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William Penn Life Insurance Company
Offering New Yorkers Plans to Prepare for the Unexpected
The William Penn Life Insurance Company of New York was formed in 1962, with the goal of offering economical, innovative plans, and excellent service to policyholders. In 1989, they became a wholly owned subsidiary of the Banner Life Insurance Company, part of Legal and General America. All are part of Legal and General Group Plc, a 150-year-old, London-based, international insurance conglomerate. Currently, William Penn Life’s individual insurance offerings are sold mainly in New York State, through independent insurance brokers. The Company has over $50 billion of life insurance inn force and over $1 billion in total assets. Their investment philosophy is conservative.
William Penn Life Insurance Products
William Penn Life Insurance Company offers the Penn Term Series, a versatile term life insurance plan that can meet most term life needs. Features vary by the length of term chosen and are as follows:
Penn Term 5 and 10 – guaranteed level premiums through the initial term; issue age-range is 20 to 75
Penn Term 15 – guaranteed level premiums through the initial term, issue age is to 65
Penn Term 20 – guaranteed level premiums through the initial term; issue age is to 60
Penn Term 30 – guaranteed level premiums through the initial term; issue age to 50
- All policies are renewable.
- Business term insurance policies are renewable to age 95, while individual policies are renewable to age 80.
- Each term policy has classifications for gender and tobacco-use.
- The minimum face value offered is $100,000.
- Any policy must be converted before the age of 70
- Optional riders include:
- Waiver of premium
- Family insurance – payable only if spouse dies during the lifetime of the insured, but before the insured’s age 65. All benefits are paid to the owner of the policy.
- Dependent child
Financial ratings for William Penn Life
A.M. Best: A+
Standard and Poor’s: AA
The financial strength of a company and potential for prolonged survival are represented by the above ratings.
William Penn Life Insurance Company Information
100 Quentin Roosevelt Boulevard
Garden City, NY 11530
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