All guaranteed acceptance plans with no health questions will be subject to the insurers defined waiting period before benefits become payable under the policy provisions. Sure, its better to have a life insurance plan from Colonial Penn than not having coverage at all. Colonial Penn specializes in helping seniors and baby boomers find life insurance coverage. As the ad finishes up, you notice that for just $9.95 per month (less than 35 cents/day! 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. Still confused about the limited benefit period? Colonial Penn offers flexible payment options. The unit refers to the total death benefit available based on how old you are and your gender. This is based on data provided by Quotacy for a 40-year-old buying a 20-year, $500,000 term life policy, which is the most common term length and amount sold. This is the complete opposite way of how almost every life insurance company determines their rate. However, Colonial Penn's $9.95 plan comes with a two-year waiting period. This article has been thoroughly reviewed by the author and third-party life insurance experts to ensure it adheres to our quality standards for accurate and honest advice. He was born on March 27 . Cassandra Lawson, Jonathan Lawson, Jordan Lawson, and Tyler Oban of The Railers pose backstage during the CMA Awards Week Street Party on November 3,. If you want to make sure youre getting the best life insurance policy available, heres what you need to do. We think Colonial Penn is unlikely to be the best option for you when it comes to senior life insurance. We will work with you every step to find the plan that fits your financial requirements and budget. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2021 paramountquote.com All rights reserved. victim of crime, or vehicular accident during the first two years, Colonial According to ZoomInfo records, Jonathan Lawson's professional experience began in 1997. The payout for a Colonial Penn policy varies depending on the policy and the age of the insured at the time of death. If you purchase a final expense burial insurance through Final Expense Benefits, your beneficiary will be eligible to receive the payout, the next day if you were to pass away. We are comparing the Top A+ Rated Carriers vs Colonial Penn 995 Plan. We suggest products based on the needs and desires of the applicant. 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. What they arent sharing with you is whats in the fine print. Jonathan Lawson is the actor that currently appears in the Colonial Penn commercials. No, you do not have to take a medical exam for Colonial Penn 9.95. The accumulated cash value from your policy can be borrowed at an 8% annual interest rate. Anthony has been consulted as an expert life insurance source for dozens of high-profile websites such as Forbes, Bankrate, Reuters, Fox Business, CNBC, Investopedia, Insurance.com, Yahoo Finance, and many more. What exactly is a unit anyway? A 65-year-old female gets $1,258 in coverage from a unit. A single unit always costs $9.95 whether you are young or old, male or female, smoker or not. Colonial Penn, advertised on tv, is a bad life insurance policy. Yes, Colonial Penn is still in business. He has personally helped more than 1500 clients buy life insurance. After the two years limited benefit period, the 100% face amount will be paid for death from any cause. Two years to be exact. Licenses. It's one of the more well-known insurance providers and has a large network of providers at its disposal, as well as training tools for its employees. He goes on to explain that your Colonial Penn monthly premium will never change with their whole life policy. Copyright 2023, Choice Mutual. He continues to work with Colonial Penn and represents them in many commercials and TV advertisements. Colonial Penn sells their coverage by the unit. Colonial Penn Life Insurance is proud to locally Staying active is a great way to keep your body, your mood, and your mental health at their best. Does Jonathan Lawson really work for . How long has Colonial Penn Life Insurance been around? 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. Jonathan Lawson became the official spokesperson of Colonial Penn when Alex Trebek passed away. Jonathan Lawson was born June 3rd 1980 in Dunedin, Florida. You should never purchase a guaranteed issue policy unless youre uninsurable. A guaranteed acceptance life insurance from Colonial Penn can be purchased between the ages of 50 and 85, and the death benefit is limited for the first 24 months of coverage. Can I switch from a Medicare Advantage plan back to Original Medicare. A unit of the Colonial Penn 995 coverage corresponds to the life insurance benefit amount you receive for $9.95 per month. All Rights Reserved. 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. Choice Mutual is a licensed insurance agency authorized to sell insurance in all 50 U.S. states, including D.C. You can verify our license and lines of authority on our licenses page. If you die in the first two years, Colonial Penn will only refund your premiums plus a small amount of interest. 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. After all, Jonathan Lawson (the actor in their ads) proclaims loud and proud that it costs just $9.95. Colonial Penn 9.95 gets you a guaranteed acceptance life insurance policy with a two-year waiting period and maximum coverage of $16,664, which is very expensive. Retrieved March 01, 2023, from https://choicemutual.com/blog/colonial-penn-life-insurance-rate-chart/, Martin, Anthony. Philadelphia, Pennsylvania, U.S. We are nationally recognized life insurance experts. Its all in Colonial Penns fine print, however it seems a bit misleading to the typical life insurance shopper. For a 68 year-old-male, 1 unit at $9.95 a month qualifies you for a total of $792 in life insurance coverage. Premiums are higher compared to some other companies. Who do we recommend instead? Lets compare Colonial Penn life insurance $9.95 per month plan coverage to the same amount but with Mutual of Omaha. This isnt unique to Colonial Penn. The waiting period for a payout with Colonial Penn is two years on all new policies. With Colonial Penn, youll get access to 3 basictypes of life insurance policies. For example, say one unit of coverage provides a $1,621 death benefit for a 60-year-old woman. Michael is a licensed life insurance agent, expert & owner of Life Insurance Blog. No, Colonial Penn does not offer life insurance to non-U.S. citizens. In our example above, the maximum amount of coverage that a man age 65 can purchase without any health questions was $7,456. Your transaction will be processed in one to three business days. There are better life insurance options available for To see pricing on policies and speak with one of our agents fill out the form to your right. Since then Jonathan has changed 5 companies and 5 roles. After all, Jonathan Lawson (the actor in their ads) proclaims loud and proud that it costs just $9.95. No health questions and physical or medical exams are required to qualify for this plan. Well, Jonathan Lawson wont tell you in the commercial, but we will! My agents and I are highly trained in the underwriting niches of burial insurance companies. Later, he worked as a Tele Sales Manager . Regardless of your medical history, you cannot be denied for this coverage. You need to be aware: Colonial Penns term rates will increase in time when your life insurance policy renews when youre older. We work with many A+ rated insurance carriers that specialize in covering healthy or high-risk clients like you. We can assist seniors with burial insurance for age 60,70, and 80. Be sure you fully understand the limited benefit period before you buy a Colonial Penn policy. You can choose to pay monthly, quarterly, semi-annually, or annually. The information on this website is being provided for informational or educational purposes only. This means we can help 90% of our clients get approved for immediate coverage with no waiting periods.I am passionate about helping seniors find the best coverage at the most affordable rates. You can only receive a refund on premiums paid if you cancel your policy within the first 30 days. This means that the policyholders beneficiary will receive a payout upon death, regardless of when it occurs. " Or maybe you saw " Guaranteed Acceptance with NO health questions. Colonial Penn Life Insurance is just $9.95, thats a no-brainer! Many people can qualify for a policy that asks health questions with some company. All company names and products are the registered trademarks of their original owners and Funeral Funds of America declares no affiliation, sponsorship, nor any partnerships with any registered trademarks unless otherwise stated.. The limited benefits for the first two years with Colonial Penn means your beneficiary will not receive a payout when you die of a health or medical-related death during the first two years of the policy. Yes, the Colonial Penn $9.95 plan has a limited benefit clause that states your policy has to remain in effect for two years before it will pay the death benefit to your beneficiary. Jonathan Lawson served in the Marine Corps and earned his college degree while working full time at Colonial Penn. It should be used for informational purposes only and is subject to change. With this plan, you can receive a coverage maximum of $50,000, and it is available to anyone between the ages of 18 and 75. You can also read our other reviews on Globe Life, AARP, Lumico, and Mass Mutual by clicking the link. In that case, the beneficiary will receive the return of premiums paid plus 7% interest compounded annually (you are wise to accept offers from many other companies that offer a 10% interest rate). Below is a chart that estimates the cost of $10,000 of coverage. Colonial Life has earned a reputation as being one of the most respected insurance companies offering life insurance in the US. Wait until you hear what the policy provides if you are over 50. Since this plan is a guaranteed issue life insurance, there is a two-year waiting period. This training is used to help seniors provide peace of mind to their families and themselves. We will shop your case with different insurance carriers and get you the best price. He was born on June 3, 1980. The Colonial Penn guaranteed acceptance program is a policy that offers guaranteed acceptance for all applicants. Choice Mutual's ratings are determined by our editorial team. The Colonial Penn 9.95 plan is a permanent policy. The premiums become locked in for life and the death benefit will never decrease. No medical exam is required. That unit is $717 of coverage. However, there are no refunds on premiums paid. The Colonial Penn return policy is that you can only receive a refund on premiums paid if you cancel your policy within the first 30 days. The minimum value per unit is $418, and the maximum is $2,083. Lets take a look at their rates. Name(s): Colonial Penn Life Insurance Company;CNO Financial Group, Inc, Address:399 Market StreetPhiladelphia PA, 19106, Ratings: A.M. Best (A-), Standard & Poors (BBB+), Fitch (BBB+) Comdex (N/A). Over the years, Colonial Penn has focused on selling life insurance that is specifically designed for seniors and older customers. These complaints are mainly issues from beneficiaries that have not received death benefits or, waiting an extended amount of time to receive payments. . There are no medical exams and every applicant pays the same rates regardless of age, gender, or pre-existing conditions. Remember that Colonial Penns rates are determined by units. Colonial Penn term life face amounts go up to $50,000. You might be asking yourself, What is the Colonial Penn life insurance $9.95 per month plan coverage amount? or Is the $9.95 Colonial Penn Life Insurance worth it? Today we are going to share everything you need to know so you can make the right decision. 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. Insurance quotes appearing on this website are non-binding. Jonathan Lawson's mission. The older you get, the less coverage a unit provides for you. Best Guaranteed Issue Life Insurance Companies, The Best Cash Value Whole Life Insurance Companies in 2022, Best No Medical Exam Life Insurance Companies, Best Burial Insurance Insurance Companies, Business Life Insurance For Owners, Partners & Employees, Sample Rates by Age, Gender & Policy Type, Life Insurance with Preexisting Conditions, guaranteed issue final expense life insurance. Not Colonial Penn. Has a guaranteed approval product. For more information, please see our In the next section of this article, youll be able to read and learn about Colonial Penn negative reviews, so you can determine for yourself if the insurance plan is worth it. you would need about 14 of those units to add up to $10,000 of coverage. A unit of Colonial Penn life insurance is $9.95. Do I have to take a medical exam for Colonial Penn 9.95? With Colonial Penn you can purchase: Colonial Penn offers shoppers a renewable term policy. Did you see the little * that was included in our comparison above? It is a whole life policy that will stay in effect until you die, as long as premiums are paid on time. You do need to prequalify for this policy to be approved, but there is no medical exam required. Mutual of Omaha has a well designed low cost burial insurance program. There are literally hundreds of companies and thousands of policy options available. He was in the USA marine corps for 14 years and served in . The actor, Jonathan Lawson telling you about The three Ps of life insurance. This gives you real customer insight and experience. Those marketing costs get passed down to the consumer. Jonathan Lawson is a Colonial Penn Sales Manager. Like other final expense life insurance policies, it does not require a medical exam, but is has a graded benefit. With a life insurance company, you can buy that amount of coverage. Price, price and price. Whats important here is that we focus on the fine print in the commercial and not the three Ps. Anthony Martin is a nationally licensed insurance expert with over ten years of experience and has personally served over 7000 clients with their life insurance needs. We'll make sure you get the best one based on what you'll qualify for. No problem, the limited death benefit policy may be confusing, but simply understanding that it exists is the most important factor in determining if a guaranteed acceptance policy from Colonial Penn will be right for you. Colonial Penn uses something called a unit to calculate the total death benefit available to you. Limited benefit first two years is written in fine print on their television commercials; Colonial Penn two year wait is never fully explained. Does Jonathan really work at Colonial Penn? Lawson, a Colonial Penn sales manager's wife, has a marketing degree. You must consider how much coverage you get per unit, which is determined by your gender and exact age. If you were to die from an illness or pre-existing condition during the first two years, you dont receive your full benefit amount. Each unit costs $9.95 per month, regardless of your age or gender. 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. This is pretty standard for guaranteed issue final expense life insurance policies. And this makes sense when you look at Colonial Penns perspective because they never require a medical exam or health questions to qualify. Coverage lasts a lifetime as long as you keep paying your monthly premiums on time. Colonial Penn Life Insurance Rate Charts By Age & Gender ChoiceMutual.com. All content is regularly updated and reviewed to ensure the highest degree of accuracy. Join Facebook to connect with Jonathan Lawson and others you may know. Thats a pretty bizarre number. If you did a little research, youd find that most of Colonial Penns complaints are regarding customers having difficulty collecting death claims. Why Not Guaranteed Acceptance Life Insurance? Colonial Penn Life Insurance has an overall rating of 3.2 out of 5, based on over 93 reviews left anonymously by employees. Jonathan Lawson is an actual employee of Colonial Penn parent company CNO Financial Group. Colonial Penn guaranteed acceptance life insurance is a whole life insurance policy with no health questions asked and no medical exam required. Above you will see Guaranteed Acceptance-with NO health questions. This is one of the truths in this commercial. He is an actual employee of Colonial Penn and not just a paid endorser like Alex Trebek was. Do Not Sell You must be between the ages of 18 and 75 with the option to renew up to age 90. If you are looking for a professional take on their final expense plan, look no further. His age is 42 years old in the current year 2022. Colonial Penn Life Insurance Rate Charts By Age & Gender. Well even cover how their life insurance policies work as well as the pros and cons with our complete Colonial Penn Life Insurance Company Reviews! What is the waiting period for a payout with Colonial Penn? Colonial Penn provides shoppers simple and easy life insurance options. The name Jonathan Lawson has a bit of a ring to it. What Is The 995 Plan? Colonial Penn life insurance for $9.95 per month is a guaranteed acceptance whole life policy. How much life insurance can I get from Colonial Penn? Colonial Penn is a reputable company. What kind of life insurance can you get for 995 a month? Keep reading or use our easy table of contents below and jump right to the topics youre searching for. This means there are no health questions or medical exams to qualify. Take advantage of a position that provides stable hours, a great work/life balance, and flex day offerings! back to you. 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. die, other life insurance companies can provide the protection you need. Every burial insurance company offering guaranteed acceptance life insurance has this limited or graded benefit period for people with serious pre-existing conditions. If you are wondering who Jonathan Lawson Colonial Penn is you are in the perfect place. If you have a problem with a two-year wait, let us help you; we will work with you side by side to find a plan that fits your needs. Colonial Penns plan returned a confusing range of rates based on their units of coverage. By pressing "Submit" you agree to our privacy policy and consent to have a Choice Mutual agent contact you by email, phone call, text/SMS message at the phone number and email you provide. If you opt for the $9.95 guaranteed acceptance policy, 15 units are the most you can buy. You must pay your premiums for two years before the death benefit is paid to the beneficiary. Transamerica offers no waiting period funeral insurance to applicants with high-risk medical conditions such as COPD, kidney disease, and lupus to name a few. WOW! Accidental death doesnt include death resulting in mental illness or bodily diseases such as infection, medical or surgical treatment, suicide, voluntary gas inhalation or taking poison, or any act of war. If you are interested in purchasing life insurance from . Do I get money back if I cancel my Colonial Penn life insurance? Larson died on morning of January 25, 1996, of an aortic aneurysm. The same $10,000 of coverage for a male 70 years of age would be about $74 per month with Mutual of Omaha. Multiple other burial insurance companies offer coverage that is much less expensive and usually has no waiting period. Jonathan Lawson Work Experience and Education. I and my agents have expert-level training that is second to none in the industry. Jonathan Lawson was born June 3rd 1980 in Dunedin, Florida. Information appearing on this site is for educational purposes. How Does The Johnathan Lawson Colonial Penn Life Insurance Plan Work?