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 verified_user
#15 National Life Group
4.8 Overall Score
2.6
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(43)

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
4.8 of 10
Review Score
2.6
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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
2.9
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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
43
Review Breakdown
2.6
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5 star
40%
4 star
0%
3 star
0%
2 star
2%
1 star
58%

Colonial Penn

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

Reviews for National Life Group

Helpful Favorable Review

star star star star star

Zach I hoop Atlanta, GA

I put 2 stars at first but I give them 4 now. I had an issue with my daughter insurance policy but when my Agent contacted the company. They told her what happened. The issue was fixed immediately. Thanks

1 month ago

Helpful Critical Review

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MC Pearson Everett, WA

I contributed over $25,000 to this organization back in the early 2000s. Now that I want to roll it over so that my money is consolidated the for retirement, they are not allowing me to do so. You can never reach a human by phone. You can’t access their website unless you’re currently contributing. I would warn anybody considering investing with this company to do their research, I am so frustrated I’m ready to take my problem to the next level.

1 month ago

Reviews for Colonial Penn

Helpful Favorable Review

star star star star star

Nancy A DeNault

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

1 year ago

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

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National Life Group

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