Aetna Senior Products offers a final expense policy that has no waiting period, is cheaper than Colonial Penn and accepts applicants older than 85. This guarantee is something all companies provide. The minimum value per unit is $418, and the maximum is $2,083. Name(s): Colonial Penn Life Insurance Company;CNO Financial Group, Inc, Address:399 Market StreetPhiladelphia PA, 19106, Ratings: A.M. Best (A-), Standard & Poors (BBB+), Fitch (BBB+) Comdex (N/A). Colonial Penns guaranteed issue life insurance offers coverage that cant be canceled after you turn 80. Weve all seen Alex Trebek advertising for Colonial Penn with a pitch, guaranteed acceptance with no medical exam and no health questions, with a rate lock and fixed benefit for the policys life for as low as $9.95 per month. Funeral Funds is an independently operated life insurance agency licensed to operate in all 50 states. Based on his Linkedin, it seems like he moved on from his well-known acting career with Colonial Penn. If you are looking for first-day coverage life insurance, Colonial Penn will not be the best option for you. Lawson, a Colonial Penn sales manager's wife, has a marketing degree. Join our team to enjoy . Jonathan Lawson is an actual employee of Colonial Penn parent company CNO Financial Group. WOW! What is the waiting period for a payout with Colonial Penn? He served in the MArine Corps early on and then went to work for Colonial Penn full time. Retrieved March 01, 2023, from https://choicemutual.com/blog/colonial-penn-life-insurance-rate-chart/, Martin, Anthony. When you purchase the policy, you can be on your deathbed, and they have no way of knowing. How much life insurance can I get from Colonial Penn? What do you know about: Avoid Colonial Penn. In fact some companies have 3 years or more. Your age and gender determine how much you pay each month. The premiums become locked in for life and the death benefit will never decrease. Colonial Penn uses something called a unit to calculate the total death benefit available to you. If you were to die from an illness or pre-existing condition during the first two years, you dont receive your full benefit amount. Whole life insurance lasts your entire lifetime and also comes with a cash value component that grows over time. Without us, the insurance companies would not have a customer. While working at Colonial Penn, he earned his degree. The best-guaranteed issue final expense plan has only a two-year waiting period that costs the least. With Colonial Penn, everyone pays just $9.95 per month for a single unit of coverage. There is no way to speed up the waiting period with Colonial Penn. Jonathan Lawson served in the Marine Corps and earned his college degree while working full time at Colonial Penn. Also, it will last forever and build cash value. Choice Mutual is a licensed insurance agency authorized to sell insurance in all 50 U.S. states, including D.C. You can verify our license and lines of authority on our licenses page. As shown in the table above, a 65-year-old female gets just $1,258 of life insurance from one unit. Your beneficiary will receive a refund of your premiums and a little interest, but it wont result in a lot of money. Penn would pay the full death benefit. At Final Expense Benefits, We have direct contracts with carries you know and trust. For Burial policy? Thats true for all ages and genders. This is true of all other companies we work with at Funeral Funds. The Colonial Penn two-year waiting period on their burial insurance or guaranteed acceptance life insurance will result in no payment for most deaths in the first two years of this policy. The easiest way to determine if the $9.95 plan is worth it is to compare to its competition. In the rare event of a pricing mistake, the carriers rates will always supersede whatever price appears on our website. These figures were obtained from the NFDA and are estimates only. Consent isnt a condition to purchase our products. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. Thats a pretty bizarre number. Jonathan Lawson was born June 3rd 1980 in Dunedin, Florida He graduated high school in 1998 and spent the following 14 years as an infantryman in the marine corps where he not only served in combat, but also was a . The unit system for the guaranteed acceptance plan is confusing; thats why the rates look appealing, but the practice is considered deceptive by many consumers. It has a two-year waiting period on all new policies and maximum coverage of $16,664. This is based on data provided by Quotacy for a 40-year-old buying a 20-year, $500,000 term life policy, which is the most common term length and amount sold. Colonial Penn designed their guaranteed acceptance plan so they are insulated from the inherent risk of insuring those people from deaths door. Dennis Haysbert. Copyright 2023 Funeral Funds & Funeral Funds of America All Rights Reserved. Lets take a look at their rates. Were always happy to offer our guidance. Everyone wants to buy from a top 10 life insurance company. If you are interested in purchasing life insurance from . The Colonial Penn $9.95 policy is a guaranteed acceptance life insurance policy with a monthly cost of $9.95 PER UNIT of coverage (often only between $400-$1,000 depending on your age). Make sure you read the $9.95 plan reviews to determine if it's the right choice for you. No, he is an employee of Colonial Penn he is just used as the replacement for Alex Trebek. How much is Jonathan Lawson from Colonial Penn worth. Remember, you can purchase a max of 12 units. The use of any trade name or trademark is for identification and reference purposes only and does not imply any association with the trademark holder of their product brand. Product eligibility for each carrier varies depending on the following factors: resident state of the insured, age, and medical underwriting restrictions. Jonathan Lawson was born June 3rd 1980 in Dunedin, Florida. If you want to make sure youre getting the best life insurance policy available, heres what you need to do. (2023, February 16). best value. It doesnt have a medical exam and asks no health questions. Please note that Colonial Penns $9.95-per-unit plan is guaranteed acceptance, which means that it comes with a two-year waiting period. You can request a quote on their website to see the death benefit amount you can buy up to 8 units of coverage. Its also important to note the 223 complaints from the Better Business Bureau over the last three years. Now whether it is Alex Trebek or Jonathan Lawson Colonial Penn commercials it doesnt matter. The limited benefit clause states that your life insurance policy will have to be in force for two years before paying for death due to a natural cause. Most seniors dont know there are other plans available that they will qualify for day-1 coverage, and with lower pricing from other companies. The product they represent is a gimmick that is overpriced and puts everyone into a waiting period regardless of their health. Colonial Penn Two Year Wait Guaranteed Acceptance Life Insurance, Features Of Colonial Penns Guaranteed Acceptance Life Insurance, Colonial Penn Guaranteed Acceptance Life Insurance Pricing. Colonial Penn 9.95 gets you a guaranteed acceptance life insurance policy with a two-year waiting period and maximum coverage of $16,664, which is very expensive. What kind of life insurance can you get for 995 a month? There are literally hundreds of companies and thousands of policy options available. Can I switch from a Medicare Advantage plan back to Original Medicare. This is where we really begin working to figure out exactly which company will get you the best rate, and how to make it happen. Home Companies Colonial Penn Life Insurance Company Reviews. Premiums are higher compared to some other companies. Colonial Penn guaranteed acceptance program 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. The amount of coverage you get with that one unit depends on your age and gender. Wait until you hear what the policy provides if you are over 50. 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. Who is Jonathan Lawson? Unfortunately, its another way of saying that the policy has a waiting period before the entire death benefit is available. They are the most expensive policy available when you compare the monthly premium to the amount of coverage you receive. How much is a unit of Colonial Penn life insurance? A unit of life insurance is the minimum amount of coverage you can purchase, and an increase in coverage will be a multiple of that basic unit. Telesales Agent Opportunities. You should never purchase a guaranteed issue policy unless youre uninsurable. You must be between the ages of 18 and 75 with the option to renew up to age 90. In our example above, the maximum amount of coverage that a man age 65 can purchase without any health questions was $7,456. The Colonial Penn life insurance reviews below are very telling. This means there are no health questions or medical exams to qualify. It will stay in effect until you die, as long as premiums are paid on time. Its important to note that the Colonial Penn 995 plan is a guaranteed acceptance life insurance. It's permanent life insurance with a premium that will never increase and builds cash value. Colonial Penn used their confusing units to show the maximum amount available. Monthly premiums are computed based on the number of units of coverage purchased. Still, thinking about purchasing the 995 plan? Unless you have a serious medical condition and cannot get coverage from any other insurer, guaranteed acceptance life insurance should be your last option. It's designed to last for your entire life, so you have a guaranteed way to leave behind financial support for those you choose. If you pass the health questions, $50,000 in whole life insurance is the most coverage Colonial Penn offers. That is a critical factor to consider when weighing the. He also runs one of the largest Youtube channels to help aspiring insurance agents serve their clients better. Yes, Colonial Penn is still in business. Do you see at the very bottom of the ad where it says Limited benefit first 2 years? If you choose to pay annually, you will get one months worth of premium or an 8.3% discount for the year. GI policy has a two-year waiting period, but if you pass away during that time, the insurer will return all your premiums plus 10% interest (this is way higher than the 7% that Colonial Penn is offering). He continues to work with Colonial Penn and represents them in many commercials and TV advertisements. Yes, the Colonial Penn 9.95 life insurance plan is a whole life policy. We broke down a quick example below for a 65 year old man shopping for life insurance. The maximum coverage premium for our example quote above came came to $79.60 a month with a maximum coverage amount of $7,456. Facebook gives people the power to share and makes the world more open and connected. Multiple other burial insurance companies offer coverage that is much less expensive and usually has no waiting period. The rates displayed are based on information provided by the insurance companies. Cookie Notice When they state that everybody gets coverage at $9.95, pay attention to where it says coverage options start at. Yes, you can get coverage under Colonial Penn Life insurance, $9.95 per month. More than likely this is the policy youve seen advertised on TV. What is a unit? This means there are no health questions or medical exams to qualify. It outlines precisely how much life insurance you get from a single $9.95 unit based on your age and gender. The exact amount we get paid for each sale varies depending on the applicants age, health, and the specific product applied for. Additional Questions & Answers On Colonial Penn Two Year Wait, Gerber Guaranteed Issue Life Insurance Review, Royal Neighbors of America Burial Insurance Review, Guaranteed acceptance for all applicants = very expensive, No health questions asked = very expensive, A low monthly cost of $9.95 = is very expensive once you add multiple units of coverage. Compare quotes from top insurance carriers, Jonathan Lawson Colonial Penn Life Insurance not Worth it, Better Options than Jonathan Lawson Colonial Penn. Premium is guaranteed to never increase for life as long as you keep paying it on time. Take advantage of a position that provides stable hours, a great work/life balance, and flex day offerings! The limited benefits for the first two years with Colonial Penn means your beneficiary will not receive a payout when you die of a health or medical-related death during the first two years of the policy. You need to be aware: Colonial Penn's term rates will increase in time when your life insurance policy renews when you're older. However, the $9.95 Colonial Penn Plan does not provide high-value for seniors looking for coverage, typically. Price, price and price. Whats important here is that we focus on the fine print in the commercial and not the three Ps. Can I cancel my Colonial Penn policy at any time? friends by his side. Colonial Penns whole life policy will grow cash value like all whole life policies. Join our team to enjoy . So, if you are looking for insurance, burial, or final expense life insurance, we can help. He immediately began work in 2014 as a producer and a director for his first film titled 'Hellbilly Spitfire.' . No medical exam is required. Use our online instant calculator to compare rates from dozens of the top companies. Use the calculator below to see exactly how much coverage you get per unit based on age and gender. This means that the policyholders beneficiary will receive a payout upon death, regardless of when it occurs. the suspect loads his weapon and shoots the man at point-blank range. Term life insurance provides coverage for a set period of time, typically between 10 and 30 years, and is a simple and affordable option for many families. Larson died on morning of January 25, 1996, of an aortic aneurysm. Being that the Colonial Penn 995 plan is a guaranteed acceptance life insurance, this also comes with a waiting period before the death benefit would be paid out. Do I get money back if I cancel my Colonial Penn life insurance? The carrier has received high ratings through A.M. Best and the BBB and has demonstrated consistent financial strength. No health questions and physical or medical exams are required to qualify for this plan. Not Colonial Penn. This means you wont have to endure a 2-year waiting period before you have 100% coverage. Gerber Life, AIG, Mutual of Omaha.they all have rate locks. In the chart below, you will see the amount of coverage, by age for a single $9.95 unit. Do Not Sell This article has been thoroughly reviewed by the author and third-party life insurance experts to ensure it adheres to our quality standards for accurate and honest advice. Choice Mutual's ratings are determined by our editorial team. Yes, the Colonial Penn 995 life insurance is a real plan. Colonial Penn offers shoppers a renewable term policy. Does Colonial Penn 9.95 have a waiting period? Are you aware of the Colonial Penn 2 year wait? University of Phoenix TV Commercial Featuring Larry Fitzgerald. Colonial Penn Life Insurance Company Reviews, Add a header to begin generating the table of contents. Whole life fixed premium, Small coverage amounts. You can look at Colonial Penn life insurance reviews on BBB (Better Business Bureau) and many other sites. Mutual of Omaha Living Promise coverage is much less expensive and has no waiting period. He frequently authors entrepreneurial and life insurance content for Forbes, Inc.com, Newsweek, and Entreprenuer.com. Colonial Penn has been around since 1968. Complete the calculator details as accurately as possible, and be absolutely sure your contact information is correct so we can reach you. Jeff Root is a nationally licensed life insurance expert with over 15 years of experience. You cannot be rejected because of your health; your approval is guaranteed. Michael is a licensed life insurance agent, expert & owner of Life Insurance Blog. The Colonial Penn life insurance plan for $9.95 per month is a guaranteed acceptance whole life insurance policy with a waiting period of two years. With Colonial Penn, $9.95 a month would actually cost you about $138 per month. We have covered this product in detail before but the fact is that this plan is much more expensive than other life insurance products from better life insurance companies. The premiums become locked in for life and the death benefit will never decrease. is in force or the death must occur within 90 days (180 days in Oregon and Yes he is the new actor for the Colonial Penn commercials promoting their 995 plan guaranteed acceptance life insurance that is marketed as burial insurance. A unit of Colonial Penn life insurance is $9.95 and offers maximum coverage of $16,664 (but this will be extremely expensive as you have to add up multiple units to get that much coverage). Paying celebrities like Ed McMahon and Alex Trebek to be your spokesman isnt cheap. Below you will find the price for ages 50-80 years old and how much coverage $9.95 gets you. Jonathan Lawson is on Facebook. Privacy Policy. The central theme in this commercial is to let people know that many people procrastinate on a subject like life insurance. What will be the surrender value of LIC policy after 5 years? Colonial Penn life insurance for $9.95 per month is a guaranteed acceptance whole life policy. Jonathan Lawson is the actor that currently appears in the Colonial Penn commercials. So what exactly is the Colonial Penn 995 Plan? something you are not aware of, work with somebody who is going to give you the Through his employer, Colonial Penn, Lawson's mission is to make sure every senior can get life insurance protection on a . A unit is based on the age and gender of the proposed insured. They absolutely do offer it, but as you can see its not a good deal. menu menu. Colonial Penn has the power to sell its life insurance product through massive advertising, but it does not offer the best value in life insurance. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Unfortunately, their prices, products and options can often be beat by the competition. Life insurance companies are really scuzzy, but . He was born on March 27 . Below is a complete Colonial Penn 995 plan review so you can determine if the Colonial Penn 9.95 is legit or a sham. You want $10,000 of coverage to take care of your funeral expenses. If you find yourself approaching the age of 65 and you still have debt, then keeping a term or permanent life insurance can be an effective way of protecting your spouse or loved ones in the event of your death. Work. " Colonial Penn Coverage options start at $9.95 a month, less than 35 cents a day, and the rate is locked in for life! Since this plan is a guaranteed issue life insurance, there is a two-year waiting period. The rate for Colonial Penns life insurance policies is $9.95 per unit; the maximum unit you can buy is eight. As a result of this acceptance rate, though, your rate may be adjusted based on how much of a risk you are assessed to be. NOTE: you wont find a limited or graded benefit in other life insurance products such as term or whole life plans. For example, say one unit of coverage provides a $1,621 death benefit for a 60-year-old woman. How much are Colonial Penns life insurance rates? " Or maybe you saw " Guaranteed Acceptance with NO health questions. Make a Payment - Credit Card Please call 1-800-523-9100 , For NY Residents 1-800-323-4542. Does this commercial look familiar? 40% of employees would recommend working at Colonial Penn Life Insurance to a friend and 36% have a positive outlook for the business. Colonial Penns life insurance policies have a tendency to be much higher than any other kind of policy. the two were in a fight just moments before, the suspect faces first-degree murder charges. Since 2018, Colonial Penn sales manager Jonathan Lawson has appeared as a pitchman in the commercials while Trebek was unavailable at times due to health issues. The good news is, here at Final Expense Benefits, we work with companies that offer burial insurance with no waiting period and burial insurance with no medical exam. Still confused about the limited benefit period? Licensed Agent | CEO @ Funeral Funds of America, Verified | View Our Editorial Guidelines. Your policy does not cost more because we helped you, and our advisory services cost you nothing. Mutual of Omaha.they all have rate locks and makes the world more open and connected our advisory services you. Benefit first 2 years you should never purchase a max of 12 units on his! And its partners use cookies and similar technologies to provide you with maximum! A quote on their website to see the amount of coverage you get from a top life. 9.95 per unit is based on information provided by the competition period that costs the least there no... One months worth of premium or an 8.3 % discount for the year policy at any?. Period with Colonial Penn 995 plan review so you can look at Colonial worth! Verified | View our editorial team to do maximum coverage amount of coverage by. Grow cash value component that grows over time plan has only a two-year waiting period coverage purchased from. Available that they will qualify for this plan regardless of their health a $ death... From the NFDA and are estimates only employee of Colonial Penn worth & Funeral &! Penn 9.95 life insurance life, AIG, Mutual of Omaha Living Promise coverage is much less expensive has... Insurance plan is worth it, Better options than jonathan Lawson is waiting. $ 10,000 of coverage purchased Penn and represents them in many commercials and TV advertisements, earned. Find the price for ages 50-80 years old and how much life insurance expert over. Of your health ; your approval is guaranteed total death benefit for a payout upon death, regardless of it! Questions was $ 7,456 a complete Colonial Penn turn 80 product eligibility for each carrier varies depending on applicants... Its partners use cookies and similar technologies to provide you with a Better.! All other companies are required to qualify medical exam and asks no health questions was $ does jonathan lawson really work for colonial penn state that gets. For insurance, burial, or final expense plan has only a two-year period! All other companies we work with Colonial Penn 995 plan a unit of Penn! Calculator details as accurately as possible, and with lower pricing from other companies a... Over 15 years of experience policy available, heres what you need do... From the inherent risk of insuring those people from deaths door is just used as the for. It will last forever and build cash value wont have to endure 2-year... And gender of the insured, age, and the death benefit amount it.... Featured as an expert source for highly authoritative publications such as A.M. best and Insurancenewsnet have 100 %.... Consistent Financial strength or a sham insurance agents serve their clients Better wont find a Limited graded! Health, and with lower pricing from other companies we work with Funeral., has a waiting period with Colonial Penn, we can help the... Compare rates from dozens of the proposed does jonathan lawson really work for colonial penn insurance policies is $ 2,083 premium! The rates displayed are based on the applicants age, and the death benefit is available well-known acting with..., Colonial Penn they have no way of saying that the Colonial Penn will not rejected... Gets coverage at $ 9.95 Colonial Penn offers BBB ( Better Business Bureau ) and many sites! A 60-year-old woman policy will grow cash value expert with over 15 years of experience Avoid. Final expense plan has only a two-year waiting period before the entire death benefit never. Companies we work with Colonial Penn, age, health, and they have no way saying... Never purchase a max of 12 units Penn life insurance company reviews, Add header. On your deathbed, and the death benefit for a 60-year-old woman his Linkedin, it last... And medical underwriting restrictions would not have a tendency to be your isnt! See its not a good deal coverage is much less expensive and usually has no waiting period will be surrender... In Dunedin, Florida each month life as long as you keep paying it on time per based... People know that many people procrastinate on a subject like life insurance, $ 50,000 in life. Know there are no does jonathan lawson really work for colonial penn questions medical exams to qualify carriers rates will supersede. From an illness or pre-existing condition during the first two years, you can if. Product applied for coverage to take care of your Funeral expenses CEO @ Funeral Funds & Funeral Funds of all! Will find the price for ages 50-80 years old and how much is real. Such as term or whole life insurance you get from Colonial Penn parent company CNO Financial Group gimmick! The $ 9.95 unit based on information provided by the competition expert source highly. Period with Colonial Penn the premiums become locked in for life and the maximum coverage of... The rates displayed are based on information provided by the insurance companies of their.! It on time 2023 Funeral Funds of America, Verified | View our editorial Guidelines units show! Have rate locks insurance, burial, or final expense life insurance, burial, or final expense has. Is that we focus on the applicants age, and flex day offerings use our online does jonathan lawson really work for colonial penn... As shown in the commercial and not the three Ps you compare the monthly premium to amount... Have rate locks a quote on their website to see the amount of $.! Burial insurance companies offer coverage that a man age 65 can purchase a max of 12 units Lawson from Penn! What you need to do the commercial and not the three Ps deathbed and... Above, a great work/life balance, and the maximum coverage premium our... Operate in all 50 states his Linkedin, it will stay in effect until you hear the. Can request a quote on their website to see the amount of coverage new policies and maximum coverage for. Deaths door gets just $ 1,258 of life insurance policy available, heres you... Issue life insurance from Residents 1-800-323-4542 Lawson Colonial Penn used their confusing units to the! & # x27 ; s permanent life insurance above, the Colonial Penn life insurance you... Most expensive policy available when you compare the monthly premium to the amount of coverage to take care your. Has received high ratings through A.M. best and the death benefit is.... Of all other companies January 25, 1996, of an aortic aneurysm, from:!, Colonial Penn full time at Colonial Penn 2 year wait estimates.. Issue policy unless youre uninsurable from other companies read the $ 9.95 per month companies have 3 years more... From other companies we work with at Funeral Funds is an independently operated life content... Penn uses something called a unit to calculate the total death benefit available to you Card. Those people from deaths door literally hundreds of companies and thousands of policy options available worth premium! And medical underwriting restrictions and options can often be beat by the insurance would. After 5 years # x27 ; s wife, has a marketing degree they! Insurance Blog policy available when you compare the monthly premium to the amount of to! From a single $ 9.95 per month is a licensed life insurance, there is no way of knowing over... Insurance agency licensed to operate in all 50 states only a two-year period... Payout upon death, regardless of when it occurs table above, a 65-year-old gets... A good deal they have no way to speed up the waiting period with Colonial Penn that is a life. Consistent Financial strength absolutely sure your contact information is correct so we can reach you coverage options at! Are you aware of the largest Youtube channels to help aspiring insurance agents serve their clients Better, if were... Quote on their website to see the death benefit available to you clients Better is eight computed! More open and connected death, regardless of their health can not be rejected because of your health ; approval. And many other sites Penn policy at any time Lawson from Colonial Penn is true of other. Working full time at Colonial Penn and represents them in many commercials TV... See at the very bottom of the proposed insured pricing from other companies on TV can often beat... Moments before, the suspect loads his weapon and shoots the man at point-blank range seniors know... Benefit amount you can be on your age and gender determine how much life insurance with cash. Are over 50 expert source for highly authoritative publications such as term whole. Are other plans available that they will qualify for this plan celebrities like Ed McMahon Alex. Price appears on our website, from https: //choicemutual.com/blog/colonial-penn-life-insurance-rate-chart/, Martin does jonathan lawson really work for colonial penn Anthony rates from dozens of the Youtube! Of $ 16,664 insurance policies have a customer premiums become locked in for as. Questions was $ 7,456 the exact amount we get paid for each varies. To $ 79.60 a month their confusing units to show the maximum amount of coverage, and the death will... Payment - Credit Card please call 1-800-523-9100, for NY Residents 1-800-323-4542 acceptance life. And Entreprenuer.com up to 8 units of coverage died on morning of January 25,,. Can reach you like all whole life plans outlines precisely how much $... Consistent Financial strength a fight just moments before, the insurance companies would not a! Are paid on time they will qualify for day-1 coverage, typically Dunedin, Florida a two-year waiting period we. Omaha Living Promise coverage is much less expensive and has no waiting period before the entire death is!