According to The Daily Mail, Trebek is worth around $50 million. 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. In other words, value. No-exam policies dont require a medical exam. This is permanent, whole life insurance that will never go up in cost nor down in death benefits. Both are marketed to senior citizens in general. AGE. No doctors, nurses or needles in your arm. Its also important to make sure the policys medical requirements match your needs. When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. 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. 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. Guaranteed Issue Life Insurance from $9.95 month. Many people miss that major detail. So clearly not the best plan for the grandparents. Take a look at the Colonial Penn life insurance rates for this product in the tables below for specifics. These types of guaranteed acceptance plans are usually 30-50% more in price than the best plans available. NerdWallet's ratings are determined by our editorial team. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. 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. I hope you enjoy this analysis of Alex Trebek's life insurance commercials, and learned something new about how burial insurance really works. In addition to her work at NerdWallet, Lisa is a real estate investor and has taught a seminar on how to earn college scholarships. Same product folks. Something I didnt address thoroughly was the use of the term rate lock promoted in all the commercials. The company has a long history of selecting celebrities to endorse their 995 life insurance. Aah, here is the problem with Colonial Penn units. $9.95 sounds quite enticing but. So, insurance companies, including Colonial Penn, cant approve applicants halfway in the casket with full life insurance benefits. Because it simply does not buy enough burial insurance to cover the costs of death. He gets paid to say what he says. Guaranteed issue life insurance: Is it worth it? With that said, do you believe he knows that much more about your life insurance needs versus the person down the street? The unit system used in this Colonial Penn 995 plan penalizes seniors particularly in their 70s and 80s. Not just the folks in very high risk health situations. Im sure you dont want your loved ones in a mountain of debt by getting caught in limitations of coverage. Coverage amounts range from $10,000 to $50,000 ($5,000 to $25,000 in New York). Quick question to ask yourself as you move forward. Does Colonial Penn life insurance accept all seniors on this 995 plan? If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. He has presented his work at the Gartner Marketing Symposium/Xpo and Accountex. The maximum age is 75 for the whole life policy. The problem here we have a sponsored celebrity endorsing a big name end all be all burial insurance product. Here is what you need to understand about that. What to understand about Colonial Penn $9.95 Life Insurance units. No-exam life insurance issues coverage without the need for a medical exam. Each rate shown is a quote based on information provided by the carrier. Wheres the value in that? How much does each unit of coverage cost? Decide which, , if any, you want the policy to include. Thats a great question, there is no information online that confirms or denies whether Jonathan Lawson is married. Every week we have people who think they cant qualify for the best benefits and lower premiums. This could end poorly for your loved ones. Remember, you are paying for permanent, lifelong coverage with the $9.95 life insurance product. Because all life insurance companies have different health questions. Do not sell or share my personal information. Colonial Penn earned 3 stars out of 5 for overall performance. 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. 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. Remember their is a rate lock on ALL whole life insurance. So sit back, and pay attention, you will probably save thousands of dollars, and youre welcome in advance. When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. Because the insurance company does not ask any health history questions. This influences which products we write about and where and how the product appears on a page. At The Tennessean, she was part of a 2011 Pulitzer Prize finalist team for coverage of devastating floods in Middle Tennessee. While Colonial Penn offers one other life insurance product, the Alex Trebek, Colonial Penn insurance product is what most seniors are curious about. Now some folks look at that and say, sounds like a good price. Since you are buying units with Alex Trebek life insurance, the more units you purchase the larger the value of your policy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service. Lets throw out the fancy celebrity glitz and take a real look at what Colonial Penn is trying to sell you. Why do you think you need high risk 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. Calculate. The next one really affects those seniors on a fixed income and/or are money conscious. Remember, there are no health questions. How do I file a complaint against Colonial Penn. Were always here to help. Weed it out. The scoring formula takes into account consumer complaint and customer satisfaction data. For example: cancer, stroke, heart attack. This. 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 the Alex Trebek, Guaranteed Acceptance insurance ad, the older you are, the less insurance you get for each $9.95 unit you buy. Well, if you looking to cover the cost of funeral, youre out of luck paying $9.95 a month. But in reality, it is not. When evaluating offers, please review the financial institutions Terms and Conditions. Coverage amounts range from $10,000 to $50,000 ($5,000 to $25,000 in New York). Insurance companies design the no exam final expense policies for people 50-85. Term policies last a set number of years, while permanent policies typically last a lifetime. Colonial Penn sells coverage in units, and you can buy up to 15 units. Now that you know the real cost of $9.95 life insurance, put away your thoughts of Alex Trebek insurance. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Price may not be the biggest driver behind your decision to buy. Colonial Penn is a life and health insurance company is located in Philadelphia, Pennsylvania. Guaranteed acceptance life insurance. They now feature Colonial Penn sales manager Jonathan Lawson as the pitchman in their commercials. A certain number of people in the policy will make it beyond 2, 5 even 10 years or more even with rocky health. Colonial Penn TV Spot, 'The Three Ps' Featuring Alex Trebek. Colonial Penn has modified this in 2023. Colonial Penn sells coverage in units, and you can buy up to 15 units. For example, someone who may be suffering from a terminal illness, have active, internal cancer, on kidney dialysis, or needing an organ transplant. This means that they may not be able to purchase a enough financial protection (death benefits) to ensure their goals are met. Whether the Alex Trebek life insurance commercial was misinterpreted does not change what the legal, binding policy contains. Read more. Read our editorial guidelines. They are not going to help you get the best insurance at the lowest price. Colonial Life costs can be expensive compared to other insurance companies' rates. Understand thisall limitations are applied to anyone who buys this type of policy. Its also important to make sure the policys medical requirements match your needs. 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. So how do we make money? $1,786 in coverage. Our partners compensate us. Truth is a great majority seniors we work with purchase much more protection than this plan can offer. If you in your early 50s, you should be considering if you have a budget for a $30,000 policy. So, the Colonial Penn life insurance @ $9.95 per month. If youve found this article helpful, let us know. You dont have to be in A1 health any longer. 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. I will elaborate on units in just a bit. 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. We recommend a goal of at least $15,000 to cover full funeral and burial costs for 2023. There is no way around it. January 03, 2018. Nice and easy. With all whole life insurance, rate locks for your lifetime are a standard feature. It buys you 1 unit of their life insurance. The Alex Trebek life insurance ad has lots of gimmicks that are easy to fall for. You can add an optional living insurance rider to your policy. Before launching his career in the insurance industry, he was a music producer. They dont know you from Adam.. Read our. Alex Trebek coverage is not a better policy than any other guaranteed acceptance policy from another company. to those ages 40 to 75 (50 to 73 for men and 50 to 75 for women in New York). To calculate each insurers rating, we adjusted the scores to a curved 5-point scale. Colonial Penn knows by statistics what they must bill you for your policy when you buy. You just have to realize $9.95 is a teaser rate to capture your interest in the product. For a 50-year-old man, rates for term life insurance from Colonial Penn can range from $13 to $57 per month. The tool on this page will help you know what the competition is charging for no medical exam, whole life insurance. The full death benefit isnt paid out if the insured person dies during the first two years of taking out a policy. See if you can qualify based on your overall health for a simplified issue, no exam, medically underwritten plan first. As mentioned earlier, you are buying a unit of insurance, not a death benefit amount. 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. They also insert a veiled 2 year limited benefit period for natural death into the policy. Over more than a decade, he's worked in everything from banks to tech startups. $2,083 in coverage. Every week I take phone calls from people calling to price out final expense life insurance. That is why the rate charts above show diminishing amounts of insurance as you age. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. Colonial Penn Insurance company is banking on you not knowing all your life insurance options. The life insurance policy promoted in the Alex Trebek life insurance ad is the $9.95 life insurance, a Guaranteed Acceptance insurance policy. MORE: Guaranteed issue life insurance: Is it worth it? Now let's talk about Trebek. Make sure you have the right product ladies and gentleman. Could funeral and burial expenses double in the next 10-20 yrsa distinct possibility! Weve discussed those previously. The Guaranteed Acceptance Life Insurance is Alex Trebeks endorsed product youve heard so much about. Yes, all the plans quoted here are designed for those in less than perfect health and require no medical exam. Ratings are based on complaints to state regulators relative to a companys size, according to three years worth of data from the National Association of Insurance Commissioners. The max term life benefit with Colonial Penn is $50,000 for $45.12 per month. The biggest problem your family may never see the benefits you thought they would get. Bottom line: With a high volume of complaints and relatively low coverage limits, youll likely find better options elsewhere. 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. Is Alex Trebek insurance a scam? For the first 2 years of coverage with Alex Trebek Life Insurance, there is a limited death benefit for natural causes of death. Youre certainly welcome to experiment with the instant quote tool on this page. Those who call for information about the life insurance plan will also receive a free Beneficiary Planner courtesy of Colonial Penn. You've probably seen Alex Trebek on your television giving you the low-down on the Colonial Penn Life Insurance Company. Colonial Penn Life Insurance offers 2 different whole life policies. It helps them make a lot more money because you are lumped in with a large number individuals who are very high risk. Any questions you have, feel free to give us a call at 269-244-3420. If you have not already, run a quote on the final expense quote tool on this page. 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. Simplified issue, no exam life insurance is actually designed for people age 50-85 and may not been in excellent health.. Watch out for other high priced guaranteed issue whole life plans. Id like to suggest that life insurance is more complicated than the TV makes it out to be. Power of attorney is acceptable. Records online have Jonathan Lawson Colonial Penn salary at approximately $400,000 per year. 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. 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. Its good you are reading $9.95 life insurance reviews like this that show you the real monthly cost of a burial policy with this carrier. Dive deeper: Ratings methodology for life insurance. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. The fact is, any kind of guaranteed issue life insurance, regardless of the insurance carrier simply cannot claim this. The vast majority of people 50-85 do not need guaranteed acceptance 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. It is simply a high risk life insurance policy. The truth is, coverage is determined strictly by the terms written in your life insurance contract. Lifetime coverage. Let them evaluate what you can qualify for. How much does Colonial Penn pay Alex Trebek? No-exam policies dont require a medical exam. 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? 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