In our professional opinion when it comes to looking where to buy life insurance the Colonial Penn TV commercials can be very misleading to seniors. Colonial Penn life insurance is marketed through these commercials with paid spokesmen like Jonathan Lawson and the late Alex Trebek to seniors looking for a life insurance policy with no medical exam to cover burial expenses.
The problem with Colonial Penn commercials is that they can simply make it sound like a senior can get Colonial Penn life insurance coverage at significant amounts for only $9.95 per month. We are going to do a deep dive into this advertising to reveal what you should actually expect when looking at the fine details of the Colonial Penn commercial.
Table of contents
- Colonial Penn TV Commercial Fine Print
- Guaranteed Acceptance Plans Mean Two Year Waiting Period
- Better Life Insurance to Consider
Colonial Penn TV Commercial Fine Print
Colonial Penn commercials have a print that appears next to the actor as he is speaking. Now, this is the text you want to pay attention to the most. These texts on the Colonial Penn commercials are very important as they reveal specific things about the Colonial Penn policy you need to be aware of. Below we are going to get into these texts that appear on the Colonial Penn commercial and explain why they are so important.
Coverage Starts Options Start at $9.95 a Month
During the Colonial Penn commercial that text appears on the ad. What this text implies is that coverage options START at $9.95 which is much different than believing the coverage IS $9.95 per month. This means if you are going to apply for a $10,000 life insurance policy your price is not going to be $9.95 per month. The Colonial Penn plan is a unit plan which means the coverage is $9.95 per unit of life insurance.
Buy More Premium Based on Coverage Option You Select
This text also appears on the Colonial Penn commercials which makes it clear that your monthly premium will be higher based on the amount of coverage you purchase. If you miss these types of things on the Colonial Penn commercials you can easily believe you will have a high death benefit policy for only $9.95 which is not the case. Based on the amount of coverage you buy you will pay much more than $9.95 a month.
30-Day Money Back Guarantee is a Free Look Period
This text on the Colonial Penn commercials can make it sound like their plan is unique or something. The truth is all life insurance companies offer policies with a free look period that you can cancel and receive your money back. That is why compared to other life insurance companies this is nothing special or unique to the Colonial Penn plan. Pay close attention to Colonial Penn’s tv commercials it is important to read these things ahead of time.
Guaranteed Acceptance Plans Mean Two Year Waiting Period
The commercials also put an emphasis on there being no medical exams or health questions. This means acceptance is guaranteed. Here’s the problem, a guaranteed acceptance plan is one of the worst life insurance options you can get. It is intended for consumers with severe health issues like Dementia or HIV. A guaranteed acceptance plan is not intended for healthy individuals that can qualify for no waiting period life insurance.
Commercial Text “Limited Benefit First 2 Years”
In the commercial, you will see their text stating this limited death benefit but you can easily miss it. This is another reason why you are better off applying with other insurance companies that do not put you in these limited periods. A life insurance company should ask you health questions on their application. If you are able to answer no to the health questions you will be approved for better life insurance options with the insurance company.
Avoiding a 2 year waiting period should be every healthy individual’s goal when it comes to life insurance. This is why in our opinion Colonial Penn’s advertising is misleading if seniors do not catch this fine print for the life insurance ads they may not realize what they are getting.
Better Life Insurance to Consider
You should consider all your options and benefits when it comes to companies to get coverage from. Do not pick the first thing you see in commercials you see that could lack in benefits. The following companies below are much better options when it comes to coverage.