Simply multiply $9.95 times the number of units you're interested in. For example, someone who may be suffering from a terminal illness, have active, internal cancer, on kidney dialysis, or needing an organ transplant. This is permanent, whole life insurance that will never go up in cost nor down in death benefits. It's important to remember that Colonial Penn offers units in the amount of 9.95 each. The scoring formula takes into account consumer experience, financial strength ratings and complaint data. These ratings indicate an insurers ability to pay future claims. We advise highly against it. Advocating seniors about life insurance products mostly for burial insurance you would figure a person who promotes a message like this would be a little more accessible. Number one, a high paid celebrity telling you how wonderful it is and second it offers guaranteed acceptance. Colonial Life costs can be expensive compared to other insurance companies' rates. Lisa Green leads the life insurance team and oversees insurance-focused data journalism at NerdWallet. The Alex Trebek commercial for life insurance comes in at $9.95 per unit. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. Colonial Penn commercials with Jonathan Lawson are overpriced and your coverage is limited. Many people miss that major detail. Over more than a decade, he's worked in everything from banks to tech startups. For many years, Alex Trebek was the face of Penn Life Insurance Company. How Much is a Unit of Colonial Penn Life Insurance Worth Anyway? Colonial Penn sells units of coverage; the unit premium never changes, and they sell between one and eight units. They put you in front of the most benefit rich and affordable final expense plans you can buy. 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. This indicates whether an insurer allows you to apply for and buy a policy completely online. Guaranteed coverage available to applicants up to age 85. Your cost does not change whether you have a independent agent or not. Because it affects not only the policyowner but their loved onesdont be surprised if I bring the heat in this review!! All financial products, shopping products and services are presented without warranty. Maple Valley Insurance Group Rating of Colonial Penn 995 Life Insurance = D. You dont pay anything for their services, the insurance companies do that part. Rates are regulated by the state. The application asks health questions, but the insurer doesnt require a medical exam. This is not term life insurance which typically expires by age 75 or 80. Understand thisall limitations are applied to anyone who buys this type of policy. In addition, we will look into Johnathan Lawson Colonial Penn commercials and the impact that may have on your buying decision. How much does Colonial Penn pay Alex Trebek? However, this does not influence our evaluations. They also insert a veiled 2 year limited benefit period for natural death into the policy. 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. The 30 day money back guarantee, well that comes from the department of insurance in each state. Just be sure to keep up your premium payments. Now, Ive covered one of the problems with the Colonial Penn, Alex Trebek insurance commerical. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. 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. No-exam policies dont require a medical exam. Before launching his career in the insurance industry, he was a music producer. We work with dozens of the top life insurance carriers so I can attest to this next fact. Heres the breakdown: Complaints. Life insurance is priced based on your age at purchase/approval and how much protection your family needs. 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. The. Did you know these 3 key points prior to doing your research here? These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. 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. $2,083 in coverage. Life insurance is a giant money pool each policyholder pays into. The vast majority of people 50-85 do not need guaranteed acceptance life insurance. Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. I can tell you that in the late 90s, the average, burial policy I sold was about $7000. Power of attorney is acceptable. 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. 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. In our life insurance reviews, our editorial team considers the customer and the insurer. They are not going to help you get the best insurance at the lowest price. Well help you decide. He has over a decade of experience in finance, with previous roles at Barclays, The Motley Fool and Gartner. What to understand about Colonial Penn $9.95 Life Insurance units. He has presented his work at the Gartner Marketing Symposium/Xpo and Accountex. If you perish due to an accident such as a car wreck or slip and fall, Colonial Penn would be obligated to pay the full policy amount. About 85% or more of you reading this article would more than likely be able to qualify for the full, level benefit life insurance with the right insurance company. Save my name, email, and website in this browser for the next time I comment. No medical exam is the norm. How Much Insurance Do You Get From Colonial Penn For $9.95 A Month? 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. The $9.95 per unit life insurance product is a no medical question, life insurance product. Let's say you are a 70-year-old male and in pretty good health. At The Tennessean, she was part of a 2011 Pulitzer Prize finalist team for coverage of devastating floods in Middle Tennessee. The amount of life insurance you can get from Colonial Penn for $9.95 a month depends on your age and gender. As mentioned earlier, you are buying a unit of insurance, not a death benefit amount. 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. Youre certainly welcome to experiment with the instant quote tool on this page. The insurer says throughout its website and in commercials that premiums can be locked in for as little as $9.95 a month, but this price will earn you less than $700 in coverage. But healthy people can generally get better prices from companies that consider more medical information when setting rates. Simply judge your health compared to your peers (Excellent, Decent, Poor) and less than a minute you will know what all the top life insurance companies will charge compared to the policy endorsed by the late Mr. Trebek. Find out what is really available to you. His work has appeared in The Week, The Washington Post and other national news outlets. Plenty of people have told me they just paid over 10k in funeral costs alone in this past year (2022). However, you need to know the true value of the units. 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. 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. Each rate shown is a quote based on information provided by the carrier. You just have to realize $9.95 is a teaser rate to capture your interest in the product. Any questions you have, feel free to give us a call at 269-244-3420. Guaranteed issue life insurance: Is it worth it? 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. That's a shocking statement, but it's true. 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. For context, one unit may earn you less than $700 in coverage and costs $9.95. Colonial Penn TV Commercial: "Call Sooner" In this commercial, the latest Colonial Penn actor, Jonathan Lawson, makes the pitch. Bottom line: With a high volume of complaints and relatively low coverage limits, youll likely find better options elsewhere. If you watched the video above, you may have noticed that the cost per unit has increased nearly 50% in the last 20 years or so. 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. With all whole life insurance, rate locks for your lifetime are a standard feature. Those who call for information about the life insurance plan will also receive a free Beneficiary Planner courtesy of Colonial Penn. Does Colonial Penn life insurance accept all seniors on this 995 plan? Insurance companies negotiate premiums charged with your States Department of Insurance officials. Never try to sort this out on your own or call an insurance company home office like Colonial Penn. One unit does not buy enough insurance to scratch the cost of a cremation let alone a full funeral. This means that they may not be able to purchase a enough financial protection (death benefits) to ensure their goals are met. Lead Writer | Life insurance, auto insurance, insurance data. The intention is to get you to call up Colonial Penn and just buy the policy. However, they never talk about the age and how as you get older the unit you can buy decreases in coverage. In addition, if you are in good health the coverage is limited and the premiums are too high. 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. 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. 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. Would you buy a policy that is probably not in your familys best interest because it has a paid, Alex Trebek paid endorsement on it? Coverage is limited, no health questions, and a confusing price per unit. However, the chronic illness option isn't available to applicants ages 65 to 75. Most of them are from overcharging customers accounts, not sending the right death benefit to the grieving family because of the wrong unit, and just incompetent customer service. The fact is, any kind of guaranteed issue life insurance, regardless of the insurance carrier simply cannot claim this. We have updated these pricing tables for 2023. It is written in the policy they mail you once your purchase coverage. He is another new actor or pitchman like Alex Trebek that are promoting and marketing Colonial Penns TV Commercials. Because all life insurance companies have different health questions. Guaranteed Acceptance coverage hands you a three fold penalty. How Does the GlicRX Discount Drug Card Work? Just because you are a senior does not mean that you are one of these candidates. 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. About the author: Andrew Marder is a NerdWallet authority on insurance. Misunderstanding life insurance policy limitations and features combined with the overall costs of ownership are the common mistakes of consumers. How do I file a complaint against Colonial Penn. MORE: Guaranteed issue life insurance: Is it worth it? Learn how your comment data is processed. In addition, misleading Tv Commercials from paid spokesmen like Jonathan Lawson and previously Alex Trebek, you have clients that complain about this product 3-4 times more than the average life insurance companies in the industry. If you are looking for life insurance coverage, dont go to Colonial Penn. 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