Are you living up in new york and looking to purchase life insurance? If yes, you might want to go through William Penn Life Insurance company.
William Penn Life Insurance company has already done the homework for you.
In this article, we will do William Penn Life Insurance’s life insurance reviews regarding their overall performance, customer service, cost, and other essential things to consider before choosing them. So let’s get started.
First off, William Penn has been around 70 years almost. They are headquartered in New York City, NY. They are a mutual company.
Their main goal is to provide financial protection to individuals who don’t have access to life insurance. They focus on working with smaller businesses or those without many assets.
William Penn is the only New York State licensed carrier providing term, universal life, and annuity solutions.
The company provides services to individuals and businesses across New York. They also provide excellent customer service.
The best insurance companies are here to make their promised claim. But look at our William Penn life insurance Reviews before acquiring insurance.
It can help you determine if the insurance is reliable, ensuring that it provides an appropriate level of life insurance for all your requirements.
Who is William Penn Life Insurance Company?
William Penn’s life insurance company, firmly known as the modern life insurance company, started in 1963.
This company started to serve individual life insurance products only to new york residents. And in 1975, modern life insurance changed its name to William Penn life insurance company of new york.
And in 1989, banner life insurance company purchased William Penn life insurance company in new york. And now, William Penn life insurance company operates as a wholly owned subsidiary of banner life insurance company in the new york state of America only.
William Penn, a life insurance company, operates with individual insurance agents and broker agencies.
William and banner life insurance company operate as sister insurance companies under one USA brand, Legal & General America.
Legal & General America is the parent company of banner life insurance and William Penn life insurance.
Legal & General America is second place older serving term life insurance in the USA.
Both companies, banner life, and William Penn life insurance operate under Legal & General America.
William Penn Life Insurance company served the area?
William Penn, a life insurance company, is a subsidiary of banner life insurance. Legal & General America owns these two companies. William Penn life insurance company only operates in New York, U.S.
What Does William Penn Life Insurance Offer?
What types of products does William Penn offer?
William Penn offers life insurance policies, annuities, and other financial services. In addition to offering these different products, they have also built a reputation for having an above-average customer service department.
Many customers say they feel as though they’re dealing directly with a friend. Their motto is “Always consider our clients,” and they take pride in helping people achieve their goals through financial planning.
A closer look at William Penn Life Insurance Policies
William Penn provides mainly life insurance policies only in new york. This company serves mainly two life insurance products which are –
Let’s understand one by one-
Penn, a life insurance company, offers affordable term life insurance to new york residents for a set period of 10, 15, 20, 25, 30, 35, 40- year options.
Factors like your area, residential area, health, gender, and coverage amount decide your premium rates.
Penn life coverage starts at $100,000 to $10 million with a fixed premium during the set period. You also get a tax-free payout facility here.
Penn life insurance is one of the best life insurance companies for seniors. Penn life covers 20 to 75 years old.
And once your set period is over, you can either end your policy or extend it. It is easily convertible.
They also provide add-on riders which can be helpful for your policy baseline.
Penn life insurance provides universal life insurance with flexible premium rates for lifetime protection. This product is guaranteed permanent life insurance.
Flexible premium means you can make higher premium payments when you have extra cash or lower ones when money is tight. But you have to pay certain minimums premium rates.
Your health changes throughout your lifetime don’t matter here. But yes, your premium will dramatically increase as you age.
Universal life policy remains active and the same for as long you live and pay your premiums. It is lifelong safety for your loved ones.
At Legal & General America, you can choose to decrease your death benefit if your needs change.
And if you pass away, your beneficiaries will receive a tax-free death benefit. And they can use this money to cover funeral expenses, mortgages, estate tax, and medical bills.
Age, gender, lifestyle, and health status determine your universal life policy premium rates.
Who should buy universal life insurance?
Anyone can buy a universal life insurance policy with expenses or dependents and want death benefit protection for their loved ones.
Most significant advantages of purchasing a UL from LGA:
Features offered by William Penn Life Insurance Company:
Here are some term life insurance policy riders-
Term riders-
Term riders are additional riders added to your existing term life insurance policy. These add-on policies increase coverage and/or remove exclusions on your current policy. In short, they make your existing policy stronger!
A term rider means adding extra benefits to your base policy. It enables you to choose coverage for your policy.
Before purchasing a term rider policy, there are many things to consider, including your age, current health status, and what type of coverage you already have. Here’s how term riders work.
Consider Your Health
Your health affects the cost of your medical expenses. The higher your medical costs are, the lower the premium for a term rider might be.
Remember that premiums tend to go up after a certain age, so you may get cheaper rates for a term rider if you’re older.
Child rider-
A child rider is an add-on to your life insurance policy which is extra protection for your kids that pays you off if your child passes away.
This kind of child protection is up to 25, which you can add to your existing life insurance policy. Addin child rider will secure your child without buying any separate life insurance policy.
It will cover all the expenses for the funeral also. And to avail of child rider, your child must be 15 days to 18 years.
And once your child turns 25 or you turn 65 years old, the child rider will expire. Your children can also convert their child rider to stand alone policy also. Here are some benefits of taking a child rider-
Things to keep in mind for child riders-
Accelerated death benefit rider
Penn life as it as a bonus in your term insurance policy. Accelerated death benefits riders enable you to request a portion of your death benefits in advance if you are diagnosed with any qualified terminal illness.
And you can use this money for your treatment, funeral planning, or any of your wishes.
Accelerated Death Benefit Rider (ADBR) is a type of coverage that pays out additional money if you die while insured under a term life plan.
ADBR works similarly to accidental death protection, except that it does not require a claim to be filed before payment can be made to beneficiaries.
If your term life plan doesn’t have an ADBR option, you may want to consider adding one.
How much is William Penn Life Insurance?
Legal & General America offers both term life insurance and permanent insurance. William Penn offers the most affordable term life insurance policy.
Here, you can get term life insurance for as little as $8.18 a month. But your life insurance policy costs depend on age and health history, how much coverage you need, and how long you want your policy for.
The average term insurance policy costs approx $150.
William Penn life insurance policies competitive rates-
| For years | Per month | Per year |
|---|---|---|
| 10 years | $10.62 per month | $124.99 per year |
| 15 years | $10.62 per month | $124.99 per year |
| 20 years | $12.28 per month | $144.52 per year |
| 25 years | $15.58 per month | $183.32 per year |
| 30 years | $17.47 per month | $205.52 per year |
| 35 years | $21.68 per month | $255.03 per year |
| 40 years | $24.85 per month | $292.41 per year |
How to buy insurance from William Penn Life Insurance company
Legal & General America sells policies through Banner Life and William Penn insurance companies. You have to connect with your insurance agent or broker agency to get your policy.
The Pros and Cons of William Penn Life Insurance?
Every insurance company has some pros and cons. Willam Penn provides term and universal insurance plans. So, we will look at the pros and cons of each policy-
First for term life insurance-
Pros
- No medical exams/examinations
- Affordable coverage for up to 40 years
- $100,000 Coverage with affordable payments
- Coverage available for 20-75 years old
- Easily convertible policy
- Tax-free Payouts
- Riders available for coverage
- Lower premiums for non-smokers.
Cons
- You have to be young – about 25-35 years old
- You need to be in good health before applying
- higher premiums for smokers
- Child riders until they’re 25 years old
- No online application available in New York
First for universal life insurance-
Pros
- Provides reliable coverage for lifelong protection
- guaranteed cash value
- Affordable & flexible premium options
- Ideal for adults & growing businesses
- The easy claim submission process
- Offer guaranteed ul insurance
- Tax-free payout
- Customizable for short-pay guarantee.
Cons
- Fixed premiums
- Fixed term lengths
- Policy rates increase with the age
- Health status is determined to issue a policy
- No online application available in New York
- Instant approval is not guaranteed
- No child Rider available in New York
- No child Rider available on base plans
Why You Should Choose This Insurer Over Others
William Penn insurance company has more ten 1.5 million customers with significant customer service and satisfaction.
Apart from that, they handle $6.8b in assets. So, they are good to o for you. They hold the position of the number one term life insurance provider in the USA.
Here, you can use life insurance for little as $8 per month.
You can get a free quote also. And the company is new york focused and centered. So, you will get priority work as they operate only in new york.
William Penn Life Insurance company Customer Service
William Penn has a direct Phone number, 516-794-3700, and a toll-free number, 800-346-4773. You can call the company anytime to et cover. You can also Fax at 516-229-3081.
Their business hours are Monday to Friday from 8:30–4:45 ET. You can also connect to them at Email: customerservice@wpenn.com.
William Penn Life Insurance( Legal & General vs. Competitors)
AIG Life Insurance Company is headquartered in New York City. It has been listed on the NYSE American Stock Exchange since 1934. Its primary focus is life insurance, annuity products, and long-term care insurance. In addition to its domestic operations, AIG has businesses in over 130 countries worldwide.
Allstate Insurance Company was founded in 1909 in Chicago, Illinois. It is currently headquartered in Northbrook, Illinois. It offers auto, homeowners, renters, commercial insurance, and personal umbrella coverage. The company also provides fraud prevention, identity theft protection, claims management, and customer service.
Does William Penn life insurance have good ratings and reviews?
Does William Penn Life Insurance Company have good ratings and reviews? Is William Penn life insurance rating good enough to choose as an insurer?
Yes! William Penn, a life insurance company, provides some of the best customer service ratings. Their customer service scores are above average among companies of similar size. And their rating is excellent for any policy.
Many third-party ratings and reviews agencies have given William Penn life insurance ratings which are as follows-
What are William Penn insurance’s claims payment ratings?
William Penn, a life insurance company, receives a 98% claim settlement rate, meaning that only 2% of claims are denied. This is higher than most other insurers.
William Penn Life Insurance: The Bottom Line
There are many insurance companies available in the market. But if you live in new york, choose a company that only operates in your area.
Willaim Penn only operates in new york with affordable life insurance products. Products like term life and universal life are great options available for you to choose from.
This company also has excellent ratings and reviews, so your search for a term or universal life insurance might end here.
It’s all about you. We want to help you make the right life insurance choices.
William Penn Life Insurance company phone number
William Penn life insurance company of new york is available by Phone-at at (800) 346-4773. They also have dedicated work timing where you can call to solve your query.
Does William Penn offer riders for life insurance?
Yes, William Penn term life insurance plan offers riders like chile, accelerated death benefits, and more riders. You can add one to your policy. But, I suest you check with your insurance agent about the rider’s availability.