However, the chronic illness option isn't available to applicants ages 65 to 75. For many seniors, the guaranteed acceptance whole life insurance advertised by Alex Trebek will not provide enough funding for a simple funeral. They must charge higher premiums and have a limited benefit period to offset their risk of loss. With such misleading articles and commercials seniors and potential clients regardless of gender, can find much better insurance coverage with better companies. He is another new actor or pitchman like Alex Trebek that are promoting and marketing Colonial Penns TV Commercials. 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. In addition, if you are healthy do you deserve a two-year waiting period? The full death benefit isnt paid out if the insured person dies during the first two years of taking out a policy. What do you think they do in to offset the risk of not having a clear picture of whom is requesting life or burial insurance protection from them? He has over a decade of experience in finance, with previous roles at Barclays, The Motley Fool and Gartner. Colonial Penn would be sunk real quick with a policy like that. Does Colonial Penn pay out? This could be devastating for your family if you buy the wrong policy. Rates are regulated by the state. In fact, this plan is a guaranteed acceptance plan with a two year waiting period. 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. There are much better whole life policieis available including lower pricing then the Colonial Penn 995 insurance plan. Take a look at our article on Metlife guaranteed acceptance coverage. I do not have an answer for that, but I can assure you, all the CP policyowners have paid for it. 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. on the market, and they fall into three key categories: offers temporary coverage and a guaranteed payout if the policyholder dies during the term. 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. Records online have Jonathan Lawson Colonial Penn salary at approximately $400,000 per year. That is why the rate charts above show diminishing amounts of insurance as you age. 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. A professional journalist since high school, she was an insurance writer at NerdWallet before becoming an assigning editor. What you need to remember about the Guaranteed Acceptance program: it is for high risk life insurance applicants. With Colonial Penn, you are limited by your age at application time on how much coverage you can buy. Again, selling life insurance in units is not common in the industry at all. Jonathan Lawson works for CNO Financial Group, the parent company of Colonial Penn. Yes, all the plans quoted here are designed for those in less than perfect health and require no medical exam. We will be very blunt as I speak to hundreds of seniors like you every month about Colonial Penn whole life insurance options. They were all paid endorsers. You dont have to be in A1 health any longer. It is simply a high risk life insurance policy. 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. He also brought to life a fun, educating game show for years and it is sad to know he wont be returning. Check that the insurers youre considering offer the coverage youre looking for. In short, Colonial Penn coverage is expensive and has a 2-year waiting period for most applicants. Were always here to help. Because the insurance company does not ask any health history questions. Did you know these 3 key points prior to doing your research here? There are many different whole life insurance policies and companies available. This is for 2 reasons. Lots of upset families that did not know or understand the Alex Trebek $9.95 life insurance offering has significant limitations built in. Ed McMahon used to advertise $6.95 per unit for Colonial Penns Guaranteed Acceptance plan. They dont know you from Adam.. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Before I get into the meat of this post, it is advised to use our free, instant quoting tool on this page. Cemetery costs are easily another $4000 or more. Find out what is really available to you. F. Ill let you make your own assessment there. You may choose the Final Expense Life Insurance quoting tool on this page. Sorry, Alex Trebek life insurance is not demonstrating anything special. Absolutely not. How much does each unit of coverage cost? 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. Colonial Penn commercials with Jonathan Lawson are overpriced and your coverage is limited. Colonial Penn TV Commercial: "Call Sooner" In this commercial, the latest Colonial Penn actor, Jonathan Lawson, makes the pitch. Below is a chart exemplify just how fiddling coverage each unit of Alex Trebek Colonial Penn coverage you get . To see a list of the best burial insurance carriers for seniors Click On Compare Quotes. Use the calculator below to determine the net death benefit you'll get per number of units, along with the total monthly premium. Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. That's a pretty bizarre number. If you in your early 50s, you should be considering if you have a budget for a $30,000 policy. Mentioned earlier but Colonial Penn uses a non standard way of calculating their premiums. We always recommend working with a independent professional to see if you qualify for better benefits and lower premiums than the Alex Trebek life insurance for $9.95 a unit. The Philadelphia-based insurer is owned by CNO Financial Group, which is also the parent company of Bankers Life. The most you can get is $2,000 if you are a 50-year-old woman. At 65, the policy value of each $9.95 unit is much higher which translates into more death benefits than the than the healthy individual. When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. NerdWallet's ratings are determined by our editorial team. Applicants dont need to answer health questions or take a medical exam. Life insurance is a giant money pool each policyholder pays into. It's important to remember that Colonial Penn offers units in the amount of 9.95 each. The 995 Colonial Penn Guaranteed Acceptance insurance plan does have some big surprises in it. Verify any Agent or Brokers License with your State Department of Insurance. Based on what you can find online he has a net worth of $15-$17 million dollars. Coverage amounts range from $10,000 to $50,000 ($5,000 to $25,000 in New York). 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. 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. I hope you enjoy this analysis of Alex Trebek's life insurance commercials, and learned something new about how burial insurance really works. 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. You've probably seen Alex Trebek on your television giving you the low-down on the Colonial Penn Life Insurance Company. It seems slippery from my perspective. Every week I take phone calls from people calling to price out final expense life insurance. Because all life insurance companies have different health questions. Alex Trebek coverage is not a better policy than any other guaranteed acceptance policy from another company. Imagine several people paying one months premium for a $10,000 death benefit. He has been advocating Colonial Penn life insurance as the best plan and best policy for years now. 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. FYI, I talk to numerous life insurance consumers age 50-85 5+ days a week. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service. Assigning Editor | Insurance, data journalism. 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. This is not term life insurance which typically expires by age 75 or 80. The Alex Trebek life insurance commerical for 9.95 insurance just puts a bow on a policy that has a lot of risk the first two years and a very high cost of lifetime ownership which we will reveal later in this article. They put you in front of the most benefit rich and affordable final expense plans you can buy. That is a statistical fact. How much does Colonial Penn pay Alex Trebek? As the host of Jeopardy for many years, plenty of consumers saw Mr. Trebek as someone who was very articulate and quite familiar. How much is Jonathan Lawson from Colonial Penn worth Jonathan Lawson is an actual employee of Colonial Penn parent company CNO Financial Group. Let's say you are a 70-year-old male and in pretty good health. Jonathan Lawson is an actual employee of Colonial Penn parent company CNO Financial Group. No doctors, nurses or needles in your arm. to those ages 40 to 75 (50 to 73 for men and 50 to 75 for women in New York). Guaranteed coverage available to applicants up to age 85. 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. The fact is, any kind of guaranteed issue life insurance, regardless of the insurance carrier simply cannot claim this. The ads you see to buy Colonial Penn, Globe Life or AARP/New York Life etc, are rarely in your best interest. Over more than a decade, he's worked in everything from banks to tech startups. Yes, you will receive quotes for whole life insurance. 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. So, here is the problem. However, you need to know the true value of the units. Colonial Penn TV Spot, 'Important Message' Featuring Alex Trebek. Here is a list of. Do you have any objection to saving a lot of money and being able to obtain the best policy you qualify for? The actual death benefit is independent of the number of units you purchase. For $9.95 a month, you can purchase one unit of the Colonial Penn Life Insurance Guaranteed Acceptance policy, the Alex Trebek insurance commerical. At Maple Valley Insurance Group, we dont put square pegs in round holes regardless of the celebrity marketing, nor should you. Buy online. Their most popular life insurance plan is the guaranteed acceptance whole life. If you are looking for life insurance coverage, dont go to Colonial Penn. With that said, do you believe he knows that much more about your life insurance needs versus the person down the street? 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. Folks, the easier life insurance is to qualify for, the higher the cost of purchasing it. The scoring formula takes into account consumer complaint and customer satisfaction data. The value determined will be locked. Just be sure to keep up your premium payments. Most people we work with desire the most benefits they can get for the dollar spent. 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. AGE. That is all. He was not carrying a life insurance license nor taking ongoing education requirements and training to advise people on life insurance. Call us and we can have you qualified, and matched up with an A/A+ carrier within minutes. You dont pay anything for their services, the insurance companies do that part. Those who call for information about the life insurance plan will also receive a free Beneficiary Planner courtesy of Colonial Penn. Coverage is limited, no health questions, and a confusing price per unit. This particular product, titled Colonial Penn Guaranteed Acceptance Whole Life is nothing unique. Life insurance is priced based on your age at purchase/approval and how much protection your family needs. Keep in mind, all final expense whole life insurance is designed for people in less than ideal health. For those who purchase the coverageColonial Penn will pay the claims according to the terms of the policy. 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