colonial penn medicare review — Colonial Penn Life Insurance Company is one of the most recognized names in senior insurance. The company was founded in 1968 by Leonard Davis, who also co-founded AARP. Today, Colonial Penn operates as a subsidiary of CNO Financial Group. The company is headquartered in Philadelphia, Pennsylvania. Colonial Penn is best known for its television advertising and guaranteed acceptance life insurance products.
- Colonial Penn Overview and Financial Strength
- Colonial Penn Medicare Review: Medicare Plan Options
- Colonial Penn Medicare Rates and Enrollment
- Colonial Penn Additional Benefits and Perks
- Colonial Penn Claims Process and Customer Service
- Pros and Cons of Colonial Penn Medicare Plans
- Who Is Colonial Penn Best For?
- Frequently Asked Questions
However, the company also sells Medicare Supplement (Medigap) insurance in all 50 states. This colonial penn medicare review examines the company’s financial ratings, plan options, pricing, and customer satisfaction. Medicare beneficiaries considering Colonial Penn should understand what the company offers and what it does not. Colonial Penn focuses exclusively on Medigap plans. It does not sell Medicare Advantage, Part D, or Special Needs Plans.
Colonial Penn Overview and Financial Strength
Colonial Penn has operated for over 55 years in the insurance industry. The company serves millions of policyholders across the United States. As a subsidiary of CNO Financial Group, it benefits from the backing of a large holding company. CNO Financial Group trades publicly on the New York Stock Exchange. However, Colonial Penn’s history includes some turbulence. Its former parent company, Conseco, filed for Chapter 11 bankruptcy in 2002. Conseco emerged from bankruptcy in 2003 and rebranded as CNO Financial Group in 2010.
Colonial Penn holds an A- (Excellent) rating from AM Best. This rating reflects strong financial stability and claims-paying ability. The company also carries a BBB+ rating from Standard & Poor’s. However, its Better Business Bureau accreditation has declined from A+ to C in recent years. Customer complaints have played a role in that decline. The NAIC complaint ratio for Colonial Penn is approximately 2.11.
That is more than double the national average of 1.00. According to the Centers for Medicare & Medicaid Services (CMS), Medigap plans are not rated under the Star Rating system. Star Ratings apply only to Medicare Advantage and Part D plans. As a result, Colonial Penn does not have a CMS Star Rating.
| Rating Source | Score / Grade |
|---|---|
| AM Best | A- (Excellent) |
| CMS Star Rating | N/A — Medigap only |
| NAIC Complaint Ratio | ~2.11 (national avg is 1.0) |
| J.D. Power | Not separately ranked |
| BBB | C (previously A+) |
Colonial Penn Medicare Review: Medicare Plan Options
This colonial penn medicare review focuses on the company’s Medigap plan lineup. Colonial Penn offers Medicare Supplement Plans A, B, C, D, F, G, K, L, M, and N. Plan availability varies by state and zip code. Plans F and C are only available to beneficiaries who became Medicare-eligible before January 1, 2020. For most new enrollees, Plan G and Plan N are the most popular choices. Plan G covers all out-of-pocket costs except the Part B deductible. Plan N covers similar expenses but includes small copays for some office and ER visits.
Colonial Penn does not offer Medicare Advantage (Part C) plans. It does not sell Part D prescription drug plans either. The company does not offer Special Needs Plans or Dual Eligible plans. This is an important distinction in any colonial penn medicare review. If you need prescription drug coverage, you must enroll in a separate Part D plan through another insurer. You can search for Part D options on the official Medicare Plan Finder at Medicare.gov.
Because Medigap plans are standardized by federal law, a Plan G from Colonial Penn covers the same benefits as a Plan G from any other company. The only differences between carriers are price and customer service. For example, Colonial Penn’s Plan G works with any doctor or hospital that accepts Medicare nationwide. There are no network restrictions. In most cases, Medigap policyholders have more provider flexibility than Medicare Advantage members.
Colonial Penn Medicare Rates and Enrollment
Rates are a key factor in any colonial penn medicare review. Colonial Penn’s premiums tend to run higher than many competitors. For example, a Plan F policy for a 65-year-old female in Arizona costs roughly $185 per month through Colonial Penn. Comparable Plan F rates from other carriers in that state range from $116 to $135 per month. As a result, Colonial Penn may not offer the best value for healthy applicants. Rate increases have also historically been above the industry average.
Colonial Penn does not provide online quotes. You must contact a licensed agent to receive pricing. The company works with Bankers Life agents in local offices across the country. Enrollment can be completed by phone or in person. Typically, the best time to enroll in a Medigap plan is during your Medigap Open Enrollment Period. This six-month window begins when you turn 65 and are enrolled in Medicare Part B. During this period, insurers cannot deny you coverage or charge more for pre-existing conditions.
Outside the Open Enrollment Period, Colonial Penn may use medical underwriting. However, certain qualifying events grant guaranteed issue rights. These rights are explained on the official Medicare.gov Medigap enrollment page. The Annual Enrollment Period (October 15 through December 7) applies to Medicare Advantage and Part D — not Medigap. Many beneficiaries confuse these enrollment windows, so this colonial penn medicare review clarifies that distinction.
Colonial Penn Additional Benefits and Perks
This is where a colonial penn medicare review reveals key limitations. Medigap plans are standardized by the federal government. They do not include extra benefits like dental, vision, or hearing coverage. Colonial Penn’s Medigap policies follow this standard. You will not receive SilverSneakers fitness memberships, OTC allowances, telehealth services, meal delivery, or transportation benefits. These perks are typically offered through Medicare Advantage plans only.
However, Colonial Penn does offer some value beyond standardized benefits. The company provides educational resources on its website about Medicare topics. Policyholders have access to an online customer portal for account management. Many Medicare beneficiaries also carry a life insurance policy to protect their family. Since Colonial Penn is primarily a life insurance company, policyholders can bundle Medigap coverage with final expense or whole life products. You can also compare life insurance rates at Life Insure Guide to find the best coverage for your needs.
Retirees should also review their homeowners coverage alongside Medicare choices. As health care costs change, your overall insurance portfolio should stay balanced. You can compare home insurance rates at Home Insure Guide to make sure your property is properly protected in retirement.
Colonial Penn Claims Process and Customer Service
Filing a claim through a Colonial Penn Medigap plan is typically straightforward. In most cases, your doctor or hospital submits the claim to Medicare first. Medicare then forwards the remaining balance to Colonial Penn automatically. This process is called crossover billing. You rarely need to file a paper claim yourself. As a result, the claims experience is largely the same regardless of which Medigap insurer you choose.
Colonial Penn offers customer service Monday through Friday, 8:30 a.m. to 10:00 p.m. Eastern Time. Saturday hours are 9:00 a.m. to 5:00 p.m. Eastern Time. Policyholders can manage their accounts through an online portal. However, the company does not offer a dedicated mobile app. The colonial penn medicare review picture for customer service is mixed. Phone support hours are generous, but the NAIC complaint ratio suggests some policyholders face difficulties. J.D. Power does not publish a separate ranking for Medigap satisfaction. Third-party review sites show an average score of roughly 2 out of 5 stars.
Pros and Cons of Colonial Penn Medicare Plans
Pros:
- AM Best A- (Excellent) financial strength rating supports reliable claims-paying ability
- Wide range of Medigap plans (A, B, C, D, F, G, K, L, M, N) available in all 50 states
- No network restrictions — use any Medicare-accepting doctor or hospital nationwide
- Backed by CNO Financial Group, a publicly traded company with decades of experience
Cons:
- Premiums are consistently higher than many competing Medigap carriers
- No online quotes available — must call an agent for pricing information
- NAIC complaint ratio of 2.11 is more than double the national average
- Does not offer Medicare Advantage, Part D, or Special Needs Plans
Who Is Colonial Penn Best For?
After completing this colonial penn medicare review, the ideal candidates become clear. Colonial Penn is best for seniors who want a well-known, financially stable Medigap insurer. The AM Best A- rating provides assurance that claims will be paid. Beneficiaries who prefer working with a local agent through Bankers Life offices may appreciate the in-person enrollment experience. Colonial Penn is also a reasonable choice for those who already hold a Colonial Penn life insurance policy.
However, this colonial penn medicare review must note that price-conscious shoppers will likely find better rates elsewhere. Because Medigap plans are standardized, a Plan G from a less expensive carrier provides identical coverage. Typically, beneficiaries should compare quotes from at least three to five carriers before choosing. Healthy applicants during their Medigap Open Enrollment Period can often find significantly lower premiums from Mutual of Omaha, Aetna, or Cigna.
In most cases, Colonial Penn is not the best fit for beneficiaries who need Medicare Advantage or prescription drug coverage. Those individuals should explore Medicare Advantage plans through the Medicare Plan Finder instead. The colonial penn medicare review verdict: Colonial Penn is financially solid but overpriced for what you get in a standardized Medigap market. Shop around before committing.
Frequently Asked Questions
Does Colonial Penn offer Medicare Advantage or Part D prescription drug plans?
No, Colonial Penn only sells Medicare Supplement (Medigap) plans. However, you can pair a Colonial Penn Medigap plan with a separate Part D plan from another insurer. You can find Part D options at Medicare.gov.
Are Colonial Penn Medicare Supplement rates competitive?
In most cases, Colonial Penn’s premiums are higher than average for Medigap plans. For example, their Plan F and Plan G rates often exceed those from Aetna or Mutual of Omaha. As a result, comparing quotes from multiple carriers is essential before enrolling.
Is Colonial Penn financially stable enough to trust with my Medigap coverage?
Yes, Colonial Penn holds an A- (Excellent) rating from AM Best. This rating indicates strong financial health and dependable claims-paying ability. However, the NAIC complaint ratio is above the national average, so customer service experiences may vary.
Can I get a Colonial Penn Medigap quote online?
No, Colonial Penn does not offer online quoting for Medicare Supplement plans. Typically, you must call a licensed agent or visit a Bankers Life office for a personalized rate. This colonial penn medicare review recommends comparing quotes from multiple carriers before making a decision.
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Official Sources & Resources
For verified information on Medicare plans, ratings, and enrollment:
- Medicare.gov (Official): medicare.gov
- CMS.gov (Centers for Medicare & Medicaid): cms.gov
- AM Best (Financial Strength Ratings): ambest.com
- NAIC (Complaint Ratios): naic.org
- State Health Insurance Assistance Program (SHIP): shiphelp.org
- Kaiser Family Foundation (KFF): kff.org
Content last reviewed April 2026. If you notice any outdated information, please contact us.