1. National Life Group vs Colonial Penn

National Life Group vs Colonial Penn

Alice Stevens
Alice Stevens | 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
#8 National Life Group
8.1 Overall Score
3
starstarstarstar_borderstar_border
(23)
Colonial Penn logo
#60 Colonial Penn
Insufficient Reviews
4.5
starstarstarstarstar_half
(2)

Overview

National Life Group

Colonial Penn

Financial Strength
Financial Strength
A (A.M. Best)
A- (A.M. Best)
Term Policies
Term Policies
Yes
Yes
Whole Policies
Whole Policies
Yes
Yes
Universal Policies
Universal Policies
Yes
Undisclosed
Final Expense Policies
Final Expense Policies
Undisclosed
Yes
Time In Business
Time In Business
173 Years
53 Years

Ratings

National Life Group

Colonial Penn

Overall Score
Overall Score
8.1 of 10
1.2 of 10
Review Score
Review Score
3.0
starstarstarstar_borderstar_border
4.5
starstarstarstarstar_half
Value for Money
Value for Money
3.2
starstarstarstar_halfstar_border
5.0
starstarstarstarstarstar_half
Quality of Product or Service
Quality of Product or Service
3.1
starstarstarstar_halfstar_border
4.5
starstarstarstarstar_half
Customer Service
Customer Service
3.0
starstarstar_halfstar_borderstar_border
4.0
starstarstarstarstar_halfstar_border
Company Trustworthiness
Company Trustworthiness
3.0
starstarstarstar_halfstar_border
3.5
starstarstarstar_halfstar_border
Likely to Recommend
Likely to Recommend
4.9 of 10
9.0 of 10

Reviews

National Life Group

Colonial Penn

Number of Reviews
Number of Reviews
23
2
Review Breakdown
Review Breakdown
3.0
starstarstarstar_borderstar_border
5 star
48%
4 star
0%
3 star
0%
2 star
4%
1 star
48%
4.5
starstarstarstarstar_half
5 star
50%
4 star
50%
3 star
0%
2 star
0%
1 star
0%

Reviews for National Life Group

Helpful Favorable Review

starstarstarstarstar

Rickson Amorim

March 5th, 2021 Boca Raton, FL DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

I have been a client for about for years now and I’m extremely happy. In 2019 I had a sudden cardiac arrest and I was in coma for 4 days. Fortunately I have survived this event, but National Life Group allowed me to accelerate $257K from my policy and helped a lot during those difficult times. I am proud to be their client and I do recommend Living Benefits to everybody.


Helpful Critical Review

starstar_borderstar_borderstar_borderstar_border

Inthemedicalprofession

March 5th, 2021

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

Verified Customer

starstarstarstarstar

Nancy A DeNault

March 5th, 2021 DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar_border
Company trustworthiness
starstarstarstarstar_border

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.

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