Hi Jonathon,

I'm 57, weigh 87 pounds, have TB, scurvy, rickets, warts , every identified STD, smoked crack for 20 years and drink a quart of vodka a day. What's my price?

For you my dear it is just 9.95 a month

Anybody, ever buy or know anyone that bought this low rated Colonial Penn insurance?

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Pete
I ain't no fortunate son

I have 1 P for life insurance: pass.

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Remain Viable

I think I read that is $9.95 a month per unit. Im guessing a unit is $1000. So $10,000 policy would cost $100 a month. I may be wrong though.

You're dead on! I looked at this a few months back and a $20K policy at my age (76) was around $250/month. Premium is per $1K unit and varies by age.

I know it works like that, and there is a limited benefit for the first 2 years, meaning you just get your money back. Not to talk ill of the dead, but that sleazy Trebek pushed that stuff for 30 years

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Pete
I ain't no fortunate son

That ad is a legal scam to entice the poor and the gullible. I get mad every time I see it. I think that CP should be required to fully divulge exactly what it is that they are peddling. But if they did, no one would buy it.

We passed on all the senior insurance. They were too much for what we needed. I have NO life insurance but an annuity that could be used.

We went to a funeral home to check on prepayment for a funeral 2 days ago. It’s better to just pay for funeral, only about 10,000 on there end to bury you. The cemetery is another prepay item.

If you are somewhat healthy you could make payments in Ohio and if you die before it’s paid off, it’s paid in full. Kinda insurance. Since I had quadruple bypass, it’s just a pay as you live item till you pay it off. Larry

back when I was 71 or 72 I called and asked what I got for $9.95 a month. I got $531.00 worth of life insurance for each $9.95 a month. I laughed and hung up. Lee

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VFW, NRA, VVA, S&WCA 1758

My mom bought one of their policies unbeknownst to my sister or me.
She told us about it shortly before she died. My sister handled mom's estate. This insurance company was very quick to pay in full with no hassles at all.

Yes, what constitutes a “unit” is never stated. And I have understood that as you get older the amount of the “unit” decreases. If the “unit” is a constant amount they would have to tell you what it was. Which they do not.

Anyone else ever notice that the “Three Ps” in the ad are actually two Ps?

Yes - my wife and I are still wondering what the difference is between P1 and P3. LOL

I don't understand why folks who are aging continue to purchase life insurance. My understanding of life insurance is that you should be insured to cover future earning potential to care for loved ones etc. should anything happen to you. With that in mind you should insure yourself heavily when young backing off as you age. My wife and I carry no life insurance at this point.

After I prepay for "Ultimate-dead-meat-sack-disposal" (soon) I will owe nothing and everyone in the family is set. I often tell my 10 year younger wife: "No man in my family has lived past 80. I'm 72 and a betting man. I'd be tempted to get a $quarter million policy for 'S&G's." She hasn't done so yet; as far as I know.........Joe

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Behavior Creates Destiny

Since I never married and never had any children I didn't carry any life insurance outside of my jobs. But now I carry two small group life policies to cover funeral costs without having to deplete my estate.

This is simple - anything that costs nearly nothing is worth nearly nothing. And yes, reverse mortgages are intended to legally steal your home equity at 30-50 cents on the dollar.

Jonathon is a bigger sleaze bag than Trebeck was. When the ad comes on, the mute button goes to work.
It's the same with all the other Senior Life Insurance ads.

Gambling. Playing the odds. Mr. Customer is betting that the Mr. Insurance Man will pay off more than he paid in. Mr. Insurance Man is betting that whatever Mr. Customer pays in can be invested and earn more than will have to be paid out.

There can be only one winner, and it ain't gonna be the dead guy.

But I knew an old boy whose wife was in the final stages of terminal illness and encouraged him to buy a nice new truck, with credit life insurance as part of the financing deal. Very nice truck and very few payments had to be made. The old boy lasted less than another year and I think the grandson got the nice truck.

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Life of the party until 8:00PM

I have only one life policy for $50K. I got it many years ago when I was between jobs so my wife would have something in case I left this mortal coil. She actually had a good job and did not really need it. However it was a very good policy and was paid off years ago. I think it was something like a 10 pay life. I could have cashed it out long ago, but decided to just let it ride as I am no longer paying premiums.

Each year I get more and more life insurance offers. I prepaid my funeral after wife#1 passed. I also have no offspring, so it should be one less thing for wife#2 to worry about.

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Release the Kraken

If I am ever diagnosed with a terminal illness that is my plan also.

I once asked a car salesman if the age of a elderly person mattered when buying a vehicle he told me no. Salesperson are only concerned about earning a commission and the dealership with selling a certain volume of vehicles so they can get good selection of vehicles and purchase agreements from the manufacturers.

FYI;

My Mother-in-Law died two years ago last January. The cost of cremation was about $2,400. Even that cost was a rip-off. She died of cancer while in a hospital for a month. Attended death with her Doctor listing cause of death as caner. Yet the County Coroner charged $25.00 to sign the death certificate. Excuse me??? The County Coroner is a paid public official who is charging to simply sign their name.

There were some other incidental fees also. My In-Laws own their burial plots and the cemetery is going to charge us for digging the little hole to put her ashes in.

You are correct and when you do the math (some people can't), Colonial Penn is NO BARGAIN!

My neighbor and friend was a generally unhealthy guy. He lived a hard life. Biker lifestyle doing manual labor as a UAW worker. He retired at 48 but absolutely looked 68. He gave his daughter and SIL 2 acres next door to build a house. In the last few yrs of his life he bought a new ATV, new camper, and new Silverado to pull camper. He could easily have paid cash for everything but he financed it all with the loan life insurance. His daughter and SIL now have it all. I hate this because I believe his wife was behind it all. His SIL wouldn’t lift a finger to help him. I did a lot for him because he was a friend.

So; when you're dead, you're dead. If you get eaten by raccoons, you'll never know. I stipulated cremation and no ceremony in my will. Kid, grandkids, and any eventual great-grandkids have a split on anything left.

My late BIL, who died in late 2019, donated his body to the body farm at Texas State University in San Marcos. No cost at all. There are eight of them in the USA.Whole Body Donations
: Forensic Anthropology Center
: Texas State University

Shipping handling may be extras unless you live/died close by.

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Still Running Against the Wind

Up until I was 60 I had quite a bit of life insurance! As the kids got older, graduated from college, went out on their own and we got older, life insurance became less important to us and I let some of the police's purposely expire as they were term policy's - did not pay to renew or take new ones. We are debt free and own our own home 100%, but that said I still carry one large policy. It was taken out when I was much younger (and affordable) and the policy accumulates tax deferred interest at the minimum of 4 1/2% a year - steady premiums. Not too bad these days. The cash accumulation is constantly growing up until I hit 78. Then at 78 the cash accruement starts diminishing as my life expectancy grows shorter. At 78 I will make a decision to either keep the policy and pay the fixed premium or just cash it in for a pretty nice tidy sum - to be determined 7 years from now. If I keep the policy it expires at age 99. Doubt I will outlive the policy. If I do decide to keep it in 7 years, my kids will split it tax free windfall when I am no longer vertical.

All the life insurance policy's I see on TV such as Colonial Penn are just money makers for the insurance company's and most people don't really understand how bad they are.

In my BIL’s case, San Marcos is only about 60 miles away. They immediately sent a van to pick up his body from the hospice. The paperwork had been done before he died. He had few living relatives and friends and had no interest in a funeral service. Going to the body farm was OK with him. Not a particularly pleasant method for disposing of a dead body, but if you are dead, what difference does it make how it’s done.

Dust to Dust Maybe 3000.00 when I pass. Kids know where to toss me. Like Biku stated your not going to know!!

Wife has a friend who lost her home playing that reverse mortgage game. And then she died. I consider it as a last resort, to be avoided unless your back is up against a brick wall of financial desperation.

Unbeknownst to us mom had a life insurance policy. Not long after her passing my sister and I each received checks for $12.5K from Colonial Penn.

Thanks mom.

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Music/Sports/Beer fan

In many states the licensed funeral director issues the death certificates, every copy must be paid for and certified copies cost more.

Your coroner is not likely to be involved unless the death was outside of medical care or in some way questionable. This varies considerably from state to state, of course. In many states the coroners are likely to be funeral home operators; I've also seen pharmacists and retired cops in such positions.

In January 2018 we had a cousin cremated in Palm Beach County, Florida. Cost was $590 including picking up the remains from the hospital morgue. No fancy urn provided, of course. They don't give those away. Ashes were picked up in a plastic bag inside a cardboard box with the crematory tag and a certificate releasing human remains for final disposition. The crematory operator has a small storefront office to handle the business end with customers with a private facility in an industrial area where the necessary business was taken care of discreetly.

Inquiring minds want to know, causing me to do a bit of on-line research. It appears that a crematory operation can be purchased and delivered just about anywhere for a relatively small investment (low 5 figures). There are even trailer-mounted portable units for mobile operations. Many operators limit their clientele to licensed funeral homes, which mark up the prices significantly to the bereaved families.

Probably more than most folks want to know about this.

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Life of the party until 8:00PM

MIL died in 2017 (at age 108!). Wife had her cremated at a cremation facility, it cost about $500 then. Also got the ashes in a plastic bag inside a cardboard box. Wife had the box shipped to her mother’s old Alabama home town to be buried in the family burial plot at a local church cemetery, also set a small stone marker. Total cost for that was about $500 more.

Use a legit life insurance company. Your family will thank you for that if it is ever needed.

Life insurance is a joke. They are selling death insurance, betting that they can get a lot of your money before you die.

Two things to know about "guaranteed issue" insurance:

1. It is expensive;
2. Generally, there is a provision that says you must live, say, 24 or 36 months after issue before it pays out; die earlier, and your beneficiary gets only a refund of the premiums paid.

So -- if you're healthy, you can get much cheaper coverage, and if you're unhealthy odds are good you won't live long enough for it to pay.

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Pisgah

In my RI hometown, there was a 3 alarm fire yesterday at the funeral home that gets most of the town residents. Old and established. I think the last ones in the door got free BBQ.

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Pete
I ain't no fortunate son

I keep getting cremation notices in the regular mail
Do they know something?

Should I be worried?

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Still Running Against the Wind

I am good. No need for insurance and my cremation arrangements have been made, including my "urn".

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I certainly won't argue with you. The only reason I have the policies I do is so my estate won't have to dissipate assets to raise the cash to pay for the funeral.

Life insurance dividend pays the annual premium, plus guaranteed increase in cash value and additional paid-up insurance. I have an empty 50 cal ammo can, and a reservation at my home-state veterans' cemetery.

I believe my arrangements are complete and full details are in the family trust.

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S&WHF 366

I was the executor of my Dad's estate in 2023. Going through his papers I found two life insurance policies, one for $5k the other for $10k, both from the Equitable.

However, I had access to his bank records, and saw no evidence of premiums being paid so I didn't think anything of it. That was until I saw his Army retirement deductions. He bought the $5k one before he went to Korea in 1960, and the $10k one before going to Vietnam in 1970. I contacted Equitable, both were in force, and they quickly paid into the estate.

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Only a cold warrior

That is it exactly.

The only good thing about a CP policy is that it is whole-life insurance, so once you start a policy the price per month never increases and the amount of overage never goes down or changes.

With CP, a "unit" is $9.95 per month - but how much coverage you get per "unit" is determined by your age when you start the policy.

For example:

If you're 71, a $9.95 "unit" buys you $531 of insurance so a $10,000 policy (18.5 units) costs about $187 per month. By the time you've been paying premiums for just 54 months you've paid them more than the policy will pay off.

If you're 75, a $9.95 "unit" buys you $475 of insurance, so a $10,000 policy (21 units) costs roughly $210 per month. At that rate it only takes 48 months for you to have paid more in premiums than what the policy pays out.

If you're 80, for the $9.95 "unit" price you get $400 worth of insurance coverage, so a $10,000 policy (25 units) costs you $249 per month. At that rate it takes only 41 months for you to have paid them more than what the policy will pay out.

Etc.,etc., etc.

The older you get the less coverage you get per "unit" and the more "units" it takes to get a $10,000 policy, so the more it costs.

Those aren't actual numbers from a quote, just examples to illustrate how it works.

I'm not sure about CP, but I also know that a lot of companies selling policies like the ones CP sells have a 2-year exclusion period. That means if you die in the first two years your heirs don't get the full policy payout - only a portion, usually equal to or less the sum of what you paid them in premiums.

Needless to say, they are a ripoff. The only people who get more out of them than what they paid in are those that die just after the 2-year exclusion period. In that case, using the examples above your heirs will collect the full $10,000 benefit, even though you have only paid around a third to half of that amount in premiums.

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Send lawyers, guns & money...

The purpose of insurance is NOT to provide PROTECTION for you the policy holder, but to make a PROFIT for the INSURANCE company and the Sales Person.

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S&WHF 366

Well, maybe, sorta'...

The IDEA behind insurance is pooled risk. Everyone pays into the pool to "level" or "average" the risks to the individual members of the pool. Everybody shares the risk and everybody is protected from catastrophic losses. Those who are unfortunate enough to experience catastrophic loss, collect from the pool.

In order for the pool to remain solvent, it has to pay out a little LESS than it takes in. The difference between what goes INTO the pool and what gets paid OUT of the pool has to cover the overhead costs for someone to administer/manage the pool and claims.

Sounds good, right?

But here's the rub. Where this idea got off track was when the pool (the insurance company) became a publicly-traded for-profit enterprise. That makes them beholden to shareholders who invest in the pool, rather than the pool ONLY having obligations to the MEMBERS of the pool.

Once that happened, insurance companies became rapacious predatory enterprises that are all about providing profits to investor-shareholders - rather than being focused on providing benefits to the members who actually pay into the pool.

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Send lawyers, guns & money...

And all those premiums you pay are invested by the insurance companies in other ventures that make them more money. It doesn’t just sit as a wad of cash inside some insurance company safe, waiting to be paid out as claims come in. Insurance companies are actually much like big banks that make most of their profits from income on their investments.

Yeah, they have to keep the money "working". If you just let it sit inflation will devalue it.

But that has no bearing on my point.

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Send lawyers, guns & money...