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
8.3 Overall Score
2.9
star star star star_border star_border
(28)

Overview

National Life Group

Financial Strength

A (A.M. Best)

Term Policies

Yes

Whole Policies

Yes

Universal Policies

Yes

Final Expense Policies

Undisclosed

Time in Business

173 Years

Colonial Penn

A- (A.M. Best)

Yes

Yes

Undisclosed

Yes

53 Years

Ratings

National Life Group

Overall Score
8.3 of 10
Review Score
2.9
star star star star_border star_border
Value for Money
3.1
star star star star_border star_border
Quality of Product or Service
3.0
star star star star_border star_border
Company Trustworthiness
3.1
star star star star_border star_border
Likely to Recommend
4.7 of 10

Colonial Penn

1.2 of 10
4.5
star star star star star_half
5.0
star star star star star
4.5
star star star star star_half
3.5
star star star star_half star_border
9.0 of 10

Reviews

National Life Group

Number of Reviews
28
Review Breakdown
2.9
star star star star_border star_border
5 star
46%
4 star
0%
3 star
0%
2 star
4%
1 star
50%

Colonial Penn

2
4.5
star star star star star_half
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

happyclient Ensanche Ozama, 01

I was able to obtain a life insurance with benefits that I could in case I get sick (critical or chronic) or if I were to die at no additional cost. When I compared similar products with other companies, these benefits were additional and kept increasing the price of the policy. Overall very good value and have good experience with customer service.

3 months ago

Helpful Critical Review

star star_border star_border star_border star_border

Aya Orozco San Jose, CA

Terrible experience with National Life Group. They made it sound like they were official through my school district (not true). After I opened an account and started contributing, I never heard anything. No welcome letter, no emails, no info about accessing online account. I never heard from my account manager one time, even to confirm my account and to send me the copy of the paperwork. It took me months to get ahold of him. Really do not recommend national life group.

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

National Life Group Logo
National Life Group

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