The Alex Trebek life insurance commercials aren’t airing anymore since his death, but you can still find his face on some Colonial Penn advertisements.
In short, Colonial Penn coverage is expensive and comes with a 2-year waiting period for most applicants.
That’s a shocking claim, but it’s true.
In this Alex Trebek review, you’ll learn how each policy works, see the prices, and how you can find better coverage at a lower cost.
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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 over the phone or through the mail.
The most popular Alex Trebek insurance plan is the guaranteed acceptance option that does not require you to answer 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 out a death benefit for any non-accidental death.
Instead, they refund 108% of your premiums. After two years, the full death benefit is payable for any reason moving forward.
It’s a whole life policy, so how it works is very basic. The premiums cannot increase, it cannot expire due to age. Coverage is guaranteed never to decrease, and it builds cash value.
This plan is only available to seniors 50-85 (in NY, 75 is the max age) and is sold using a unit system.
A Colonial Penn unit refers to a set amount of life insurance a person is insured for 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 is what varies based on your age and gender.
It’s an odd way to price insurance. There is no other life insurance company that prices its coverage with a unit system.
Here’s an example to illustrate how their unit system works.
An 80-year-old male will pay $9.95 per month for one unit (everyone pays $9.95). That one unit will provide him with $426 of life insurance.
If he wanted five units, he would pay $49.75 per month (5 x $9.95), and he would have a total of $2,130 in life insurance ($426 x 5) from those five units.
The other thing to remember about this particular Alex Trebek insurance program is that 12 units are 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 cannot buy very much coverage. You can get cheaper coverage elsewhere, and there is a high chance you can avoid a waiting period. Call us at 1-800-644-2926, and we will show you better offers and how they compare to Alex Trebek.
Below is a chart illustrating just how little coverage each unit of Alex Trebek Colonial Penn coverage you get.
|AGE||1 Male Unit ($9.95)||1 Female Unit ($9.95)|
|12 units is the most you can buy, and this coverage comes with a 2-year waiting period.|
|50||$1,786 in coverage||$2,083 in coverage|
|51||$1,732 in coverage||$2,068 in coverage|
|52||$1,676 in coverage||$2,022 in coverage|
|53||$1,621 in coverage||$1,973 in coverage|
|54||$1,562 in coverage||$1,929 in coverage|
|55||$1,506 in coverage||$1,884 in coverage|
|56||$1,452 in coverage||$1,838 in coverage|
|57||$1,392 in coverage||$1,786 in coverage|
|58||$1,333 in coverage||$1,732 in coverage|
|59||$1,273 in coverage||$1,676 in coverage|
|60||$1,214 in coverage||$1,621 in coverage|
|61||$1,157 in coverage||$1,562 in coverage|
|62||$1,099 in coverage||$1,506 in coverage|
|63||$1,043 in coverage||$1,452 in coverage|
|64||$987 in coverage||$1,392 in coverage|
|65||$932 in coverage||$1,333 in coverage|
|66||$880 in coverage||$1,273 in coverage|
|67||$834 in coverage||$1,214 in coverage|
|68||$792 in coverage||$1,157 in coverage|
|69||$753 in coverage||$1,099 in coverage|
|70||$717 in coverage||$1,043 in coverage|
|71||$683 in coverage||$987 in coverage|
|72||$652 in coverage||$932 in coverage|
|73||$620 in coverage||$880 in coverage|
|74||$589 in coverage||$834 in coverage|
|75||$560 in coverage||$792 in coverage|
|76||$531 in coverage||$753 in coverage|
|77||$503 in coverage||$717 in coverage|
|78||$477 in coverage||$683 in coverage|
|79||$450 in coverage||$652 in coverage|
|80||$426 in coverage||$620 in coverage|
|81||$424 in coverage||$589 in coverage|
|82||$423 in coverage||$560 in coverage|
|83||$421 in coverage||$531 in coverage|
|84||$420 in coverage||$503 in coverage|
|85||$418 in coverage||$477 in coverage|
Whole life insurance from Alex Trebek 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, it has no waiting period, and it’s much less expensive.
This plan is available in amounts of $10,000-$50,000 to seniors aged 40-75, and again you must medically qualify for it. You won’t have to take an exam, but you will have to fill out a health questionnaire.
In addition to the health questions, Colonial Penn will review your medical history. It generally takes them a few business days to confirm if you’re approved or denied this plan.
Just like the guaranteed acceptance plan, it’s a whole life policy which means:
- It will never expire.
- Rates will not increase.
- Coverage will not decrease in value.
- Builds cash value that you may withdraw.
This plan may sound well and good (it’s WAY better than their $9.95 gimmick plan), but it’s sadly out of reach for most applicants.
The underwriting on this Alex Trebek whole life policy is stringent. Seniors with everyday health issues often fail to qualify. Essentially, you have to be in pristine health for them to approve you for this coverage.
How does this plan compare to other providers?
Their whole life insurance is priced moderate to fair. To be clear, you can undoubtedly get lower rates on whole life insurance from other companies. Run quotes on this webpage, or call us at 1-800-644-2926. One of our agents will give you a comparison to Colonial Penn so you can see how much less you could be paying.
Depending on your age, gender, and how much coverage you want, Alex Trebek’s whole life insurance will cost anywhere from $18.22-$576.44 per month. The minimum you must buy is $10,000, and the most is $50,000.
There are many burial life insurance companies that offer better rates. Not to mention, there are dozens of other companies that have superior underwriting that actually approve seniors with health issues.
Below is a table that shows you some sample rates for this whole life plan.
|AGE||Male $10,000||Female $10,000|
At one point, Colonial Penn did offer term life insurance. However, they discontinued that product and only sell whole life insurance currently.
That’s actually a good thing because buying term insurance to cover funeral costs is seldom a good idea.
Most term insurance plans expire around age 80. If you outlive a term policy (which most people do), you would no longer have life insurance to cover your final expenses.
And while you can get life insurance in your 80s, it can get expensive and potentially have a waiting period.
When Alex Trebek mentions the “rate lock,” he refers to their whole life insurance. All whole life insurance, from every company, has a locked-in rate. Colonial Penn isn’t unique with this “benefit.” No matter whom you buy whole life insurance from, the rate will always be the same for life.
The bottom line is this. If you buy Alex Trebek coverage, you will undoubtedly pay more than you could elsewhere. Additionally, you’ll likely have an unnecessary 2-year waiting period.
To find better coverage, you must work with an independent insurance agency representing at least ten or more insurance companies.
Their job is nothing more than to compare offers from multiple providers to match you with the best one.
Do you like “shopping around” before you buy a product or service?
If so, working with an independent agency is doing just that. The only difference is they do the shopping for you.
And don’t worry. It costs you nothing to work with an agency, and the insurance doesn’t cost more.
Make sure you’re dealing with an agency with ample experience and an excellent online reputation. Plus, make sure they represent ten or more life insurance companies.
Then tell them what you’re looking for and let them go to work.
We here at Choice Mutual can help you. We have over 15 different carriers we work with, are honest, and have hundreds of positive online reviews.
Below are some actual 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.
We are frequently asked various questions about the Alex Trebek insurance company. Below are the most common ones we hear.
If you have other questions not addressed in this article, call us at 1-800-644-2926, and we’ll happily answer your questions.
Alex Trebek was a paid spokesman who promoted Colonial Penn Life Insurance Company in their advertisements. Sadly, he passed away on 11/8/2020. Since then, Meredith Viera has taken over his position as the company’s face in their advertising.
The coverage per unit varies based on your age and gender. For example, a 60-year female gets $1,621 of life insurance per $9.95 unit. At the same time, a 75-year-old female gets just $792 in coverage. Essentially, the older you are, the less coverage each unit provides.
Colonial Penn is a financially sound insurance company with an A- rating with A.M. Best. However, its products are inferior to other providers. Colonial Penn is often more expensive and unnecessarily subjects applicants to 2-year waiting periods that could have been avoided elsewhere.