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CNO Financial Group and Subsidiaries Review

Researcher & Writer
June 05, 2018

Among the many insurance companies gracing our amazing country is CNO Financial Group. In the following CNO Financial Group Review, we will take a brief look at the history of the company, its ratings and the various subsidiaries offered.

When looking for any type of insurance, rather than simply choose the company that offers the lowest term life insurance quotes, it is important to understand the company you choose to back your policy. You should consider not only the price of insurance, but also the reputation of the company and its financial strength.

At TermLife2Go, we work with the best life insurance companies offering both fully underwritten policies, as well as the companies offering the best no exam life insurance quotes. If you have any questions please leave us a comment below or give us a call today.

Life insurance is no small thing, and deciding upon a life insurance company is a decision that deserves a lot of thought. After reading about various life insurance companies, many people choose CNO Financial Group for their life insurance needs.

For many, this is a great choice. However, what’s right for one person or family isn’t always right for another. The question we need to ask is whether or not CNO Financial Group will offer you the best life insurance coverage possible. TermLife2Go is here to help you figure it out.

About CNO Financial Group

Opening for business in 1979, the company actually started as Security National of Indiana and they soon bought Consolidated National Life Insurance Co.

Heading towards the 1990s, the company was now known as Conseco and they bought Lincoln Income Life Insurance Company for over $32 million.

Over the years, they’ve played an important role in many different insurance companies and their total assets are now thought to be worth $31 billion. In 2010, they changed their name to CNO Financial Group and they haven’t looked back since.

CNO Financial Group is a group that really values middle-income America. In fact, middle-income America is at the heart of everything CNO Financial Group does. Under the CNO Financial Group banner, there are several brands:

Overall, the focus of CNO Financial Group is very much on ‘middle-income’ America. Through their subsidiaries, CNO can be found right across the US with the subsidiaries offering headquarters in Chicago, Indiana, and Philadelphia.

Aside from the thousands of agents working out in the field, CNO employs 3,400 full-time workers with 1,200 people working in the Carmel headquarters.

In 2014, Forbes actually listed CNO as one of the top 50 ‘Most Trustworthy Financial Companies’. Considering this was a time where much of the financial world was trying to save face after the global crisis, this is a good title to have and they’ve only moved forward since then.

Ratings of CNO Financial Group

Third party rating agencies can help potential insurance buyers get a more accurate understanding of an insurance company. Rather than simply relying on the marketing material put forth by the insurance company itself, ratings agencies thoroughly investigate the financial health and prospect for the future of an insurance company.

All three companies under CNO Financial Group have been given great ratings by A.M. Best, one of the most reputable rating agencies out there. All three have secured an A- rating (Excellent). By giving these companies such a high rating, A.M. Best is placing a vote of confidence that insurance seekers should trust.

In addition to this, CNO was awarded a bbb- rating from A.M. Best for the company's long term prospects, which means they are stable and should be in a good position to weather any storm that may come their way.

Furthermore, each business looks comfortable when it comes to Moody’s, Standard and Poor’s, and Fitch ratings too. In every single area and across their different marking schemes, they all achieved a ‘Stable’ rating which reflects positively for the financial stability of CNO on a wider scale.

Bankers Life

The first of the three companies, Bankers Life, offers: Term, Whole, and Universal life insurance.

Insurance Type
Coverage Length
Cash Value
Death Benefit
Term5-20 yearsNoYes

It is often debated, which is better, term life insurance vs whole life? The reality is the answer is not so clear cut mainly because each person is unique and there is no one size fits all policy.

Level term life insurance lasts for a period of time, the "term". Upon expiry, you can typically keep the coverage but it turns into annual renewable term (ART). One drawback to ART is the premium will increase every year because you are getting older and your cost of insurance (COI) is increasing.

On the other side of the equation is whole life which stays with you until that inevitable day. Whole life provides cash value growth that can act as a forced savings account.

With so many people retiring with little to no money in savings it is hard not to see a correlation between people being told to buy term and invest the rest. Instead of having a whole life policy they can use to provide supplemental retirement income through life insurance loans, people are entering their golden years as paupers.

Bankers Life also offers other types of insurance, which is convenient for people who would like to get additional services from the same financial institution. These include: medicare supplement insurance, long-term care insurance, supplemental health insurance.

For more please check out our review of Bankers Life and Casualty.

Colonial Penn

Colonial Penn offers two types of life insurance: Guaranteed Issue Life Insurance and Whole Life Insurance.

Insurance Type
Medical Exam
Issue Age
Cash Value
Max Benefit
Guaranteed AcceptanceNo50-85YesDepends
Whole LifeYes40-75Yes$50,000

Colonial Penn is available in most states and also has an online application process which is quite useful.

Colonial Penn's guaranteed acceptance graded benefit product is a big seller. However, one thing to be aware of is it typically will cost more than other equally beneficial final expense burial insurance policies.

For more please check out our review of Colonial Penn.

Washington National

Washington National offers three types of life insurance: indexed universal life, term life insurance and whole life insurance.

Indexed universal life is a unique permanent life insurance policy that combines the benefits of cash value life insurance with the ability to earn a greater interest crediting through indexed accounts that participate in the movement of different indices, such as the S&P 500, DJIA, NASDAQ 100, EURO STOXX 50, MSCI, Hang Seng, etc...

You can also choose from among he companies different riders, including the Total and Permanent Disability Benefits Waiver of Premium rider and the Return of Premium rider.

For more please check out our review of Washington National Insurance Company.

Should I buy a life insurance policy from a company under the CNO Financial Group banner?

Being that CNO Financial has three very distinct companies to choose from, the answer to this question varies. Your experience with each company, and the products they have to offer are not exactly the same—this can be a good thing.

Each of these three companies may suit different people differently. Your uncle may find Washington National offers the best life insurance coverage for him, whereas you may like Colonial Penn.

The tricky thing is figuring out which—if any—of the CNO Financial Group life insurance companies is best for you.

How do I decide on a CNO Financial Group Life Insurance policy?

When you begin to shop around for a life insurance company, you will start to realize how complicated the process is, especially if you are actually paying attention to the differences.

Every part of your life determines the kind of coverage a life insurance company will offer you. Some are more lenient with customers who have diabetes, whereas others may be lenient with people who have a high risk of genetically-linked health problems in the future.

Choosing a life insurance company and policy is kind of like wandering through a labyrinth without having an aerial viewpoint.

TermLife2Go can see the larger picture.

We have a full understanding of all the products offered by the companies under CNO Financial Group. We wish that we could simply share all of that information in a single article, but because their offerings—like those of every life insurance company—really depend on a lot of variables, it’s nearly impossible.

Suppose you are 40, have diabetes, never smoke, and have average blood pressure. Now suppose that your friend is 38, has diabetes, occasionally smokes, and has slightly high blood pressure. The life insurance company that is right for you and the life insurance company that is right for your friend are probably not going to be the same.

There are so many variables that impact the life insurance underwriting procedure that it is impossible to outline them all here.

There is good news.

TermLife2Go understands all the ins and outs of not just the CNO Financial Group companies, but that of many of the top life insurance companies in the United States.

After talking with you and getting to know the same details a life insurance company will ask you, we can make customized recommendations. We will help you find the best life insurance company for your needs. That may be Colonial Penn, Bankers Life, or Washington National. It also may not be. Either way, we will tell you exactly what is best for you.

What are you waiting for?

If you want to know which of the CNO Financial Group life insurance companies is best for you—or if another life insurance company is better-then call us today for a free consultation.

Thank you for reading our CNO Financial Group review. Please leave any questions or comments below.

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We are a team of life insurance experts with the simple mission of helping you find the best coverage for your unique situation. We research, review, and rank life insurance companies to make that process easier.