Alex Trebek Insurance through its paid representative i.e., Colonial Penn company, offering three diverse coverages. They offer a whole life insurance policy, a simplified whole life insurance policy, and a renewable insurance term. Unlike other insurance companies, alex trebek life insurance policies do not require any medical examination prior to or during purchasing plan. Plans can be bought over an e-mail or a phone call to their insurance agent.
Guaranteed Acceptance without Medical Health Examination
No medical examination or questions are posed for guaranteed acceptance option at Alex Trebek. Coverage is guaranteed within two years waiting period. Colonial Penn will not pay any death benefits for any non-accidental death during this waiting period. It is only after the conclusion of this period that death benefits are deemed payable for any kind of death (accidental or otherwise).
For the whole life insurance policy, premium cost never increases, and it lasts for your lifetime without any expiry date. Coverage is also guaranteed in this plan, and it mostly progresses on cash value. However, in particular, this plan is available to senior citizens, ranging from ages 50-85. It is sold through a unified system.
Understanding Unit System
A single unit generally costs about $9.95/month at Alex Trebek. Although each individual is insured at a fixed cost, the amount of insurance every individual gets largely varies according to gender and age. Colonial Penn is unique in this manner since there is no other company in the market or entire industry that price its coverage with a unit system.
For instance, a 79-year-old male is supposed to pay $8.90/month for one unit. Note that everyone is supposed to pay $8.90/month. That one unit he purchased is essentially going to provide him with $420 of life insurance.
Now, he wants to get five units, they would cost him $44.5 (5 x $8.90), and he would have a total of $2,100 in life insurance from those five units (since, 420 x 5).
Moreover, you must remember that each individual can only purchase 12 units, at particular Alex Trebek life insurance program. One can not exceed this limit.
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Comparing Plans With Other Insurance Providers
Alex Trebek is a trustworthy insurance provider and therefore is respected in this industry. However, few technicalities influence their operations and thus ought to be remembered by potential customers. It has a 2-years long waiting period, and it has an expensive coverage policy. If you research around a little, there are high chances that you will get better coverage without a mandatory waiting period from elsewhere.
Alex Trebek Whole Life Insurance Plan
Unlike its guaranteed acceptance plan, Alex Trebek’s whole life insurance plan is less expensive and has no mandatory waiting period. However, it does require a medical examination beforehand for reviewing eligibility criteria.
Whole life insurance plans are available in amounts of $10,000 to $50,000. They are offered to individuals ranging from 40 to 75 years old (only if they medically qualify for the package).
Before confirming or denying your insurance application, the company takes only a few days or a week to review your medical report. Nonetheless, the whole life insurance policy doesn’t expire and continues till your lifetime. Its coverage doesn’t increase or decrease over time as well.
Now, although this alex trebek life insurance plan sounds efficient than others, it isn’t easy to qualify for Alex Trebek’s whole life insurance plan. Applicants with underlying health conditions often find it difficult to qualify for it.
Alex Trebek term life insurance Plan
Alex Trebek also offers term life insurance policies. The premium cost on this policy particularly increases after every five years. Since it is a plan contingent upon multiple terms or tenures, when you complete a certain term and enter another, your monthly price of the policy will increase accordingly.
This plan is mostly available to individuals ages 18-75, and their preferable amount package varies from $5,000-$50,000. However, if you purchase a term life insurance policy before you turn 76, you can also renew it until age 90. Although, you should be mindful of the fact that no policy extensions will be offered beyond that.
There is no formal medical examination for term life insurance, but you will be expected to fulfil a lengthy medical questionnaire. However, Colonial Penn, the official provider of policy, will request a detailed overview of your medical history.
Our research validates that only healthy or medically fit applicants qualify for this plan.