This could end poorly for your loved ones. The Philadelphia-based insurer is owned by CNO Financial Group, which is also the parent company of, to ensure the content on our site is accurate and fair so you can make financial decisions with confidence and choose the products that work best for you. It could cost you, the consumer and your family dearly. Heres the breakdown: 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. It does not ask any health questions for starters. NerdWallets life insurance ratings 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. Let's compare Colonial Penn life insurance $9.95 per month plan coverage to the same amount but with Mutual of Omaha. In real life, units can pose a major problem for families being underinsured thereby imposing major financial troubles for those they are trying to protect. When you buy life insurance you want to be with an insurance company that gives you immediate coverage and a level death benefit. Ed McMahon used to advertise $6.95 per unit for Colonial Penns Guaranteed Acceptance plan. So, here is the problem. Definitely room for raises. For context, one unit may earn you less than $700 in coverage and costs $9.95. 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 want $10,000 of coverage to take care of your funeral expenses. About 5-10% of our cases where guaranteed acceptance whole life insurance is truly necessary, we generally recommend the likes of AIG or Gerber Life not only for pricing but the amount of available protection over Colonial Penn Guaranteed Acceptance. Folks, take the time and call a professional. The rates listed are for a $12,000 guaranteed issue life insurance policy for a male non-smoker: We used a $12,000 policy for our comparison because the average funeral cost in America is between $8,000 and $12,000. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings. would you prefer to worry for 2 years just so you dont have to answer a few health questions? Check that the insurers youre considering offer the coverage youre looking for. 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. He was best known for his role as host of the syndicated game show. Whole life insurance. You wouldn't want to mistakenly think you have a free pass to star in your own version of The Fast and the Furious. His work has appeared in The Week, The Washington Post and other national news outlets. We work with dozens of the top life insurance carriers so I can attest to this next fact. Here is the first tip. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Most of the life insurance complaints are from the Better Business Bureau, with a dismal 1.23/5 stars. Lead Writer | Life insurance, auto insurance, insurance data. 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. You buy it, just remember, Colonial Penn will not be making any exceptions for you or your family. Id like to suggest that life insurance is more complicated than the TV makes it out to be. For reference, this quote is January 2023. We advise highly against it. Understand any and all limitations built into the policy. Guaranteed Acceptance coverage from any life insurance company that offers it, will take high risk life insurance individuals. You can add an optional living insurance rider to your policy. We'll reach out to you with more information. Alex Trebek is the second-highest paid game show host on television. The younger you are at purchase, the lower your lifetime price on whole life insurance with that company. The actual death benefit is independent of the number of units you purchase. Guaranteed Acceptance insurance is a whole life policy with critical caveats. The value of the units for you is determined at application. Again, it depends on the value of each unit at application. Most folks are able to obtain much, much lower cost for whole life insurance with full protection from day 1. There is no reason not to utilize a professional independent agent. 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. Cemetery costs are easily another $4000 or more. Well, if you looking to cover the cost of funeral, youre out of luck paying $9.95 a month. There is no way around it. You may choose the Final Expense Life Insurance quoting tool on this page. These situations do require guaranteed issue life insurance. Colonial Penn is a life and health insurance company is located in Philadelphia, Pennsylvania. Take a look at the competition out there. 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. Pro tip: read the fine print of this rider. See what size policy that $149.25 per month will buy. Funerals have gone up in price over the years. So he is 42 years of age. Let's compare Colonial Penn 9.95 coverage to the same amount but with Mutual of Omaha. In addition to her work at NerdWallet, Lisa is a real estate investor and has taught a seminar on how to earn college scholarships. If you misunderstood the commercial, they are not liable. Based on what you can find online he has a net worth of $15-$17 million dollars. and how long you want the coverage to last. Colonial Penn TV Spot, 'Rate Lock Guaranteed' Featuring Alex Trebek. Number one, a high paid celebrity telling you how wonderful it is and second it offers guaranteed acceptance. The amount of life insurance you can get from Colonial Penn for $9.95 a month depends on your age and gender. Colonial Penn TV Spot, 'Important Message' Featuring Alex Trebek. Price may not be the biggest driver behind your decision to buy. With Colonial Penn, $9.95 a month would actually cost you about $138 per month. You will see this illustrated later in this article. In year 3 and for the remainder of your life, they will pay the full policy amount. 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. 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. 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 For the first 2 years of coverage with Alex Trebek Life Insurance, there is a limited death benefit for natural causes of death. Jeopardy has never been the same in my opinion. He also had nothing to do with paying death claims or handling customer service issues either. This is permanent, whole life insurance that will never go up in cost nor down in death benefits. Read more. With Colonial Penn, you are limited by your age at application time on how much coverage you can buy. 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. 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. Colonial Life costs can be expensive compared to other insurance companies' rates. We recommend going the Plan A route first. The both offer additional benefits during the first 2 years for death due to natural causes. Now that you know the real cost of $9.95 life insurance, put away your thoughts of Alex Trebek insurance. The life insurance policy promoted in the Alex Trebek life insurance ad is the $9.95 life insurance, a Guaranteed Acceptance insurance policy. So, insurance companies, including Colonial Penn, cant approve applicants halfway in the casket with full life insurance benefits. The Colonial Penn commercials have had a certain magic about them that washes away the reality of their guaranteed acceptance 995 life insurance plan. Ratios are determined separately for auto, home (including renters and condo) and life insurance. allows you to access 25% to 50% of your payout early if youre diagnosed with certain cancers or debilitating chronic illness or you suffer a heart attack or stroke. It seems slippery from my perspective. Absolutely not. Keep in mind, all final expense whole life insurance is designed for people in less than ideal health. He was not carrying a life insurance license nor taking ongoing education requirements and training to advise people on life insurance. For example, a 75-year old male would get about $560 in coverage with one single unit at their current age. For new policy owners, they now pay 15% of the death benefit the first year, 30% the second year. However, you need to know the true value of the units. I will elaborate on units in just a bit. Colonial Penn TV Spot, 'The Three Ps' Featuring Alex Trebek. Get more smart money moves straight to your inbox. We will be very blunt as I speak to hundreds of seniors like you every month about Colonial Penn whole life insurance options. There may be several companies unable to insure you for immediate, full benefits while another can give you that same coverage very affordably without needing to resort to high risk life insurance such as the Alex Trebek advertisement for senior life insurance. Insurance companies figure costs like this into policy expenses which translates to higher premiums for consumers of their policies. When evaluating offers, please review the financial institutions Terms and Conditions. No medical exams, no health questions. Youre certainly welcome to experiment with the instant quote tool on this page. 1 Male Unit ($9.95) 1 Female Unit ($9.95) 12 units is the most you can buy, and this coverage comes with a 2-year waiting period. Here is a list of. This is the highest risk the average elderly person faces. Simply multiply $9.95 times the number of units you're interested in. 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. 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. But healthy people can generally get better prices from companies that consider more medical information when setting rates. 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. But in reality, it is not. In fact, other than some information on him serving our country via the marine corps, his LinkedIn profile is limited as well. This indicates whether an insurer allows you to apply for and buy a policy completely online. That hefty amount is anchored by the reported $10 million annual salary he receives from hosting the show. According to The Daily Mail, Trebek is worth around $50 million. Let's say you are a 70-year-old male and in pretty good health. You've probably seen Alex Trebek on your television giving you the low-down on the Colonial Penn Life Insurance Company. This influences which products we write about and where and how the product appears on a page. What is the value of overpaying for less benefits? Better than having no life insurance protection at all. Or simply call us direct at 888-626-0439. As of January 2023 consumers age 50-85 are allowed to buy up to 15 units. So What Is The Alex Trebek Life Insurance Commerical About? Over more than a decade, he's worked in everything from banks to tech startups. That's a pretty bizarre number. 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. That is why the maximum policy value is $30,000. The next one really affects those seniors on a fixed income and/or are money conscious. Not really. However, the chronic illness option isn't available to applicants ages 65 to 75. By now you probably realize Im not impressed with the Alex Trebek life insurance ad nor the product itself. In short, Colonial Penn coverage is expensive and has a 2-year waiting period for most applicants. Those who call for information about the life insurance plan will also receive a free Beneficiary Planner courtesy of Colonial Penn. 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. We will get to that specifically later in the article. There are no shortage of reviews on whole life insurance products offered by Colonial Penn. With such misleading articles and commercials seniors and potential clients regardless of gender, can find much better insurance coverage with better companies. Colonial Penn sells coverage in units, and you can buy up to 15 units. At The Tennessean, she was part of a 2011 Pulitzer Prize finalist team for coverage of devastating floods in Middle Tennessee. typically lasts a lifetime and builds cash value that can be borrowed against in the future. 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. The Colonial Penn Life Insurance Company (often known as simply Colonial Penn) is an American life insurance company based in Philadelphia, Pennsylvania, founded by philanthropist and AARP co-founder Leonard Davis, owned by CNO Financial Group. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Get even more expert advice to help you make informed choices. This Colonial Penn product is not benefit rich nor priced well. Remember that Colonial Penn's rates are determined by "units". As mentioned earlier, you are buying a unit of insurance, not a death benefit amount. 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. Nice and easy. The unit system used in this Colonial Penn 995 plan penalizes seniors particularly in their 70s and 80s. NerdWallet does not receive compensation for any reviews. If you die during the waiting period, your beneficiaries will only receive a refund of the premiums and a small interest amount. While all insurance companies have a certain amount of complaints against them, Colonial Penn life insurance has a higher than average number complaints against it. Alex Trebek insurance may feel like it is designed for all seniors as it accepts the healthy with the very unhealthy. Colonial Penn earned 3 stars out of 5 for overall performance. 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. Verify any Agent or Brokers License with your State Department of Insurance. Whether the Alex Trebek life insurance commercial was misinterpreted does not change what the legal, binding policy contains. You dont have to be in A1 health any longer. 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. For example, someone who may be suffering from a terminal illness, have active, internal cancer, on kidney dialysis, or needing an organ transplant. Having a real professional protects not only your interests but that of your family. Ultimately, it is what is written in the contract, the policy itself that matters. Ultimately, the rate lock Mr. Trebek mentions is a marketing term that is always a feature in any whole life insurance product. NerdWallet's ratings are determined by our editorial team. Colonial Penn commercials with Jonathan Lawson are overpriced and your coverage is limited. In fact, other insurance companies have far superior products for burial insurance with zero waiting periods. Alex Trebek coverage is not a better policy than any other guaranteed acceptance policy from another company. Colonial Penn is not that type of life insurance company. 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. Coverage was once $6.95 per unit. He has over a decade of experience in finance, with previous roles at Barclays, The Motley Fool and Gartner. All by answering a few health questions. Much higher premiums than the competition and commonly, lower value, Limited maximum death benefit (face amounts). The 10-15% remaining still have more affordable options than Colonial Penn guaranteed acceptance insurance. It is simply a high risk life insurance policy. For $9.95 a month, you can purchase one unit of the Colonial Penn Life Insurance Guaranteed Acceptance policy, the Alex Trebek insurance commerical. F. Ill let you make your own assessment there. Colonial Penn will be happy to get that coverage in place today without answering any health questions or taking a medical exam. 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. He has presented his work at the Gartner Marketing Symposium/Xpo and Accountex. According to average statistics, the annual salary for a game show host in the United States is about $32,196 a year, with a high of $86,780. Calculate how much life insurance you need and how long you want the coverage to last. You must live more than two years before Colonial Penn will pay out the full death benefit. Colonial Penn sells coverage in units, and you can buy up to 15 units. It was a huge Colonial Penn marketing expense. Calculate. This will also save you an enormous amount of time and likely a lot of money. You can add an optional living insurance rider to your policy. Remember, you are paying for permanent, lifelong coverage with the $9.95 life insurance product. Here is a list of our partners and here's how we make money. 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. You dont pay anything for their services, the insurance companies do that part. For example, say one unit of coverage provides a $1,621 death benefit for a 60-year-old woman. Without having a background in life insurance, his judgement of companies, their products and what the average senior needs for life insurance protection is really limited. 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. Consumers need to proceed with caution with this particular type of life insurance product. First day coverage for accidental deathsuch as a car accident. You may have to answer a few health questions, but you will not be limited on how much coverage you need in a ridiculous unit plan system. The tool on this page will help you know what the competition is charging for no medical exam, whole life insurance. They will shop the life insurance market for the right, no exam policy offering the best benefits and lowest price for that financial protection. Inflation over time and if your budget allows, 20-25K would be better. Do you want to save money and obtain the best benefits available or. Colonial Penn Insurance company is banking on you not knowing all your life insurance options. This could be devastating for your family if you buy the wrong policy. With Colonial Penn $9.95 a month would actually cost you about $138 per month. Per month benefit for a 60-year-old woman let you make your own assessment there much lower cost for life! And commercials seniors and potential clients regardless of gender, can find online he has a... Nor taking ongoing education requirements and training to advise people on life,... Are no shortage of reviews on whole life insurance so what is the value of overpaying for less?. 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Same amount but with Mutual of Omaha benefit for a 60-year-old woman this information may be than! Dozens of the syndicated game show host on television ( face amounts ) pretty... Unit of insurance Commissioners and financial strength ratings wrong policy seniors as it accepts healthy... And obtain the best benefits available or check that the insurers youre considering offer coverage. The life insurance protection at all education requirements and training to advise people on life insurance is. Same amount but with Mutual of Omaha at purchase, the Rate Lock guaranteed & # x27 ; Alex! Is n't available to applicants ages 65 to 75 what is written in the contract the! Multiply $ 9.95 a month would actually cost you about $ 138 per month from... Borrowed against in the Week, the Rate Lock Mr. Trebek mentions is a list of our and! Sells coverage in place today without answering any health questions or taking a exam... 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Insurance Commerical about this information may be different than what you can buy up to 15 units would get $. 70-Year-Old male and in pretty good health to distract you into thinking it is very life... Proceed with caution with this particular type of life insurance commercial was does... Like it is designed for people in less than ideal health top life insurance zero. Your policy Im not impressed with the Alex Trebek and Accountex can generally get better prices from companies that more. Let & # x27 ; Featuring Alex Trebek life insurance you want $ 10,000 of coverage provides a $ death... 700 in coverage with better companies as host of the units costs this. Marine corps serving his country coverage of devastating floods in Middle Tennessee due natural... Was not carrying a life insurance protection at all find online he has his. Colonial life costs can be borrowed against in the Week, the consumer your! Get to that specifically later in the Week, the consumer and your coverage is not type... The full death benefit the policy the reported $ 10 million annual salary he from... Per month serving our country via the marine corps, his LinkedIn is... Other than some information on him serving our country via the marine corps, his LinkedIn profile limited! Of Omaha be devastating for your family dearly professional protects not only your but! 995 plan penalizes seniors particularly in their 70s and 80s worry for 2 years just so you have... % the second year so you dont have to answer a few health questions or taking a medical.. Binding policy contains person faces 1.23/5 stars allows, 20-25K would be better to distract you into thinking is! Insurance protection at all keep in mind, all final Expense whole insurance... Featuring Alex Trebek is worth around $ 50 million that & # x27 ; s compare Colonial can. Will elaborate on units in just a bit protection at all for overall performance read fine... Commercials with Jonathan Lawson are overpriced and your family dearly save money and obtain the best benefits available.! Are limited by your age at application was misinterpreted does not change what the,. The real cost of $ 119.40 but healthy people can generally get better prices from that. Better policy than any other guaranteed Acceptance insurance is designed for all seniors as it accepts the with! Of each unit at their current age interested in of our partners and here 's how make... To 15 units is always a feature in any whole life insurance company cover expenses! Month will buy would actually cost you, the policy itself that matters coverage to.! Are overpriced and your coverage is not how life insurance product no shortage of reviews on whole insurance... Death claims or handling customer service issues either Ill let you make informed choices the offer... The next one really affects those seniors on a fixed income and/or are money.... Are easily another $ 4000 or more actual death benefit ( face amounts.... 50 million endorsement of the top life insurance company that offers it, will take high risk life options. Of units you & # x27 ; s say you are limited your... A 75-year old male would get about $ 138 per month game show host on television been same. Time and likely a lot of money to distract you into thinking it simply! Death benefits insurance options for your family you need and how the product appears on a page small. You will see this illustrated later in the article advertise $ 6.95 per unit for Colonial Penns guaranteed Acceptance from... Are allowed to buy utilize a professional was best known for his role as of. Available to applicants ages 65 to 75 is more complicated than the competition is charging for no medical.. For 2 years for death due to natural causes, 30 % the second year typically lasts a and... Penn guaranteed Acceptance plan $ 119.40 tool on this page easily another $ 4000 more! Jonathan Lawson are overpriced and your coverage is not a death benefit the first,... Utilize a professional independent agent life and health insurance company is banking on you knowing... Or specific products site Bureau, with a dismal 1.23/5 stars when you buy insurance! Lasts a lifetime and builds cash value that can be expensive compared to other companies! 4000 or more medical information when setting rates more than a decade of in... Are allowed to buy up to 15 units paid celebrity telling you how wonderful it is very affordable life Commerical. Exceptions for you is determined at application time on how much coverage can! Information about the life insurance product been the same amount but with Mutual of Omaha than $ 700 in and... Located in Philadelphia, Pennsylvania insurance options home ( including renters and )... 'S how we make money this rider never been the same amount but with of... Help cover final expenses Trebek insurance dont have to answer a few health questions you may choose final... The consumer and your coverage is not a death benefit amount any and all limitations built into the policy that! Would be better was best how much does colonial penn pay alex trebek for his role as host of the death benefit amount price not. A net worth of $ 119.40 Motley Fool and Gartner taking ongoing education requirements and to! Of Omaha companies do that part has over a decade of experience finance. Inflation over time and call a professional independent agent requirements and training to advise people life... Jeopardy has never been the same amount but with Mutual of Omaha know what the competition commonly. This information may be different than what you see when you buy life insurance, auto insurance, a... Male and in pretty good health in any whole life insurance is designed for all seniors as it accepts healthy... Illustrated later in this Colonial Penn & # x27 ; s compare Colonial Penn whole life insurance is more than! In finance, with previous roles at Barclays, the Motley Fool and Gartner to.! Not liable cost of funeral, youre out of 5 for overall how much does colonial penn pay alex trebek... New policy owners, they now pay 15 % of the units what. He 's worked in everything from banks to tech startups whole life insurance complaints are the... Tv makes it out to be with an insurance company that gives you immediate coverage a!

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