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Colonial Penn vs Globe Life: Which Life Insurance Option is Best

Colonial Penn vs Globe Life

Written By Doug Mitchell

  • Doug Mitchell, CLU

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.
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Holly Mitchell  &

  • Holly Mitchell

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

  • Rob Pinner

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

  • Louis G. LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.
  • Updated on September 27, 2024
Table of Contents

When deciding on life insurance, comparing Colonial Penn vs Globe Life can help you find the right provider. Both companies offer affordable life insurance options, but they cater to different needs. In this guide, we’ll break down Colonial Penn vs Globe Life, helping you decide which is better for your situation.

Company Backgrounds: Colonial Penn vs Globe Life

Colonial Penn Overview

Colonial Penn focuses solely on Guaranteed Acceptance Life Insurance for seniors. Their well-known $9.95 plan is designed to provide affordable coverage for final expenses without requiring a medical exam.

Globe Life Overview

Globe Life is known for its $1 introductory offer, offering a range of life insurance products including term life insurance and whole life insurance. They target families and individuals seeking affordable coverage with higher limits.

Types of Life Insurance: Colonial Penn vs Globe Life

Colonial Penn Life Insurance Offering

Colonial Penn offers only Guaranteed Acceptance Life Insurance for seniors aged 50-85. The hallmark of this plan is the $9.95 per unit price point, where each unit provides a fixed death benefit based on your age and gender. Coverage is typically modest and focused on final expenses, such as funeral costs.

Globe Life Life Insurance Options

In the Colonial Penn vs Globe Life comparison, Globe Life offers a broader range of products, including:

  • Term Life Insurance: Coverage up to $100,000 with no medical exam.
  • Whole Life Insurance: Permanent coverage with cash value accumulation.
  • Final Expense Insurance: Coverage for funeral and end-of-life expenses.
  • Children’s Life Insurance: Whole life coverage for children.
  • Accidental Death Insurance: Additional coverage in case of accidental death.

Pricing and Affordability: Colonial Penn vs Globe Life

Colonial Penn Pricing

Colonial Penn’s $9.95 plan offers affordable monthly premiums, but the coverage per unit is relatively low. Seniors may need to buy multiple units to secure adequate protection.

Globe Life Pricing

Globe Life offers a $1 introductory price for the first month, with premiums increasing afterward. Compared to Colonial Penn, Globe Life provides higher coverage amounts but may have more expensive premiums after the first month.

Coverage Amounts: Colonial Penn vs Globe Life

In terms of coverage, Colonial Penn vs Globe Life reveals significant differences:

  • Colonial Penn offers smaller coverage limits, usually enough to cover final expenses.
  • Globe Life provides coverage up to $100,000, making it better for families needing higher protection.

Ease of Application: Colonial Penn vs Globe Life

Colonial Penn

Colonial Penn offers guaranteed acceptance with no medical exams, making it easy to apply for seniors.

Globe Life

Globe Life also simplifies the process with no-medical-exam policies, catering to a broader audience, including families and younger individuals.

Pros and Cons: Colonial Penn vs Globe Life

Colonial Penn Pros:

  • Affordable $9.95 per unit.
  • No medical exam.
  • Great for final expense coverage.

Colonial Penn Cons:

  • Limited coverage per unit.
  • Higher costs if multiple units are needed.

Globe Life Pros:

  • Higher coverage limits.
  • Flexible term and whole life options.
  • $1 introductory price.

Globe Life Cons:

  • Premiums increase after the first month.
  • Term policies expire after a set period.

Conclusion: Colonial Penn vs Globe Life

When comparing Colonial Penn vs Globe Life, the choice depends on your needs. If you’re a senior looking for guaranteed acceptance life insurance for final expenses, Colonial Penn may be the better choice. However, if you want more coverage or are looking for options for your family, Globe Life’s term and whole life policies may be the right fit.

FAQs: Colonial Penn vs Globe Life

What is the biggest difference between Colonial Penn vs Globe Life?

Colonial Penn focuses on guaranteed acceptance life insurance with lower coverage amounts, while Globe Life offers higher coverage and more options, including term and whole life insurance.

Which is better for seniors: Colonial Penn vs Globe Life?

Colonial Penn’s $9.95 plan is tailored for seniors seeking final expense coverage, whereas Globe Life offers higher coverage but may be better suited for families.

Can I get no-medical-exam life insurance from both Colonial Penn and Globe Life?

Yes, both Colonial Penn and Globe Life offer life insurance without medical exams.

Is Globe Life’s $1 plan cheaper than Colonial Penn’s $9.95 plan?

Globe Life’s $1 plan is an introductory offer, but premiums rise after the first month. Colonial Penn’s $9.95 plan is a fixed rate but offers lower coverage per unit.

Which company offers better coverage: Colonial Penn vs Globe Life?

Globe Life generally offers higher coverage limits, making it better for those seeking more substantial financial protection.

Picture of Doug Mitchell, CLU

Doug Mitchell, CLU

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent close to 30 years in the life insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health. Some other notable items about Doug: Top of the Table Million Dollar Round Table member (MDRT). (MDRT is a global, independent association of the world’s leading life insurance advisors) | Premier Partner with Lincoln Financial and Cabinet Member | Served two years as President of the Auburn/Opelika Association of Financial Advisors | Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award | New York Life, Executive Council Member | Currently serves as President of Ogletree Financial, a life insurance General Agency. | Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

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