The Colonial Penn Life Insurance Company (often known as simply Colonial Penn) is an American
life insurance
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...
company based in
Philadelphia
Philadelphia, often called Philly, is the largest city in the Commonwealth of Pennsylvania, the sixth-largest city in the U.S., the second-largest city in both the Northeast megalopolis and Mid-Atlantic regions after New York City. Sinc ...
,
Pennsylvania
Pennsylvania (; (Pennsylvania Dutch: )), officially the Commonwealth of Pennsylvania, is a state spanning the Mid-Atlantic, Northeastern, Appalachian, and Great Lakes regions of the United States. It borders Delaware to its southeast, Ma ...
, founded by philanthropist and
AARP
AARP (formerly called the American Association of Retired Persons) is an interest group in the United States focusing on issues affecting those over the age of fifty. The organization said it had more than 38 million members in 2018. The magazi ...
co-founder Leonard Davis, owned by
CNO Financial Group. Colonial Penn, originally focused on people over 65 who became the origins of insurance provided through American Association of Retired Persons, now known as AARP, now has a marketing campaign that is aimed at people between the age of 50 and 85, specializing in “guaranteed acceptance
whole life insurance“ and to help their families cover funeral costs after the individual dies. The company's name comes from the state it was founded (Pennsylvania), which was part of colonial America, hence the name “Colonial Penn”.
History
Utility holding company
FPL Group acquired Colonial Penn in 1985. FPL sold Colonial Penn to
Leucadia National in 1991.
Conseco bought Colonial Penn from Leucadia in 1997, and in 1998 renamed it Conseco Direct Life to reflect Conseco ownership. In 2001, Conseco reverted to the ''Colonial Penn'' name, which remains a subsidiary of the renamed CNO Financial Group with ''
Bankers Life'' and the ''Washington National Insurance Company''.
Advertising
Colonial Penn is often known for its television commercials that target viewers aged 50 and over. The commercials have frequently aired during ''
The Price Is Right
''The Price Is Right'' is a television game show franchise created by Bob S