The best life insurance companies have fewer than the expected number of complaints. Take a look at the competition out there. Sorry, Alex Trebek life insurance is not demonstrating anything special. Now, for those people that may need this type of insurance, I ran a quick quote of the top guaranteed acceptance companies across the country. January 03, 2018. Your cost does not change whether you have a independent agent or not. Again, selling life insurance in units is not common in the industry at all. Quick question to ask yourself as you move forward. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. He was their paid endorser until his death on November 8, 2020. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. In fact it is inferior to the competition but that is beyond the scope of this article. Calculate how much life insurance you need and how long you want the coverage to last. Both are marketed to senior citizens in general. 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. Price may not be the biggest driver behind your decision to buy. Colonial Penn has raised their rates effectively by lowering the value of a unit with their $9.95 per unit life insurance. They are not going to help you get the best insurance at the lowest price. What has been apparent, consumers do not realize the actual cost and the policy limitations. Plenty of people have told me they just paid over 10k in funeral costs alone in this past year (2022). Colonial Penn TV Spot, 'Spare Change' Featuring Alex Trebek. Financial strength. In fact, other insurance companies have far superior products for burial insurance with zero waiting periods. In our life insurance reviews, our editorial team considers the customer and the insurer. Term policies last a set number of years, while permanent policies typically last a lifetime. 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. No portion of InsuranceForBurial.com may be copied, published, or distributed in any manner for any purpose without the prior written authorization of the owner. 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. With the Alex Trebek, Guaranteed Acceptance insurance ad, the older you are, the less insurance you get for each $9.95 unit you buy. Life insurance is priced based on your age at purchase/approval and how much protection your family needs. WebYes, Jonathan Lawson is a real person and he does work for Colonial Penn. Do not sell or share my personal information. Do you assume you cannot qualify for a better policy because your health isnt ideal? Could funeral and burial expenses double in the next 10-20 yrsa distinct possibility! 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. These situations do require guaranteed issue life insurance. That is why the maximum policy value is $30,000. They pay their spokesmen a pretty penny to advocate how good their coverage is. No-exam policies dont require a medical exam. 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. We can help you determine who the best carrier is for you personally. The full death benefit isnt paid out if the insured person dies during the first two years of taking out a policy. 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. Coverage was once $6.95 per unit. Many or all of the products featured here are from our partners who compensate us. It's important to remember that Colonial Penn offers units in the amount of 9.95 each. Imagine several people paying one months premium for a $10,000 death benefit. How much does each unit of coverage cost? That's a shocking statement, but it's true. It is built into the policy. 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. Definitely room for raises. Let's say you are a 70-year-old male and in pretty good health. The company's accelerated death benefit rider is also unusual. There is no reason not to utilize a professional independent agent. In addition, we will look into Johnathan Lawson Colonial Penn commercials and the impact that may have on your buying decision. Above all, I am sure you have seen Jonathan Lawson Colonial Penn commercials. No medical exam is the norm. Youre certainly welcome to experiment with the instant quote tool on this page. Make sure you and your loved ones are covered - compare customized life insurance quotes from our partners. I hope you enjoy this analysis of Alex Trebek's life insurance commercials, and learned something new about how burial insurance really works. How do I file a complaint against Colonial Penn. When evaluating offers, please review the financial institutions Terms and Conditions. Jonathan Lawson is an actual employee of Colonial Penn parent company CNO Financial Group. Many of us heard the Alex Trebek life insurance commercial more than a few times over the years. In fact, here at our agency, roughly 85-90% of seniors are not! Be prepared to be shocked!! However, the chronic illness option isn't available to applicants ages 65 to 75. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. Whole life insurance. Rates are regulated by the state. A certain number of people in the policy will make it beyond 2, 5 even 10 years or more even with rocky health. 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. 50. Is it really a good policy or not? Wheres the value in that? 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. Truth is a great majority seniors we work with purchase much more protection than this plan can offer. One unit costs $9.95. Considering his yearly salary is quite high, it only makes sense that the iconic TV host has a net worth of $75 million! 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. 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). With such misleading articles and commercials seniors and potential clients regardless of gender, can find much better insurance coverage with better companies. Again, this type of whole life insurance is available from a number of life insurance companies and not proprietary to Colonial Penn. Several different life insurance companies offer it. He is another new actor or pitchman like Alex Trebek that are promoting and marketing Colonial Penns TV Commercials. As the host of Jeopardy for many years, plenty of consumers saw Mr. Trebek as someone who was very articulate and quite familiar. The Philadelphia-based insurer is owned by CNO Financial Group, which is also the parent company of Bankers Life. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. A lot of people, young to old have seen the Alex Trebek life insurance commercial. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Is Alex Trebek insurance a scam? 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. FYI, I talk to numerous life insurance consumers age 50-85 5+ days a week. In fact, other than some information on him serving our country via the marine corps, his LinkedIn profile is limited as well. That hefty amount is anchored by the reported $10 million annual salary he receives from hosting the show. However, there are also additional expenses baked into unit based pricing. Remember, the average cost of a full funeral is around $10,000 nationally. This indicates whether the company offers a way to apply for and purchase policies entirely online. We are often working with people in less than ideal health. Same product folks. Here is a list of our partners. There are many different whole life insurance policies and companies available. Published. Why do you think you need high risk life insurance? Be sure to select Excellent Health if you believe your health is pretty average or better for someone your age. I will elaborate on units in just a bit. Or simply call us direct at 888-626-0439. Folks, the easier life insurance is to qualify for, the higher the cost of purchasing it. Our partners compensate us. By now you probably realize Im not impressed with the Alex Trebek life insurance ad nor the product itself. 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. So he is 42 years of age. 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