That is why the rate charts above show diminishing amounts of insurance as you age. 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. Both are for $10,000 of no medical question, guaranteed issue whole life insurance with a 2 year waiting period for full benefits. $2,083 in coverage. The ads you see to buy Colonial Penn, Globe Life or AARP/New York Life etc, are rarely in your best interest. This indicates whether the company offers a way to apply for and purchase policies entirely online. A certain number of people in the policy will make it beyond 2, 5 even 10 years or more even with rocky health. This is also why the policy is has an elevated premium. You will not be told that you can get a better policy and price elsewhere. 2023 Alex Trebek Life Insurance Review (Prices & Fine Print) alex trebek's commercials have no longer aired since his death, but you can still find his face in some penn colonial ads. Always have an independent, seasoned professional verify your need for any guaranteed issue life insurance before buying. Its also important to make sure the policys medical requirements match your needs. Heres the breakdown: Complaints. Is Alex Trebek insurance a scam? By now you probably realize Im not impressed with the Alex Trebek life insurance ad nor the product itself. To calculate each insurers rating, we adjusted the scores to a curved 5-point scale. Calculate how much life insurance you need and how long you want the coverage to last. Decide which, , if any, you want the policy to include. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. typically lasts a lifetime and builds cash value that can be borrowed against in the future. For a person who is in a high risk situation, while expensive compared to the more competitive companies, it may be a solution. No-exam life insurance issues coverage without the need for a medical exam. 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. It does not ask any health questions for starters. Ratios are determined separately for auto, home (including renters and condo) and life insurance. Many or all of the products featured here are from our partners who compensate us. He was in the USA marine corps for 14 years and served in combat and as a master instructor. Take a look at the competition out there. 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. Its also important to make sure the policys medical requirements match your needs. 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. 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. 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. Coverage was once $6.95 per unit. They must charge higher premiums and have a limited benefit period to offset their risk of loss. One of our friendly insurance representatives will be happy to help with your quote. Financial strength. 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. Many people miss that major detail. This is what protects their family. He was their paid endorser until his death on November 8, 2020. Jonathan Lawson is a paid actor who you have seen in Colonial Penn commercials advocating the $9.95 plan. In fact, its hard to not see them especially if you are a senior looking into life insurance options. All insurance companies must follow the free look provision laws. 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. 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. Do you have any objection to saving a lot of money and being able to obtain the best policy you qualify for? NerdWallet does not receive compensation for any reviews. 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. When evaluating offers, please review the financial institutions Terms and Conditions. Since the Alex Trebek advertisement focuses on the $9.95 guaranteed acceptance product with no health questions, we are presenting all the facts here so you understand the limitations of this product. These are some of the factors we take into account: Policies offered. One unit does not buy enough insurance to scratch the cost of a cremation let alone a full funeral. Learn how your comment data is processed. Lets throw out the fancy celebrity glitz and take a real look at what Colonial Penn is trying to sell you. In fact it is inferior to the competition but that is beyond the scope of this article. Life insurance is priced based on your age at purchase/approval and how much protection your family needs. 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. This influences which products we write about and where and how the product appears on a page. Men are hit considerably harder than women because women tend to live longer. The older you are at the time of application with this Colonial Penn product, the lower the value of 1 unit is. The both offer additional benefits during the first 2 years for death due to natural causes. Lifetime coverage. Better yet, give us a call and lets talk about your needs and find the right plan to protect your family. The scoring formula takes into account consumer experience, financial strength ratings and complaint data. Guaranteed acceptance policies ran between $10 and $80 per month, while whole life insurance was the most expensive at $30 to $133. Colonial Penn life insurance products that Jonathan Lawson promotes seniors will not receive benefits for the first two years. While I personally dont agree with this, it remains a state approved method of marketing the insurance to consumers otherwise Colonial Penn would be unable to run commericals for their $9.95 life insurance. Trebek's endorsements have long been the bedrock of Colonial Penn's marketing efforts, with the game show personality appearing in TV spots for the insurance company since 1998. 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. He suffered with a terrible form of cancer and never quit. NerdWallet does not receive compensation for any reviews. Alex Trebek was a Canadian-born American game show host who had a net worth of $75 million at the time of his death. 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. WebYes, Jonathan Lawson is a real person and he does work for Colonial Penn. With that said, a good professional agent can quickly give you the same rates you spent weeks or months on and identify which company and product would be best for your needs and health scenario. Decide which life insurance riders, if any, you want the policy to include. Do not sell or share my personal information. So clearly not the best plan for the grandparents. That is all. Your cost does not change whether you have a independent agent or not. When you compensate paid spokesman its hard to take them seriously. January 03, 2018. Make sure you have the right product ladies and gentleman. Same policy as the $9.95, Alex Trebek life insurance w/Colonial Penn. Lisa is an alumna of the Wharton Seminars for Business Journalists at the University of Pennsylvania. No one pays just $9.95 a month to protect their family. So, here is the problem. A lot of people, young to old have seen the Alex Trebek life insurance commercial. The cost and benefits that they are promoting to potential applicants in their commercials are horrible for seniors. to those ages 40 to 75 (50 to 73 for men and 50 to 75 for women in New York). There is no way around it. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Applicants dont need to answer health questions or take a medical exam. I dont care for it and I think it is meant to confuse seniors into thinking this policy is very affordable regardless of your age at purchase. Either yes or no. Optionally, you can be more specific and use the instant quoting tool on this page. Use the calculator below to determine the net death benefit you'll get per number of units, along with the total monthly premium. For example, a 75-year old male would get about $560 in coverage with one single unit at their current age. 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. Having a real professional protects not only your interests but that of your family. For context, one unit may earn you less than $700 in coverage and costs $9.95. MORE: Best life insurance companies in 2023. This policy is open to people ages 50 to 85 (50 to 75 in New York), and acceptance is guaranteed. Because it affects not only the policyowner but their loved onesdont be surprised if I bring the heat in this review!! 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