Colonial Penn Life Insurance Review

Colonial Penn Life Insurance Company has been a name in the insurance industry since they were founded in 1968 and is a subsidiary of CNO Financial Group.

Most notably, Colonial Penn is often referred to as Alex Trebek life insurance due to colonial penn commercials on TV that many of us are used to seeing with the famous jeopardy star endorser.

It was one of the first insurers to offer a Guaranteed Acceptance Life Insurance plan for people 50 years or older with pre-existing health conditions needing to buy life insurance.  Many times the conditions they will accept for life insurance are those other insurance companies will decline.

Colonial Penn markets life insurance products for ages 18-85. The products are designed to help middle class families and retirees seeking lower face amount life insurance solutions and have historically strong financial strength ratings.


A.M. Best RatingA-
B.B.B. RatingA-
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Colonial Penn Life Insurance Review

Life Insurance

Colonial Penn Life Insurance Company has a variety of life products which appeal to those not wanting to complete medical exams.

They are priced in a way that reflects no medical exam as well as offering life insurance with pre-existing conditions up to a maximum death benefit of $50,000.  Colonial Penn is a leader in the life insurance market and commonly sold via telephone or online applications.

Below is a look at their core product line.

Renewable Term Life Insurance

Colonial Penn offers a term life insurance policy designed for people who want basic coverage for a reasonable amount. You can get term between ages 18-75 ad is renewable up to age 90. The amount of coverage can be up to $50,000 life insurance coverage. Colonial Penn’s term payments can be made monthly, quarterly, semi-annually or annually.

Guaranteed Acceptance Life Insurance

Guaranteed acceptance policy is available for ages 50-85 in most states. Coverage is guaranteed with no health questions and has a two years limited benefit period (waiting period). There are no health underwriting questions or physicals to take to get coverage. The coverage amount stays locked in along with your premiums. Coverage cannot be canceled except by you.

Permanent Whole Life Insurance

Whole life insurance with Colonial Penn is one of the common types of life insurance used for final expense planning.  This is why most people refer to it as burial insurance.

  • It is available for ages 40-75 with no medical exam required (your answers on the application will determine eligibility).
  • Coverage and premiums stay the same for the life of the policy.
  • The policy can be paid up to age 121.
  • Maximum coverage is $50,000 death benefit.
  • Payments accepted: monthly premium is the most common of payment options, but they also offer quarterly, semi-annually or annually through a bank account.
  • Whole life policy can build cash value.

Colonial Penn Life Insurance Rates

Regardless of the payout, the rates are calculated based on health of the applicant for all policies that require health underwriting questions.

Guaranteed acceptance charges the same premium payments for males and females and that is $9.95 per unit with a maximum of 12 units.

Other Companies with Competitive Pricing

  • Mutual of Omaha
  • Prosperity Life
  • Gerber

How to Get Alex Trebek Life Insurance?

Many of you have probably seen Alex Trebek on TV for many years endorsing Colonial Penn life insurance.  He is paid for his commercials which offer consumers a phone number to call in and speak with a Colonial Penn Life Insurance agent licensed in all states Colonial Penn is approved.

Consumers can call in to that number and speak to a licensed agent and enroll directly over the phone or request quotes online.  Colonial Penn doesn’t appear to have licensed agents working in the field, so home visits are not an option.

Check out our full list of life insurance company reviews here.