Banner vs Colonial Penn Life Insurance

  • YEAR FOUNDED
    1949
  • CURRENT CEO
    Bernard Leigh Hickman
  • AVAILABLE
    All 50 States
  • ADDRESS
    3275 Bennett Creek Avenue Frederick, MD 21704 United States
  • TOP AWARDS

    "Best Term Assurance Provider"" at the Investment Life & Pensions Moneyfacts Awards 2017

    Communitas Award for Commitment to Corporate Social Responsibility

  • PROS
    • Flexibility of payment options and term limits for each option on the policy
    • Fast-track claims
    • Electronic application
  • CONS
    • Medical exam required.
    • Strict eligibility for preferred rates.
    • Options are very limited in scope
  • YEAR FOUNDED
    1968
  • CURRENT CEO
    James Prieur
  • AVAILABLE
    47 States
  • ADDRESS
    399 Market Street Philadelphia PA, 19106
  • TOP AWARDS

    Children's Scholarship Fund Philadelphia (CSFP) Corporate Citizen of the Year

  • PROS
    • No Exam and No Health Questions for the Guaranteed Issue Whole Life Insurance
    • The death benefit does not decrease over the life of the policy but remain fixed as long as one continues to make premium payments
    • Your premium is fixed for the life of the policy
  • CONS
    • Online application unavailable for all plans
    • Low coverage amounts
    • No living benefit for Guaranteed Issue plan
SOURCEBannerColonial Penn
JD PowerN/AN/A
BBBA+N/A
AM BestA+A-
Moody'sN/ABaa1
FitchAA-BBB+
Standard & PoorAA-BBB+
Comdex Score9462
SOURCEBannerColonial Penn
Total Assets $7.3 Billion $30 billion(CNO Financial Group)
Life Insurance in Force$658 Billion $3.2B
BannerColonial Penn
Term life insurance Colonial Penn Guaranteed Issue Whole Life Insurance
Universal life insuranceColonial Penn Patriot Program Whole Life and Term Life
BannerColonial Penn
APPcelerateColonial Penn Guaranteed Issue Whole Life Insurance
OPTerm Life InsuranceColonial Penn Patriot Program Whole Life and Term Life
BannerColonial Penn
Disability premium waiverNo riders available
Conversion to permanent
Flexible payment schedule
Accelerated benefit rider
Term laddering rider
Child Protection Rider
Jonathan Holloway
October 13, 2019
John Holloway is a licensed life insurance agent and co-founder at NoExam.com
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