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. Now some folks look at that and say, sounds like a good price. In other words, value. They jack those rates up for starters. It does not ask any health questions for starters. If youve found this article helpful, let us know. Get more smart money moves straight to your inbox. How much is Jonathan Lawson from Colonial Penn worth Jonathan Lawson is an actual employee of Colonial Penn parent company CNO Financial Group. That's a shocking statement, but it's true. Whole life insurance. All by answering a few health questions. His work has appeared in The Week, The Washington Post and other national news outlets. The Guaranteed Acceptance Life Insurance is Alex Trebeks endorsed product youve heard so much about. 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. The value determined will be locked. This is not term life insurance which typically expires by age 75 or 80. 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. Were always here to help. Assigning Editor | Insurance, data journalism. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Life insurance is priced based on your age at purchase/approval and how much protection your family needs. Many people miss that major detail. Colonial Penn has raised their rates effectively by lowering the value of a unit with their $9.95 per unit life insurance. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. Im sure you dont want your loved ones in a mountain of debt by getting caught in limitations of coverage. This indicates whether an insurer allows you to apply for and buy a policy completely online. NerdWallet's ratings are determined by our editorial team. Colonial Penn TV Spot, 'Important Message' Featuring Alex Trebek. Truth is a great majority seniors we work with purchase much more protection than this plan can offer. By now you probably realize Im not impressed with the Alex Trebek life insurance ad nor the product itself. Colonial Penn TV Commercial: "Call Sooner" In this commercial, the latest Colonial Penn actor, Jonathan Lawson, makes the pitch. Stop wasting your time calling insurance companies like Colonial Penn. To calculate each insurers rating, we adjusted the scores to a curved 5-point scale. Let's say you are a 70-year-old male and in pretty good health. It seems slippery from my perspective. Above all, I am sure you have seen Jonathan Lawson Colonial Penn commercials. My average policy is closer to $15K in 2023 for funeral and burial costs. No doctors, nurses or needles in your arm. In this article, we will look deep into something senior consumers need to be aware of and what a Colonial Penn commercial may lead you to do. Whether you need help with your application or want to learn more about a policy, Colonial Penns live chat feature allows you to choose the type of specialist youd like to speak with. Theyd be unable to pay the claims real and why they insert a 2 year limited benefit period into the policy contract. Because all life insurance companies have different health questions. Again, this type of whole life insurance is available from a number of life insurance companies and not proprietary to Colonial Penn. 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. The Philadelphia-based insurer is owned by CNO Financial Group, which is also the parent company of Bankers Life. If your thinkingI didnt know that, read on. NAIC complaintsRatings 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. Colonial Penn offers whole life insurance to those ages 40 to 75 (50 to 73 for men and 50 to 75 for women in New York). That is a statistical fact. The above quote was taken directly from colonialpenn.com in 2019. This is the highest risk the average elderly person faces. He was best known for his role as host of the syndicated game show. Colonial Penn Life Insurance is a Philadelphia, Pennsylvania-based life insurance company. Most people 50-85 can qualify for much better coverage than they believe. $10,000 is the minimum coverage amount. The cost and benefits that they are promoting to potential applicants in their commercials are horrible for seniors. He has been advocating Colonial Penn life insurance as the best plan and best policy for years now. Again, Jonathan Lawson is a paid spokesman for Colonial Penn Commercials. Having a real professional protects not only your interests but that of your family. That is a very, very small policy if you are planning for final expenses. Financial strength ratingThese ratings indicate an insurers ability to pay future claims. While Colonial Penn offers one other life insurance product, the Alex Trebek, Colonial Penn insurance product is what most seniors are curious about. You can easily find other articles about these complaints with a simple Google search. In addition, if you are in good health the coverage is limited and the premiums are too high. 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. No medical exams, no health questions. The Alex Trebek life insurance ad has lots of gimmicks that are easy to fall for. They must charge higher premiums and have a limited benefit period to offset their risk of loss. With such misleading articles and commercials seniors and potential clients regardless of gender, can find much better insurance coverage with better companies. Save my name, email, and website in this browser for the next time I comment. Therefore, the maximum anyone would pay would be $149.25 per month. Buy online. Most people we work with desire the most benefits they can get for the dollar spent. With the Colonial Penn Guaranteed Acceptance plan, the value of the units depends strictly on your age at purchase, not health. Colonial Penn life insurance rates are just not very competitive nor offer the average senior and their family the full benefits of a no exam, medically underwritten (few health history question) whole life policy. 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. Andrew Marder is a NerdWallet authority on insurance. In fact, there is no way for a good health 75 year old to obtain the same amount of financial coverage if both purchased the maximum number of units with this particular policy. Imagine several people paying one months premium for a $10,000 death benefit. So, insurance companies, including Colonial Penn, cant approve applicants halfway in the casket with full life insurance benefits. Is it really a good policy or not? Simplified issue, no exam life insurance is actually designed for people age 50-85 and may not been in excellent health.. It buys you 1 unit of their life insurance. Pre-qualified offers are not binding. When I give you the competitors rate for the exact same kind of guaranteed acceptance life insurance, you will see CP Guaranteed Acceptance is not so affordable at all. You must live more than two years before Colonial Penn will pay out the full death benefit. How much does Colonial Penn pay Alex Trebek? They engage in a numbers game of mass marketing and/or gimmicks. Be sure to have the help of an independent professional who can sort out the good plans from the poor ones. For new policy owners, they now pay 15% of the death benefit the first year, 30% the second year. The scoring formula takes into account consumer experience, financial strength ratings and complaint data. With ANY guaranteed acceptance/issue life insurance, the first 2-3 years, the insured person is not covered with full benefits for natural death. Twenty years ago my licenses limited me to Michigan and Indiana, but that was pretty typical in the burial insurance business then. Definitely room for raises. Coverage is limited, no health questions, and a confusing price per unit. Based on what you can find online he has a net worth of $15-$17 million dollars. issues coverage without the need for a medical exam. Take a paid endorser that does not have insurance expertise with a grain of salt. 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. Just a few health history questions will also offer better benefits from day 1 of the coverage. Call us and we can have you qualified, and matched up with an A/A+ carrier within minutes. Before I get into the meat of this post, it is advised to use our free, instant quoting tool on this page. You got it. Alex Trebek coverage is not a better policy than any other guaranteed acceptance policy from another company. Both are for $10,000 of no medical question, guaranteed issue whole life insurance with a 2 year waiting period for full benefits. The life insurance policy promoted in the Alex Trebek life insurance ad is the $9.95 life insurance, a Guaranteed Acceptance insurance policy. In fact, Colonial Penn 995 per unit does not sell itself once you know what type of product it is. Get even more expert advice to help you make informed choices. 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. Most of their licensed insurance agents work from the home office in downtown Philadephia Pennsylvania. They were all paid endorsers. The. Something I didnt address thoroughly was the use of the term rate lock promoted in all the commercials. The amount of life insurance you can get from Colonial Penn for $9.95 a month depends on your age and gender. However, the truth, this life insurance advertisment markets a particular type of whole life insurance with carefully, glossed over limitations and very high real world premiums. on the market, and they fall into three key categories: offers temporary coverage and a guaranteed payout if the policyholder dies during the term. Lots of upset families that did not know or understand the Alex Trebek $9.95 life insurance offering has significant limitations built in. Maple Valley Insurance Group Rating of Colonial Penn 995 Life Insurance = D. People age 50-85 are the typical buyers of burial insurance. These types of guaranteed acceptance plans are usually 30-50% more in price than the best plans available. 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. The full death benefit isnt paid out if the insured person dies during the first two years of taking out a policy. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. As a life insurance field underwriter and independent agent/broker I dont have to rely on Alex Trebek insurance to meet the needs of my clientele either. They put you in front of the most benefit rich and affordable final expense plans you can buy. Always have an independent, seasoned professional verify your need for any guaranteed issue life insurance before buying. You may choose the Final Expense Life Insurance quoting tool on this page. So he is 42 years of age. 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. Well help you decide. Jonathan Lawson is an actual employee of Colonial Penn parent company CNO Financial Group. Ultimately, the rate lock Mr. Trebek mentions is a marketing term that is always a feature in any whole life insurance product. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. 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