000 in New York). He suffered with a terrible form of cancer and never quit. Because it simply does not buy enough burial insurance to cover the costs of death. It is a pure, high risk life insurance product for those who cannot qualify for better and more affordable life insurance coverage. 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. This. 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. But in reality, it is not. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. Colonial Penn TV Spot, 'Spare Change' Featuring Alex Trebek. MORE: Guaranteed issue life insurance: Is it worth it? For those who purchase the coverageColonial Penn will pay the claims according to the terms of the policy. 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