Colonial Penn Life Insurance Review (2026)

Rated A (Excellent) by AM Best¹, Colonial Penn is one of the most recognized names in guaranteed acceptance life insurance. The company offers straightforward whole life coverage requiring no medical exam, making it accessible for applicants with pre-existing conditions. Coverage amounts are modest, but pricing can be higher than traditional whole life policies for buyers in good health.

Key Takeaways

Best for: Seniors aged 50 to 85 seeking guaranteed acceptance coverage without a medical exam, particularly those with pre-existing health conditions who may not qualify elsewhere.

Standout feature: Guaranteed acceptance whole life insurance with no health questions and no medical exam for applicants aged 50 to 85.

Financial strength: Backed by CNO Financial Group with an A (Excellent) rating from AM Best.

How to access: Quotes and applications available by phone and online; policies issued directly without an agent.

About Colonial Penn Life Insurance

Founded in 1968 by Leonard Davis, Colonial Penn is a Philadelphia-based insurance provider and a wholly owned subsidiary of CNO Financial Group.² The company has built its reputation on offering guaranteed acceptance life insurance designed specifically for individuals aged 50 and older.

Beyond life insurance, Colonial Penn also offers accidental death insurance. Colonial Penn sells coverage directly to consumers rather than through a traditional agent network. Product availability, eligibility requirements, and coverage amounts vary by state, and certain products may be underwritten by affiliated companies depending on where you live.

Colonial Penn Life Insurance Review for 2026

If you’re considering Colonial Penn for life insurance, it’s important to understand both its strengths and limitations. This 2026 review takes a closer look at its policies, pricing model, and who it’s best suited for before you make a decision.

Colonial Penn Financial Strength and Ratings

Financial strength ratings indicate an insurer’s ability to meet its long-term obligations, including paying claims, an important consideration for policies like whole life insurance that can remain in force for decades. Colonial Penn has established credibility in the insurance market, supported by generally positive ratings from recognized agencies.

AM Best: A (Excellent)¹
S&P Global: A-³
Fitch: A-³
Moody’s: A3³
Better Business Bureau (BBB): A+ (Accredited)⁴

These ratings reflect factors such as the company’s balance sheet strength, operating performance, and overall ability to meet its financial commitments over time. The A+ rating from Better Business Bureau also reflects the company’s responsiveness to customer complaints and business practices rather than financial strength.

Colonial Penn Life Insurance Products

Colonial Penn offers whole life insurance products designed primarily for final expense and smaller coverage needs. Product availability, including maximum available coverage, may vary by age and state.

Guaranteed Acceptance Whole Life Insurance

Colonial Penn’s guaranteed acceptance whole life insurance is designed for individuals aged 50 to 85 who want simple, dependable coverage without medical underwriting.⁵

Locked-in premiums and benefits: Both the premium and the death benefit amount are set at the time of purchase and will not increase or decrease over the life of the policy. Locked in premium rates may start from $9.95 a month.⁵
Lifetime coverage: As a whole life policy, coverage remains in force for life as long as premiums are paid.
Non-Cancelable Coverage: The policy cannot be canceled by the insurer due to changes in health or age, providing long-term security and stability.
Limited death benefit period: The policy includes a waiting period during the initial years, during which full benefits may not be payable for death due to natural causes

Whole life insurance with Simplified Underwriting

In New York, Colonial Penn offers a traditional whole life insurance policy designed for men aged between 50 to 73 and women aged between 50 to 75.⁶

Unlike its guaranteed acceptance plan, this policy requires applicants to answer health-related questions as part of the underwriting process, but it does not require a medical exam, helping keep the application process relatively simple and convenient. However, approval is not automatic, and eligibility depends on the medical history of the applicant.

Available Riders and Add-Ons

Colonial Penn does not publicly disclose the specific riders available with its life insurance policies. To explore your options, you’ll need to speak directly with an agent.

Colonial Penn Application Process

Colonial Penn uses a spectrum of underwriting approaches depending on the product, ranging from guaranteed acceptance with no health questions to simplified issue with a health questionnaire.

Medical Exam Requirements

Guaranteed Acceptance Whole Life: No health questions or medical exam required. Approval is based solely on age and state eligibility, making it a true no-questions-asked policy.
Simplified Issue Whole Life: Requires applicants to answer health questions, but no medical exam is needed. Approval is based on the questionnaire, with no lab tests, blood work, or physical exams involved.

Cost Considerations

Colonial Penn’s pricing is structured around its guaranteed acceptance model, which typically results in higher costs per dollar of coverage compared to fully underwritten policies. Instead of offering a single fixed coverage amount, Colonial Penn uses a “unit” system, where each unit costs $9.95 per month.⁵

Monthly premiums generally range from $9.95 to $248.75,² depending on how many units of coverage you purchase. You can purchase up to 25 units, but the death benefit per unit varies based on factors such as age, gender, and state of residence.

How to Apply for Colonial Penn Life Insurance

Applying for Colonial Penn life insurance is straightforward and can be done either online or over the phone, depending on your preference.

Apply Online: You can complete your application at colonialpenn.com through a guided, step-by-step process. The online system will walk you through:

Selecting a policy type (guaranteed acceptance, simplified issue whole life, or term life)
Confirming eligibility based on age and state
Choosing your coverage amount or number of units
Submitting payment details

Otherwise, you may also directly call Colonial Penn's representatives for guidance on application.

Colonial Penn Life Insurance Customer Experience

Colonial Penn operates as a direct-to-consumer insurer with no agent network. Customer interactions are handled by phone-based representatives and an online portal, without the option of working with a local or independent agent.

Customer Service and Contact Options

Colonial Penn offers multiple customer service channels to help policyholders and prospective customers get assistance when needed. Their operators are available from Monday to Thursday (8:30 AM to 1 PM ET), Friday (8:30 AM to 7 PM ET) and Saturday (9:00 AM to 5:00 PM ET).

Phone: 1-800-517-5102 (for other state residents), 1-877-891-0915 (For New York residents)
Mailing Address: Colonial Penn Life Insurance Company, PO Box 1918, Carmel, IN 46082-1918
Website (For filing a claim): colonialpenn.com

Colonial Penn Claims Process

Filing a claim with Colonial Penn is a straightforward process, but it requires submitting the necessary documents by phone and mail. Here’s how you can submit your claim:

How to File: Call 1-800-517-5102 to initiate a claim and request the required forms; completed forms must be submitted by mail (no online filing option available)⁷
Required Documents: Completed claimant statement, certified death certificate, and original policy document (if available).
Graded Benefit Note: For guaranteed acceptance policies, payouts may be limited during the first two years for non-accidental deaths, which may include total premiums paid and an additional 10% interest.

Mobile App and Online Access

Colonial Penn does not offer a dedicated mobile app on iOS or Android. Policyholders manage their accounts through the web portal at colonialpenn.com, where they can view policy details, make premium payments, and update contact information.

Colonial Penn Life Insurance Pros and Cons

Colonial Penn has strengths that appeal to certain shoppers with health concerns or pre-existing conditions. But these policies come with tradeoffs depending on coverage needs, and expectations. Here are some pros and cons to consider:

Pros of Colonial Penn Life Insurance

Guaranteed acceptance for ages 50-85: Applicants cannot be declined due to health conditions, making it a practical option for those who may not qualify for other policies.
Predictable, fixed pricing: The $9.95-per-unit model offers clear, upfront costs with premiums that never increase, helping seniors plan around a stable monthly budget.⁵
Backed by strong financial ratings: Colonial Penn is part of CNO Financial Group, which holds an A (Excellent) rating from AM Best, indicating solid claims-paying ability.
No medical exams required: All policies are issued without physical exams, lab tests, or blood work, simplifying the application process.
Non-cancelable coverage: Once issued, policies remain active for life as long as premiums are paid and cannot be canceled or repriced due to changes in health.

Cons of Colonial Penn Life Insurance

Graded death benefit: For guaranteed acceptance policies, non-accidental deaths within the first two years typically pay only premiums plus interest, not the full benefit.
Lower coverage for the cost: The unit-based pricing model often results in smaller death benefits compared to medically underwritten policies at similar premiums.
Direct-only sales model: Policies are sold directly, so buyers cannot work with independent agents to compare options across multiple insurers.
Limited customization: Fewer rider options and add-ons may restrict flexibility for those seeking more comprehensive coverage features.

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Ethos vs. Colonial Penn Life Insurance

Ethos and Colonial Penn both aim to make life insurance accessible, but they differ significantly in how they deliver value. While Colonial Penn focuses on guaranteed acceptance for higher-risk applicants, Ethos emphasizes a modern, streamlined experience with better pricing and higher coverage potential for most buyers.

Application and Experience: Ethos offers a fully digital, end-to-end online application with a modern dashboard for managing policies, while Colonial Penn’s process is simple but comes with a very limited online experience.
Coverage Value: Ethos provides access to medically underwritten policies, allowing qualified applicants to secure higher coverage amounts at lower costs, whereas Colonial Penn’s unit-based model typically results in smaller payouts for the price.
Who It’s Best For: Ethos is a stronger fit for individuals seeking maximum coverage and value, especially those in fair to excellent health. Colonial Penn is better suited as a last-resort option for applicants who may not qualify elsewhere due to serious health conditions.

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FAQs on Colonial Penn Life Insurance

Colonial Penn life insurance works well for adults aged 50 to 85 who need final expense or burial coverage and have pre-existing health conditions that would disqualify them from traditional underwriting. It works well for applicants seeking guaranteed approval, but it is generally not ideal for healthy individuals looking for higher coverage amounts or lower-cost term policies.

Colonial Penn offers guaranteed acceptance whole life insurance for ages 50-85 with no health questions, and simplified issue whole life for men aged between 50 to 73 and women aged between 50 to 75 that require answering a few health related questions.

You can apply for Colonial Penn life insurance online or by phone. The online application guides you through choosing a policy, confirming eligibility, and selecting coverage. Guaranteed acceptance policies require no health questions and can often be completed quickly. Phone applications are available during standard business hours for assistance.

To file a claim, beneficiaries may either call Colonial Penn’s claims line at 1-800-517-5102 (New York residents may reach out at 1-877-891-0915) or request forms to be submitted via mail. Required documents typically include a claimant statement, certified death certificate, and policy details.

No, Colonial Penn does not currently offer online or mobile app claim filing. Beneficiaries must start the process by phone or download the claim form from the website, but completed forms must be submitted by mail. Because the process is manual, having all required documents ready can help avoid delays.

Colonial Penn sells coverage in units, with each unit costing $9.95 per month.⁵ The death benefit tied to each unit varies based on age, gender, and state. As applicants get older, the value per unit generally decreases, meaning less coverage is provided for the same monthly premium.

Colonial Penn is known for marketing guaranteed acceptance whole life insurance for seniors, with a simplified buying process that does not require medical exams. Its focus on smaller final-expense coverage sets it apart from insurers that specialize in larger term or permanent policies.

Colonial Penn typically pays the death benefit as a lump sum to beneficiaries after a claim is approved. This allows recipients to use the funds immediately for expenses like funeral costs or debts. Alternative payout options are limited and should be confirmed when purchasing the policy.