FAQ

2022 Alex Trebek Life Insurance Review (Prices & Fine Print)

alex trebek’s life insurance commercials are no longer airing since his death, but you can still find his face in some penn cologne commercials.

In short, Penn Colonial coverage is expensive and comes with a 2-year waiting period for most applicants.

Reading: What life insurance does alex trebek endorse

That’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.

See also: The Average Homeowners Insurance Cost, by State and Home Value

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.

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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.

See also: The Average Homeowners Insurance Cost, by State and Home Value

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.

See also: The Average Homeowners Insurance Cost, by State and Home Value

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:

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