Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Dec 21, 2021

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The Lowdown

  • Colonial Penn life insurance products include whole life insurance and guaranteed issue life insurance
  • A.M. Best and other rating agencies suggest that Colonial Penn has good financial strength
  • Colonial Penn’s NAIC Complaint Index is roughly double the industry average

If you want a whole life insurance policy to help build your estate, you’ll want to consider a Colonial Penn life insurance policy. Sometimes, lesser-known companies like Colonial Penn can be the best option.

To help you make an informed decision, we’ll break down the Colonial Penn life insurance reviews, ratings, and rates. You’ll learn about the pros and cons of a Colonial Penn life insurance policy, too.

Continue scrolling to learn more about Colonial Penn life insurance or enter your ZIP code to get free quotes from the best life insurance companies in your area.

Is Colonial Penn life insurance good?

Colonial Penn’s name might not carry the same weight as a company like State Farm or Allstate. However, this doesn’t mean that it doesn’t offer a strong product.

That said, Colonial Penn doesn’t have nearly the same variety of insurance products. Instead, it appears to specialize in whole life insurance policies.

It offers three different policies:

  • Guaranteed Acceptance Life Insurance
  • Permanent Whole Life Insurance (livinginsurance®)
  • Permanent Whole Life Insurance

Most life insurance companies offer term life insurance policies, which tend to be more affordable than other permanent life insurance policies. Colonial Penn’s policies do offer different features for different buyers.

For example, Colonial Penn’s livinginsurance® policy offers policyholders an early payout option. This makes it possible for a policyholder to access the cash value they have accrued if needed.

Also, virtually anyone over 50 should be able to get a policy with Colonial Penn, considering they offer a guaranteed-issue policy.

How much does Colonial Penn life insurance cost?

Since Colonial Penn doesn’t offer term life insurance, it’s unclear how much it will cost on a monthly basis. While we aren’t able to provide a direct Colonial Penn life insurance rate chart, we can at least provide some resources.

Average Monthly Whole Life Insurance Rates for Non-Smokers
Non-Smoker
Age & Gender
Foresters Financial
– $250,000 Policy
State Farm
– $250,000 Policy
Foresters Financial
– $500,000 Policy
State Farm
– $500,000 Policy
25-Year-Old Female$156.80$203.14$304.24$400.19
25-Year-Old Male$178.68$225.12$347.99$444.14
30-Year-Old Female$188.96$234.24$368.11$462.39
30-Year-Old Male$216.52$260.14$422.80$514.19
35-Year-Old Female$230.52$273.19$450.36$540.29
35-Year-Old Male$267.05$311.47$522.55$616.84
40-Year-Old Female$277.99$321.24$543.99$636.39
40-Year-Old Male$326.33$375.62$639.80$745.14
45-Year-Old Female$349.30$381.29$685.30$756.49
45-Year-Old Male$401.58$467.84$788.99$929.59
50-Year-Old Female$429.14$470.02$843.68$933.94
50-Year-Old Male$499.36$578.12$982.80$1,150.14
55-Year-Old Female$549.89$598.79$1,082.55 $1,191.49
55-Year-Old Male$629.30$727.97$1,239.61 $1,449.84
60-Year-Old Female$700.83$769.94$1,381.36 $1,533.79
60-Year-Old Male$802.33$988.97$1,582.18 $1,971.84
65-Year-Old Female$912.58$1,045.09 $1,800.93 $2,084.09
65-Year-Old Male$1,043.61 $1,310.87 $2,060.36 $2,615.64
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Above, you’ll see sample rates for other industry leaders that can serve as a comparison tool if you decide to pursue a quote with Colonial Penn. Your rates will vary depending on your age and the coverage amount, but this should be a good starting point.

Keep in mind that the rates for whole life insurance are notably higher than those for term life insurance. Below, you’ll see how different the two can be for a similar coverage amount.

Whole Life Insurance and Term Life Insurance Rates for a $100,000 Policy
SexAgeWhole Life Insurance Rates Per Month10-Year Term Life Insurance Rates Per Month
Male65$359$54
Female65$305$37
Male75$643$151
Female75$572$119
Male85$1,478N/A
Female85$1,259N/A
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Whether you choose Colonial Penn or another life insurance company, whole life insurance always costs more. In short, whole life insurance policies require additional premiums to supply the cash value portion.

Since we aren’t able to provide direct quotes, we’ll break down Colonial Penn’s life insurance ratings to help determine if a quote will be worthwhile for you.

Is Colonial Penn life insurance reliable?

It’s no surprise that price is the leading factor that can make or break a prospective policyholder’s decision to buy a life insurance policy. That said, it shouldn’t be the only contributing factor.

A company’s life insurance ratings can tell you about the customer service experience. More importantly, these ratings can identify whether or not the company is safe to invest in.

Colonial Penn boasts the following ratings:

  • A.M. Best: A-
  • S&P: BBB-
  • Fitch: A-
  • Moody’s: A3
  • BBB: A+
  • NAIC Complaint Index: 2.12

As a whole, Colonial Penn’s life insurance ratings are positive. There are some concerns, however. The NAIC Complaint Index is over double that of the industry average.

This indicates that there are many complaints against Colonial Penn.

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Colonial Penn’s insurance ratings aren’t all bad. Most of the top rating agencies, such as A.M. Best, have rated the company as excellent or superior for financial strength.

In essence, this suggests that there shouldn’t be any major concerns about the company’s ability to pay out a death benefit. Considering you would be trusting the company with your cash value, this is a huge plus.

More About Colonial Penn Life Insurance

Colonial Penn life insurance has been operating for over 60 years and is one of the first companies to offer a guaranteed issue policy option. This type of policy can be much more convenient for anyone with underlying health conditions.

The Colonial Penn website briefly mentions that they sell term life insurance, but they don’t advertise it as one of their products anywhere else.

Unfortunately, the Colonial Penn life insurance login won’t be of much use to your beneficiaries. As of now, claims are still submitted via mail rather than using an online form or mobile app.

It does appear that the necessary forms are available online if needed. The company offers an assortment of other answers to frequently asked questions on its website.

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Colonial Penn Life Insurance: The Bottom Line

Colonial Penn appears to be a strong life insurance company that specializes in permanent life insurance. However, Colonial Penn does have a concerning amount of complaints.

Unless your Colonial Penn life insurance quote beats the competitors, you might want to second guess buying a policy. While you’re here, enter your ZIP code to get free quotes from the top life insurance companies near you.