Who has the lowest rates and what is the best life insurance company? Is it William Penn? These are a couple of the questions we’re asked regularly. If you’re like most people, you’re wanting to buy 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.
William Penn Life Insurance Company Of New York
Review Summary
William Penn provides shoppers with several life insurance product options. William Penn is one of the best life insurance companies that you can find. They are one of the go to insurers for several age brackets and should be looked at closely by anyone looking for term and permanent life insurance.
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.
Financial Ratings
William Penn financial ratings include:
- A.M. Best rating: A+
- Fitch rating: AA-
- Moody’s rating: N/A
- S&P rating: AA-
- Comdex ranking: 94
William Penn’s A.M. Best Rating
William Penn has an A+ rating with A.M. Best, and they are financially sound with current policies worth more than $400 billion.
This is vital for those who are worried about if William Penn has the finances to pay out a death claim.
How Strong?
William Penn Products
Term Life
William Penn provides several term life insurance options
Universal Life
Need longer coverage? William Penn offers universal life
Term Life Insurance
William Penn offers term life insurance for a variety of term lengths with their OPTerm product line.
OPTerm
- 10-Year Term
- 20-Year Term
- 25-Year Term
- 30-Year Term
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.
Universal Life Insurance
William Penn also provided lifetime coverage with their LifeStep UL product.
LifeStep UL
- LifeStep UL to 95
- LifeStep UL to 100
- LifeStep UL to 105
- LifeStep UL to 110
- LifeStep UL to 121
William Penn’s LifeStep UL allows you to purchase coverage to a specific age. In other words, if you buy their LifeStep UL to 110 – it provides coverage from when your policy is in force up to age 110.
- This product can provide you a coverage guarantee to maturity up to age 121.
- Coverage amounts are as low as $50,000.
- Issue ages are between 20-85.
Rates
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 Life Insurance Quotes
Want some sample quotes? Let’s take a quick look at William Penn’s life insurance rates based off of a 30-year old non smoking male in good health. Sample quotes are based on a 20 year term and $500,000 death benefit. Rates are subject to change. Your final rate will be based on final underwriting.
| COMPANY | Policy | Monthly Rate |
|---|---|---|
| AIG | Select-a-Term | $20.76 |
| William Penn | OPTerm | $19.91 |
| Foresters | Your Term 20 | $21.00 |
| Lincoln Financial | LifeElements | $32.38 |
| American National | Signature Term | $21.60 |
| AXA Equitable | Brightlife Term | $23.94 |
| Principal | Term | $22.75 |
| Protective | Classic Choice Term | $20.00 |
| Prudential | Term Essential | $33.25 |
| Transamerica | Trendsetter Super | $23.65 |
Case Study
Now let’s look at our case study with Rick. 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
Policy Options
William Penn provides shoppers several options to their policies. You can customize your policy with their life insurance riders.
Riders
- Child Rider
- Waiver of Premium Rider
- Living Benefits Rider
Conversion
- Their term policy conversion may be requested any time during the guaranteed level premium period or up to attained age of 70 - whichever comes first
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.
Find out If we can top William Penn’s Rate
So the question is…Will William Penn get you the best rate; or will another company like Nationwide, John Hancock, Assurity or Genworth get you the best deal? If you want to make sure you’re getting the best life insurance policy available, here’s what you need to do…
Final thoughts
If you would like to learn more about your life insurance options, feel free to contact us and 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 Company Details
Name(s): Banner Life Insurance Company, William Penn Life Insurance Company of New York
Address:
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-)
