Banner vs Colonial Penn Life Insurance

Banner and Colonial Penn are two solid life insurance companies. Rest assured you can't make a bad choice if you have narrowed it down to Banner and Colonial Penn. See our side by side comparison below to see how these two companies stack up. We have included financial ratings, current leadership, assets, and premium in force for both Banner and Colonial Penn.
    Bernard Leigh Hickman
    All 50 States
    3275 Bennett Creek Avenue Frederick, MD 21704 United States

    "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
    James Prieur
    47 States
    399 Market Street Philadelphia PA, 19106

    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

Compare Other Options

1st place trophy

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2nd place trophy

AIG, also know as American International Group, has been in business since 1919. AIG's strong financial rating, product selection and competitive pricing earns it the #2 spot.

3rd place trophy

Banner is a subsidiary of Legal & General, and have been in business since 1836. They hold an A+ financial rating and have some of the most competitive rates. This earns them the #3 spot.

SOURCE Banner Colonial Penn
JD Power N/A N/A
AM Best A+ A-
Moody's N/A Baa1
Fitch AA- BBB+
Standard & Poor AA- BBB+
Comdex Score 94 62
SOURCE Banner Colonial Penn
Total Assets $7.3 Billion $30 billion(CNO Financial Group)
Life Insurance in Force $658 Billion $3.2B
Banner Colonial Penn
Term life insurance Colonial Penn Guaranteed Issue Whole Life Insurance
Universal life insuranceColonial Penn Patriot Program Whole Life and Term Life
Banner Colonial Penn
APPcelerateColonial Penn Guaranteed Issue Whole Life Insurance
OPTerm Life InsuranceColonial Penn Patriot Program Whole Life and Term Life
Banner Colonial Penn
Disability premium waiverNo riders available
Conversion to permanent
Flexible payment schedule
Accelerated benefit rider
Term laddering rider
Child Protection Rider
Jonathan Holloway
January 1, 1970
Jonathan is a licensed life insurance agent at NoExam.com that writes about insurance, personal finance, lifestyle, and sports. See our pages on term life insurance, life insurance rates and life insurance companies for more.
Disclaimer: We make every attempt to make sure our information is up to date, but since things change often it is best to double check the data. This review is an opinion. Clicking on links may result in NoExam.com being compensated.