CNO Financial (Bankers Life, Colonial Penn) vs Globe Life

Verdict

CNO Financial and Globe Life are both publicly traded groups with several consumer brands and exclusive sales forces, selling small life policies alongside supplemental health products. CNO focuses on pre-retirees and retirees: Bankers Life (about 4,600 producing agents), Colonial Penn (direct response) and Washington National (worksite). Globe Life sells direct by mail, online and phone, and through exclusive agents of American Income Life, Liberty National and Family Heritage, to working families.

For no-exam coverage, both have a direct offer. Colonial Penn's guaranteed acceptance whole life has no health questions, covers ages 50 to 85 in most states, costs $9.95 per unit per month up to 25 units, and pays a limited benefit in the first two years. Globe Life's direct term goes up to $100,000 with no medical exam, and children's whole life is available up to $30,000. Globe Life's life book is mostly whole life; CNO's life insurance made up about 21% of its collected premiums in 2025.

Regulatory history differs. Globe Life reports that a Department of Justice investigation and an SEC inquiry, both begun after short-seller reports in 2024, were closed in July 2025 without enforcement action. An EEOC reasonable-cause finding in September 2024 was disputed by the company, and a shareholder class action is pending. CNO's predecessor, Conseco, filed for Chapter 11 in December 2002 and emerged in September 2003. Ratings: CNO A (Excellent) from AM Best (April 2026), A- from S&P; Globe Life A (Excellent) (November 2025) with AA- from S&P and Fitch. Globe Life ranked 11th of 23 in J.D. Power's 2026 study; CNO was not ranked.

Choose CNO Financial if

• You are a retiree who wants an in-person agent covering life, Medicare supplement and long-term care.
• You want guaranteed acceptance whole life that does not ask health questions at ages 50 to 85.
• You want worksite supplemental coverage via Washington National.
• You can accept ratings below those of the largest insurers.

Choose Globe Life if

• You want a quick small term or whole life policy without a medical exam, by mail or online.
• You want children's or grandchildren's whole life.
• You value the AA- S&P and Fitch ratings and above-average J.D. Power score.
• You are comfortable that the 2024 to 2025 inquiries ended without action while a shareholder suit continues.

Key differences

Before you decide

Both sell products that can cost more per $1,000 of coverage than fully underwritten policies, so get a comparison quote (how to compare life insurance quotes fairly). Read how limited first-years benefits work (graded death benefits: why the first two years matter) and see mail-order and direct-response life insurance for mail and TV offers. AM Best, S&P, Moody's and Fitch ratings explained explains how to read the A and AA scales.