What is the Colonial Penn Program for Seniors? It's a type of life insurance policy providing permanent life insurance coverage for people between the ages fo 50 to 85 years old. If you meet the age requirement, you are guaranteed approval or life insurance coverage, regardless of your health. With Colonial Penn's plan there are no health examinations required, and you won't have to answer any questions about the status of your health. Even if you have been denied life insurance from other carriers, you can get insured if you meet the age requirement for guaranteed approval.