This article is missing information about criticism and controversy. (May 2024) |
The Colonial Penn Life Insurance Company (often known as simply Colonial Penn) is an American life insurance company based in Philadelphia, Pennsylvania, founded by philanthropist and AARP co-founder Leonard Davis, owned by CNO Financial Group. Colonial Penn, which began as an insurance provider through AARP focused on people over 65,[1] 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”.
 | |
| Formerly | Colonial Penn Life Insurance Company (1968–1998) Conseco Direct Life (1998–2001) |
|---|---|
| Company type | Subsidiary |
| Industry | Finance and Insurance |
| Founded | 1968 |
| Headquarters | Philadelphia, Pennsylvania, U.S. |
Key people | Leonard Davis (founder) |
| Products | Insurance |
| Parent | CNO Financial Group (1997–present) |
| Website | www |
History
editUtility holding company FPL Group acquired Colonial Penn in 1985.[2] FPL sold Colonial Penn to Leucadia National in 1991.[3][4]
Conseco bought Colonial Penn from Leucadia in 1997,[5] and in 1998 renamed it Conseco Direct Life to reflect Conseco ownership.[6] 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.[7]
Advertising
editThis section needs additional citations for verification. (October 2023) |
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, World News Now, The Golden Girls, and other classic TV shows as well as newer shows that are mostly oriented towards the elderly. Celebrities have been spokespersons for the life insurance company over the years and are known as “compensated endorsers”. The original spokesman was Ed McMahon. Other spokespeople included Lou Rawls, Meredith Vieira, Mary Lou Retton, Tom Bergeron, and Joe Theismann, among others.[citation needed]
Jeopardy! host Alex Trebek had started using life insurance from the company in the early 1990s, and signed a long-term contract with it to do advertisements in 1997. At first, he did commercials alongside Ed McMahon until McMahon's contract expired in 2001 and Trebek continued to do the commercials and advertising until he announced his battle with pancreatic cancer in 2019.[citation needed]
Trebek would often visit Colonial Penn's headquarters in Philadelphia to meet with employees and representatives and to film commercials. Prior to his death, Trebek's estate received royalties from every commercial that he appeared in.
Since 2019, Colonial Penn sales manager Jonathan Lawson has appeared as a pitchman in the commercials while Trebek was unavailable at times due to health issues.[citation needed] When Trebek died in November 2020, most, if not all, commercials featuring him were removed and were replaced by Lawson on a temporary basis, and the life insurance company's website removed all references to Trebek. A week after Trebek died, Colonial Penn announced that his family will receive benefits and funeral expenses. In the months following Trebek's death, Colonial Penn aired commercials paying tribute to Trebek.[citation needed]
As of 2024, their advertisements continue with Lawson with information on the company's services, life policies, etc. Their life insurance policies are designed for anyone who needs a life insurance coverage but might not be eligible due to their age or health status.[8]
References
edit- Notes
- ^ Oliver, Myrna (January 23, 2001). "Leonard Davis; Helped Start AARP and Gerontology Programs at USC". Los Angeles Times. Retrieved August 17, 2020.
- ^ McNair, Jim (October 26, 1985). "FPL Group Offers To Buy Insurance Firm". South Florida Sun-Sentinel. Fort Lauderdale. Archived from the original on July 3, 2013. Retrieved August 17, 2020.
- ^ Kolody, Tracy (April 6, 1991). "FPL Group Finds Buyer For Insurer: Colonial Penn Brings In $150 Million". South Florida Sun-Sentinel. Archived from the original on July 3, 2013.
- ^ "Colonial Penn Life Insurance Review 2023 – Forbes Advisor". www.forbes.com. Retrieved 2023-10-09.
- ^ "Conseco Planning to Acquire Colonial Penn". The New York Times. Bloomberg News. May 1, 1997. p. D5.
- ^ "YouTube - 1998 - Commercial - Conseco Direct Life - formerly Colonial Penn Life - starring Ed McMahon". YouTube. Archived from the original on 2016-05-13. Retrieved 2016-11-29.
- ^ "Our Companies". CNO Financial Group. Retrieved August 17, 2020.
- ^ MCCLANAHAN, Aja (5 January 2023). "Colonial Penn Life Insurance Review". Miami Herald.