Are these reputable companies? Is there anyone else use it? Are there any other companies that I should look into?
Yes, both are rated A in terms of financial strength.
Globe Life’s biggest issue their most advertised/popular plan is marketed as a whole life plan to seniors but in reality, the price increases every 5 years until 1 turns 80.
Colonial Penn’s biggest issue is misleading advertising. They advertise the $9.99 plan. (You may have even heard of that.)
Most plans with a 2-year waiting period (not just at Colonial Penn) will refund the money paid into the plan, usually with interest, if the insured passes away in the first 2 years so it’s not as though there is a loss of money. That being said, Colonial Penn tends to be higher priced than most other 2-year waiting plans.
Did you end up going with one of those companies?
As a former employee of a branch of Globe Life, pay attention, and read everything. They’re taught to strong-arm you into things you don’t necessarily want or need.