Despite his charming demeanor, the fact remains that Jonathan Lawson’s comments about how good Colonial Penn’s life insurance is are simply untrue and not backed by evidence.
For example, the Colonial Penn 995 plan is arguably one of the most expensive options on the market despite its seemingly low price.
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As the saying goes, the devil is in the details. $9.95 only buys a senior $418-$2,000 in coverage, depending on your age and gender. In addition, every Colonial Penn policy has a two-year waiting period.
Learn the truth about who Jonathan Lawson is, what he promotes for Colonial Penn, and how you can find much better final expense life insurance options from other insurance companies.
Who Is Jonathan Lawson Of Colonial Penn?
Jonathan Lawson is a Colonial Penn employee who appears in TV commercials promoting the guaranteed acceptance $9.95 plan for seniors. He is not just a paid endorser like Alex Trebek was.
His LinkedIn profile shows his official title is “Director of Quality Assurance & Escalations.” After graduating high school at 18, he went to Peirce College, earning a Bachelor of Business Administration (B.B.A.), and now works for Colonial Penn. He also served in the Marine Corps for 14 years as Master Instructor.
How Does The Johnathan Lawson $9.95 Plan Work?
The $9.95 plan Jonathan Lawson promotes is a guaranteed acceptance whole life insurance policy that does not require you to answer health questions.
Regardless of your medical history, you cannot be denied this coverage.
Since it’s a whole life final expense policy, the premiums will never increase, and the policy won’t expire due to age.
Additionally, the coverage won’t decrease in value, and it will build cash value.
The $9.95 plan sounds very affordable on the surface. But is it?
Most people fail to consider how much coverage you get for $9.95 monthly.
Colonial Penn $9.95 Plan Product Details Coverage Options1-15 Units Cost$9.95 Per Unit (regardless of age or gender) 2-Year Waiting PeriodYes New Applicant Age Range50-85 (50-75 in New York) States AvailableAll States Policy TypeWhole Life Insurance Policy DurationLifetime Fixed PremiumsYes Underwriting ClassGuaranteed Acceptance Life Insurance Health QuestionsNo Medical ExamNo Available RidersNo Builds Cash ValueYes
Coverage Sold By The “Unit”
Colonial Penn sells their senior funeral insurance by the unit. A unit corresponds to how much life insurance a person gets based on age and gender.
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No matter your gender or age, everyone still only pays $9.95 per month. What you must consider is how much coverage each unit provides.
Once you look at a Colonial Penn rate chart, you quickly realize that Colonial Penn’s guaranteed acceptance plan is costly relative to what other life insurance companies charge.
For example, a 53-year-old male only gets $1,515 in coverage for that $9.95 monthly and has a two-year waiting period.
The older you are, the less coverage that a single unit provides.
Below is a chart and calculator that outlines exactly how much coverage each unit provides.
AGE1 Male Unit ($9.95)1 Female Unit ($9.95) 50$1,669 in coverage$2,000 in coverage 51$1,620 in coverage$1,942 in coverage 52$1,565 in coverage$1,890 in coverage 53$1,515 in coverage$1,845 in coverage 54$1,460 in coverage$1,802 in coverage 55$1,420 in coverage$1,761 in coverage 56$1,370 in coverage$1,719 in coverage 57$1,313 in coverage$1,669 in coverage 58$1,258 in coverage$1,620 in coverage 59$1,200 in coverage$1,565 in coverage 60$1,167 in coverage$1,515 in coverage 61$1,112 in coverage$1,460 in coverage 62$1,057 in coverage$1,420 in coverage 63$1,000 in coverage$1,370 in coverage 64$949 in coverage$1,313 in coverage 65$896 in coverage$1,258 in coverage 66$846 in coverage$1,200 in coverage 67$802 in coverage$1,167 in coverage 68$762 in coverage$1,112 in coverage 69$724 in coverage$1,057 in coverage 70$689 in coverage$1,000 in coverage 71$657 in coverage$949 in coverage 72$627 in coverage$896 in coverage 73$608 in coverage$846 in coverage 74$578 in coverage$802 in coverage 75$549 in coverage$762 in coverage 76$521 in coverage$724 in coverage 77$493 in coverage$689 in coverage 78$468 in coverage$657 in coverage 79$441 in coverage$627 in coverage 80$426 in coverage$608 in coverage 81$424 in coverage$578 in coverage 82$423 in coverage$549 in coverage 83$421 in coverage$521 in coverage 84$420 in coverage$493 in coverage 85$418 in coverage$468 in coverage
Is Colonial Penn Coverage That Jonathan Lawson Promotes Worth Buying?
Despite Jonathan’s claims on TV about how good Colonial Penn life insurance is, the $9.95 plan is far more expensive than other insurance providers.
The life insurance data shows other options yield much more coverage for the dollar spent.
Furthermore, unlike with Jonathan Lawson of Colonial Penn, most people can secure life insurance with no waiting period elsewhere.
That statement is true even if you want final expense insurance with pre-existing conditions.
For example, a 65-year-old male would get $896 of life insurance from one 995 unit. To get roughly $10,000 in whole life coverage, he would need to buy 12 units which would cost $119.40 monthly ($9.95 x 12).
That same 65-year-old man would pay only $56.48 monthly with Mutual of Omaha for a $10,000 policy. Oh, and the Living Promise policy from Mutual of Omaha doesn’t have a waiting period.
And it’s not just Mutual of Omaha that’s better than Colonial Penn. Virtually every other life insurance company offers lower final expense insurance rates. Use our insurance quotes tool to compare Colonial Penn’s coverage to other insurance products in your state.
Then you will see how much more coverage you can get from different insurance companies.
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Ultimately, when you analyze all the pros and cons of Colonial Penn life insurance, they are not a good buy.
How To Find The Best Final Expense Insurance Policy
For starters, whether it’s Alex Trebek’s life insurance or Jonathan Lawson, don’t let actors persuade you into buying overpriced burial insurance.
Instead, give your money to a company that will provide you and your family with much coverage for the dollars spent.
When trying to buy life insurance, you have two choices:
- Buy directly from an insurance company (Example: Globe Life).
- Buy through a licensed agency that represents one or more insurers.
First, when you try to buy directly from a carrier, you limit yourself to only what they offer. State Farm is one such example.
If you ever buy from a State Farm agent, they cannot and will not suggest coverage from another provider.
You’re out of luck if you aren’t pleased with their offering.
However, if you work with an agency, the opposite is true.
To find the best final expense life insurance policy, the best thing to do is to work with an independent agency that can compare multiple providers on your behalf.
Independent agencies (aka “brokers”) partner with multiple life insurance companies, so they have the freedom to shop around for their clients.
Independent licensed agents can assess your situation and determine which life insurance companies will offer you the best burial policy.
It’s like having a personal shopper whose sole goal is to find you the lowest-cost burial insurance policy.
Whether you want life insurance for mom or dad or yourself, find a reputable agency and let them help you.
That’s especially true if you seek life insurance after age 80. Most products offered directly by insurers rarely accept applicants older than 80.
If you want final expense insurance, call Choice Mutual at 1-800-644-2926. We are an independent insurance agency that represents nearly 20 insurance providers. We’ll find you the best policy, given your situation. We have thousands of 5-star reviews online, like the ones below, because we put our customers first.
Frequently Asked Questions
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