Colonial Penn is a well known life insurance company selling their guaranteed issue burial life insurance across the country.
So how much revenue do they earn and how many policies do they sell?
This article covers all of the most important Colonial Penn statistics you need to know in 2023 and beyond.
Table Of Contents
Colonial Penn Key Stats
- Colonial Penn was the first life insurance company to market exclusively to the elderly. (Colonial Penn)
- They were the first to offer “guaranteed issue” life insurance, where everyone was guaranteed approval. (Colonial Penn)
- Colonial Penn was founded by the co-founder of AARP, Leonard Davis. (Colonial Penn)
Colonial Penn Revenue
- Colonial Penn generated $195.5 million in sales through their insurance products in 2021. (D&B)
- Colonial Penn has over $3.5 billion in life insurance coverage in force. (Colonial Penn)
- There are over 760,000 life insurance policies in force with Colonial Penn in 2022. (Colonial Penn)
Colonial Penn Employees
- Colonial Penn currently has 350 employees and continues to grow. (D&B)
- Most employees are headquartered at their national headquarters in Philadelphia, Pennsylvania. (D&B)
Colonial Penn Customer Reviews
- Colonial Penn currently has a low rating on the BBB with 1/5 stars. (BBB)
R.W. – I am so tired of hearing the misleading three P’s from Colonial Penn’s TV add. Please explain how the first “P”, a price you can afford differs from the third “P”, a price that fits your budget. That is just two ways of describing the exact same thing. Another misleading issue is like most sales messages, what are they NOT TELLING YOU? The amount of insurance someone 50 years old for $9.95 per month is less that someone that is 80 years old on medications. (Read the review here)
Amanda W. – My grandmother passed away in Oct 2021…she had 2 life insurance policies with Colonial Penn. We just NOW received the checks for those policies.. today…7 months later. It was absolutely the most Horrible experience EVER dealing with these people. I had to send them copies of the statement before they would reimburse…and still would not reimburse until the final checks were written in which they added the premiums to the checks. Want to avoid a lot of heartache and pain? Do not…I repeat Do NOT purchase insurance through Colonial Penn. (Read the review here)
Carol P. – My Aunt will be dead a year in May. We still wait on hold. We still fax the same papers. We still are on hold for long periods of time. We still get disconnect. We still can’t understand what people are saying due to hiring people from God knows where who cannot speak English. Considering all the reviews I have read about Colonial Penn, I believe this is a professional scam. How may of these do the BBB need to read to do something about it. Anyone know Tom Selic’s phone number…He has to know about this…Shame on Him. Come on BBB , I think you have all the information you need…do something about it. (Read the review here)
Colonial Penn History
- Colonial Penn was founded in 1968. (Colonial Penn)
- Colonial Penn was bought by CNO Financial Group in 1997 and remains a subsidiary of them to this day. (CNO)
- Colonial Penn hired Alex Trebek as a paid spokesman for many years until his death. They have since taken down the commercials with him on it. (Wikipedia)
That’s it for our Colonial Penn Life Insurance Statistics.
If you want to more about Colonial Penn please reach out or leave a comment below.
We look forward to hearing from you and hope these statistics were useful to you.