Colonial Penn Life Insurance
Colonial Penn Life Insurance is a Philadelphia-based, privately held subsidiary of CNO Financial Group (NYSE: CNO) that sells guaranteed-acceptance whole life insurance directly to US consumers ages 50-85, with no medical exam required and locked-in premium rates starting at $9.95/month.
- Company typePrivate
- Founded1957
- HeadquartersPhiladelphia, United States
- Headcount251–500
- GTM typeB2C
- OfferingServices
What Colonial Penn Life Insurance does
Colonial Penn Life Insurance Company is a Philadelphia-headquartered, Pennsylvania-incorporated life insurer that has specialized since 1957 in selling whole life insurance directly to US consumers aged 50-85. The company's flagship product is Guaranteed Acceptance Whole Life Insurance, which requires no medical exam and no health questions, features premium rates locked in at enrollment (entry pricing from $9.95/month), builds cash value after the first year, and cannot be cancelled as long as premiums are paid. Coverage is sold in units, with price per unit fixed based on age, gender (Montana excepted, where age only is used), and state of residence; multiple units can be purchased to scale the death benefit. The company also publishes a Life Insurance Basics educational resource and a free Beneficiary Planner lead-magnet tool.
Colonial Penn distributes entirely through direct-to-consumer channels with no external agents or brokers: licensed in-house agents reachable via dedicated toll-free sales and customer-care numbers (e.g., 1-877-877-8052 for sales, 1-800-323-4542 for customer care), a self-serve online quote and application flow at colonialpenn.com/quote with state-specific plan availability, traditional direct mail, and long-running television advertising including placements on daytime programming such as "Sherri." A Spanish-language quote path ("¿Hablas español? Cotiza ahora") extends reach to Hispanic seniors, and the Colonial Penn Insights blog provides content marketing across life insurance, retirement, caregiving, and aging topics. New York coverage is underwritten separately by Bankers Conseco Life Insurance Company.
The underlying technology is a conventional insurance policy administration system with a customer portal supporting policy management, claims filing, payment processing, and beneficiary updates, backed by an A.M. Best A (Excellent) financial strength rating. Colonial Penn is a privately held subsidiary of CNO Financial Group, Inc. (NYSE: CNO), a diversified financial services holding company; it cross-referrals within CNO's family of brands (Bankers Life, Washington National, Optavise, PMAUSA, MHP), which collectively hold 3.2 million policies and $38 billion in assets. Reported scale metrics include over 820,000 policies in force and over $3.7 billion of life insurance in force per the 2024 Annual Statement, with company headcount in the 251-500 range. Revenue is generated through recurring subscription-style premium payments (monthly, quarterly, semi-annual, or annual cadence).
Colonial Penn Life Insurance firmographics
Firmographics- Name
- Colonial Penn Life Insurance
- Legal name
- Colonial Penn Life Insurance Company
- Website
- https://colonialpenn.com
- Company type
- Private
- Founded year
- 1957
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Colonial Penn Life Insurance is a Philadelphia-based, privately held subsidiary of CNO Financial Group (NYSE: CNO) that sells guaranteed-acceptance whole life insurance directly to US consumers ages 50-85, with no medical exam required and locked-in premium rates starting at $9.95/month.
- Ownership category
- akta.pro rank
Colonial Penn Life Insurance industry classification
Industry- Product category
- Life Insurance
- NAICS
- Direct Life Insurance Carriers (524113)
- SIC
- Life Insurance (6311)
- akta.pro primary industry
- Guaranteed Issue Whole Life Insurance (FSAIABAG)
- akta.pro secondary industry
- Whole Life Insurance (FSAIABAA)
Keywords
Where Colonial Penn Life Insurance is headquartered
LocationHeadquarters
- HQ city
- Philadelphia
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Colonial Penn Life Insurance business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Operations, Marketing or Sales, Personnel, Others
Revenue model
- Life Insurance Premiums: Colonial Penn generates revenue primarily through recurring premium payments from life insurance policies. Customers pay monthly, quarterly, semi-annually, or annually for their coverage. The company offers Guaranteed Acceptance Whole Life Insurance where premiums are locked in at time of enrollment and remain fixed for the life of the policy.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Monthly | Guaranteed Acceptance Whole Life Insurance starting at $9.95/month |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels5 records
Colonial Penn Life Insurance product offering
Product offeringCore offering
Colonial Penn Life Insurance offers guaranteed acceptance whole life insurance primarily to seniors ages 50-85, with no medical exam or health questions required. The policy features locked-in premium rates starting at $9.95 per month, lifetime coverage that cannot be cancelled as long as premiums are paid, and cash value accumulation after the first year. Coverage is sold in fixed-price units based on age, gender, and state of residence.
Product overview
Colonial Penn Life Insurance offers a focused portfolio of life insurance products primarily targeting seniors ages 50-85. The core offering is Guaranteed Acceptance Whole Life Insurance—a permanent whole life policy with no medical exam or health questions required, featuring locked-in premium rates and cash value accumulation. Alongside this, the company provides Life Insurance Basics as an educational resource to help consumers understand coverage types and death benefits. The company also offers a free Beneficiary Planner tool. Colonial Penn was founded in 1957 and became one of the first insurers to offer guaranteed acceptance life insurance exclusively for people age 50 and over in 1968.
Differentiator
Problem solved
Functional benefit
Products and services
- Guaranteed Acceptance Whole Life Insurance Permanent whole life insurance for ages 50-85 with guaranteed acceptance (no medical exam or health questions required), locked-in premium rates starting at $9.95 per month, and cash value accumulation after the first year. Coverage cannot be cancelled as long as premiums are paid, and the policy includes a 30-day try-it-on period allowing full refunds.
Quantifiable outcome
- Coverage starting at $9.95/month for guaranteed acceptance whole life insurance
- +2 more outcomes
Companies that use Colonial Penn Life Insurance
Customer profileSegments2 records
Ideal customer profiles1 record
Colonial Penn Life Insurance technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Colonial Penn Life Insurance partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- CNO Financial GroupcoreColonial Penn is a subsidiary of CNO Financial Group (NYSE: CNO). CNO Financial Group provides life and health insurance, annuities, financial services, and workforce benefits solutions. Colonial Penn operates as part of the CNO family of brands including Bankers Life, Colonial Penn, Washington National, Optavise, PMAUSA, and MHP. CNO has 3.2 million policies and $38 billion in total assets with 3,500 associates and thousands of agents.
Scale indicators4 records
Recent moves5 records
Expansion highlights4 records
Colonial Penn Life Insurance competitors and assessment
Company assessmentMarket position
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Colonial Penn Life Insurance social profiles
Digital presenceColonial Penn Life Insurance financial estimates
Financial estimateRevenue estimate
Valuation estimate
Colonial Penn Life Insurance leadership team
Management profileNumber of profiles
Profiles1 record
Colonial Penn Life Insurance funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Colonial Penn Life Insurance M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Colonial Penn Life Insurance
What does Colonial Penn Life Insurance do?
Colonial Penn Life Insurance offers guaranteed acceptance whole life insurance primarily to seniors ages 50-85, with no medical exam or health questions required. The policy features locked-in premium rates starting at $9.95 per month, lifetime coverage that cannot be cancelled as long as premiums are paid, and cash value accumulation after the first year. Coverage is sold in fixed-price units based on age, gender, and state of residence.
Is Colonial Penn Life Insurance a public or private company?
Colonial Penn Life Insurance is a private company. It is classified as corporate owned and is currently operating.
When was Colonial Penn Life Insurance founded?
Colonial Penn Life Insurance was founded in 1957. It employs 251 to 500 people.
Where is Colonial Penn Life Insurance based?
Colonial Penn Life Insurance is headquartered in Philadelphia, United States, in the North America region.
How does Colonial Penn Life Insurance make money?
One revenue line is on record: life Insurance Premiums.
Does Colonial Penn Life Insurance have an API?
No public API is recorded for Colonial Penn Life Insurance.
What industry is Colonial Penn Life Insurance in?
Colonial Penn Life Insurance's product category is Life Insurance. Its primary akta.pro industry code is FSAIABAG, Guaranteed Issue Whole Life Insurance, with a secondary code of FSAIABAA, Whole Life Insurance. Its NAICS code is 524113 and its SIC code is 6311.