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Home→Financial Institutions→Colonial Penn→Preparing your estate

How to name beneficiaries and fund a trust at Colonial Penn

Covers 3 insurance accounts — beneficiaries can be updated by phone

OverviewPreparing your estateWhen someone dies

Colonial Penn

Subsidiary of CNO Financial Group

colonialpenn.com→
Colonial Penn logo

Customer Service

Phone1-877-877-8052
Toll-Free1-877-877-8052
Mailing Address

Colonial Penn Life Insurance Company, Policyholder Services, PO Box 1918, Carmel, IN 46082-9903

Legacy/Customer Support Line (24/7 automated payments)
1-800-523-9100
NY Residents (Bankers Conseco)
1-800-323-4542
WebsiteLearn more→

Customer Service

Phone1-877-877-8052
Toll-Free1-877-877-8052
Mailing Address

Colonial Penn Life Insurance Company, Policyholder Services, PO Box 1918, Carmel, IN 46082-9903

Legacy/Customer Support Line (24/7 automated payments)
1-800-523-9100
NY Residents (Bankers Conseco)
1-800-323-4542
WebsiteLearn more→

Life Claims Department

Phone1-877-877-8052
Toll-Free1-877-877-8052
Fax1-800-880-9325
Mailing Address

Colonial Penn Life Insurance Company, Life Claims Dept, PO Box 1918, Carmel, IN 46082-1918

NY Residents (Bankers Conseco)
1-800-323-4542
WebsiteNotify online→
Verified May 2026

For Colonial Penn policyholders, estate planning comes down to one critical step: making sure the right beneficiaries are named on every policy. Insurance proceeds bypass probate entirely and go directly to whoever is listed—regardless of what a will says. When estate tax planning or controlled distributions are a factor, a trust can be named as beneficiary instead.

Colonial Penn has 3 policies with different estate transfer rules. Here is how beneficiary designations, trust ownership, and probate apply to each one.

Colonial Penn Guaranteed Acceptance Whole Life InsuranceColonial Penn Permanent Whole Life InsuranceColonial Penn LifeChoice Whole Life Insurance
1
Call Colonial Penn at 877-877-8052 (Monday-Thursday 8:30 AM-10 PM ET, Friday 8:30 AM-7 PM ET, Saturday 9 AM-5 PM ET); NY residents call 800-323-4542
2
Provide your policy information:
  • Policy number
  • Date of birth of the insured
3
Request a Change of Beneficiary form for your policy
4
A representative will mail you the required form, or direct you to download it from https://colonialpenn.com/download-forms

Required Documents

  • Trust name, date established, and tax ID (EIN or SSN)

Special Requirements

  • Beneficiary designations override instructions in a will
  • Only the policyholder can change beneficiary designations
  • Most Colonial Penn policy documents include a Change of Beneficiary form; check your original insurance documents first
  • To name a trust as beneficiary, include the trust name and date established
  • For minor beneficiaries, consider naming a custodian or trust instead
  • Colonial Penn will confirm the beneficiary change by U.S. Mail once approved
  • NY residents: policies are issued by Bankers Conseco Life Insurance Company of New York

Colonial Penn

Subsidiary of CNO Financial Group

colonialpenn.com→
Colonial Penn logo

Customer Service

Phone1-877-877-8052
Toll-Free1-877-877-8052
Mailing Address

Colonial Penn Life Insurance Company, Policyholder Services, PO Box 1918, Carmel, IN 46082-9903

Legacy/Customer Support Line (24/7 automated payments)
1-800-523-9100
NY Residents (Bankers Conseco)
1-800-323-4542
WebsiteLearn more→

Customer Service

Phone1-877-877-8052
Toll-Free1-877-877-8052
Mailing Address

Colonial Penn Life Insurance Company, Policyholder Services, PO Box 1918, Carmel, IN 46082-9903

Legacy/Customer Support Line (24/7 automated payments)
1-800-523-9100
NY Residents (Bankers Conseco)
1-800-323-4542
WebsiteLearn more→

Life Claims Department

Phone1-877-877-8052
Toll-Free1-877-877-8052
Fax1-800-880-9325
Mailing Address

Colonial Penn Life Insurance Company, Life Claims Dept, PO Box 1918, Carmel, IN 46082-1918

NY Residents (Bankers Conseco)
1-800-323-4542
WebsiteNotify online→
Verified May 2026

Estate planning articles

Learn how to protect your Colonial Penn accounts and other assets with trusts, beneficiary designations, and estate planning documents.

Estate planning articles

Learn how to protect your Colonial Penn accounts and other assets with trusts, beneficiary designations, and estate planning documents.

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