Colonial Penn's online bill payment system lets you pay your insurance premiums through their website without calling or mailing a check

Colonial Penn is a life insurance company that sells policies primarily through direct mail and television advertising. To pay your bill online, you log into your account on mycolonialpenn.com, enter your payment amount and method, and submit. The payment posts to your account within one to two business days, depending on your payment method.

You will need your policy number and the password you created when you first registered on the site. If you have not registered yet, you can do that before making your first payment. Colonial Penn accepts payments by bank account (electronic funds withdrawal) and by debit or credit card, though card payments may carry a processing fee.

Key Takeaways

  • You must create an online account at mycolonialpenn.com before you can pay a bill, using your policy number and a password you choose.
  • Colonial Penn accepts electronic bank transfers and debit or credit card payments, but card payments sometimes include a fee that bank transfers do not.
  • Payments by bank account typically post within one business day; card payments may take up to two business days.
  • If you miss a payment, your policy enters a grace period (usually 30 days) during which coverage continues but your account is past due.

Setting up your online account for the first time

Go to mycolonialpenn.com and select the option to register or log in. You will need your policy number, which appears on your bill or policy documents. Enter your policy number, then create a username and password. Colonial Penn will send a confirmation email to the address you provide; click the link in that email to activate your account.

Once your account is active, you can log in anytime to view your policy details, see when your next payment is due, and make a payment. Keep your username and password in a safe place. If you forget your password, the website has a "Forgot Password" link that will walk you through resetting it.

Payment methods and processing times

Colonial Penn offers two main ways to pay online: direct bank transfer (also called electronic funds withdrawal or EFW) and debit or credit card. Bank transfers are typically free and post within one business day. Card payments may include a processing fee set by Colonial Penn or the payment processor, and they usually take one to two business days to post.

When you choose bank transfer, you provide your routing number and account number. When you choose a card, you enter the card number, expiration date, and CVV. Both methods are encrypted on the website. You can save your payment method for future bills so you do not have to enter it each time, or you can enter a new method for each payment.

What happens if you miss a payment

If your premium payment is not received by the due date, your policy enters a grace period. For most Colonial Penn policies, this grace period is 30 days. During the grace period, your coverage remains in force, but your account is considered past due. You can still pay during this time without losing coverage.

If you do not pay by the end of the grace period, your policy will lapse and coverage will end. Reinstating a lapsed policy usually requires a new application and underwriting, which can take several weeks. It is simpler and faster to pay during the grace period than to let the policy lapse and then try to restart it.

Setting up automatic payments

Many people use mycolonialpenn.com to set up recurring payments so the premium is paid automatically each month. To do this, log in, go to the payment section, and look for an option to schedule recurring or automatic payments. You choose the payment method (bank account or card), the amount, and the date each month when you want the payment to go through.

Automatic payments reduce the risk of missing a due date by accident. You can change or cancel automatic payments anytime by logging back into your account. If you cancel, make sure you have another way to pay, or your policy could lapse.

Troubleshooting payment problems

If your payment was rejected, the most common reasons are an incorrect bank account number, an expired card, insufficient funds, or a mismatch between the name on your account and the name on your bank account or card. When a payment fails, mycolonialpenn.com usually shows an error message explaining why. Read that message carefully and correct the information before trying again.

If you see a payment posted to your bank account or card but it does not show as received on mycolonialpenn.com, wait two business days. Processing delays are normal. If two business days have passed and the payment still does not show, contact Colonial Penn customer service with your confirmation number from the payment you made. They can look up the payment in their system and apply it to your account if there was a delay on their end.

Contacting Colonial Penn if you cannot pay online

If the website is down, you cannot remember your password, or you prefer not to pay online, you can pay by phone or mail. To pay by phone, call the customer service number on your bill. To pay by mail, send a check to the address listed on your bill. Include your policy number on the check so the payment is applied to the correct account.

Payments by mail take longer to post — typically five to seven business days from the date Colonial Penn receives them. If you are close to your due date and choose to mail a check, send it early to make sure it arrives in time. Phone payments are processed the same day you call.

Frequently Asked Questions

Do I have to pay online, or can I still mail a check?

You can pay by mail, phone, or online — Colonial Penn accepts all three methods. Online and phone payments post faster, but mailed checks are still accepted. Choose whichever method works best for you.

Is there a fee to pay online with a credit card?

Colonial Penn may charge a processing fee for credit card payments, though bank account transfers are usually free. The fee, if any, will be shown before you confirm the payment, so you can see the total cost before you submit.

What if my bank account information changes?

Log into mycolonialpenn.com and update your bank account details in the payment method section. If you have automatic payments set up, update the account information there as well so future payments go to the correct account.

How long does it take for a payment to show up after I submit it online?

Bank transfers usually post within one business day. Credit or debit card payments typically take one to two business days. You can check your payment status by logging back into your account.

What should I do if my payment was rejected?

Check the error message on the website — it will tell you why the payment failed. Common reasons are an expired card, incorrect account number, or insufficient funds. Correct the information and try again. If the problem continues, call Colonial Penn customer service.