Find out what is really available to you. 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. After high school at age 18, he went to Pierce College and earned his BBA. 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. Ed McMahon used to advertise $6.95 per unit for Colonial Penns Guaranteed Acceptance plan. 50. That is a statistical fact. The Alex Trebek commercial for life insurance comes in at $9.95 per unit. That is why the rate charts above show diminishing amounts of insurance as you age. It is important you understand this clearly before ever purchasing any guaranteed issue life insurance. Enter your details and request an application for the company and plan you are interested in. With the Alex Trebek, Guaranteed Acceptance insurance ad, the older you are, the less insurance you get for each $9.95 unit you buy. 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. Do you assume you cannot qualify for a better policy because your health isnt ideal? Jonathan Lawson is a paid spokesperson for Colonial Penn. Alex Trebek Colonial Penn Whole Life Insurance. You dont have to be in A1 health any longer. Colonial Penn commercials with Jonathan Lawson are overpriced and your coverage is limited. Just be sure to keep up your premium payments. Therefore, the maximum anyone would pay would be $149.25 per month. Let's say you are a 70-year-old male and in pretty good health. Your cost does not change whether you have a independent agent or not. Weekly I find myself talking to new seniors who were duped into the wrong life insurance product. Again, selling life insurance in units is not common in the industry at all. 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. Andrew Marder is a lead writer for NerdWallet focusing on insurance and data analysis. He has presented his work at the Gartner Marketing Symposium/Xpo and Accountex. One of our friendly insurance representatives will be happy to help with your quote. The 30 day money back guarantee, well that comes from the department of insurance in each state. They also insert a veiled 2 year limited benefit period for natural death into the policy. He also had nothing to do with paying death claims or handling customer service issues either. Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online. Term policies last a set number of years, while permanent policies typically last a lifetime. For context, one unit may earn you less than $700 in coverage and costs $9.95. 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. The value of the units for you is determined at application. You can add an optional living insurance rider to your policy. You will not be told that you can get a better policy and price elsewhere. In addition to her work at NerdWallet, Lisa is a real estate investor and has taught a seminar on how to earn college scholarships. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. 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. When you compensate paid spokesman its hard to take them seriously. This is not a good way to be transparent about the cost of buying a policy either. Did you know these 3 key points prior to doing your research here? 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. Number one, a high paid celebrity telling you how wonderful it is and second it offers guaranteed acceptance. However, he holds a title with CNO Financial Group of Director of Quality Assurance & Escalations. Colonial Penn life insurance products that Jonathan Lawson promotes seniors will not receive benefits for the first two years. You could end up ripped off and/or underinsured. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. Here are some typical health questions on a no exam application, for full, first day 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 $9.95 per unit life insurance product is a no medical question, life insurance product. Why do you think you need high risk life insurance? Compare quotes from top insurance carriers, Burial Insurance With Pre Existing Conditions, How Much Does Colonial Penn Pay Jonathan Lawson, What is Jonathan Lawson Colonial Penn Net Worth, Who is Jonathan Lawson Colonial Penn Wife, Colonial Penn Commercials and Advertising Practices. As mentioned earlier, you are buying a unit of insurance, not a death benefit amount. Guaranteed coverage available to applicants up to age 85. At The Tennessean, she was part of a 2011 Pulitzer Prize finalist team for coverage of devastating floods in Middle Tennessee. 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. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Nice and easy. So clearly not the best plan for the grandparents. Ultimately, the cost of your life insurance will depend on your age, gender and the amount of coverage . Here is a list of our partners and here's how we make money. Keep in mind, people age 50-85 are the vast majority of our clientele at Maple Valley Insurance Group. This is also why the policy is has an elevated premium. Pro tip: read the fine print of this rider. With that said, do you believe he knows that much more about your life insurance needs versus the person down the street? Is Alex Trebek insurance a scam? For a person who is in a high risk situation, while expensive compared to the more competitive companies, it may be a solution. In addition, we will look into Johnathan Lawson Colonial Penn commercials and the impact that may have on your buying decision. This indicates whether an insurer allows you to apply for and buy a policy completely online. We recommend going the Plan A route first. Guaranteed Acceptance insurance is a whole life policy with critical caveats. No medical exams, no health questions. 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. Here is what you need to understand about that. No-exam policies dont require a medical exam. 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. One unit costs $9.95. Because it simply does not buy enough burial insurance to cover the costs of death. The maximum age is 75 for the whole life policy. This site provides life insurance information and quotes. Weed it out. $1,786 in coverage. You wouldn't want to mistakenly think you have a free pass to star in your own version of The Fast and the Furious. It's important to remember that Colonial Penn offers units in the amount of 9.95 each. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. Take a look at our article on Metlife guaranteed acceptance coverage. If you have not already, run a quote on the final expense quote tool on this page. Colonial Penn sells coverage in units, and you can buy up to 15 units. In other words, value. 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. NerdWallets ratings are determined by our editorial team. Same product folks. No one pays just $9.95 a month to protect their family. See what size policy that $149.25 per month will buy. Published. You can add an optional living insurance rider to your policy. If you have decent to excellent health as a senior, they really love you!! Decide which life insurance riders, if any, you want the policy to include. For many seniors, the guaranteed acceptance whole life insurance advertised by Alex Trebek will not provide enough funding for a simple funeral. If youve found this article helpful, let us know. Colonial Penn is a life and health insurance company is located in Philadelphia, Pennsylvania. Because it affects not only the policyowner but their loved onesdont be surprised if I bring the heat in this review!! 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. 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. The life insurance policy promoted in the Alex Trebek life insurance ad is the $9.95 life insurance, a Guaranteed Acceptance insurance policy. Do you want to save money and obtain the best benefits available or. Its also important to make sure the policys medical requirements match your needs. Never try to sort this out on your own or call an insurance company home office like Colonial Penn. 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. Most people we work with desire the most benefits they can get for the dollar spent. The intention is to get you to call up Colonial Penn and just buy the policy. Financial strength ratingThese ratings indicate an insurers ability to pay future claims. 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. Truth is a great majority seniors we work with purchase much more protection than this plan can offer. Pre-qualified offers are not binding. Whole life insurance. It buys you 1 unit of their life insurance. This is for 2 reasons. After a few minutes on the phone, they find out they can easily qualify for a premium policy for a much lower premium than Colonial Penn. The tool on this page will help you know what the competition is charging for no medical exam, whole life insurance. 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. Guaranteed Acceptance coverage hands you a three fold penalty. 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? How do I file a complaint against Colonial Penn. Colonial Life costs can be expensive compared to other insurance companies' rates. The scoring formula takes into account consumer complaint and customer satisfaction data. It does not ask any health questions for starters. 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. Call us and we can have you qualified, and matched up with an A/A+ carrier within minutes. This will be without a spokesman telling you what is best for you, but us explaining why it is best for you. If you die during the waiting period, your beneficiaries will only receive a refund of the premiums and a small interest amount. It is not responsible of a life insurance company to recommend products built for generally poor health applicants and market it like it is the affordable final expense solution for seniors. If you had not already made the connection, the trivia game show host has driven a lot of people to consider Colonial Penn. 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.