If you are researching life insurance companies and live in New York, you should become familiar with the William Penn Life Insurance Company.
If you are considering taking out life insurance, reviewing your options and finding the right policy and company for your situation is essential.
Affordable Life USA has represented the William Penn Life Insurance Company of New York for over 30 years.
Our William Penn Life Insurance review will help you decide if you should consider the company for your family’s life insurance coverage.
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William Penn Life Insurance Company
William Penn was formed in 1949 under the Government Employees Life Insurance Company, with a well-known sister company, GEICO.
Legal & General Group, in 1981, took ownership of GEICO, 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.
Banner William Penn has over $400 billion in in-force life insurance policies. Their assets are invested chiefly in AAA corporate and government bonds, making them 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 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. However, the products that William Penn offers are provided only in the state of New York.
The Banner Life Insurance Company underwrites the products that William Penn offers.
William Penn Life Insurance Rating
William Penn Life Insurance RatingThe financial ratings of an insurance company are fundamental to us when selecting a life insurance carrier for our clients.
After all, nothing is more important than a life insurance company’s ability to pay claims to its policyholders.
We monitor the claims-paying ability of life insurance companies by using a few different rating agencies.
What is the William Penn Life Insurance rating?
The rating agency has conducted its annual William Penn Life Insurance review, giving them an A+ (SUPERIOR) rating.
Furthermore, the William Penn Insurance company rating from Standard and Poor’s is AA- also considered very strong.
If you need a more detailed evaluation, here is a more detailed look at William Penn Life Insurance ratings.
William Penn Term Life Insurance
The William Penn Life Insurance Company of New York offers some of the lowest prices on its term life insurance product.
Term Life Insurance offers guaranteed death benefits and level premiums for a specific time.
Term coverage is an excellent choice for applicants to obtain the most substantial life insurance policy at the cheapest cost.
You can select a term duration to address needs such as mortgage protection or providing income to your spouse if you should pass away.
The OPTerm series is the actual product name for William Penn’s term life insurance products. OPTerm offers guaranteed term lengths between 10 and 40 years.
William Penn Universal Life Insurance
Do you need life insurance coverage that lasts for your entire lifetime?
Great news!
William Penn Life also proudly offers universal life insurance products to New York residents.
Universal Life Insurance is a permanent policy where the excess premium payments above the current insurance cost are credited to the policy’s cash value.
Universal life insurance has a cash accumulation component similar to a savings account with tax-deferred growth and lifetime coverage.
William Penn Life Insurance Co. of NY was one of the first companies offering Universal Life!
William Penn’s Step UL offers a guaranteed minimum death benefit for as long as payments are made.
So, 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. You can add additional premiums to the policy to help accelerate the cash value account or pay off the policy in a shorter time.
Not to mention, William Penn’s universal life coverage is less expensive than traditional whole-life policies.
William Penn Riders and Conversion Options
You can add various riders to both term and universal life policies. Here is a summary of the riders available:
- 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 that 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 of their entire amount of term coverage to universal life insurance.
William Penn Life Insurance Rates
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Buyer’s Tip:
If you are currently looking into William Penn insurance quotes for your family, an excellent place to start is a $250,000 death benefit.
Many companies, including AIG/United States Life, offer a price break on term life insurance with $250,000 or more death benefits.
William Penn Insurance Underwriting
It is often difficult to know precisely the premiums you will pay until your policy goes through the entire underwriting process.
Many life insurance agents give quotations based on the best rate class to win your business.
However, the rate class you obtain at the end of the application process matters the most.
William Penn Insurance rate classifications:
- Preferred Plus Non-Tobacco
- Preferred Non-Tobacco
- Standard Plus Non-Tobacco
- Standard Non-Tobacco
- Preferred Tobacco
- Standard Tobacco
William Penn Life offers New York residents favorable underwriting for many common medical conditions.
This lenient underwriting means that even though you may have a particular health condition, you can still qualify for coverage through Banner 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 the preferred rate class, which is higher in cost.
- Smoking: If you would otherwise qualify for a preferred plus rate class based on your health, you can be eligible for a preferred plus rate class after three years of no nicotine use. Many insurance companies make you wait five years for this benefit for former smokers.
- Cholesterol: If you need life insurance with elevated cholesterol and are being treated with medications, and your cholesterol is controlled, you can still qualify for a preferred plus rate class.
- Diabetes: Diabetic life insurance clients can qualify for a standard plus rate class compared to most companies’ typical standard rate class.
- Depression and Anxiety: People considering life insurance with depression can qualify for a preferred rate class if the disorder is well controlled.
- Asthma: People taking fewer than two medications can qualify for a preferred rate class.
- Build: They have a more liberal stance with those seeking life insurance policies when overweight.
Buying A William Penn Life Policy
Affordable Life USA would love the opportunity to assist you with your life insurance planning!
If you like what you have learned during our William Penn Life insurance review, we confidently recommend them for your family’s coverage needs.
The William Penn Life Insurance Co. of NY offers excellent rates for fully underwritten and no-exam policies.
BUYING William Penn INSURANCE WITH No Exam
William Penn Life offers between $100,000 to $500,000 of term life insurance to applicants until the age of 50 without the need for any physical examination.
William Penn offers a simplified underwriting program which is called Appcelerate. This form of express underwriting is ideal for people in relatively good health.
A policy can be issued in just a few days if you qualify!
This no-exam life insurance program promises fast approvals without needing a medical exam, lab tests, or medical records from your doctor.
William Penn Life Insurance Company of New York is one of the only companies offering a “Preferred Plus” rate class on their entire product portfolio without requiring you to do a medical exam.
The no-exam process is an excellent option for healthy New York residents wanting to get affordable life insurance quickly.
BUYING William Penn insurANCE BY Taking an Exam
Remember, as with many insurance companies, most Banner William Penn insurance policies are also medically underwritten. Meaning you will be required to take an insurance examination.
When do I need to take a medical exam to qualify for coverage?
You must take an exam if you need more than a $500,000 life insurance policy or are above 50.
Your insurance exam will be done at your house and only takes a few minutes to complete.
The medical underwriting process takes several weeks, depending on the details of your medical history.
Affordable Life USA can help you apply for great rates from the William Penn Life Insurance Company.
They have competitive rates, are easy to work with, and provide excellent customer service.
If you’re tired of being stressed about the future due to a lack of coverage or unaffordable premiums, call us today!
We are not a high-pressure call center like Accuquote or TermFinder, and we promise not to bother you with endless phone calls.
Our William Penn Life Insurance review only provides a snapshot of one of the many companies in our network of life insurance carriers.
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.
FAQ
How long is the Application Process?
The underwriting time varies depending on whether your agent recommends the no exam or exam underwriting process.
In some cases, it may only take a week to approve your policy!
However, if a medical exam and medical records are needed from your doctor the normal time is 2-3 weeks from the time you take your examination.
Can I buy directly from the company?
You will not save any money by buying directly from the life insurance carrier.
The premiums you obtain will be the same directly through the insurance company or with an independent agent.
Are my life insurance quotes accurate?
Our advanced life insurance comparison tool swiftly sifts through numerous insurers to find you the best quotes.
With our calculator, get immediate estimates on life insurance rates without needing to share any personal, financial, or health details.
To fine-tune your quote accuracy, we might later request additional health information.
Typically, the cost of your final policy will be within 10% of the initial online estimate we provide.
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Affordable Life USA is a leading independent insurance agency offering comprehensive life insurance solutions to clients nationwide.
Eric Van Haaften, LUTCF
1-877-249-1358
