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Top Colonial Penn Life Insurance Review [What you Need to Know]

Colonial Penn LIfe Insurance Reviews

If we can convey one main point in this Colonial Penn Life Insurance Review it is that it pays to have options when buying insurance. At TermLife2Go, we represent dozens of the top rated best life insurance companies.

Whether you need term life or cash value whole life, we can align you with the best company at the best price based on your unique health and lifestyle. 

Disclaimer: We are not Colonial Penn nor are we affiliated with Colonial Penn. You can reach the company direct by calling 1-877-877-8052 or visit online at colonialpenn.com

Review of Colonial Penn Life Insurance

In this review of Colonial Penn Life Insurance or CP Direct we will discuss the positives, the negatives, and the alternative to Colonial Penn. Is Colonial Penn the best company for you? Continue reading our Colonial Penn Life Insurance Review to find out.

First off…

One of the first things we would like to mention is that, while Colonial Penn should be considered when looking at the different final expense or burial life insurance companies, the CP Direct’s low maximum coverage amounts of only up to $50,000 will often make them a non competitive option when someone needs more coverage for things such as protecting a mortgage or protecting the household’s primary wage earner.

For this reason, we will typically recommend one of the best no exam life insurance companies that offer higher coverage amounts, as opposed to Colonial Penn. You may also benefit from our article on the advantages of choosing no exam life insurance versus taking an exam.

Colonial Penn Life Insurance Reviews 2017

The Pros

In all fairness, Colonial Penn does have many positive going for it. Let’s begin by discussing the companies guaranteed issue coverage.

Colonial Penn Guaranteed Issue Whole Life Insurance

1. No Exam and No Health Questions

All Colonial Penn Life Insurance Reviews need to talk about the companies flagship guaranteed issue product, which would be considered final expense insurance or burial insurance. This is the life insurance Alex Trebek of Jeopardy fame is typically attached to.

Guaranteed issue whole life insurance with a 2 year graded death benefit limitation—If you die in the first two years the policy will return your premium plus a small percentage on top of the premium you paid. Typically, someone will choose guaranteed issue life insurance if they have previously been declined for life insurance.

2. Available up to age 85

Available for men and women ages 50-85

3. Death Benefit Remains the Same

The death benefit will not decrease over the life of the policy but will remain fixed as long as you continue to make premium payments.

5. Fixed Premium

Your premium is fixed for the life of the policy. Beware of certain companies, such as AARP and Globe Life, where the premiums increase every five years.

Colonial Penn Patriot Program Whole Life and Term Life

1. No Medical Exam

No medical exam required, just a few health questions regarding your medical history.

2. $50,000 of coverage available

Face amounts up to $50,000 available for the no exam coverage from Colonial Penn.

3. Term available from 18-75 and Whole Life available from 40-75.

30 Day Money Back Guarantee

Colonial Penn likes to mention that policy owners have a money back guarantee. Clients of CPDirect.com receive a full refund if they decide they do not want the policy in the first 30 days. In the industry, this is referred to as the “free look” period. Please note: a free look is not exclusive to CPDirect. Basically, all states require it and all companies offer it.

Potential Cons

The following are some potential drawbacks of Colonial Penn Insurance.

1. Colonial Penn’s low A.M. Best Rating

Colonial Penn’s A.M. Best rating is a B++. We here at TermLife2Go typically like to see at least A- or better, but again due to the strength of Colonial Penn’s product portfolio, even with a B++ one should still consider them a viable option when considering a final expense policy for their loved ones, especially if you need to layer multiple burial insurance policies.

2. Price

We have found that in many situations Colonial Penn’s Life insurance rates are not always the most competitive, i.e. lowest. Which is why it is important for you, as a consumer, to “Shop” your options.  Since TermLife2Go does not offer Colonial Penn, what we would recommend that you do is give Colonial Penn a call, and once you have a good idea about what they can offer, give us a call so we can compete for your business!

3. Beware the increasing premiums for the term product

With some of Colonial Penn products, the initial premium may be subject to change/increase as you age. Or in other words, as you get older your premium (the cost you pay for your insurance) can increase.  

Now this is not a unique feature only offered by Colonial Penn, many different insurance companies offer policies with premiums that increase over time, and in some cases these types of policies are great for certain types of clients, BUT… before anyone buys such a policy, they should take a look at what the rates will look like 10, 15  or even 20 years down the road.

If your premium increases as you get older, then what happens when you hit retirement age and you no longer have an income? A lot of clients end up having to drop the policy because the premiums become cost prohibitive.

4. Two Year Graded Death Benefit

Buyer beware that a death claim on the guaranteed issue product will not be paid out if the insured dies of natural causes in the first two years.  

Now it should be noted that with most if not all guaranteed issue life insurance policies, there will be a graded death benefit clause.  So in all fairness, this this not a unique negative against Colonial Penn. That being said, however, if someone is considering a policy with Colonial Penn it is important that they fully understand what the “Graded death Benefit” clause means.

A graded death benefit means the death benefit pays out the full face amount after two years or in the event the insured dies of an accidental death. In order for the policy to pay out on a death due to natural causes, the policy must be in force for no less than two years.

An Alternative

The alternative to Colonial Penn would be to choose an agency, such as TermLife2Go, who can shop from a large pool of life insurance carriers in order to find you the best company at the best price based on your specific need and circumstances.

Don’t sell yourself short by falling for slick advertising with big celebrity endorsements from large insurance companies such as Colonial Penn. What does Alex Trebek know about life insurance anyway?

Instead, give us a call and let us introduce you to a large array of life insurance companies who compete for your business by offering competitive pricing and liberal underwriting.

About TermLife2Go

We are not a life insurance company. Instead, TermLife2Go is an agency representing dozens of the best life insurance companies. Our job is to shop for you so that you can sleep peacefully knowing you have secured the best life insurance at the best price—for you.

Give us a call today to see how much money we can save you on life insurance.

If you enjoyed our article Colonial Penn Life Insurance Reviews or have additional questions, please leave a comment below.

28 comments… add one
  • Thank you for your article on Colonial Penn. it is trreight forward and easy to understand.
    I was about to take out a tern life policy with them for $34.00 for $4,000.00. Don’t know if this is a wise idea. Also, can you tell me the difference between term life and whole life?

  • I’m 59 years old have high blood pressure,COPD due to chronic bronchitis and mild sleep apena.

    • Clarence,

      From the article that you’re reading, “Colonial Penn Life Insurance Review”, it appears as though your looking for a quote from Colonial Penn.

      Now we here at TermLife2Go don’t actually offer any Colonial Penn products, but do believe they are a quality company.

      That being said however, we would encourage you to get a quote from Colonial Penn and then compare that quote to one of the many life insurance companies that we work with and see which company is going to offer you the “better” deal.

      You can compare all of our final expense and burial life insurance companies using our final expense quoter that is found on this article:

      http://termlife2go.com/top-ten-best-final-expense-insurance-burial-insurance-companies/

      Then after you’ve compared prices, if it looks like we may have a better option, just give us a call and we’ll be happy to see what we can do for you!

      Thanks,

      TermLife2Go.

  • What if your 59 years female with high blood pressure,COPD due to chronic bronchitis

    • Clarence,

      From the article that you’re reading, “Colonial Penn Life Insurance Review”, it appears as though your looking for a quote from Colonial Penn.

      Now we here at TermLife2Go don’t actually offer any Colonial Penn products, but do believe they are a quality company.

      That being said however, we would encourage you to get a quote from Colonial Penn and then compare that quote to one of the many life insurance companies that we work with and see which company is going to offer you the “better” deal.

      You can compare all of our final expense and burial life insurance companies using our final expense quoter that is found on this article:

      http://termlife2go.com/top-ten-best-final-expense-insurance-burial-insurance-companies/

      Then after you’ve compared prices, if it looks like we may have a better option, just give us a call and we’ll be happy to see what we can do for you!

      Thanks,

      TermLife2Go.

  • Looking for life insurance that there is no waiting period,covers me immediatley ,if I die tomorrow it pays in full the premium and the benefit stays the same over the course of my life.amount I would like to get would be $30,000 to $50,000.I’m 56 years old and have diabetes,sleep apnea,congestive heart failure and AFIB- not related to ant heart condition.

    • Clarence,

      Based on your existing medical conditions, we here at TermLife2Go, are unaware of any life insurance company that would provide coverage to you without a 2 or 3 year waiting period.

      We’re sorry we couldn’t be more helpful.

      Thanks,

      TermLife2Go.

  • Jim S

    Hello, to whom it my concern.
    I went on line to get a quote and for the 9.95 a month you only get 1200.00 dollars coveage. That’s not going buy much of any funeral benefit. The only thing you possibly can buy, is a blanket to cover your self and a little flower or two.

    So I wanted to see if I spend more a month what I can get, for ten thousand dollars of coveage I would have to pay $89.00 a month for this coveage. I do not smoke, or drink
    I’m 59 and eat healthy , so l called and got quote’s from other insurance company’s with more coveage for less the money. So if you want very little coveage for your love ones, this would be for you. But for me, I want the most coveage for my money and my life.

    • Jim,

      We’re happy you were able to find a coverage for less that what you were being quoted by Colonial Penn. As you may have noticed by reading our review, we here at TermLife2Go are not Colonial Penn nor do we offer their products.

      We do however believe that they are a good insurance company, and are an excellent choice for many, however, there are many times when they may not be the most affordable option. With that said, feel free to visit our online quote screen where you will be able to instantly compare the price that you are currently paying with dozens of insurance companies that we actual do represent.

      http://termlife2go.com/get-a-quote/

      Thanks,

      TermLife2Go

  • Sandra K

    Hi.
    Im 57yrs old and have. 37 yr old
    Neither of us have a life insurance policy in place. I would like to purchase for us both together. I am on a low income bracket. And want a Whole life policy for us. Please can u direct me in the right direction? Thank you

    • Sandra,

      We would be happy to help you out, just give us a call at and we’ll take a look at your options.

      Thanks,

      TermLife2Go.

  • I like to know a figure of what I should get back on whole life Insurance. I have been with Colonial Pen since 2014. I have made my monthly payments every month on time. All they want to give me. Is $240. Is that fair. I don’t think so.

    • Marian,

      Colonial Pen would be the only ones who know just how much cash value your life insurance policy has accumulated since 2014.

      Now if you’ve already contacted Colonial Penn and they have told you that you’ve only accumulated $240.00 since 2014, it sounds like you probably have a small burial whole life insurance policy with them.

      These types of policies are great for protecting your loved ones from having to pay for your final expenses once you have died, but they’re not a great way to accumulate cash over the years.

      Sorry we couldn’t help out more in this situation, but if you do have any questions about your policy or would like to look at some alternatives, we’d be happy to help.

      Lastly, we would strongly encourage you to keep your existing life insurance policy in place until you have time to find alternative coverage elsewhere.

      Additionally, please realize, with your existing Colonial Penn policy, if it contained a “Graded Death Benefit” there is a very good chance that keeping your existing policy would be the wisest course of action.

      ***We have NO vested interest in you keeping your Colonial Penn policy, we just want to make sure that you understand all of the risks associated with dropping your existing policy.

      Thanks,

      TermLife2Go.

  • Melodie womack

    I’d like to know more about life insurance I’m in the market to purchase some and think it would be a good idea!!! I had life insurance though my husband si ve 1984 until my divorce in 2014 and he selected it!! I don’t know anything about life insurance so I’m in need of some information and knowledge before i ask questions or know the questions to ask can you help me and get me up to speed on life insurance and what it means for fixed?? term??? Etc… Thank you melodie

    • Melodie,

      You don’t need to worry about not knowing all that much about life insurance because the truth is, not that many people do. The most important thing to “know” is:

      “What do you want to achieve buy buying life insurance?”

      Are you looking to:
      – Cover the cost of a mortgage?
      – Provide financial support for a child?
      – Protect lost wages in the event of a death?
      – over the cost of a burial?
      – Etc, etc…

      Knowing what you want to achieve, will help us determine what “type” of life insurance will be best for you.

      That being said, we have an article that provides a brief breakdown of some of the most common types of life insurance policies that you may want to read, but again, the most important factor in knowing which type of policy will be “best” will ultimately come down to what you want to achieve.

      Types of life insurance policies: http://termlife2go.com/types-of-life-insurance-policies/

      Thanks,

      TermLife2Go.

  • Barb

    Hello,

    Just wondering if I can get just a quick brief answer. I recently got term life insurance for my 78 year father but family members are saying that it was a mistake to get term as opposed to whole life. So does ALL term life ins. increase yearly? Also does term offer “return of premium”?

    Thanks

    • Barb,

      You have a couple of different questions so we’ll do the best that we can, we’ll also keep our answer very “general” since we don’t know exactly what your situation is or what type of term life insurance policy that you purchased.
      So… Let us first start off with saying that, without knowing more about your situation, it would be impossible for us to say whether or not you made a mistake getting term vs whole life insurance. The answer to this question will really depend on your individual situation and what you hope to achieve in purchasing the life insurance for you father.

      Now does “ALL” term life insurance increase yearly?
      No, in fact most term life insurance should NOT increase yearly. That is what the “term” refers to. Most (if not all) “term” life insurance death benefits and premium payments should remain constant during the “term” period.
      After the “term” period ends, some term life insurance policies do have a period of time in which they are renewable. It is during this yearly renewable period that you will generally see a yearly increase in premium.

      Lastly, does all term offer “return of premium?”
      The answer to this question is “No”. Some insurance companies will allow you to purchase a return of premium product and some will not. These products are also generally limited to younger applicants that your father.
      Now with all that said, if you still have questions about whether or not you have purchased to correct policy for you father, we would encourage you to give us a call so that we can learn a bit more about what you have in fact actually purchased and see if it’s actually the right fit.

      Thanks,

      TermLife2Go.

  • Tim

    I want a policy that stays in affect until the day I die…. no matter what age. Do you know of any company who offers this?

    • Tim,

      There are a ton of different life insurance companies that offer policies like this, the trick is knowing which one is best for you.

      Why don’t you just give us a call and we can give you a couple of options to consider.

      Thanks,

      TermLife2Go.

  • Sherri

    I am 65, will be 66 in Sept. I currently have $53,000 term policy. Every 5 yrs., my benefit decreases, and my premium increases!! I am interested In a policy which will leave the benefit and premiums as it is in the beginning, do you have something to offer me??

    • Sherri,
      What we would recommend is that you give us a call so that we can learn a little be more about your situation and see what we can do to help.
      You may also be interested in reading an article that we just wrote:

      http://termlife2go.com/burial-life-insurance-quotes/

      This article will go into greater detail about what you should look for when purchasing a life insurance policy, and how you can avoid some of the common “pitfalls” you’ve already experienced with your current life insurance policy.

      Thanks,

      TermLife2Go.

  • Sheliah Raines

    i want more than1 insurance claim me my husband an my father

    • Sheliah,

      Sounds like you are looking for multiple quotes for multiple people. Why don’t you just give us a call and we’ll go over all of your options.

      Thanks,

      TermLife2Go

  • Donna Hylton-Royce

    I was turned down owing to a medication which I no longer need to take seems like false advertising when Mr Trebeck says you cannot be turned down for health reasons

    • Donna,

      There are policies that are called “guaranteed issue” life insurance policies which, as long as you are over the age of 40, you should have no problem qualifying for. But before we jump right to a “guaranteed issue” life insurance policy, we should also rule out any other types of policies (AKA more affordable policies) that you may or may not be eligible for.

      For this reason, just give us a call so that we can review all of your options and see what we can do for you!

      Thanks,

      TermLife2Go.

  • aiesha

    to be clearer on 2yr death benefit.
    example:
    20,000
    i pay the premium every month as long as i liveWhat happens if i die before 2yrs of natural cause.What will My beneficiary receive?
    and if i live after 2yrs my premium stays the same til my time of death. if i die 3yrs after what will my beneficiary receive then?

    • Aiesha,

      Without knowing the specifically which type of policy you are referring too, we wouldn’t want to make an generalizations or lead you in the wrong direction. But it sounds like you have a couple of questions regarding what is called a “Graded Death Benefit”. We recommend that you take a look at this article http://termlife2go.com/final-expense-insurance-or-burial-insurance/ and if you still have additional questions, just give us a call.

      Thanks,

      TermLife2Go.

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