About William Penn Life Insurance Company of New York
The history of William Penn Life Insurance Company of New York is more than 40 years strong. Chartered in 1962, we were acquired by Legal & General Group Plc as a wholly-owned subsidiary of Banner Life Insurance Company in 1989. Today we’re one of the Legal & General America companies.
Since that time, management for both companies has been consolidated at the senior level. Banner Life’s national presence, William Penn’s four decades of brokerage experience and the operational synergy between both companies is a strong combination.
Today William Penn’s individual life insurance products are sold in New York only, through independent insurance agencies.
William Penn’s Financial Strength Ratings
It’s important that you acknowledge and understand that a life insurance contract can be for decades and that both parties must keep their promise. The insurance company’s promise is far more important because they must pay a substantial amount of money to your beneficiary when you die. If that promise is not faithfully kept, your surviving loved ones can be financially devastated in the event of your death.
Fortunately, 21st-century technology allows the consumer to verify the financial standing of many companies they may do business with, especially if that company is in the insurance and financial services industries.Here are the national ratings for William Penn Life Insurance Company of New York:
|Rating Company||2019 Ratings|
|A.M. Best||A+ (Superior)|
|Standard & Poor’s||AA- (Very Strong)|
|Fitch Ratings||AA- (Very Strong)|
Life Insurance Options from William Penn Life Insurance
Similar to many of the top-rated insurers in the U.S., William Penn Life Insurance Company of New York offers temporary and permanent life insurance through two products. Temporary life insurance typically involves term life insurance and permanent insurance typically involves universal life insurance or whole life insurance.
William Penn, however, strays from the norm by not offering a whole life insurance selection except for their Final Expense Insurance product. Here we’ll discuss the plans William Penn offers and the highlights of each product.
OPTerm Life Insurance
William Penn’s OPTerm product is a traditional term life policy with term options of 10, 20, 25, 30 and 35-year terms. With OPTerm, the premiums will remain level for the term you select and will not be increased by the company. Although term insurance is considered a temporary solution for life insurance, the OPTerm policy can be converted to during the first 20 years of coverage or up until you reach the age of 70 (whichever comes first).
This term conversion option is very important because if after purchasing a term insurance policy you decide you no longer want to “rent your life insurance,” you can convert your term policy to a permanent policy (like universal life or whole life) and you will not have to have a medical exam to prove you’re healthy.
Also, as we are about to show you, William Penn’s OPTerm insurance is very competitive with other term policies. Here are actual rates for a 20-year $250,000 policy for a very healthy male and female non-smoker:
|Age of Applicant||Male Non-Smoker||Female Non-Smoker|
There are also optional riders that you can select to broaden your coverage and add living benefits to your OPTerm insurance policy.
- Child Term Rider – This optional rider allows the applicant to add all dependent children in the household and any born or adopted in the future to the life insurance policy.
- Waiver of Premium – The waiver of premium rider provides for the insurer to waive your premiums if you become disabled and cannot work.
- Accelerated Death Benefit – This very important rider provides living benefits. The rider provides for the insurer to advance the insured a large portion of the death benefit if he or she is diagnosed with a covered critical or terminal illness. This advance is available to help the insured with medical expenses or end of life arrangements.
LifeStep UL Universal Life Insurance
The LifeStep UL product can be considered temporary life insurance (because you can purchase a death benefit to a desired age) and permanent insurance because you can purchase coverage for a lifetime.
Universal Life insurance was designed for individuals and families who need a guaranteed death benefit but also prefer to build a cash value account over time that can be accessed for any reason via policy loans and withdrawals.
The LifeStep UL is available in face amounts as low as $50,000 and is available for applicants between the ages of 20 to 85-years old and it’s William Penn’s product for conversion which means whatever rate class you qualified for with your OPTerm policy, you will automatically qualify for that rate class with LifeStep UL.
The age-based policy terms are:
- LifeStep UL to 95
- LifeStep UL to 100
- LifeStep UL to 105
- LifeStep UL to 110
- LifeStep UL to 121