Reviews Report
- Colonial Penn sells three direct-to-consumer life insurance policies: Guaranteed Acceptance Whole Life (priced in fixed “units,” widely advertised at $9.95 per unit, with a two-year limited benefit for non-accidental death), Simplified-Issue Whole Life, and Renewable Term Life (renewable annually up to age 90 in many states).
- Shopping and service are primarily direct-response: you can get quotes and start applications on colonialpenn.com, and reach service via phone and mail on the Contact Us page; you can also review complaint data for Colonial Penn Life Insurance Company (NAIC #73504) on the NAIC Consumer Information Source.
- No medical exam is required for current offerings: guaranteed acceptance has no health questions; the whole life and term products use health questionnaires (no exam in most cases). Eligibility ages, face amount limits, and any living benefits vary by state.
Colonial Penn, owned by CNO Financial Group, focuses on simple life insurance sold directly to consumers, especially older adults. The brand’s current lineup—guaranteed acceptance whole life, simplified-issue whole life, and renewable term—remains consistent with recent CNO Financial disclosures describing Colonial Penn as a senior-leaning, direct-response life writer. Customers can buy coverage online, by phone, or by mail, and enterprise values around inclusion, integrity, customer focus, and operational excellence are outlined in CNO’s sustainability and DE&I materials. Reviews.com’s research may help you decide if Colonial Penn insurance is the best life insurance company for your needs.
Colonial Penn Insurance Overview
| Life insurance | |
| J.D. Power Customer Satisfaction Score* | Not rated in the J.D. Power U.S. Individual Life Insurance Study (J.D. Power does not issue a single company‑wide score across industries) |
| AM Best Financial Strength | A (Excellent), outlook Stable — Colonial Penn Life Insurance Company (per AM Best) |
*J.D. Power publishes separate studies by industry and does not maintain one universal “customer satisfaction score.” Colonial Penn is not a ranked carrier in J.D. Power’s U.S. Individual Life Insurance Study.
Colonial Penn Life Insurance
Colonial Penn life insurance comes in three forms: whole life (simplified issue), guaranteed acceptance whole life, and term life insurance that is renewable in one-year increments up to age 90 in many states. The company does not offer universal life insurance. Face amount limits are generally modest compared with broker-sold policies, and specific eligibility ages, state availability, and any “living benefits” riders vary by state. See product details: Guaranteed Acceptance WL, Whole Life, and Renewable Term.
Guaranteed Acceptance Whole Life has no medical exam and no health questions. It uses fixed-price “units” (widely advertised at $9.95 per unit), where the coverage per unit depends on your age and sex and generally declines as age increases; many buyers purchase multiple units to reach a desired benefit. This policy includes a two‑year limited (graded) death benefit for non‑accidental death; accidental death is typically covered in full immediately. It is commonly marketed to ages 50–85, though eligibility and features vary by state (details).
Simplified-Issue Whole Life and Renewable Term both typically use health questionnaires with no medical exam in most cases. Whole life offers level premiums and lifetime coverage, with higher—but still modest—face amounts than guaranteed acceptance (often up to around $50,000, subject to underwriting and state limits), and may include optional accelerated benefit (“living benefits”) riders in some states. Renewable Term provides term coverage with premiums that generally increase at each renewal as you age and is renewable up to age 90 in many states; face amounts are modest (often topping out around $50,000, depending on underwriting and state). See product pages for state-specific eligibility ranges and rider availability (whole life; term life).
Strengths: Direct-to-consumer access with online quotes/application start; three simplified products (including renewable term to age 90 in many states); no medical exams; guaranteed acceptance option (two‑year graded benefit) for ages commonly 50–85; optional living benefits on non‑guaranteed‑acceptance policies in some states; supported by AM Best Financial Strength Rating of A (Excellent) for Colonial Penn Life Insurance Company (source).
Restrictions: Small to modest face amounts (often up to about $50,000 on simplified‑issue products); guaranteed acceptance has a two‑year limited benefit for non‑accidental death and uses unit pricing where per‑unit coverage can be relatively small; premiums on renewable term increase at renewal as you age; rider availability and eligibility ages vary by state; policies are sold directly (no local agents). For service, Colonial Penn lists phone and mail options on its Contact Us page, and consumers can review complaint data via the NAIC Consumer Information Source.
