If you are researching life insurance companies and live in New York, you may have come across the name William Penn. In this review, we’ll cover details of William Penn Life Insurance so you can decide if it’s the right choice for your life insurance needs.
William Penn Life Insurance Company
William Penn started as a business in 1949, under the name of “Government Employees Life Insurance Company” (GELICO), having a sister company known as GEICO. (Learn more by reading our GEICO Life Insurance Review).
Legal & General Group in 1981 took ownership of GELICO adopting the name Banner Life. Due to New York’s unique life insurance regulations, you will find Banner Life operating under the name of William Penn in New York.
Because there are so many life insurance companies, comparing them to find the right one can be a difficult task. For example, companies like Allstate or Colonial Penn Life are just a few of the options in the life insurance market.
In addition, every company has different offerings, and each has its own advantages and disadvantages. But how do you choose a quality company that offers the best choice for your needs? Choosing insurance is hard… but we can help!
William Penn’s Financial Due Diligence
Over the last 64 years, the company has become a top provider of life insurance. Although you don’t see them advertising on TV like other carriers that carry AICPA life insurance, they do have over $400 billion dollars in active insurance policies in force.
They also have an A.M. Best A+ rating which measures the company’s ability to pay its obligations as “Superior” with no expectation of default.
As you can see, the company is one of the most elite life insurance companies and has excellent ratings from various third-party companies, which means that you can rest easy, knowing that your policy is being sold by a legitimate and well-established company.
If you buy from William Penn, you aren’t going be scammed by purchasing a fake policy, or from a company that is going to go out of business.
Choosing a quality insurance company is extremely important when purchasing life insurance. One of the biggest life insurance mistakes consumers make is purchasing policies that have a less than perfect past. This can lead to future problems when loved ones try and receive the payout from the policy.
William Penn Policy Options
If you compare quotes for life insurance in New York (you can compare rates in the sidebar of this page), you will likely find William Penn in the top 5 most competitive companies, often with the best pricing. They offer term life coverage of 10,15,20, and 30 years.
You can also convert a term policy with William Penn to a permanent policy within the first 20 years, or up to age 70 – which-ever comes first. A medical exam isn’t required to convert, and you would get the same health rating as when you originally bought the policy, even if your health has deteriorated.
For a lot of applicants, this is a huge benefit. The closer their term gets, the more they start thinking about having to renew their coverage or reapply for life insurance.
The option to convert the term policy gives customers the ability to get whole life coverage without having to be placed in a lower rating class because of their health, resulting in thousands of dollars in savings.
The term policy is non-cancellable, and also renewable. That means that William Penn can’t cancel your policy for any reason. For example, if you are over 65 needing to renew your life insurance, you could continue the policy, albeit at a higher premium, based on your age at that time.
For many, price is one of the main considerations in choosing a life insurance policy. So, if finding the most affordable policy premium is important to you, William Penn could be one of the cheapest term insurance options available.
Term life insurance options are the cheapest form of insurance that you can buy. For a quality term life insurance, William Penn will give you plenty of options. Depending on your health and risk factors, you’ll be able to get a cheap term life insurance policy for your family.
William Penn Insurance Rates
Here are just one of the many examples in pricing that you can expect from William Penn and a few of its competitors. Consider the non-smoking 50-year-old male in need of a 20-year term policy with a face amount of $500,000.
- William Penn $84 per month
- United Life Insurance $85.41 per month
- ING ReliaStar Life Insurance $85.75 per month
- AXA Equitable Life Insurance Company Charges $86.81 per month
Aside from having excellent pricing, William Penn is also a good choice if you have a pre-existing medical condition. For example, type 2 diabetics usually get very favorable pricing from William Penn, in comparison to other carriers.
The key to finding the right life insurance company for you is to compare quotes among top-rated companies. If you are an individual with pre-existing health conditions, we can help you find the best company and policy for your situation.
It’s important to realize that every life insurance company has its own method of calculating rates for insurance premiums. As a result, you could receive quotes from two different companies that vary greatly in price.
With thousands of different U.S. insurance companies, the task of contacting agents for everyone could end up being a monumental task that takes weeks to accomplish.
Is William Penn the Best Choice?
We can help you save time by having one of our independent agents do the work for you and help you find a policy that fits your needs and your budget. We have access to highly rated and reputable insurance companies across the nation. We know your time is valuable, so let us help you save time and money.
It’s hard to think about something bad happening to you. But to ensure that your family is provided for in the event of a tragedy, it’s very important to be sure you consider the following things when deciding how much insurance coverage you need.
One of the first things to consider when exploring your coverage needs is how much money your family might need to pay off any debts in the event of your untimely death. Student loans, vehicle payments, and credit card debt are just some of the things a family could be responsible for after a loved one dies.
So, because your family would be the ones to be sure those debts are paid, your life insurance coverage needs to be enough to keep your family from being left in financial hardship.
The next thing that you’ll need to account for is the amount of annual income that you provide. If you passed away, your loved ones could be left without a paycheck, and if you are one of the main income earners in your family, this could be a strain financially.
The life insurance you buy should give your family the money needed to make up for the loss of your salary.
We are available now to answer any questions you might have regarding life insurance and the amount of coverage you need. One of our agents will be happy to connect you with the perfect company to provide a quality and affordable life insurance policy that ensures your family will be adequately provided for.
You can call us now at 1-888-552-6159 and we can help you figure out the best solution for you. Or, you can compare rates from reputable companies by using the quote form on the right side of this page.