" Or maybe you saw " Guaranteed Acceptance with NO health questions. Our mission is to provide credible content written and fact-checked by verifiable experts to educate consumers like yourself. 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. Whether youre 50 or 70, male or female, the price is just $9.95 monthly. Life insurance companies are really scuzzy, but . It has a two-year waiting period on all new policies and maximum coverage of $16,664. Colonial Penn term life face amounts go up to $50,000. For example, say one unit of coverage provides a $1,621 death benefit for a 60-year-old woman. They do this by not providing full coverage for the first two years of the policy for natural causes of death. What happens if I stop paying premiums to my Colonial Penn plan? Any loan amount and interest not repaid at the time of death is deducted from the death benefit. 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. Still confused about the limited benefit period? WOW! Immediate protection for Accidental Death. All guaranteed issue policies have a graded benefit. Did you see the little * that was included in our comparison above? Does Colonial Penn 9.95 have a waiting period? With a life insurance company, you can buy that amount of coverage. That unit is $717 of coverage. A single unit always costs $9.95 whether you are young or old, male or female, smoker or not. They will only refund your premium to your beneficiary plus 7% interest. The central theme in this commercial is to let people know that many people procrastinate on a subject like life insurance. This isnt some special feature that youll only get with Colonial Penn. seniors. In fact some companies have 3 years or more. Larson was found dead by his roommate 10 days before his 36th birthday on the kitchen floor of his home in Manhattan . Through his employer, Colonial Penn, Lawson's mission is to make sure every senior can get life insurance protection on a . Jeff is a best-selling Amazon author and the managing partner of a highly successful insurance brokerage that manages over 2,500 licensed insurance agents across the USA. In conclusion, Jonathan Lawson from Colonial Penn is a trusted face of the company and has been helping seniors over 50 years old find life insurance options for many years. My agents and I are highly trained in the underwriting niches of burial insurance companies. Keep reading or use our easy table of contents below and jump right to the topics youre searching for. These figures were obtained from the NFDA and are estimates only. Why would Colonial Penn offer life insurance shoppers this odd coverage amount? The best thing you can do when looking at Colonial Penn or any other life insurance for seniors is to read the $9.95 plan reviews. A unit of the Colonial Penn 995 coverage corresponds to the life insurance benefit amount you receive for $9.95 per month. With Colonial Penn, youll get access to 3 basictypes of life insurance policies. Well, remember, if you are 70 years old, one unit costs $9.95. They very likely could be your best option. How did Lawson describe Native . What kind of life insurance can you get for 995 a month? According to ZoomInfo records, Jonathan Lawson's professional experience began in 1997. How did we get that price? The maximum coverage you can get with Colonial Penn 9.95 is $16,664 (but this will be extremely expensive as you have to add up multiple units to get that much coverage). You dont have to be in perfect health to qualify. 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. Yes, Colonial Penn whole life policies increase in value. The rates displayed are based on information provided by the insurance companies. For example, say one unit of coverage provides a $1,621 death benefit for a 60-year-old woman. The Colonial Penn $9.95 plan is a guaranteed whole-life policy. You can choose to pay monthly, quarterly, semi-annually, or annually. Below is a chart that estimates the cost of $10,000 of coverage. it can range from $1,786 to just $418 of coverage per unit. Not Colonial Penn. Why Not Guaranteed Acceptance Life Insurance? He was born on March 27 . If she bought two units, the monthly cost would be $19.90, and she would have $1,524 of coverage. Life insurance for parents is possible. Retrieved March 01, 2023, from https://choicemutual.com/blog/colonial-penn-life-insurance-rate-chart/, Martin, Anthony. you would need about 14 of those units to add up to $10,000 of coverage. Lets say you are a 70-year-old male and in pretty good health. University of Phoenix TV Commercial Featuring Larry Fitzgerald. Well, Jonathan Lawson wont tell you in the commercial, but we will! 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). Jonathan Lawson is employed by Colonial Penn as a Director of Quality Assurance and Escalations. 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. Copyright 2023, Choice Mutual. Fill out our quote form on this page or call us at (888) 862-9456, and we can give you an accurate burial insurance quote. Is Colonial life and Colonial Penn the same company? Well help you find the best company you can qualify for. The minimum age to apply for Colonial Penn is 50 years old. 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. Yes, Jonathan Lawson is a real person. A unit of Colonial Penn life insurance is $9.95. Who is Jonathan Lawson? This rating has decreased by -18% over the last 12 months. If you were to die from an illness or pre-existing condition during the first two years, you dont receive your full benefit amount. ), there are benefits like never having premiums go up or ending abruptly . When you purchase the policy, you can be on your deathbed, and they have no way of knowing. Jonathan Lawson became the official spokesperson of Colonial Penn when Alex Trebek passed away. The deal with Colonial Penn is that they offer a two-year wait on their guaranteed acceptance policy, which is one of the longest wait times in the industry. Colonial Penns plan returned a confusing range of rates based on their units of coverage. . Jonathan Lawson first started working at Colonial Penn in 2014. Colonial Penns guaranteed issue life insurance offers coverage that cant be canceled after you turn 80. The company had been using Alex Trebek as its spokesperson for years, but the late actor passed away in 2020, making a new spokesperson necessary. Remember, you can purchase a max of 12 units. Licenses. In the chart below so you can see how Gerber Life and AIG is straightforward with their maximum coverage. This guarantee is something all companies provide. However, there are no refunds on premiums paid. First of all Colonial Penn is a gimmick not worth buying for any senior period. You can only receive a refund on premiums paid if you cancel your policy within the first 30 days. We are comparing the Top A+ Rated Carriers vs Colonial Penn 995 Plan. Yes, Jonathan Lawson does work at Colonial Penn. " Colonial Penn Coverage options start at $9.95 a month, less than 35 cents a day, and the rate is locked in for life! Coverage lasts a lifetime as long as you keep paying your monthly premiums on time. Its also worth noting that we pay our sales agents a salary rather than on a commission-only basis. Below is a rate chart table that shows the total monthly cost youd pay based on how many units you buy. Not only that, but youll often have significantly lower coverage amounts as the image below shows. And this makes sense when you look at Colonial Penns perspective because they never require a medical exam or health questions to qualify. Later, he worked as a Tele Sales Manager . ode to the vampire mother results; national asset mortgage lawsuit; green tuna paper; mary davis sos band net worth If you are looking for first-day coverage life insurance, Colonial Penn will not be the best option for you. Jonathan Lawson served in the Marine Corps and earned his college degree while working full time at Colonial Penn. Use our online instant calculator to compare rates from dozens of the top companies. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. Gnathan by family and friends, transitioned on July 1, 2018 at Mount. As the ad finishes up, you notice that for just $9.95 per month (less than 35 cents/day! Its important to note that after the two years limited benefit period, Colonial Penn guaranteed acceptance life insurance policy is active. menu menu. Information appearing on this site is for educational purposes. He has been a featured life insurance source for prestigious websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet, and many more. Below is a complete Colonial Penn 995 plan review so you can determine if the Colonial Penn 9.95 is legit or a sham. Do I have to take a medical exam for Colonial Penn 9.95? Can I stay on my parents insurance if I file taxes independently? Get 5 free searches. Colonial Penn, advertised on tv, is a bad life insurance policy. When you hear the word benefit its usually a good thing. ChoiceMutual.com. Those marketing costs get passed down to the consumer. But since his passing, the actor Jonathan Lawson took his spot on the well-known TV commercials for Colonial Penn. Here are three insurance providers that give you much more bang for your buck. Do you see at the very bottom of the ad where it says Limited benefit first 2 years? The minimum value per unit is $418, and the maximum is $2,083. We suggest products based on the needs and desires of the applicant. The easiest way to determine if the $9.95 plan is worth it is to compare to its competition. A unit of coverage with Colonial Penn costs only $9.95. Were always happy to offer our guidance. Learn more about how we make money and other FAQs. Since the passing of Alex Trebek, Jonathan Lawson has become the new front man for the Colonial Penn commercials. For a detailed quote, please contact an agent. It caters to people who don't know that they aren't covered in the first two years, There are many other companies that are better and cheaper to use. The scoring formula takes into account consumer experience, financial strength ratings and complaint data. Each unit will depend on the applicants age, gender and number of units. Can I switch from a Medicare Advantage plan back to Original Medicare. Generally, the payout is the policys face value. 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. Colonial Penn has a 2 year waiting period on their policy. Even if you have some significant health risks, you may qualify for a no medical exam simplified issue policy. The exact amount we get paid for each sale varies depending on the applicants age, health, and the specific product applied for. However, you will need to answer some health questions on the application and you will have a 2-year waiting period where it will not pay for any health or medical-related death. After all, Jonathan Lawson (the actor in their ads) proclaims loud and proud that it costs just $9.95. If you pass the health questions, $50,000 in whole life insurance is the most coverage Colonial Penn offers. Its an odd way to price final expense life insurance. Does Jonathan really work at Colonial Penn? For example, a 75-year-old female gets only $762 of life insurance per unit. A limited benefit period allows the company to offer this type of policy. You can pay your Colonial Penn premiums in several ways, including by check, credit card, or automatic withdrawal. What is the value of a unit of Colonial Penn insurance? Colonial Penn provides shoppers simple and easy life insurance options. The Colonial Penn 9.95 plan has several advertised benefits (which are not great benefits if you want a 1st-day coverage plan with the lowest pricing): Compare Quotes From Top Life Insurance Companies, Mailing AddressPO Box 270179Flower Mound, TX 75027 Yes, Colonial Penn is still in business. You can request a quote on their website to see the death benefit amount you can buy up to 8 units of coverage. Lawson can be found on LinkedIn, but his actual job is unclear. Since the price per unit is fixed, the amount of coverage available per unit decreases as you grow older. Do Not Sell This is pretty standard for guaranteed issue final expense life insurance policies. Lets compare Colonial Penn life insurance $9.95 per month plan coverage to the same amount but with Mutual of Omaha. However, youre probably paying more for less coverage. We do earn a commission from the sale of insurance products seen on this website. Paying celebrities like Ed McMahon and Alex Trebek to be your spokesman isnt cheap. There are no medical exams and every applicant pays the same rates regardless of age, gender, or pre-existing conditions. Unlike other life insurance providers that do not indicate a two-year limited benefit period, Colonial Penn clearly states on their terms and conditions that life insurance death benefits will not be paid out to the beneficiaries if the insured passes away within the first two years of signing up for coverage. But how much does $9.95 get you? Unfortunately, their prices, products and options can often be beat by the competition. 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. This training is used to help seniors provide peace of mind to their families and themselves. friends by his side. This is true of all other companies we work with at Funeral Funds. Jonathan Lawson Colonial Penn Sales Manager. LIB has helped thousands of shoppers understand life insurance and secure affordable coverage. Under no circumstances will Choice Mutual share or sell your information with a third party without your consent. Peirce College. All Rights Reserved. One unit of Colonial Penn Life Insurance is $9.95, regardless of your age and gender. Our expert-level training allows our agents to find coverage for seniors with preexisting health conditions like COPD, Cancer, HIV, CHF, Heart Issues, heart attacks and much more. 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