- Colonial Penn offers three types of life insurance — whole life, guaranteed acceptance whole life, and whole life with living benefits.
- The company’s online tools may be appealing to those who like to handle their policies digitally.
- None of Colonial Penn’s current life insurance offerings require a medical exam.
Colonial Penn, owned by CNO Financial Group, sells life insurance and supplemental health insurance and has done so for over 60 years. The company allows customers to buy coverage online, by phone, or by mail. Colonial Penn focuses on five key values: diversity, equity, inclusion; integrity; customer focus; excellence; and teamwork. 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
|J.D. Power Customer Satisfaction Score*
|AM Best Financial Strength
*Based on J.D. Power’s 2021 Individual Life Insurance Study
Colonial Penn Life Insurance
Colonial Penn life insurance comes in three forms: whole life, guaranteed acceptance whole life, and whole life with living benefits. The company does not offer term life insurance or universal life insurance. Because its product range is limited, Colonial Penn may not be the best life insurance company if you’re looking for several options.
However, if you are interested in whole life insurance, Colonial Penn could be a good option. None of the policies require a medical exam and instead use a questionnaire with health questions. If you are worried about being approved for coverage due to health issues, you could opt for the guaranteed acceptance option, available if you’re between the ages of 50 and 85.
Strengths: Three whole life options, no medical exams required, guaranteed acceptance option available
Restrictions: No term or universal life; guaranteed acceptance is limited to ages 50-85