Are you trying to secure affordable life insurance coverage for your family? If you are researching life insurance companies and live in New York, you really need to become familiar with the William Penn Life Insurance Company.
Why you should consider a policy from the William Penn Life Insurance Company? Affordable Life USA has represented William Penn Life for over 25 years. We would like to help you understand more about the great rates and products from William Penn Life Insurance Company.
During our William Penn Life Insurance review, we will cover:
- Details about the William Penn Life Insurance Company
- William Penn term and universal life insurance product information
- Competitive underwriting advantages in the marketplace
- Learn about Appcelerate, which is a unique no-exam life insurance process
- How Affordable Life USA can help you obtain a William Penn Life policy
About William Penn Life Insurance Company
William Penn started as a business in 1949, under the name of Government Employees Life Insurance Company, also having a well known sister company known as GEICO. Legal & General Group in 1981 took ownership of GELICO adopting the name Banner Life.
Since, New York has different life insurance regulations, you will find Banner Life operating under the name of William Penn Life in New York. Currently, William Penn has more than $400 billion of in force life insurance policies. Their assets are invested mostly in AAA corporate and government bonds making the company financially solvent to pay claims.
Legal and General headquartered in London, is still the parent company of William Penn Life Insurance Co. of New York. Legal & General currently operates in North America, Europe, and Asia and manages over $746 billion in assets.
William Penn Life Insurance has been the company’s New York branch for 26 years. Products that are offered by William Penn, however, are provided only in the state of New York.
The products that are offered by William Penn are underwritten by the Banner Life Insurance Company. William Penn Life Insurance Life reviews New York generated business in Garden City, New York for William Penn.
The ratings agency A.M. Best has conducted it’s annual William Penn Life Insurance review and has given them an A+ (SUPERIOR) rating. Furthermore, the William Penn Life Insurance Company rating from Standard and Poor’s is AA- which is also considered very strong.
William Penn Life Insurance Products
William Penn Term Life Insurance
William Penn is known for offering some of the lowest prices on it’s term life insurance product. Term Life Insurance offers guaranteed death benefits and level premiums for a specific period of time.
Term life insurance is an excellent choice for applicants looking to obtain the largest amount of insurance at the cheapest cost. Term coverage can be tailored in duration to address needs such as protecting a mortgage, or protecting your income to your spouse.
William Penn term life insurance products offer guaranteed term lengths of 10 years, 15 years, 20 years, 25 years, and 30 years. The OPTerm® series, is the actual product name for William Penn Life term life products.
William Penn Universal Life Insurance
William Penn Life Insurance Company also offers universal life insurance products. Universal Life Insurance is a type of permanent policy where the excess of premium payments above the current cost of insurance are credited to the cash value of the policy.
Universal life insurance has a cash accumulation component which acts similar to a savings account with tax deferred growth along with lifetime coverage.
William Penn Life Insurance was one of first life insurance companies to offer Universal Life. William Penn’s Step UL® offers a guaranteed minimum death benefit for as long as payments are made. The minimum required premium will never change and you can never lose your policy.
William Penn’s Step Up UL® also allows a flexible premium schedule. So, you can add additional premiums to the policy to help accelerate the cash value account or pay off the policy in a shorter period of time. Not to mention, William Penn universal life policy is less expensive than traditional whole life policies.
William Penn Riders and Conversion Options
- Waiver of Premium – With this optional rider, if you become disabled and can not pay your premiums, the Waiver of Premium rider ensures your policy remains in force until you can resume making payments.
- Accelerated Death Benefit –This is a free rider and if you are diagnosed as terminally ill, you can access a portion of your death benefit to help pay medical bills.
- Children’s Rider – This is an optional rider, which covers all eligible children to the earlier of the child’s 25th birthday or the insured’s 65th birthday.
- Policy Conversion – With convertible term life insurance policyholders have the privilege to convert a portion or their entire amount of term coverage to universal life insurance.
Need your William Penn quotes right now?
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William Penn Life Insurance Underwriting
Are you looking into a life insurance policy? It is often difficult to know exactly the premiums you will pay until your policy goes through the underwriting process.
Many agents give quotations based on the best rate class in order to win your business. However, the rate class the life insurance company gives you at the end of the application process is what is really important!
The William Penn Life Insurance rating classifications include the following:
- Preferred Plus Non-Tobacco
- Preferred Non-Tobacco
- Standard Plus Non-Tobacco
- Standard Non-Tobacco
- Preferred Tobacco
- Standard Tobacco
William Penn Life also offers New York residents favorable underwriting. This means that even though you may have a certain types of health condition, you can still qualify for coverage through William Penn.
William Penn Life Insurance Underwriting Highlights:
- Blood pressure: Nonsmokers with average readings in the past two years of no more than 136/86 qualify for the best rates, called “Preferred Plus”. Most competitors will only offer preferred rate class which is higher in cost.
- Smoking: If you would otherwise qualify for a preferred plus rate class based on your health, then after three years of no nicotine use you can qualify for a preferred plus rate class. Many insurance companies make you wait a full five years for this benefit.
- Cholesterol: If you need life insurance with high cholesterol and are being treated with medications and your cholesterol is under control, you can still qualify for a preferred plus rate class.
- Diabetes: Diabetic life insurance clients can qualify for a standard plus rate class compared with the typical standard rate class offered by most insurance companies.
- Depression and Anxiety: People considering life insurance with depression can also qualify for a preferred rate class if the disorder is well controlled.
- Asthma: People who suffer from asthma taking less then two medications can qualify for a preferred rate class.
- Build:William Penn Life has a more liberal stance with for those seeking life insurance who are overweight.
Wow! William Penn Life Insurance has some competitive underwriting areas which may help you obtain better rates compared to other insurance companies in the New York market.
William Penn Life insurance does take a bit longer when underwriting these conditions. But, normally they offer better prices for applicants with a few minor health issues. Many companies may take less time in underwriting but, offer higher rates in return for faster policy issue.
If you live in New York and need great rates on term life insurance, they are very hard to beat on price.
William Penn No Exam Life Insurance
William Penn Life also offers between $100,000 to $500,000 of term life insurance to applicants between the ages of 20 to 50 without the need for any medical examination.
William Penn Life offers a simplified underwriting program is called Appcelerate. This form of express underwriting and is ideal for people who are in relatively good health. If you qualify, a policy can be issued in just a few days. This program allows you to be approved for a policy without the need for a medical exam, lab tests, or medical records from your doctor.
They are also one of the only companies that offer a “Preferred Plus” rate class and offer their full product portfolio without requiring you to do an medical exam. This is great option for healthy New York residents wanting to get affordable life insurance in a hurry.
How to Apply for William Penn Life?
Affordable Life USA can help you apply for the great rates from William Penn Life Insurance Company.Our William Penn Life Insurance review, only provides you with a snapshot of one of the many companies in our network of life insurance carriers.
We focus on the needs of New York executives, small business owners, and retirees looking for honest advice and William Penn Life insurance quotes.
We hope you benefited from the information provided here in our William Penn Life review. If you live in New York and have been looking for a life insurance policy, there is a good chance that the William Penn Life Insurance Company is one of the top policies being offered.
If you would like to learn more about the company, or have any additional questions, we are more then happy to help you.