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.

National Life Group logo verified_user
#9 National Life Group
7.3 Overall Score
2.6
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(18)
Colonial Penn logo
#58 Colonial Penn
3.3 Overall Score
4
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(1)

Overview

National Life Group

Colonial Penn

Monthly Premium
Monthly Premium
Undisclosed
Undisclosed
Policy Types
Policy Types
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Term
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Whole
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Universal
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Variable
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Term
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Whole
Coverage
Coverage
50 states
Undisclosed
Time In Business
Time In Business
172 Years
52 Years

Ratings

National Life Group

Colonial Penn

Overall Score
Overall Score
7.3 of 10
3.3 of 10
Review Score
Review Score
2.6
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4.0
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Value for Money
Value for Money
2.8
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5.0
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Quality of Product or Service
Quality of Product or Service
2.8
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4.0
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Customer Service
Customer Service
2.6
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4.0
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Company Trustworthiness
Company Trustworthiness
2.7
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3.0
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Likely to Recommend
Likely to Recommend
3.9 of 10
8.0 of 10

Reviews

National Life Group

Colonial Penn

Number of Reviews
Number of Reviews
18
1
Review Breakdown
Review Breakdown
2.6
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5 star
39%
4 star
0%
3 star
0%
2 star
6%
1 star
56%
4.0
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5 star
0%
4 star
100%
3 star
0%
2 star
0%
1 star
0%

Reviews for National Life Group

Helpful Favorable Review

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Karol

January 21st, 2020 Virginia Beach, VA DETAILS arrow_drop_down
Value for your money
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Quality of product or service
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Customer service
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Company trustworthiness
starstarstarstarstar

They have been the best life insurance company that I've ever dealt with (and I've dealt with 4 others throughout my life). Their living benefits are amazing and I actually have had friends who've had to utilize them throughout their life. I asked about the alleged "class action law suit" and this is inaccurate information. It's the internet, so it must be true, not exactly. After getting the facts I'm was 100% comfortable going with this company and sleep easy knowing I'm protected should I need it for a critical, chronic or terminal illness or of course upon death.


Helpful Critical Review

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Inthemedicalprofession

December 10th, 2019

We just got a medical records request from Tweedy Claims on behalf of National Life. Now why would a life insurance company want to see a bunch of medical records on someone who has died? She's dead. Pay her husband her life insurance. Plus the deceased was never a patient at our clinic. So it looks like they are just throwing out a wide net, fishing to see if they can find anything medical that would disqualify the patient for life insurance after her death. Wow. So sketchy.


Reviews for Colonial Penn

Helpful Favorable Review

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Dayn Slaathaug

January 30th, 2018 DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
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Customer service
starstarstarstarstar_border
Company trustworthiness
starstarstarstar_borderstar_border

Very generous terms and cost provided as a work benefit but I have not had to use their services yet.


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.

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