Colonial Penn Life Insurance for Seniors (2022)
Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states.
After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in…
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Written by
Rachael Brennan
Licensed Insurance Agent
Benjamin Carr was a licensed insurance agent in Georgia and has two years’ experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.
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Reviewed by
Benji Carr
Former Licensed Life Insurance Agent
UPDATED: Jan 19, 2022
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Quick Facts
Colonial Penn Life Insurance Company operates under CNO Financial Group
You can choose between two different whole life insurance options when shopping Colonial Penn life insurance for seniors
Colonial Penn whole life insurance policies can be purchased with no medical exam and with additional living benefits at an added cost
If you’re an aging adult and you have close family to financially protect, you might want to consider Colonial Penn life insurance for seniors. If you’re in pursuit of permanent life insurance, Colonial Penn has options for most seniors.
As a senior, it might be difficult to decide which policy is best or if you should trust one specific life insurance company. We’ll help you determine whether or not Colonial Penn is a worthwhile life insurance company to purchase a policy from, and which type might be best for you.
Continue reading to learn more about Colonial Penn life insurance for seniors or take advantage of our free quote tool above to get instant quotes from the top life insurance companies near you.
Colonial Penn Life Insurance for Seniors
Buying life insurance is already a challenging process as it is. It becomes increasingly difficult the older you get because many life insurance companies charge significantly more for older adults. This makes it more and more important to be sure that seniors choose a reliable life insurance company.
Colonial Penn might not be the most popular company out there, but that doesn’t mean Colonial life insurance is any less valuable when compared to those larger providers.
Though Colonial Penn has only been around for roughly 50 years, the company appears to have strong infrastructure given it is a part of a larger entity, CNO Financial Group. As a whole, CNO has previously been ranked by Forbes as a top 1000 company worth over four billion dollars.
In short, Colonial Penn appears to have a good platform for financial security. By taking a deeper look into the Colonial Penn life insurance reviews, we’ll be able to get a better understanding of how Colonial Penn stands financially overall and whether seniors should even consider investing in the company.
Are the Colonial Life Insurance Company reviews good?
As a subsidiary, Colonial Penn should be in a good position financially, but that’s not always the case. Additionally, even a good financial strength rating doesn’t guarantee a company is loyal to its customers.
Below, you’ll see the key Colonial Penn life insurance reviews:
A.M. Best: A-
Fitch: A-
Moody’s: A3
Better Business Bureau: A+
NAIC Complaint Index: 2.11
Overall, Colonial Penn life insurance is highly rated. Based on the company’s ratings from A.M. Best, Fitch, and Moody’s, they are financially stable and have a positive future outlook. This tends to be the case for smaller companies if they operate under a larger entity or group of companies.
Colonial Penn’s customer service appears to be decent, but not exceptional based on the available information. The company’s NAIC Complaint Index suggests that it handles about two times as many complaints as similar industry competitors.
On a positive note, Colonial Penn’s rating from the BBB suggests that they are at least responsive to those complaints. Overall, Colonial Penn appears to be trustworthy enough to invest in for seniors.
What is the best Colonial Penn life insurance for seniors?
Now that you know Colonial Penn is worth looking into, it’s important to get a better understanding of the policies the company offers. In short, Colonial Penn offers two standard policy options, each being a form of whole life insurance. Each of Colonial Penn’s policies comes void of a medical exam.
No exam life insurance is often preferred for those who either want to secure a policy hassle-free or for those who may have underlying health conditions. For seniors, there’s a fair chance that a medical exam would uncover medical conditions that you may or may not be aware of.
Colonial Penn whole life insurance won’t be available to all seniors, however. These plans have an age restriction of 40 to 75. If you’re close to the traditional retirement age, a Colonial Penn whole life insurance policy could be an option, although you will most likely pay a notable amount each month due to the cash value component.
Colonial Penn’s Guaranteed Acceptance policies are available to more seniors with an age range of 50 to 85. The main difference between these policies is that Guaranteed Acceptance Life Insurance from Colonial Penn has a two-year limited benefits period.
Otherwise, both Colonial Penn life insurance policy options will accrue cash value and can be purchased without a medical exam. These policies are easily accessible and could be affordable with rates starting as low as $9.95 per month per the company’s website.
More About Colonial Penn Life Insurance for Seniors
Why should seniors choose Colonial Penn life insurance? For starters, no exam life insurance policies can be easier to get and can sometimes be more affordable than policies secured after disclosing various health issues. This isn’t always the case, so you do still want to compare rates from different providers before you commit to a policy.
Otherwise, Colonial Penn does offer some good policy benefits such as Living Insurance®. This policy feature can be added on to help policyholders gain access to a portion of the death benefit should they become critically ill. This helps deter some unforeseen expenses associated with major illnesses or cardiac events.
Overall, Colonial Penn has some nice policy features for some seniors. It also seems like Colonial Penn’s user experience is positive. It doesn’t appear that the company offers a mobile app, however, policy information and payments can be accessed online.
Life insurance claims with Colonial Penn appear to be user-friendly for beneficiaries as well. The forms and contact information are all located on the Colonial Penn website.
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Colonial Penn Life Insurance for Seniors: The Bottom Line
While Colonial Penn might not offer a traditional term life insurance policy, the company does offer a couple of permanent life insurance options that could be strong choices for seniors. Easy access and flexible benefits could pay off in the long run.
We hope you enjoyed learning more about Colonial Penn life insurance for seniors. Before you go, don’t forget to take advantage of our free quote tool to get instant rates from the top life insurance companies in your area.
