National Life Group vs Colonial Penn

Kaitlyn Short
Kaitlyn Short | Senior Editor

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.

National Life Group logo
#15 National Life Group
5.3 Overall Score
2.7
star star star_half star_border star_border
(47)
Colonial Penn logo
#48 Colonial Penn

Insufficient Reviews

4.5
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(2)

Overview

National Life Group

A.M. Best Financial Strength Rating

N/A

Policy Types

N/A

Type of Underwriting Offered

N/A

Purchase Process

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Time in Business

Undisclosed

Colonial Penn

N/A

N/A

N/A

N/A

Undisclosed

Ratings

National Life Group

Overall Score
5.3 of 10
Review Score
2.7
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Value for Money
3.0
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Quality of Product or Service
2.8
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Company Trustworthiness
2.8
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Likely to Recommend
4.3 of 10

Colonial Penn

1.5 of 10
4.5
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5.0
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4.5
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3.5
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9.0 of 10

Reviews

National Life Group

Number of Reviews
47
Review Breakdown
2.7
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1 star
57%
2 star
2%
3 star
0%
4 star
0%
5 star
40%

Colonial Penn

2
4.5
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1 star
0%
2 star
0%
3 star
0%
4 star
50%
5 star
50%

Reviews for National Life Group

Helpful Favorable Review

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Benita Valle

June 1st, 2022

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

star star_border star_border star_border star_border

Chefsteevo23

July 20th, 2022

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

star star star star star

Nancy A DeNault

July 8th, 2020

DETAILS

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Verified Customer

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Review Source

The lady that signed me up. Was great, very helpful and thorough

Helpful Critical Review

None Available

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.

Top Choice

National Life Group Logo
National Life Group

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