Colonial Penn is a subsidiary of CNO Financial Group, a publicly traded company based in Carmel, Indiana, and sells directly to consumers by TV, mail and phone. Known for TV and mail offers of guaranteed-acceptance whole life for ages 50 to 85, sold in units with a fixed monthly premium and no health questions. Life Insurance Policy Desk is not Colonial Penn. We are an independent brokerage that helps policyholders of any carrier, and the review costs nothing.
Your policy may be issued under a related name such as Colonial Penn Life Insurance Company or Bankers Conseco Life Insurance Company (New York). The help on this page applies to those policies too.
Looking for Colonial Penn customer service or a phone number?
Many people who search for Colonial Penn customer service or a Colonial Penn life insurance phone number want one of two things: a straight answer about a policy, or coverage like it. Life Insurance Policy Desk is not Colonial Penn and cannot see or change your account with the company. For a free, independent review of the policy, or to compare Colonial Penn with other carriers, call a licensed agent at (888) 000-0000.
Why people with Colonial Penn policies call us
- A premium notice that is higher than expected
- Updating a beneficiary after a marriage, divorce, birth or death
- Finding an old policy, or confirming one is still in force
- Questions about cash value, loans, dividends or surrender
- A missed payment, billing problem or lapse notice
- Deciding whether to keep, change or replace the policy
Specific to Colonial Penn policies
- Coverage sold in units, so the face amount per unit shrinks as the applicant's age rises
- Guaranteed-acceptance policies that pay a reduced benefit for non-accidental death in the first two years
- Small total face amounts, often well under $20,000
- Level premiums that can add up to more than the death benefit after many years
Policyholders are mostly seniors who bought small final-expense coverage from a TV ad, and they often call to confirm how much the policy actually pays, what the two-year waiting period means and whether it is worth keeping.
What to have ready before you call
- Your policy number, from a premium notice, annual statement or the policy document
- The insured person's full name and date of birth
- The most recent statement or premium notice, if you have one
No paperwork? That is common with older policies. The insured's name, date of birth and last known address are usually enough to start a search with Colonial Penn, and our guide to finding a lost life insurance policy covers the other places to look.
Thinking about canceling your Colonial Penn policy? Read this first
Canceling is usually permanent, and replacing coverage later means new underwriting at an older age. Depending on your policy, one of these options may keep some protection in place:
- Reduced paid-up coverage: stop paying premiums and keep a smaller death benefit funded by the cash value
- A policy loan or partial withdrawal instead of a full surrender
- Using dividends or cash value to cover premiums for a while, where the policy allows it
- Lowering the face amount to bring the premium down
- A 1035 exchange into a different policy, which avoids a taxable event when done correctly
Before you change anything, find out what the policy is worth today, what you would give up, and what replacing it would cost. A licensed agent can lay those numbers out side by side.
How a free independent policy review works
- Call. Tell us what you own and what you want to find out. Ten minutes is usually enough to start.
- Review. We go through the policy with you: coverage amount, premium, cash value, riders, beneficiaries, and how it fits your situation now.
- Options. You get a plain-English summary and your choices, which may simply be to keep the policy as it is. No obligation.
Frequently asked questions about Colonial Penn policies
How do I find out whether my Colonial Penn policy is still in force?
Start with your most recent premium notice or annual statement; an active policy keeps generating them. If you have nothing on paper, Colonial Penn can usually locate a policy from the insured's full name, date of birth and address. We can also help you confirm the policy's status and what it is worth today.
How much does my Colonial Penn guaranteed acceptance policy actually pay?
It depends on how many units you bought and your age when you applied, because each unit buys a smaller face amount at older ages. Your policy schedule page lists the total. If death occurs from natural causes in the first two years, the policy usually returns premiums paid plus interest rather than the full amount. A licensed agent can check whether a different policy would pay more for the same premium.
How do I change the beneficiary on my Colonial Penn policy?
The policy owner requests a beneficiary change form from Colonial Penn, completes it with the new beneficiary's full legal name, relationship and date of birth, signs it and returns it. If a beneficiary was named as irrevocable, that person must consent. Keep a copy and ask Colonial Penn for written confirmation that the change was recorded.
Can I borrow against or cash out my Colonial Penn policy?
If your Colonial Penn policy is a permanent policy with cash value, you can usually take a policy loan or a partial withdrawal, and you can surrender the policy for its cash value. Loans accrue interest and reduce the death benefit until repaid, and surrendering ends coverage and can create taxable income. Term policies have no cash value.
Why did my Colonial Penn premium go up?
Common reasons include a term policy reaching the end of its level period or moving into a new age band, a universal life policy whose cost of insurance has risen, a rider added to the policy, or a change in payment frequency. Your premium notice should show which applies. A policy review can confirm the cause and whether a lower-cost option exists.
Can you take a payment or fix a billing problem on my Colonial Penn policy?
No. We are independent and cannot access your Colonial Penn account or take payments on its behalf. We can explain what the notice means, how the grace period works, what happens if the policy lapses and how reinstatement usually works, so you can sort the billing issue out with Colonial Penn directly and with less stress.
Should I cancel my Colonial Penn policy?
Only after you know what you would give up. Canceling is usually permanent, replacement coverage costs more at an older age, and permanent policies may have cash value or guarantees you cannot get back. Compare the current policy, the alternatives above and a replacement quote before deciding. A free review puts those numbers side by side.