National Life Group vs Colonial Penn
National Life Group and Colonial Penn have both earned high financial strength ratings, which indicates their financial stability. National Life Group stands out from Colonial Penn for its lengthy industry experience and offering of universal, indexed universal, and variable universal life insurance policies. Colonial Penn stands out for offering online quotes, not requiring medical exams for underwriting and for offering final expense insurance.
Overview
National Life Group
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Colonial Penn
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Ratings
National Life Group
Colonial Penn
Reviews
National Life Group
Reviews
Colonial Penn
Reviews for National Life Group
Helpful Favorable Review
Benita Valle
June 1st, 2022
Murrieta, CA
DETAILS
So far NLG is the best company with the best products for the right clients in USA. My husband, my younger sister and my colleague in nursing are all living testimony of the Living Benefits. They all received TAX- FREE money from the company when they got diagnosed of cancer of different organs. The money received to take care of their financial obligations while recovering is the best financial blessing in their lifetime! The monetary benefit mitigated the stress one suffers from when critically ill. It was divinely therapeutic. We thank God for National Life Group!
Helpful Critical Review
Chefsteevo23
July 20th, 2022
Waterbury, CT
DETAILS
If you want to sit on hold forever and listen to the same piano song because nobody answers the phone and there is no other contact to customer service, then this is the company for you. All I am trying to do is make a payment and it is this complicated, I can't even imagine how hard it would be if I actually needed something for my policy. I would like to thank national life group for wasting my time though, 3 days of sitting on hold and nobody answering is not acceptable, I will gladly take my business elsewhere
Reviews for Colonial Penn
Helpful Favorable Review
Nancy A DeNault
July 8th, 2020
DETAILS
Verified Customer
Review Source
The lady that signed me up. Was great, very helpful and thorough
Helpful Critical Review
The Final Word
National Life Group has been in business since 1848, so it has many years of industry experience and has stood the test of time. You can buy whole, universal, indexed universal, variable universal, and term life insurance from National Life Group. This range of policies makes it easy to find a life policy that meets your coverage and financial needs.
National Life Group also offers living benefits, which allows you to access some of your policy's death benefit early if you have a qualifying terminal illness, chronic illness, critical illness, or critical injury. This rider can make your life insurance policy a valuable resource for unexpected and expensive medical bills.
If you work with National Life Group, keep in mind that it's undergoing a class action lawsuit for alleged involvement in a pyramid scheme with Premier Financial Group. Premier Financial Group sold National Life Group life insurance policies. Learn more about the lawsuit and pay attention to how National Life Group representatives interact with you to spot any red flags.
In contrast to National Life Group, Colonial Penn has fewer years of industry experience. It was founded in 1968. Colonial Penn also has fewer life insurance policy options. It offers whole, renewable term, and final expense life insurance.
Colonial Penn's policies are guaranteed acceptance policies, so they require less thorough underwriting. Colonial Penn policies also have coverage amount limits. Less underwriting also means higher premiums. However, if you prefer to avoid a medical exam, Colonial Penn's policies may be a good fit for you.
Colonial Penn also offers convenience by offering online quotes for most of its policies. Online quotes are especially helpful if you're pricing out policy options before you decide what kind of policy to work with and which insurer to use.
Colonial Penn also offers targeted accelerated death benefits with its Living Insurance ® whole and term policies. You can choose to have an accelerated death benefit for heart attack or stroke, cancer, or chronic illness. Before purchasing Living Insurance®, compare the terms of accelerated death benefit riders from other insurers. You may be able to find broader accelerated death benefit terms elsewhere.
While you should keep National Life Group's lawsuit in mind as you consider working with them, it has high financial strength ratings, great industry experience, and a nice selection of life insurance policies, including several types of universal policies. Colonial Penn also has high financial strength ratings. However, it has less industry experience and fewer policy options. Unlike National Life Group, Colonial Penn does offer final expense insurance. If convenience matters to you, Colonial Penn is a good choice. You can get online quotes for most policies and do not need to undergo a medical exam as part of underwriting.
