Final Expense Insurance

2021 Alex Trebek Life Insurance Review

Did you see an Alex Trebek life insurance commercial and want more information?

Here’s a summary:

His coverage is expensive, and most applicants are given a 2-year waiting period.

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.

Topics Covered In This Article

 

What Is Alex Trebek Life Insurance And How Does It Work?

Alex Trebek was a paid spokesman for Colonial Penn Life Insurance. They have 3 types of coverage. There is guaranteed issue whole life (costs $9.95 per unit), simplified issue whole life, and renewable term. None of their coverage requires an exam, and you can buy over the phone or through the 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 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 it’s sold using a unit system.

You might be wondering… what is a unit?

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. Literally, no other life insurance company prices their 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 5 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 is the most you can buy.

 


How does this plan compare to other providers?

The bottom line is this. It’s 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 side by side a superior offer and how it compares to Alex Trebek.


 

Alex Trebek guaranteed acceptance prices

Below is a chart illustrating just how little coverage each unit of Alex Trebek Colonial Penn coverage you get.

 

AGE1 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

 

Alex Trebek Whole Life Insurance

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’re approved 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 are locked in for life.
  • Coverage will not decrease in value.
  • Builds cash value that you can borrow from.

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 are often declined. 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 certainly 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.


 

How much does whole life insurance with Alex Trebek cost?

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 literally 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.

 

AGEMale $10,000Female $10,000
40$18.22$14.36
45$22.74$17.11
50$29.65$21.28
55$39.07$27.42
60$51.00$35.84
65$66.45$47.43
70$87.46$65.68
75$118.29$94.07

 

Alex Trebek Term Life Insurance

Another Alex Trebek life insurance policy offered by Colonial Penn is a renewable term life insurance plan. The premiums on this policy will increase every five years. When you become an age that ends in one or six, you’ll enter a new age bracket where your monthly price will increase.

This plan is available to anyone aged 18-75 in amounts from $5,000-$50,000. If you obtain the policy before age 76, you can renew it up until age 90. On your 90th birthday, the policy will expire, and you will have no more insurance.

While it’s possible to get life insurance in your 80’s, getting coverage after 90 is impossible.

If you want to apply for this plan, there is no medical exam, but you will need to complete a lengthy health questionnaire. Additionally, Colonial Penn will request a detailed breakdown of your medical history.

In the end, you must be in pretty fair health to qualify. When you look at the health questions they ask, it’s pretty clear they only want really healthy applicants. If you have issues like diabetes or past heart issues, don’t expect to be approved.

 

How much does their term coverage cost?

Just below, you can see a table that outlines the cost of their increasing term policy. It’s just like Globe Life Insurance, where the premiums increase every five years.

 

Female

Age Bracket$10,000$20,000$30,000$40,000$50,000
51-55$12.49$23.48$34.47$45.46$56.46
56-60$15.49$29.48$43.47$57.46$71.46
61-65$20.17$38.83$57.50$76.16$94.83
66-70$26.86$52.21$77.57$102.93$128.29
71-75$36.86$72.21$107.57$142.93$178.28
The rates below are for renewal only. They will not issue a new term policy to someone above 75.
76-80$52.86$104.21$155.57$206.93$258.28
81-85$75.86$150.21$224.57$298.92$373.28
86-90$106.94$212.37$317.81$423.25$528.69

Male

Age Bracket$10,000$20,000$30,000$40,000$50,000
51-55$16.49$31.48$46.47$61.46$76.46
56-60$21.16$40.82$60.47$80.13$99.79
61-65$29.22$56.95$84.67$112.40$140.12
66-70$39.51$77.51$115.52$153.53$191.53
71-75$55.12$108.75$162.37$215.99$269.61
The rates below are for renewal only. They will not issue a new term policy to someone above 75.
76-80$79.12$156.74$234.37$311.99$389.61
81-85$111.68$221.86$332.04$442.22$552.39
86-90$161.36$321.22$481.08$640.94$800.80

 

How Does The Alex Trebek Rate Lock Work?

When Alex Trebek refers to 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 who you buy whole life from, the rate will always be fixed for life.

 

How To Find Better Coverage Compared To The Life Insurance Advertised By Alex Trebek

The bottom line is this. If you buy Alex Trebek coverage, you will certainly pay more than you could elsewhere, and you’ll likely have a 2-year waiting period that could have been avoided.

To find better coverage, all you need to do is work with an independent insurance agency representing at least 10 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 actually 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 itself doesn’t cost more.

Just make sure you’re dealing with an agency with ample experience, a good online reputation, and works with 10 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 absolutely 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.

 

Frequently Asked Questions

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!

 

What life insurance does Alex Trebek promote?

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.

 

How much life insurance do you get from Colonial Penn for $9.95 a month?

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.

 

Is Colonial Penn a good life insurance company?

Colonial Penn is a financially sound insurance company with an A- rating with A.M. Best, but 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.