Our review of William Penn Life insurance. Only if you live in New York. If you are in any other state you would use their sister company Banner Life.
It’s certainly understood how discouraging it can be attempting to locate a reliable life insurance company review when you typically find reviews on one end of the scale or another.
However, if you are searching for an honest review of William Penn Life Insurance Company or merely looking for life insurance in general, you’ve arrived at the right place.
At InsuranceQuotes2Day we offer the most unbiased and insightful insurance reviews so that our clients and prospective clients can make their own informed decision about each carrier we represent, and some we don’t represent.
William Penn offers term life insurance and universal life insurance. They have a unique non med accelerated underwriting program for life insurance up to $1,000,000. It is possible to get a one million dollar life insurance policy with no medical exam.
They do not offer indexed universal life insurance or non med whole life insurance. If you are already a policy owner, you can have access to the website through the William Penn life insurance login. If you are considering purchasing a policy from William Penn you can start here:
Highlights of William Penn Life of New York
- William Penn was founded in 1963 under the name of Modern Life Insurance Company of New York (because of New York’s strict insurance regulations, many companies operate under a different name in that state).
- The company changed their name to William Penn Life Insurance Company of New York in 1975.
- William Penn’s parent company is Legal & General Group which was established in the very late 1800s.
- Like many insurers, William Penn Life Insurance along with their parent company remains involved in the communities through charitable giving.
- Although the company spends little on national advertising when compared to other major insurance carriers, they currently have over $400 billion in active insurance policies.
- Including their parent company, William Penn Life Insurance controls over $7 billion in assets.
William Penn Life Insurance Ratings and Stability
Insurance companies cannot buy ratings so what the rating companies report should be considered trust-worthy and an important of your purchase decision. In order to be rated by a national rating service, the rating analysts are given open access to a company’s financial records and business plans.
This information allows the rating service to get an unbiased picture of the company’s financial position and determine the outlook for going forward. William Penn Life Insurance has been awarded very high ratings by the major U.S. rating services.
|A. M. Best||A+ (Superior)|
|Fitch||AA- (Very Strong)|
|Stand & Poor’s||AA- (Very Strong)|
Why Ratings Matter
You, as the consumer and decision maker, should be concerned about a company’s ratings because each rating indicates how financially stable that company is and whether they may be susceptible to financial problems if the market goes sideways or if some type of disaster takes place. You are looking for the best life insurance company you can get. As a policyholder, you are not afforded the promise from the FDIC that your investment in your insurance will be protected.
Many states do support some form of insurance guarantee fund, but that is something that would pay death claims, not necessarily protect your cash value. If the state did have to pay a company’s death claims, it would certainly cause a delay when the government gets involved.
William Penn Life Insurance Products
William Penn’s OPTERM Life
Here are the highlights of William Penn Life Insurance Company’s Term Life Insurance:
- Policies can be purchased in terms of 10, 15, 20, 25, and 30-year policy terms.
- The premiums are level for all OPTERM policies which means your premium will never change during the policy period you select. They will, however, increase when you renew your policy after the term has exhausted.
- OPTERM 10 is available to applicants age 20 to 75-years old
- The OPTERM 15 policy is available to applicants age 20 to 71-years old
- OPTERM 20, one of the most popular terms, is available for applicants age 20 to 54 for non-tobacco classes and 20 to 64 for tobacco users.
- The OPTERM 25 policy is available for applicants age 25 to 58 for non-tobacco and 20 to 55 for tobacco users.
- OPTERM 30 policies are available for applicants age 20 to 51 for non-tobacco classes and 20 to 50 for tobacco classes.
Other important highlights to be aware of is that all OPTERM insurance policies are convertible to permanent insurance without proof of insurability. Death resulting from suicide is excluded during the first two policy years. There are optional riders available that help broadens coverage and offer living benefits.
LIFE STEP UL
The LIFE STEP UL (Universal Life) product is also a very popular choice because it provides insurance coverage for a lifetime and builds cash value over time that can be accessed by the policyholder for any reason. Our highlights for the LIFE STEP UL are:
- Guaranteed coverage to age 121 as long as premiums are paid.
- Face amounts for eligible applicants begin at $50,000
- Coverage is available for applicants age 20 to 85-years old.
- The insurer pays a minimum interest on the cash value of 2 percent per year.
- The policy is designed to endow at age 121
- As a UL product, policyholders can pay reduced premiums or even skip premiums as long as the cash value is sufficient to keep the policy in force.
- William Penn Life offers a no-lapse guarantee on this product as longs as policy loans do not exceed the surrender value of the policy.
- The grace period for the UL policy is 61 days rather than 30 days.
- The policyholder can access their value through policy loans with interest of only 3.8%
The term policies offered by William Penn Life are very competitive with other leading companies and we generally recommend them on a regular basis. The company’s underwriting guidelines are also somewhat more liberal than other carriers which means you can purchase standard rated coverage even with conditions like type 2 diabetes, high blood pressure, high cholesterol and others.
We did notice that William Penn is on the Dave Ramsey life insurance list of approved carriers.
Although, as an independent insurance agency, we feel William Penn Life Insurance Company of New York is a solid choice for term and universal life insurance, it certainly will not be the perfect fit for every applicant. We encourage you to reach out to our insurance professionals at InsuranceQuotes2Day and let us help you determine if William Penn Life is the best solution for your life insurance needs.
Frequently asked Questions
How are William Penn's financial ratings?
As part of the Legal & General group of companies, William Penn Life Insurance Company enjoys outstanding ratings which demonstrate the company’s ability to pay claims.
A. M. Best: A+ Superior
Fitch Ratings: AA- Very Strong
Stand & Poor’s: AA- Very Strong
Comdex Score: 94 out of 100
Does William Penn offer low-cost term insurance?
Wiiliam Penn’s OpTerm term life insurance product is a well-designed term policy that can accomodate the neads of individuals and familife and has very competitive rates.
Is it difficult to buy from William Penn if you have health issues?
William Penn’s underwriting guidelines are also somewhat more liberal than other carriers which means you can purchase standard rate coverage even with conditions like type 2 diabetes, high blood pressure, high cholesterol and others.