William Penn Life Insurance Review [2021]

This William Penn life insurance review will take a look at the company's life insurance product offerings and the company's financial strength. You could get term life insurance coverage from William Penn without a medical exam, though William Penn insurance policies are only available in New York. Consumers in other states will have to go through its parent companies, Banner or Legal and General.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Feb 12, 2021

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Quick Facts

  • William Penn was formed in 1949 as the Government Employee’s Life Insurance Company with sister company GEICO.
  • In 1981 Legal and General bought William Penn and GEICO and folded all life insurance branding under the name Banner Life.
  • However, New York state has different laws and regulations regarding insurance so the William Penn name and branding still exist, but only in New York State.
  • William Penn life insurance products are only available in New York, but if you live elsewhere you can shop with Legal and General to get the life insurance policy you want.

Due to legal regulations, William Penn continues to exist only in the state of New York. This William Penn life insurance review will only apply to the company as it exists there. Consumers can still purchase life insurance through Banner and Legal and General in the other states.

Banner Life operates under the name the William Penn Life Insurance Company of New York when doing business in the state. So if you really want this coverage but live anywhere other than New York, you will have to purchase your policy through the parent company Legal and General.

This review will look at the life insurance products offered by William Penn, the company’s financial strength, and more. If you’re wondering, how much life insurance do you need? This review will also help answer that question by examining the types of policies offered by William Penn.

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What life insurance products are offered by William Penn?

William Penn offers a number of different life insurance products including term life insurance, whole life insurance, and final expense insurance. If you’re having trouble deciding which policy is best for you, keep reading and we’ll take a closer look at each type of policy.

This helpful table will show you what term and whole life policies contain.

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As you can see there are a lot of similarities between the term and whole life policies offered by William Penn, but the differences are crucial. Let’s take a closer look.

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Are the term life policies from William Penn good?

William Penn specializes in offering consumers affordable term life insurance. Check term life insurance quotes in your area and see how William Penn ranks.

William Penn term life insurance can be purchased with terms up to 40 years long. Most insurers do not offer term life policies for this long.

It is important to note that term policies with 40-year terms will be more expensive initially due to the length of the term. However, term life insurance is the best way for people to get the most possible life insurance coverage for the least amount of money.

Your life insurance will expire at the end of the term that you choose, but these policies can sometimes be converted to whole life insurance policies to ensure continued life insurance coverage.

The William Penn Life Insurance Company of New York has made its name in the life insurance industry by offering affordable term life insurance products to consumers.

Do whole life insurance policies from William Penn have a cash value?

Yes, whole life insurance policies from William Penn accrue a cash value over time as the policy is paid for and in effect.

The great thing about whole life insurance policies is that they can be borrowed against. It is important to note that borrowing against this policy will reduce the death benefit your heirs receive.

Additionally, some of the whole life insurance policies from William Penn can accrue a greater cash value when they are bought as universal life policies that allow investment options too.

Whole life insurance policies are more expensive than term life policies, but they last for the duration of your life versus the length of the term you have chosen for your term life insurance policy.

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Do I need a medical exam to get life insurance coverage from William Penn?

One of the things that makes William Penn so popular with consumers is that you do not need a medical exam to get up to $500,000 of term life insurance coverage if you are between the ages of 20 and 50.

This is one of the only life insurance companies that will offer a preferred plus life insurance rating to individuals without a medical exam.

If you want more than $500,000 of term life coverage, are over the age of 50, or want a whole life insurance policy, you will need to undergo the traditional medical exam and underwriting process.

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Does William Penn offer final expense life insurance?

Yes, William Penn offers customers the option to buy final expense life insurance. This is a great life insurance option for older people who want to make sure that their burial and other costs associated with their death will be covered.

These policies typically won’t exceed $50,000 of coverage, but you may have a little cash left over after your final expenses are paid to leave to an heir.

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What is the financial strength of William Penn?

According to A.M. Best, William Penn Life Insurance Company of New York has a financial strength rating of A + (superior). This means that the company has a strong financial outlook and that they are likely to be able to pay any and all benefits in a timely fashion.

Companies with poor financial ratings should be approached with caution if you want to receive the benefits you are paying for.

William Penn Life Insurance Review: The Bottom Line

William Penn has a number of great life insurance products to choose from, but their most popular and affordable option is their term life insurance. If you’re under the age of 50 you won’t even have to take a medical exam to get up to $500,000 of term life insurance coverage.

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