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Colonial Penn Life Insurance Review

Flexible guaranteed acceptance, whole, and term life insurance plans available in all 50 states ​
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30-day money-back guarantee on all plans
Guaranteed acceptance life insurance available
Service available in all 50 states

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With over 60 years of experience in the industry, Colonial Penn has found its way onto the map providing life insurance products direct to consumers. The company offers several customizable options, including guaranteed acceptance life insurance, living insurance riders, permanent whole life insurance, and renewable term life insurance. Our Colonial Penn life insurance review found clearly laid out plans, flexibility, and options that are attractive to people from all walks of life.

Colonial Penn Overview: Financial Strength, Availability, and History

In business since:
AM Best financial strength rating: AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.
J.D. Power Customer Satisfaction rating: J.D. Power scores are based on surveys for customer satisfaction and product quality.
States served:

Best for Guaranteed Acceptance


  • 30-day money-back guarantee on all plans
  • Whole life insurance with guaranteed acceptance for ages 50-85
  • No medical exams required on plans (some may require answering questions)


  • Higher than average number of customer complaints
  • No options for younger people

The Life Insurance Factors We Analyzed

Customer experience
Financial strength
Coverage and rider information

For the most part, our Colonial Penn life insurance review turned up positive results for the customer experience. The website is quite intuitive, and the company has extremely helpful customer service assets and representatives ready to help. BBB gave the company an A+ rating, but  Colonial Penn does have a slightly higher than average number of complaints, according to the National Association of Insurance Commissioners (NAIC).

One of the best places to look for the financial strength of a life insurance company is the AM Best Financial Strength Rating. While an A- isn’t the absolute highest rating available, it still is quite high and certainly a notch in the win column. Colonial Penn is owned by CNO Financial Group, a publicly-traded company on the NYSE with a market cap of $2.28 billion. You can rest assured that the backing of Colonial Penn is from a major and well-established company.

At the surface level, Colonial Penn offers whole, term, and living life insurance policies. Where the company is most notably known, though, is with its guaranteed acceptance policies. The policy is available to anyone aged 50-85 and is exactly what is advertised. You can get life insurance with no health questions and no physical. There is a two-year limited benefit period to be aware of, but everyone will be accepted.

The Competition

AM Best Financial Strength RatingJ.D. Power 2019 U.S. Life Insurance Study ScoreNAIC Customer Complaints
Colonial Penn3.4 A-N/AMore complaints than average
Northwestern Mutual5A++810Fewer complaints than average
State Farm5A++808Fewer complaints than average
Nationwide4.8A+783Fewer complaints than average
New York Life4.2A++770Fewer complaints than average
Mutual of Omaha4.2A+795Fewer complaints than average
Principal3.8A+789Fewer complaints than average

*All information accurate as of 9/22/2020.

The Bottom Line

Overall, Colonial Penn has a lot of options for people aged 50-85 to choose from. If you’re worried about getting approval because of some pre-existing health conditions, Colonial Penn could be a great option, as the company has its guaranteed acceptance life Insurance option. Additionally, you can apply for plans quickly online, and each plan comes with a 30-day money-back guarantee.

With over 60 years in the industry, a robust suite of customer service assets, and several quality options, Colonial Penn is a viable option for people in their later years of life looking for insurance.

Colonial Penn FAQ

About the Authors

Jason Lee is a seasoned writer with a passion for writing about insurance, banking, and personal finance. As a Las Vegas local and area business owner for a decade, he knows the ins and outs of the city better than anyone.

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