William Penn Life Insurance Company of New York is the New York subsidiary of Banner Life Insurance Company, now owned by Meiji Yasuda Group. William Penn sells term life and universal life insurance exclusively to New York residents. The company carries an AM Best A+ (Superior) rating and has protected policyholders for over 75 years.
If you live in New York and you’re shopping for life insurance, you’ve probably come across the name William Penn. It’s not the most well-known brand, but it’s one of the most respected carriers in the state.
William Penn Life Insurance Company of New York is the only way to buy Banner Life products if you live in New York. Same coverage, same pricing, same financial backing. Just a different name to meet New York’s insurance regulations.
This review covers what you need to know about William Penn in 2026. We’ll go over their products, financial strength, and how to get coverage through an independent broker like term life insurance specialists at Best Life Quote.
About William Penn Life Insurance Company of New York
William Penn has been around since 1963. Originally called Modern Life Insurance Company of New York, it was renamed William Penn Life Insurance Company of New York in 1975. Legal & General Group acquired William Penn in 1989, making it a wholly-owned subsidiary of Banner Life.
For decades, both companies operated under the Legal & General America umbrella. That changed in February 2026 when Meiji Yasuda Group, a major Japanese insurer, completed its $2.3 billion acquisition of Banner Life and William Penn. The deal had been announced in early 2025 and received full regulatory approval.
What does this mean for policyholders? Not much day to day. The same management team is in place. The same products are available. And the same commitment to paying claims continues. Banner Life paid 99% of term life insurance claims in 2025, serving nearly 4,000 families.
Here’s the key thing to know: Banner Life operates in 49 states and D.C. William Penn operates exclusively in New York. If you live in New York, William Penn is your path to Banner Life’s products.
William Penn Term Life Insurance (OPTerm)
William Penn’s flagship product is OPTerm, their term life insurance policy. It’s the same product Banner Life sells in other states, and it’s consistently ranked among the most affordable term options in the country.
Here’s what OPTerm offers:
- Term lengths: 10, 15, 20, 25, 30, 35, and 40 years
- Coverage amounts: $100,000 to $10 million
- Issue ages: 20 to 75 (varies by term length and tobacco status)
- Annual policy fee: $80 for William Penn (New York)
Every OPTerm policy comes with a terminal illness accelerated death benefit rider at no extra cost. If you’re diagnosed with a terminal illness, you can access up to 75% of your death benefit (up to $500,000) while you’re still living.
Converting Your Term Policy
One of OPTerm’s strongest features is the conversion option. You can convert all or part of your term policy to permanent life insurance (Life Step UL) without a new medical exam. You keep the same health rating you had when you originally applied, even if your health has changed.
The conversion window stays open during your level premium period or until age 70, whichever comes first. This gives you flexibility to start with affordable term coverage now and switch to permanent coverage later if your needs change.
No-Exam Option (APPcelerate)
William Penn also offers APPcelerate, their accelerated underwriting program. Qualifying applicants can get approved for coverage up to $1,000,000 without a medical exam. The program uses electronic health records and prescription databases to evaluate your application, which means faster decisions.
Not everyone qualifies for APPcelerate. But if you do, it can cut weeks off the approval process.
William Penn Universal Life Insurance (Life Step UL)
If you need permanent coverage that lasts your entire life, William Penn offers Life Step UL. This is a guaranteed universal life policy with level premiums and a death benefit guaranteed to age 121, as long as you pay your premiums on time.
Key details:
- Minimum coverage: $50,000
- Issue ages: 20 to 85
- Payment options: You can prepay premiums over 10 or 15 years
Life Step UL works well for people who want permanent protection without the complexity of whole life or indexed products. It’s also the policy you’d receive if you convert your OPTerm term policy to permanent coverage.
Rider Options
William Penn offers riders to customize your coverage. Keep in mind that rider availability in New York differs slightly from what Banner Life offers in other states.
- Accelerated Death Benefit Rider – Included free with every OPTerm policy. Lets you access a portion of your death benefit if diagnosed with a terminal illness.
- Waiver of Premium Rider – Waives your premium payments if you become disabled and can’t work.
- Additional Insurance Riders (Term Riders) – Provide temporary additional life insurance coverage for 10, 15, or 20 years on top of your base policy.
Talk with your insurance agent about which riders make sense for your situation. The right combination depends on your family’s needs and budget.
William Penn Financial Strength and Ratings
Financial strength matters. The lowest premium in the world doesn’t help your family if the company can’t pay the claim. William Penn has a strong track record here.
| Rating Agency | Rating | Meaning |
|---|---|---|
| AM Best | A+ (Superior) | Top-tier financial strength |
| S&P Global | AA- | Very strong financial security |
| Fitch Ratings | AA- | Very strong |
AM Best has maintained the A+ rating for Banner Life and William Penn since 1976. That’s nearly 50 years of consistent top-tier performance.
One thing to note: following the Meiji Yasuda acquisition, AM Best placed Banner Life and William Penn’s ratings “under review with developing implications.” This doesn’t mean the ratings have been downgraded. It simply means AM Best is evaluating how the new ownership structure affects the companies going forward. The A+ rating remains in effect during this review period.
William Penn and Banner Life combined have over $13 billion in assets and protect more than 1.8 million policyholders across the country.
William Penn vs. Banner Life: What’s the Difference?
This is one of the most common questions we get. The short answer is they’re essentially the same company.
Banner Life Insurance Company and William Penn Life Insurance Company of New York are both part of the Banner Life family of companies under Meiji Yasuda Group. They share the same parent organization, financial backing, management team, and product lineup.
The only difference is where they operate. Banner Life sells policies in 49 states and D.C. William Penn sells policies exclusively in New York. This split exists because New York has its own insurance regulations that require a separately licensed entity.
If you live in New York, you’ll apply through William Penn. If you live anywhere else, you’ll apply through Banner Life. Either way, you’re getting the same coverage from the same financially strong company.
Frequently Asked Questions
Is William Penn Life Insurance Company of New York legitimate?
Yes. William Penn has been in business since 1963 and is now part of the Banner Life family of companies under Meiji Yasuda Group. The company holds an AM Best A+ (Superior) rating and protects policyholders exclusively in New York state.
Can I buy William Penn life insurance if I don’t live in New York?
No. William Penn only sells life insurance in New York. If you live in any other state, you’d apply through Banner Life Insurance Company, which offers the same products and pricing in 49 states and D.C.
Does William Penn offer no-exam life insurance?
Yes. Through their APPcelerate program, qualifying applicants can get approved for up to $1,000,000 in coverage without a medical exam. The program uses electronic health records and prescription databases to make faster underwriting decisions.
What happened to Legal & General America?
In February 2026, Meiji Yasuda Group completed its acquisition of Banner Life and William Penn from Legal & General Group. The transaction was valued at approximately $2.3 billion. Existing policies, premiums, and service are not affected by the ownership change.
Can I convert my William Penn term policy to permanent coverage?
Yes. You can convert your OPTerm policy to Life Step UL (universal life) during your level premium period or until age 70, whichever comes first. No new medical exam is required, and you keep the same health rating from your original application.
How do I contact William Penn Life Insurance?
You can reach William Penn customer service at 800-346-4773. You can also manage your policy online through the Banner Life website.
Key Takeaways
- William Penn Life Insurance Company of New York is Banner Life’s subsidiary that serves New York residents exclusively.
- The company is now owned by Meiji Yasuda Group after a $2.3 billion acquisition completed in February 2026.
- OPTerm offers term lengths from 10 to 40 years with coverage up to $10 million.
- The conversion option lets you switch from term to permanent coverage without a new medical exam.
- William Penn carries an AM Best A+ (Superior) rating, maintained since 1976.
- APPcelerate offers no-exam approval for qualifying applicants up to $1,000,000.
Ready to compare your options? As an independent agency, we work with multiple top-rated carriers to find the best rates for your situation. Call us at 800-712-8519 or use the quoter on this page to see your rates in minutes.
