William Penn Life Insurance Review

William Penn Life Insurance Reviews

Are you interested in life insurance but unsure of which company you should go with? William Penn is a great choice for a lot of people, and it may just be the right one for you.

Before you consider any specific company, however, you should compare rates between different life insurance companies and learn what they have to offer. You can start comparing rates now using our online quote form, but here is a review of William Penn Life Insurance to help make your decision easier.

About William Penn

William Penn began in 1963 as Modern Life Insurance Company, though it underwent three name changes over the next decade, finally becoming William Penn Life Insurance Company of New York in 1975. They hold an A+ rating with A.M. Best, and they are financially sound with current policies worth more than $400 billion.

Policy Options

William Penn offers term life insurance for periods of 10, 20, or 30 years. Unlike many other life insurance types, the premiums for William Penn’s term life insurance will not increase as long as the policy is still active.

Now, just because you purchase a term life policy with William Penn does not mean you are not able to get more long lasting coverage. You have the option of converting your policy to permanent life insurance at anytime in the first 20 years or up until you turn 70 years old. As an added bonus, you can convert to permanent coverage without needing to have another medical exam. Whole life and universal life insurance are a couple examples of permanent life insurance.

Qualifying for Coverage

The guidelines for qualifying for life insurance coverage with William Penn are very similar to those of other life insurance providers. However, it is worth noting that William Penn could particularly be a good choice for you if you have certain preexisting health conditions.

If you have type 2 diabetes, for example, William Penn offers much more competitive rates for people with this condition than other insurance providers do. Of course, this will also depend on a variety of other factors, such as any other health conditions you may have and your weight.


The term life insurance rates offered by William Penn are generally competitive and usually among the top three most competitive quotes.

Though rates always vary from person to person (depending on factors like gender, age, height and weight, medical history, etc.), it is always good to look at an example to get an idea of what to expect.

William Penn Company Details

Name(s): Banner Life Insurance Company, William Penn Life Insurance Company of New York


3275 Bennett Creek Ave

Frederick, Maryland 21704

Phone: (301) 279-4800

Website: www.lgamerica.com

Ratings:  A.M. Best (A+), Standard & Poor’s (AA-), Comdex (94), Fitch (AA-)


Sample Quotes

Let’s say then that Rick is a 50-year-old man who does not smoke and is applying for a $500,000 life insurance policy for a term of 20 years. He is in great health and does not smoke, so he qualifies for preferred plus rates.

Here are some premiums he is likely to be offered from some top life insurance companies in the USA:

• United States Life Insurance (which is American General’s NY Insurance Company): $85.41 per month
American National Life Insurance Company: $82.08 per month
• William Penn: $84 per month
ReliaStar Life Insurance: $85.75 per month
AXA Equitable Life Insurance Company: $86.81 per month

If you would like to learn more about your life insurance options, feel free to contact us at 888-411-1329 to learn more about your options and start getting free, customized quotes. You can also start comparing rates today using our online quote tool.

Thanks for reading our William Penn Life Insurance Review. To learn more about life insurance, make sure to visit our page Life Insurance 101 or find out how much you may end up paying for coverage on our Life Insurance Rates by Age page.

William Penn Life Insurance Review

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Michael Quinn

Michael Quinn

Michael Quinn is the owner of Life Insurance Blog. Please email or call us at 888-411-1329. We're here to answer your questions & help you get the best policy available.

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