How Much is a Unit of Colonial Penn Life Insurance Worth Anyway? Your cost does not change whether you have a independent agent or not. After high school at age 18, he went to Pierce College and earned his BBA. For example: cancer, stroke, heart attack. FYI, I talk to numerous life insurance consumers age 50-85 5+ days a week. Andrew Marder is a NerdWallet authority on insurance. You want $10,000 of coverage to take care of your funeral expenses. Far more complaints to regulators than expected for a company its size. I will elaborate on units in just a bit. So clearly not the best plan for the grandparents. See what size policy that $149.25 per month will buy. You must live more than two years before Colonial Penn will pay out the full death benefit. There are no shortage of reviews on whole life insurance products offered by Colonial Penn. The Philadelphia-based insurer is owned by CNO Financial Group, which is also the parent company of Bankers Life. Save my name, email, and website in this browser for the next time I comment. Simply judge your health compared to your peers (Excellent, Decent, Poor) and less than a minute you will know what all the top life insurance companies will charge compared to the policy endorsed by the late Mr. Trebek. Its also important to make sure the policys medical requirements match your needs. What to understand about Colonial Penn $9.95 Life Insurance units. Colonial Penn is a life and health insurance company is located in Philadelphia, Pennsylvania. It is built into the policy. Same product folks. This. Thats a great question, there is no information online that confirms or denies whether Jonathan Lawson is married. We use AM Best ratings to confirm an insurers long-term financial stability and ability to pay claims. They jack those rates up for starters. Any questions you have, feel free to give us a call at 269-244-3420. With that said, do you believe he knows that much more about your life insurance needs versus the person down the street? Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. Before I get into the meat of this post, it is advised to use our free, instant quoting tool on this page. That might be true but is it the best choice for you and your love ones? Read our. Remember, you are paying for permanent, lifelong coverage with the $9.95 life insurance product. 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 Do you assume you cannot qualify for a better policy because your health isnt ideal? Understand any and all limitations built into the policy. Here is an example of Colonial Penn insurance coverage, To file a complaint you can contact the BBB CLICK HERE. The younger you are at purchase, the lower your lifetime price on whole life insurance with that company. In fact, here at our agency, roughly 85-90% of seniors are not! Not bad not great, but not bad either. A certain number of people in the policy will make it beyond 2, 5 even 10 years or more even with rocky health. Ed McMahon used to advertise $6.95 per unit for Colonial Penns Guaranteed Acceptance plan. 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? It was a huge Colonial Penn marketing expense. We'll reach out to you with more information. Do you have any objection to saving a lot of money and being able to obtain the best policy you qualify for? Call us and we can have you qualified, and matched up with an A/A+ carrier within minutes. With such misleading articles and commercials seniors and potential clients regardless of gender, can find much better insurance coverage with better companies. Decide which, , if any, you want the policy to include. 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. The value of the units for you is determined at application. Calling Colonial Penn or any other carrier directly versus an independent agent or broker works against you. It's important to remember that Colonial Penn offers units in the amount of 9.95 each. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. We advise highly against it. 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. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. They must charge higher premiums and have a limited benefit period to offset their risk of loss. Do not sell or share my personal information. Therefore, the maximum anyone would pay would be $149.25 per month. If you want to be proactive and have a preapproved offer from the best carrier fill out this form by CLICKING HERE. That hefty amount is anchored by the reported $10 million annual salary he receives from hosting the show. We all know Ed McMahon, Joe Theismann and even Jerry Lewis. She has also studied data journalism with the National Institute for Computer-Assisted Reporting, business editing with the American Press Institute and writing, editing and news research with the Poynter Institute. Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. In addition, if you are healthy do you deserve a two-year waiting period? Over more than a decade, he's worked in everything from banks to tech startups. Could funeral and burial expenses double in the next 10-20 yrsa distinct possibility! To cover properly, Colonial Penn will disappoint you. In our life insurance reviews, our editorial team considers the customer and the insurer. Because the insurance company does not ask any health history questions. The Alex Trebek commercial for life insurance comes in at $9.95 per unit. Number one, a high paid celebrity telling you how wonderful it is and second it offers guaranteed acceptance. Both are for $10,000 of no medical question, guaranteed issue whole life insurance with a 2 year waiting period for full benefits. These types of guaranteed acceptance plans are usually 30-50% more in price than the best plans available. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. Decide which life insurance riders, if any, you want the policy to include. Make sure you speak with the right independent life insurance agent who works with people 50-85 daily. MORE: Best life insurance companies in 2023. There is no reason not to utilize a professional independent agent. Again, no questions ask and that seniors instantly qualify is a little misleading. This allows them to make a profit with the risk profile they are willing to accept and pay out all claims. They engage in a numbers game of mass marketing and/or gimmicks. Here is a list of our partners and here's how we make money. 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. 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. Ultimately, the rate lock Mr. Trebek mentions is a marketing term that is always a feature in any whole life insurance product. The death benefit for your loved is determined at this time and will be paid out according to the terms written into the guaranteed acceptance policy. Most of them are from overcharging customers accounts, not sending the right death benefit to the grieving family because of the wrong unit, and just incompetent customer service. That is all. 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. Before launching his career in the insurance industry, he was a music producer. Folks, the easier life insurance is to qualify for, the higher the cost of purchasing it. Before we get to far, I would like to make in known: In no way do we wish to put down Mr. Trebek. Yes, as long they apply between age 50-85, the insured is legally competent and can consent to coverage. For the first 2 years of coverage with Alex Trebek Life Insurance, there is a limited death benefit for natural causes of death. Guaranteed coverage available to applicants up to age 85. 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. 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. The insurance that Alex Trebek advertises is presented so you will be motivated to purchase Guaranteed Acceptance life insurance even if you can medically qualify for better coverage and a considerably lower price. People age 50-85 are the typical buyers of burial insurance. The minimum value of one unit is currently $418 while the maximum is $2000. 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. This is permanent, whole life insurance that will never go up in cost nor down in death benefits. They dont know you from Adam.. Many or all of the products featured here are from our partners who compensate us. Never try to sort this out on your own or call an insurance company home office like Colonial Penn. Compare Alex Trebek life insurance rates by selecting Poor under the health classification menu. Jeopardy has never been the same in my opinion. The full death benefit isnt paid out if the insured person dies during the first two years of taking out a policy. The. For more guidance, see our life insurance buying guide. Id like to suggest that life insurance is more complicated than the TV makes it out to be. He was in the USA marine corps for 14 years and served in combat and as a master instructor. to those ages 40 to 75 (50 to 73 for men and 50 to 75 for women in New York). He has been at Colonial Penn for over 8 years and started off as a customer service manager and then as a telesales manager. With Colonial Penn, $9.95 a month would actually cost you about $138 per month. would you prefer to worry for 2 years just so you dont have to answer a few health questions? You can add an optional living insurance rider to your policy. The actual death benefit is independent of the number of units you purchase. However, you need to know the true value of the units. 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. Stay with me here. 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. With the Alex Trebek, Guaranteed Acceptance insurance ad, the older you are, the less insurance you get for each $9.95 unit you buy. The middle man/advocate is saving you good money by recommending the right coverage for you and paid by the insurance company if you purchase coverage. NerdWallet does not receive compensation for any reviews. About the author: Andrew Marder is a NerdWallet authority on insurance. For example, say one unit of coverage provides a $1,621 death benefit for a 60-year-old woman. Each unit of Colonial Penn's life insurance coverage is worth $9.95 per month and provides different amounts depending on age, gender, etc. As of January 2023 consumers age 50-85 are allowed to buy up to 15 units. No-exam life insurance issues coverage without the need for a medical exam. Over more than a decade, he's worked in everything from banks to tech startups. Just a few health history questions will also offer better benefits from day 1 of the coverage. 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. The next one really affects those seniors on a fixed income and/or are money conscious. 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 frequently replace guaranteed acceptance policies with better benefits and lower cost policies. Colonial Penn commercials with Jonathan Lawson are overpriced and your coverage is limited. My average policy is closer to $15K in 2023 for funeral and burial costs. 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. Whole life insurance. It is automatic with a guaranteed issue whole life policy. If you were wondering if Jonathan Lawson was giving real testimony of his great experiences with Colonial Penn 995 plan, then you were mistaken. We will be very blunt as I speak to hundreds of seniors like you every month about Colonial Penn whole life insurance options. 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. Those companies would rather you did not do your due diligence as you have. Verify any Agent or Brokers License with your State Department of Insurance. No-exam policies dont require a medical exam. Here is a list of our partners. Sure Im bit biased myself because I have access to all the top burial insurance companies and plans out there. Colonial Penn TV Spot, 'Rate Lock Guaranteed' Featuring Alex Trebek. Disclaimer: NerdWallet strives to keep its information accurate and up to date. 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. Read more. 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 National Association of Insurance Commissioners. Im sure you dont want your loved ones in a mountain of debt by getting caught in limitations of coverage. Several different life insurance companies offer it. For $9.95 a month, you can purchase one unit of the Colonial Penn Life Insurance Guaranteed Acceptance policy, the Alex Trebek insurance commerical. Its also important to make sure the policys medical requirements match your needs. Take a look at the competition out there. Units are not typical in the life insurance business. Television has been the common marketing avenue of Colonial Penn for years. There is a catch here with this 995 life insurance product. Advertiser. Health questions will eliminate a select number say 10-15% of applicants who are in poor health for their age and cant qualify for no exam, level benefit whole life insurance (full, immediate protection). Definitely room for raises. Take a look at the Colonial Penn life insurance rates for this product in the tables below for specifics. Let's compare Colonial Penn 9.95 coverage to the same amount but with Mutual of Omaha. Price may not be the biggest driver behind your decision to buy. As the host of Jeopardy for many years, plenty of consumers saw Mr. Trebek as someone who was very articulate and quite familiar. Plenty of people have told me they just paid over 10k in funeral costs alone in this past year (2022). We recommend going the Plan A route first. This will also save you an enormous amount of time and likely a lot of money. The vast majority of people 50-85 do not need guaranteed acceptance life insurance. Lifetime coverage. 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. Now some folks look at that and say, sounds like a good price. One unit does not buy enough insurance to scratch the cost of a cremation let alone a full funeral. That hefty amount is anchored by the reported $10 million annual salary he receives from hosting the show. January 03, 2018. $1,786 in coverage. They now feature Colonial Penn sales manager Jonathan Lawson as the pitchman in their commercials. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings. Again, watch the marketing glitz. 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. He also brought to life a fun, educating game show for years and it is sad to know he wont be returning. He is another new actor or pitchman like Alex Trebek that are promoting and marketing Colonial Penns TV Commercials. Something I didnt address thoroughly was the use of the term rate lock promoted in all the commercials. About 85% or more of you reading this article would more than likely be able to qualify for the full, level benefit life insurance with the right insurance company. Colonial Penn would be sunk real quick with a policy like that. Take a look at an apples to apples comparison to the Alex Trebek $9.95 life insurance above in the appropriate chart. A lot of people, young to old have seen the Alex Trebek life insurance commercial. Here is what you need to understand about that. Nowadays, it is about $10,000 on average for a full funeral around the country. These are some of the factors we take into account: Policies offered. Most folks are able to obtain much, much lower cost for whole life insurance with full protection from day 1. This is the highest risk the average elderly person faces. NerdWallet's ratings are determined by our editorial team. In the charts below, note that the pricing per month is displayed on top next to the appropriate number of units you would need to purchase. The problem here we have a sponsored celebrity endorsing a big name end all be all burial insurance product. With Colonial Penn, you are limited by your age at application time on how much coverage you can buy. 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. 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. How Much is a Unit of Colonial Penn Life Insurance Worth Anyway? The company's accelerated death benefit rider is also unusual. Once you are a policyholder, you can make premium payments online, but youll need to download a form to file a, Find the right life insurance plan for you. You dont pay anything for their services, the insurance companies do that part. So, here is the problem. 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. For example, a 75-year old male would get about $560 in coverage with one single unit at their current age. The life insurance policy promoted in the Alex Trebek life insurance ad is the $9.95 life insurance, a Guaranteed Acceptance insurance policy. Now that you know the real cost of $9.95 life insurance, put away your thoughts of Alex Trebek insurance. Above all, I am sure you have seen Jonathan Lawson Colonial Penn commercials. You see, life insurance is all about statistics. Is it really a good policy or not? You will see this illustrated later in this article. The scoring formula takes into account consumer complaint and customer satisfaction data. This will be without a spokesman telling you what is best for you, but us explaining why it is best for you. issues coverage without the need for a medical exam. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. When evaluating offers, please review the financial institutions Terms and Conditions. Here are some typical health questions on a no exam application, for full, first day coverage. Looking at the sample above, 1 unit shows a minimum death benefit coverage amount of $932 for $9.95 per month. Always have an independent, seasoned professional verify your need for any guaranteed issue life insurance before buying. He also had nothing to do with paying death claims or handling customer service issues either. $2,083 in coverage. Alex Trebek Colonial Penn Whole Life Insurance. Regardless of age, the maximum number or units you can buy is 15. The maximum age is 75 for the whole life policy. The intention is to get you to call up Colonial Penn and just buy the policy. 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. To calculate each insurers rating, we adjusted the scores to a curved 5-point scale. If you misunderstood the commercial, they are not liable. Colonial Penn Life Insurance offers 2 different whole life policies. He has presented his work at the Gartner Marketing Symposium/Xpo and Accountex. You can easily find other articles about these complaints with a simple Google search. Were going to review the $9.95 Alex Trebek life insurance Ad in this article so you know what you may be getting yourself into if you choose to purchase the Colonial Penn, Guaranteed Acceptance insurance plan. However, this does not influence our evaluations. But healthy people can generally get better prices from companies that consider more medical information when setting rates. 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. Get more smart money moves straight to your inbox. For new policy owners, they now pay 15% of the death benefit the first year, 30% the second year. 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. This site provides life insurance information and quotes. Simply put He was not an expert. Use the calculator below to determine the net death benefit you'll get per number of units, along with the total monthly premium. 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. 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. In addition, if you are in good health the coverage is limited and the premiums are too high. 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. Coverage is limited, no health questions, and a confusing price per unit. It could cost you, the consumer and your family dearly. So how do we make money? Jonathan was born June 3, 1980 in Dunedin, Florida. Be sure to have the help of an independent professional who can sort out the good plans from the poor ones. Did you know these 3 key points prior to doing your research here? 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. Once you are a policyholder, you can make premium payments online, but youll need to download a form to file a life insurance claim or change beneficiaries. NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2019-2021. You dont have to be in A1 health any longer. This information may be different than what you see when you visit a financial institution, service provider or specific products site. The Colonial Penn guaranteed acceptance $995 plan has a two-year waiting period. FAQs Colonial Penn $9.95 Plan Rate Chart & Coverage Calculator Depending on the amount of coverage you need, you might need to buy more than one unit. TV personality Alex Trebek explains the average funeral cost and how a Whole Life Insurance plan from Colonial Penn can help cover final expenses. Author: Andrew Marder is a unit of Colonial Penn $ 9.95 per month buy. Insurance commercial myself because I have access to all the top burial insurance true value of units. Bit biased myself because I have access to all the top burial insurance with a 2 waiting! 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