Alex Trebek’s life insurance commercials have been off the air since his death, but you can still find his face in some Colonial Penn commercials.
In short, Penn Colonial coverage is expensive and comes with a 2-year waiting period for most applicants.
It’s a shocking statement, but it’s true.
In this Alex Trebek review, you’ll learn how each policy works, see prices, and how you can find better coverage at a lower cost.
how does alex trebek’s life insurance work?
alex trebek was a paid spokesman for penn colonial life insurance. Since his death, Colonial Penn’s Jonathan Lawson has become the lead actor in his commercials.
colonial penn primarily promotes guaranteed acceptance whole life insurance that costs only $9.95 per unit.
They also have a simplified issue whole life policy, but it requires you to answer health questions to qualify.
none of their policies require an exam, and you can buy by phone or mail.
Guaranteed acceptance (no health questions)
The most popular Alex Trebek insurance plan is the Guaranteed Acceptance option that does not require you to answer any medical questions. Simply put, you are guaranteed to be approved.
Because coverage is guaranteed, there is a two-year waiting period. During the waiting period, Colonial Penn will not pay a death benefit for any non-accidental death.
Instead, they refund 108% of your premiums. after two years, the full death benefit is paid for any reason in the future.
It is a lifetime policy, so its operation is very basic. premiums cannot increase, cannot expire due to age. coverage is guaranteed to never decrease and builds cash value.
This plan is only available to seniors ages 50-85 (in New York, 75 is the maximum age) and is sold on a unit system.
perhaps you are wondering: what is a unit?
a colonial penn unit refers to a fixed amount of life insurance for which a person is insured at a fixed cost. no matter what, a single unit costs everyone just $9.95 per month. the amount of insurance you get per unit varies based on your age and gender.
is a strange way to price insurance. there is no other life insurance company that quotes its coverage with a unitary system.
here is an example to illustrate how your unit system works.
An 80-year-old man will pay $9.95 a month for a unit (everyone pays $9.95). that unit will provide you with $426 of life insurance.
If you wanted five units, you would pay $49.75 per month (5 x $9.95) and have a total of $2,130 in life insurance ($426 x 5) on those five units.
The other thing to remember about this particular alex trebek insurance program is that 12 units is the most you can buy.
How does this plan compare to other providers?
the bottom line is this. colonial penn insurance is expensive, has a mandatory 2-year waiting period, and you can’t buy much coverage. you can get cheaper coverage elsewhere, and there’s a good chance you can avoid a waiting period. Call us at 1-800-644-2926 and we’ll show you the best deals and how they compare to alex trebek.
alex trebek guaranteed acceptance prices
Below is a graph illustrating how little coverage each Alex Trebek Colonial Penn unit receives.
alex trebek whole life insurance
alex trebek whole life insurance is a simplified issue plan where your eligibility is based on your answers to health questions. Unlike their guaranteed acceptance plan, if you qualify for this plan, there is no waiting period and it is much less expensive.
This plan is available in amounts from $10,000 to $50,000 for seniors ages 40-75, and you must again medically qualify for it. You won’t have to take an exam, but you will have to complete a health questionnaire.
In addition to health questions, Colonial Penn will review your medical history. it usually takes a few business days to confirm if this plan is approved or denied.
Like the guaranteed acceptance plan, it is a lifetime policy, which means:
- will never expire.
- fees will not increase.
- cover will not decrease in value.
- builds cash value you can withdraw.
This plan may sound great (it’s much better than their $9.95 gimmick plan), but unfortunately it’s out of reach for most applicants.
Underwriting on this alex trebek whole life policy is strict. older people with everyday health problems often don’t qualify. Essentially, you must be in impeccable health to be approved for this coverage.
How does this plan compare to other providers?
Your whole life insurance is moderately to fairly priced. To be clear, you can certainly get lower rates on whole life insurance from other companies. quote on this website or call us at 1-800-644-2926. one of our agents will give you a comparison to penn colonial so you can see how much less you could be paying.
how much does alex trebek whole life insurance cost?
Depending on your age, gender, and how much coverage you want, alex trebek whole life insurance will cost between $18.22 and $576.44 per month. the minimum you must buy is $10,000 and the maximum is $50,000.
There are many burial life insurance companies that offer better rates. Not to mention, there are dozens of other premium subscription companies that actually approve of seniors with health issues.
Below is a table showing some sample rates for this whole life plan.
no term life insurance
At one point Colonial Penn offered term life insurance. however, they discontinued that product and currently only sell whole life insurance.
That’s actually a good thing because buying term insurance to cover funeral costs is rarely a good idea.
Most term insurance plans expire around age 80. if you outlive a term policy (which most people do), you will no longer have life insurance to cover your final expenses.
And while you can get life insurance at age 80, it can be expensive and potentially have a waiting period.
how does alex trebek’s rate lock work?
when alex trebek mentions “rate lock”, he is referring to his whole life insurance.
all permanent life insurance, from all companies, have a fixed rate. Colonial Penn is not alone with this “benefit.” No matter who you buy whole life insurance from, the rate will stay the same for life.
how to find better coverage compared to life insurance advertised by alex trebek
If you purchase alex trebek coverage, you will certainly pay more than you would elsewhere.
A basic chart of colonial rates clearly illustrates how expensive they are.
also, you will likely have an unnecessary waiting period of 2 years.
To find better coverage, you should work with an independent insurance agency that represents at least ten or more insurance companies.
Your job is nothing more than comparing offers from various providers to find the best one.
Do you like to “shop around” before buying a product or service?
If so, working with an independent agency is just that. the only difference is that they do the shopping for you.
and don’t worry. It doesn’t cost you anything to work with an agency, and insurance doesn’t cost more.
Make sure you’re dealing with an agency with extensive experience and an excellent online reputation. Also, make sure they represent ten or more life insurance companies.
then tell them what you’re looking for and let them get to work.
here at choice mutual we can help you. we work with over 15 different carriers, we are honest and have hundreds of positive reviews online.
Below are some real reviews from our customers.
Call us at 1-800-644-2926 and one of our friendly agents will answer your questions and find you the best policy on the market.
frequently asked questions
We are frequently asked various questions about alex trebek insurance company. Below are the most common ones we hear about.
If you have other questions not covered in this article, please call us at 1-800-644-2926 and we’ll be happy to answer your questions.