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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...

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Reviewed by Joel Ohman
Founder, CFP® Joel Ohman

UPDATED: Jun 29, 2022

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The Truth in a Nutshell

  • Colonial Penn has four life insurance products
  • The CNO Financial Group owns Colonial Penn
  • You can get free life insurance quotes online

Life insurance is an crucial tool to provide a financial cushion for your loved ones after you pass away. Unfortunately, there are so many insurance companies in today’s market that it can be difficult for consumers to find the company that best fits their coverage needs and budget.

Thankfully, free Colonial Penn Life Insurance reviews like this one can help you find the best insurance product for your needs.

Keep reading this Colonial Penn Life Insurance review to learn more about the company, its insurance products, and what you may pay for life insurance.

What is the Colonial Penn Life Insurance Company?

Leonard Davis, an AARP co-founder, set the Colonial Life Insurance Company into operation in 1968. It is now a subsidiary of the CNO Financial Group.

Colonial Penn offers life insurance along with other products like supplemental health insurance. While there isn’t a tool to get a quote for supplemental health insurance online, Colonial Penn allows you to apply for a life insurance quote directly from its website.

If you have a question about a Colonial Penn policy, you can call 1-800-523-9100 or use the company’s live chat tool to get the answers you need.

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What life insurance does Colonial Penn offer seniors?

Colonial Penn offers four life insurance plans. These plans include:

  • Guaranteed acceptance life insurance
  • Whole life insurance
  • Living Insurance
  • Renewable term life insurance

Each of these plans has unique features. So let’s take a closer look at each policy to determine which one could be the best fit for your specific coverage needs.

Guaranteed Acceptance Life Insurance

Applicants for Colonial Penn’s guaranteed acceptance life insurance policy must be between 50 and 85 years old. When applying for this type of policy, you won’t have to take a medical exam or answer health questions. Such policies are an excellent choice for seniors or individuals with health concerns. The Colonial Penn guaranteed acceptance life insurance policy will also build cash value after being active for one year.

Whole Life Insurance

Applicants between the ages of 40 and 75 are eligible for Colonial Penn’s whole life insurance plan. You can purchase as little as $50,000 in coverage with this policy, and you must make your payments on time to keep this policy in good standing. Once this whole life insurance policy is active, it can build cash value.

Like the guaranteed acceptance life insurance policy, you won’t have to set aside time for a medical exam. Still, you will have to answer a few questions to determine your eligibility for this policy.

Renewable Term Life Insurance

Applicants for Colonial Penn’s term life insurance policy must be between 18 and 75 years old. However, unlike many term policies, you can choose to renew your Colonial Penn Life Insurance policy until you turn 90 years old. Though you have to answer a questionnaire about your medical history, you aren’t required to take a medical exam.

Colonial Penn isn’t the only insurance company providing policies that don’t require a medical exam. Below, you can see how Colonial Penn compares to companies that offer similar products:

Best No Medical Exam Life Insurance Companies
CompaniesA.M. Best RatingsCoverage CapacityIssue AgesPremiumsLife Insurance Policies Offered
AIGA$10 millionUp to 80Contact agentTerm, whole, universal, and accidental death
Colonial PennA-Contact agentUp to 85$9.95+/monthGuaranteed acceptance, whole, and term
Globe LifeA$100,000Contact agent$3.98+/monthTerm, whole, and mortgage protection
Prudential Veterans’ Group Life InsuranceA+Over $750,000Contact agent$12.08+/monthTerm and universal
State FarmA++Contact agentUp to 45 with no medical examContact agentTerm, whole, and universal
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Since there are other insurance companies comparable to Colonial Penn, be sure to request quotes from at least three companies to verify that you are getting the best deal possible.

Living Insurance

The Colonial Penn Living Insurance policy is like a whole life insurance plan, but it has an accelerated death benefit. This benefit grants you access to 50% of your life insurance benefit if you are diagnosed with a condition covered by the policy like cancer. You will not have to take a medical exam to apply for coverage.

Is Colonial Penn life insurance for seniors affordable?

Colonial Penn advertises that you can purchase life insurance for $9.95 per month.

This rate could change depending on your age and the amount of insurance you buy. You can use this data table to examine how competitive Colonial Penn’s insurance rates are to other companies in the market:

Life Insurance Company$250,000/30-Year Term Plan Average Monthly Life Insurance RatesAverage Annual Life Insurance Rates
Banner William PennOPTerm 30 Preferred Plus$29.67$344.99
ProtectiveClassic Choice Term 30 Preferred Plus$29.67$345.00
ForestersYour Term 30 Preferred Plus$30.63$350.00
AIGSelect a Term 30 Preferred Plus$30.40$351.50
ProtectiveCustomer Choice 30 Preferred Plus$30.49$354.50
Lincoln Financial GroupTerm Accel 30 Preferred Plus$31.06$355.00
PrincipalTerm Insurance 30 Preferred Plus$31.46$359.50
North American CompanyADDvantage 30 Preferred Plus$31.90$362.50
PrudentialTerm Essential 30 Preferred Plus$32.81$375.00
SBLILevel Term 30- No Exam Preferred Plus$33.12$380.69
Mutual of OmahaTerm Life Answers 30 Preferred Plus$34.08$389.50
TransAmericaTrendsetter LB 30 (CA) Preferred Plus$35.69$415.00
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Purchasing life insurance isn’t a decision you should make lightly. Shop around to find the best policy for your budget and compare coverage options to ensure that you get the protection you need.

Is it easy to file a claim with Colonial Penn?

If you pass away while your policy is active, your beneficiary will not be able to file a claim online. Instead, your beneficiary will have to submit a certified death certificate along with the original insurance contract to this address: Colonial Penn Life Insurance Company, Life Claims Department, P.O. Box 1918, Carmel, Indiana 46082-1918.

Colonial Penn doesn’t divulge a number for the company’s claims department, which could be frustrating for individuals who have questions about the claims filing process.

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What You Need to Know About Colonial Penn

Colonial Penn is a reputable company with a solid financial rating, and it has four life insurance policies to offer seniors. While none of these company’s insurance policies require you to take a medical exam, you will have to answer questions about your medical history when applying for the Living Insurance plan, the renewable term policy, and the whole life insurance policy.

The Colonial Penn Life Insurance Company boasts insurance that costs less than $10 per month. Still, you should always request quotes from multiple companies before putting any money down on a policy. You can shop online to find the best life insurance product for your needs.