If you are researching life insurance companies and live in New York, you may be considering William Penn Life Insurance Company of New York.
With so many life insurance companies, it can be difficult to compare and find the right provider. Every company offers different life insurance products, and each has its own advantages and disadvantages.
Learn everything you need to know about William Penn in this company review and find out if it’s the right choice for your life insurance needs.
In this review:
William Penn Life Insurance
Thinking about your death is not exactly the most appealing idea.
Still, there is a comfort knowing much-needed funds would be available to help your loved ones or business partners in the event of your death.
If you buy from William Penn, you aren’t going to be scammed by purchasing a fake policy, or from a company that is going to go out of business.
William Penn started as a business in 1949, under the name of “Government Employees Life Insurance Company”, and over the last 64 years, the company has become a top life insurance carrier.
Legal & General Group took ownership of GELICO in 1981 and adopted the name Banner Life Insurance Company.
In New York, Banner Life operates under the name, William Penn Life Insurance Company of New York.
Life Insurance Products
The company offers a variety of life insurance products including term, whole, and universal life insurance policies.
William Penn Term Life Insurance
If finding the most affordable policy premium is important to you, William Penn could be one of the cheapest term insurance options available.
With the OPTerm Life option, coverage is available in 10, 15, 20, and 30-year terms.
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 and need to renew your life insurance, you could continue the policy, albeit at a higher premium payment.
SHOULD YOU CONVERT YOUR TERM POLICY?
You can also convert a term policy with William Penn to a permanent policy within the guaranteed level premium period 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. When nearing the end of their term lengths, most policyholders start thinking about having to renew their coverage or reapply for life insurance.
The term policy conversion gives customers the ability to get permanent life insurance coverage without having to go through the underwriting process again.
William Penn Whole Life Insurance
Whole life policies build a cash value which can be a helpful resource in your financial planning journey.
William Penn offers several Whole Life Insurance plans:
Ordinary Issue
- 0-85 years old
- You select a schedule of premium payments
- Has a cash value
- Banded premiums ranging from $1-$24,999, $25,000-49,999, $50,000 and higher
Ordinary Senior Life
- 56-85 years old
- Table 4 ratings–standard rates accepted with minor underwriting risks
- Coverage in “Units” of $200.00 to $400.00 value
Single-Premium
- 0-85 years old
- One lump sum or scheduled payments over a 3 year period
- Guaranteed cash value
20 Pay Life
- 20 year of premium payments
- Banded premiums
Life Paid up to 65
- 0-65 years old
- Banded premiums
- Best for those in their working years
Almost Guarantee Special
- 21-55
- Banded amounts
- Best for younger individuals with minor health risks
Rider Options
They also offer various riders you can purchase including:
- Accelerated Death Benefit Rider (for those with a terminal illness)
- Waiver of Premium
- Term Riders
- Children’s Riders
Be sure to speak with your insurance agent about all available options, especially if you’re in good health.
William Penn Insurance Rates
Every life insurance company has its own method of calculating rates for insurance premiums. The key to finding the right life insurance company for you is to compare quotes among top-rated companies
If you compare quotes for life insurance in New York, you will likely find William Penn in the top 5 most competitive companies.
Here is an example of what to expect from William Penn and a few of its competitors.
Rates for a non-smoking 50-year-old male in need of a 20-year term policy with a face amount of $500,000.
- William Penn: $84/mo.
- United Life Insurance: $85.41/mo.
- ING Life Insurance: $85.75/mo.
- AXA Equitable Life Insurance Company: $86.81/mo.
Pre Existing Conditions
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.
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.
If you are an individual with pre-existing health conditions, we can help you find the best company and policy for your situation.
William Penn Life Insurance Company Ratings
Legal & General, the parent company of William Penn, has over $400 billion dollars of active insurance policies in force.
They have an A.M. Best A+ rating which measures this insurer’s ability to pay its obligations or financial strength as “Superior” with no expectation of default.
Standard & Poor and Fitch Ratings both awarded them a AA- and they have overall positive company reviews, making them one of the best life insurance companies on the market.
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.
Ratings Current as of 8/03/2023.
Is William Penn the Best Choice for You?
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.
We know your time is valuable, so let us help you save time and money.
One of our independent agents will 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.
Choose The Right Amount of Coverage
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.
