In fact, other insurance companies have far superior products for burial insurance with zero waiting periods. Just be sure to keep up your premium payments. We advise highly against it. Alex Trebek was a Canadian-born American game show host who had a net worth of $75 million at the time of his death. 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 intention is to get you to call up Colonial Penn and just buy the policy. 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. 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. 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. Jonathan Lawson is a paid spokesperson for Colonial Penn. Learn how your comment data is processed. Plenty of people have told me they just paid over 10k in funeral costs alone in this past year (2022). Lisa Green leads the life insurance team and oversees insurance-focused data journalism at NerdWallet. That is a statistical fact. Always have an independent, seasoned professional verify your need for any guaranteed issue life insurance before buying. Many people miss that major detail. Guaranteed acceptance life insurance. Youre certainly welcome to experiment with the instant quote tool on this page. Insurance companies negotiate premiums charged with your States Department of Insurance officials. Because it affects not only the policyowner but their loved onesdont be surprised if I bring the heat in this review!! 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 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. Your loved ones could end up in a financial mess because of the 2 year limitation on coverage for natural death. Here is the first tip. These types of guaranteed acceptance plans are usually 30-50% more in price than the best plans available. Financial strength ratingThese ratings indicate an insurers ability to pay future claims. 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. This policy is open to people ages 50 to 85 (50 to 75 in New York), and acceptance is guaranteed. The fact is, any kind of guaranteed issue life insurance, regardless of the insurance carrier simply cannot claim this. His work has appeared in The Week, The Washington Post and other national news outlets. This is variable and VERY important to understand. They jack those rates up for starters. They are not going to help you get the best insurance at the lowest price. That sounds pretty good right? If you die during the waiting period, your beneficiaries will only receive a refund of the premiums and a small interest amount. Any questions you have, feel free to give us a call at 269-244-3420. Far more complaints to regulators than expected for a company its size. Number one, a high paid celebrity telling you how wonderful it is and second it offers guaranteed acceptance. Insurance companies design the no exam final expense policies for people 50-85. So how do we make money? 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. The 10-15% remaining still have more affordable options than Colonial Penn guaranteed acceptance insurance. You see, life insurance is all about statistics. Remember, the average cost of a full funeral is around $10,000 nationally. She is based in Nashville. According to The Daily Mail, Trebek is worth around $50 million. 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. Decide which life insurance riders, if any, you want the policy to include. There simply are a lot of better options out there. They engage in a numbers game of mass marketing and/or gimmicks. The max term life benefit with Colonial Penn is $50,000 for $45.12 per month. No doctors, nurses or needles in your arm. Lots of upset families that did not know or understand the Alex Trebek $9.95 life insurance offering has significant limitations built in. Do you assume you cannot qualify for a better policy because your health isnt ideal? 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. It could cost you, the consumer and your family dearly. Something I didnt address thoroughly was the use of the term rate lock promoted in all the commercials. This could end poorly for your loved ones. Coverage amounts range from $10,000 to $50,000 ($5,000 to $25,000 in New York). If you have decent to excellent health as a senior, they really love you!! Alex Trebek is the second-highest paid game show host on television. 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. Not just the folks in very high risk health situations. Jonathan Lawson is a paid actor who you have seen in Colonial Penn commercials advocating the $9.95 plan. We have provided rates by gender and age. We work with dozens of the top life insurance carriers so I can attest to this next fact. In fact, here at our agency, roughly 85-90% of seniors are not! Most people just want the straight scoop without all the games and limitations. With such misleading articles and commercials seniors and potential clients regardless of gender, can find much better insurance coverage with better companies. 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. Decide which, , if any, you want the policy to include. For reference, this quote is January 2023. Simply put He was not an expert. It is not for the average consumer frankly. 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. Check that the insurers youre considering offer the coverage youre looking for. We have updated these pricing tables for 2023. In fact it is inferior to the competition but that is beyond the scope of this article. Pro tip: read the fine print of this rider. For example, if you want to skip the. Most of their licensed insurance agents work from the home office in downtown Philadephia Pennsylvania. Make sure you have the right product ladies and gentleman. If you had not already made the connection, the trivia game show host has driven a lot of people to consider Colonial Penn. So clearly not the best plan for the grandparents. He also spent time in the marine corps serving his country. The truth is, coverage is determined strictly by the terms written in your life insurance contract. 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). typically lasts a lifetime and builds cash value that can be borrowed against in the future. If you want to be proactive and have a preapproved offer from the best carrier fill out this form by CLICKING HERE. We will go over why. 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. Colonial Penn has modified this in 2023. For those who purchase the coverageColonial Penn will pay the claims according to the terms of the policy. Again, this type of whole life insurance is available from a number of life insurance companies and not proprietary to Colonial Penn. If your thinkingI didnt know that, read on. Therefore, the maximum anyone would pay would be $149.25 per month. You want $10,000 of coverage to take care of your funeral expenses. Colonial Penn commercials with Jonathan Lawson are overpriced and your coverage is limited. We will be very blunt as I speak to hundreds of seniors like you every month about Colonial Penn whole life insurance options. Our partners cannot pay us to guarantee favorable reviews of their products or services. There is no way around it. Alex Trebek coverage is not a better policy than any other guaranteed acceptance policy from another company. Absolutely not. Andrew Marder is a lead writer for NerdWallet focusing on insurance and data analysis. All by answering a few health questions. This does not even count the actual burial costs at the cemetery. This is not a good way to be transparent about the cost of buying a policy either. No matter what the gender is there are many better options out there for both. We use AM Best ratings to confirm an insurers long-term financial stability and ability to pay claims. One unit costs $9.95. Now, Ive covered one of the problems with the Colonial Penn, Alex Trebek insurance commerical. When you buy life insurance you want to be with an insurance company that gives you immediate coverage and a level death benefit. We do not offer this product. 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. Most folks are able to obtain much, much lower cost for whole life insurance with full protection from day 1. 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. With Colonial Penn, $9.95 a month would actually cost you about $138 per month. The vast majority of people 50-85 do not need guaranteed acceptance life insurance. Colonial Penn is not that type of life insurance company. Coverage amounts range from $10,000 to $50,000 ($5,000 to $25,000 in New York). It is a pure, high risk life insurance product for those who cannot qualify for better and more affordable life insurance coverage. No life insurance company offers individual life insurance without health questions and no medical exam without a mandatory waiting/limited benefit period. You can only choose 10, 20, or 30 years for term insurance. Quick question to ask yourself as you move forward. No, Alex Trebek did not influence the insurance company nor did he provide the insurance products to anyone. Here is a comparison of Colonial Penn with our two most affordable carriers. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Power of attorney is acceptable. It is simply a high risk life insurance policy. Folks, take the time and call a professional. Colonial Penn is a life and health insurance company is located in Philadelphia, Pennsylvania. At Maple Valley Insurance Group, we dont put square pegs in round holes regardless of the celebrity marketing, nor should you. 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. We recommend a goal of at least $15,000 to cover full funeral and burial costs for 2023. There is no reason not to utilize a professional independent agent. They sell you what they are marketing. Could funeral and burial expenses double in the next 10-20 yrsa distinct possibility! MORE: Guaranteed issue life insurance: Is it worth it? To see a list of the best burial insurance carriers for seniors Click On Compare Quotes. 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 both offer additional benefits during the first 2 years for death due to natural causes. 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. Here is a list of our partners and here's how we make money. People age 50-85 are the typical buyers of burial insurance. 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