We advise highly against it. When evaluating offers, please review the financial institutions Terms and Conditions. We all know Ed McMahon, Joe Theismann and even Jerry Lewis. Understand any and all limitations built into the policy. This is not term life insurance which typically expires by age 75 or 80. One unit does not buy enough insurance to scratch the cost of a cremation let alone a full funeral. All financial products, shopping products and services are presented without warranty. According to The Daily Mail, Trebek is worth around $50 million. They must charge higher premiums and have a limited benefit period to offset their risk of loss. Colonial Penn Life Insurance offers 2 different whole life policies. Coverage was once $6.95 per unit. Better yet, give us a call and lets talk about your needs and find the right plan to protect your family. About the author: Andrew Marder is a NerdWallet authority on insurance. No doctors, nurses or needles in your arm. Maple Valley Insurance Group Rating of Colonial Penn 995 Life Insurance = D. 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. Based on what you can find online he has a net worth of $15-$17 million dollars. Those companies would rather you did not do your due diligence as you have. Pro tip: read the fine print of this rider. This is what protects their family. Make sure you speak with the right independent life insurance agent who works with people 50-85 daily. Most people 50-85 can qualify for much better coverage than they believe. You dont pay anything for their services, the insurance companies do that part. 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. The Philadelphia-based insurer is owned by CNO Financial Group, which is also the parent company of Bankers Life. How much is Jonathan Lawson from Colonial Penn worth Jonathan Lawson is an actual employee of Colonial Penn parent company CNO Financial Group. Colonial Penn has modified this in 2023. Based on what you can find online he has a net worth of $15-$17 million dollars. $2,083 in coverage. Your acceptance: guaranteed. $10,000 is the minimum coverage amount. If you want to leave a significant death benefit for your loved ones, $9.95 per month isnt going to help out very much. How Does the GlicRX Discount Drug Card Work? The tool on this page will help you know what the competition is charging for no medical exam, whole life insurance. The above quote was taken directly from colonialpenn.com in 2019. Here is a list of our partners. That might be true but is it the best choice for you and your love ones? 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. For example, a 75-year old male would get about $560 in coverage with one single unit at their current age. No-exam policies dont require a medical exam. Were always here to help. Compare Alex Trebek life insurance rates by selecting Poor under the health classification menu. The minimum value of a unit of coverage is approximately $400 and the maximum is approximately $2,100, meaning the maximum death benefit you can select is around $16,800. Be prepared to be shocked!! The younger you are at purchase, the lower your lifetime price on whole life insurance with that company. There is no reason not to utilize a professional independent agent. 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. 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 fact it is inferior to the competition but that is beyond the scope of this article. That hefty amount is anchored by the reported $10 million annual salary he receives from hosting the show. 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. Decide which, , if any, you want the policy to include. Stay with me here. When evaluating offers, please review the financial institutions Terms and Conditions. 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. He also spent time in the marine corps serving his country. 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. This Colonial Penn product is not benefit rich nor priced well. Insurance companies negotiate premiums charged with your States Department of Insurance officials. Most people just want the straight scoop without all the games and limitations. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Its also important to make sure the policys medical requirements match your needs. With the Alex Trebek, Guaranteed Acceptance insurance ad, the older you are, the less insurance you get for each $9.95 unit you buy. Applicants dont need to answer health questions or take a medical exam. They offer life insurance and Medicare Supplement insurance for seniors. MORE: Best life insurance companies in 2023. That is why the rate charts above show diminishing amounts of insurance as you age. 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. WebYes, Jonathan Lawson is a real person and he does work for Colonial Penn. 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. Coverage amounts range from $10,000 to $50,000 ($5,000 to $25,000 in New York). The max term life benefit with Colonial Penn is $50,000 for $45.12 per month. Above all, I am sure you have seen Jonathan Lawson Colonial Penn commercials. Understand thisall limitations are applied to anyone who buys this type of policy. The amount of life insurance you can get from Colonial Penn for $9.95 a month depends on your age and gender. Certainly not when it is compared to the best final expense, no exam whole life coverage we offer here. 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. In our life insurance reviews, our editorial team considers the customer and the insurer. 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. Those who call for information about the life insurance plan will also receive a free Beneficiary Planner courtesy of Colonial Penn. For $9.95 a month, you can purchase one unit of the Colonial Penn Life Insurance Guaranteed Acceptance policy, the Alex Trebek insurance commerical. It is a pure, high risk life insurance product for those who cannot qualify for better and more affordable life insurance coverage. 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. However, he holds a title with CNO Financial Group of Director of Quality Assurance & Escalations. Advertiser. Colonial Penn has raised their rates effectively by lowering the value of a unit with their $9.95 per unit life insurance. With the Colonial Penn Guaranteed Acceptance plan, the value of the units depends strictly on your age at purchase, not health. Nice and easy. 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. You see, life insurance is all about statistics. Take a look at the competition out there. The scoring formula takes into account consumer complaint and customer satisfaction data. The. Take a break, see what our clients are saying about us, Or Call Lisa and danny 855-380-3300 where final expense insurance is done differently. In fact, its hard to not see them especially if you are a senior looking into life insurance options. We work with dozens of the top life insurance carriers so I can attest to this next fact. Misunderstanding life insurance policy limitations and features combined with the overall costs of ownership are the common mistakes of consumers. Insurance companies design the no exam final expense policies for people 50-85. and how long you want the coverage to last. 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. Even if you have been declined elsewhere, dont lose heart. If you have not already, run a quote on the final expense quote tool on this page. You must understand that life insurance companies cannot evaluate the risk level of a person accurately without asking health questions. Alex Trebek insurance may feel like it is designed for all seniors as it accepts the healthy with the very unhealthy. It buys you 1 unit of their life insurance. For $9.95 a month, you can purchase one "unit" of the Colonial Penn Life Insurance Guaranteed Acceptance policy, the Alex Trebek insurance commerical. In other words, value. Buy online. The $9.95 per unit life insurance product is a no medical question, life insurance product. This does not even count the actual burial costs at the cemetery. All by answering a few health questions. 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. Jonathan Lawson works for CNO Financial Group, the parent company of Colonial Penn. Ed McMahon used to advertise $6.95 per unit for Colonial Penns Guaranteed Acceptance plan. 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. Not just the folks in very high risk health situations. 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. Every week we have people who think they cant qualify for the best benefits and lower premiums. In addition, if you are healthy do you deserve a two-year waiting period? In fact, this plan is a guaranteed acceptance plan with a two year waiting period. No-exam life insurance issues coverage without the need for a medical exam. TV personality Alex Trebek explains the average funeral cost and how a Whole Life Insurance plan from Colonial Penn can help cover final expenses. You into thinking it is designed for all seniors as it accepts the healthy with the Colonial Penn compared! The max term life insurance options cant qualify for the best final expense for... Asking health questions or take a medical exam in New York ) than believe... Department of insurance officials competition is charging for no medical question, insurance. Policy limitations and features combined with the Colonial Penn product is not term insurance. 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