William Penn Life Insurance Review [2024]
William Penn offers universal and term options to residents of New York. Here's everything you need to know about insurance with William Penn.
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Tim Bain
Founder & Life Insurance Agent
Tim Bain is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. His insurance expertise has been featured in several publications, including Investopedia and eFinancial. He also does digital marking and analysis for KPS/3, a communications and marking firm located in Nevada.
Founder & Life Insurance Agent
UPDATED: Jul 23, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Jul 23, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- William Penn offers term life insurance and universal life insurance for New York residents
- Policyholders can purchase term life policies for up to 40 years
- William Penn has an A+ (Superior) financial strength rating with A.M. Best
If you live in New York and are looking for universal or term life insurance options, you may want to consider William Penn. William Penn Life Insurance Company of New York offers different types of term life insurance coverage.
The company allows policyholders to purchase term life insurance coverage anywhere from 15 to 40 years, while most other insurers offer term policies for up to 30 years. Unfortunately, William Penn does not offer whole life insurance options to its clients. Still, William Penn could be a great fit if you’re searching for term life or universal life insurance.
What is William Penn’s life insurance like?
William Penn offers universal and term life options to residents of New York. With William Penn’s term life insurance coverage, policyholders can choose a length of time anywhere from 15 to 40 years for coverage.
Premiums for term life insurance with William Penn are level and will not increase, and clients can choose death benefits anywhere from $100,000 to $10 million in coverage. Additionally, coverage with a William Penn term life policy can last up to age 95.
William Penn offers quotes for term life insurance through Legal & General America, but interested applicants must complete a health exam before purchasing a policy.
Concerning universal life insurance policies, William Penn offers flexible premium options and guaranteed coverage that begins the day you purchase a policy.
William Penn’s universal life insurance is a permanent life insurance policy that builds cash value which policyholders can utilize if they ever need to. In addition, universal life policies with William Penn offer adjustable death benefits, and coverage is guaranteed until age 121.
Policyholders who purchase a universal life policy with William Penn can change their premium payments as their policies build cash value.
Read more: Flexible Premium Adjustable Life Insurance
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Does William Penn offer riders for life insurance?
In addition to term and universal life insurance options, William Penn also offers three options for insurance riders, including:
- Accelerated death benefits rider. This free rider is included in all William Penn’s life insurance policies. The accelerated death benefits rider allows you to take money from the death benefit of a policy to pay for end-of-life events. This rider stipulates that you must have a terminal illness and less than one year to live.
- Term life insurance rider. This rider is available for term life policies, allowing policyholders to add a death benefit on top of existing life insurance coverage on a 10, 15, or 20-year policy.
- Children’s life insurance rider. Policyholders can only add this option to a term life policy, allowing for an additional death benefit if a child under age 25 passes away during your coverage period.
Some companies have more options for life insurance riders, and you may want to consider that before purchasing a life insurance policy with William Penn.
How much is William Penn insurance?
The amount you will pay for a life insurance policy with William Penn depends on several factors, including:
- Age
- Gender
- Occupation
- Health status
- Family health history
- Tobacco use
- Lifestyle
- ZIP code
- Type of policy
The table below shows the average rate for a 20-year term policy based on age, gender, and the policy amount.
Average Monthly 20-Year Term Life Insurance Rates by Age and Gender
Policyholder Age $100,000: Male Average Term Life Monthly Rates $100,000: Female Average Term Life Monthly Rates $250,000: Male Average Term Life Monthly Rates $250,000: Female Average Term Life Monthly Rates $500,000: Male Average Term Life Monthly Rates $500,000: Female Average Term Life Monthly Rates
25 $14.53 $12.70 $23.27 $18.72 $34.79 $27.39
30 $14.96 $13.22 $24.59 $20.44 $37.39 $29.59
35 $17.57 $15.40 $26.09 $22.19 $40.04 $32.19
40 $21.40 $18.62 $33.72 $28.49 $54.79 $45.69
45 $26.54 $22.97 $45.47 $37.42 $79.19 $66.14
50 $36.02 $29.32 $69.59 $54.59 $126.14 $96.99
55 $50.98 $38.11 $105.72 $78.97 $203.14 $143.99
60 $84.91 $60.20 $183.79 $131.17 $355.39 $248.84
65 $144.51 $97.44 $323.42 $220.99 $625.09 $432.84
The following table shows average rates for a universal life policy based on age.
Average Monthly Universal Life Insurance Rates by Age
Policyholder Age Average Monthly Universal Life Insurance Rates
20 years old $36
30 years old $42
40 years old $63
50 years old $90
As you can see, term life insurance can be much less expensive than a universal life policy, but it does not offer the same type of long-term coverage and peace of mind.
William Penn Insurance Company Overview
When exploring life insurance options, William Penn Insurance Company stands out for its offerings and reputation. William Penn Insurance reviews indicate a variety of experiences, from satisfaction with customer service to concerns about specific policy terms. For those seeking coverage, obtaining William Penn life insurance quotes can provide insights into the cost and options available.
William Penn’s life insurance includes various policies designed to meet different needs, with competitive William Penn’s life insurance rates. William Penn Mutual A.M Best rating reflects the company’s financial stability, crucial for ensuring reliability. William Penn Mutual Financial ratings and William Penn Mutual Life Insurance reviews offer additional information on the company’s performance and customer satisfaction.
To get a clear picture, prospective policyholders can compare William Penn Mutual Life Insurance quotes and review William Penn’s mutual complaints to make an informed decision about their
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Does William Penn life insurance have good ratings and reviews?
William Penn has an A+ (Superior) financial strength rating and a stable future outlook on endeavors with A.M. Best. However, William Penn is neither accredited nor rated by the Better Business Bureau.
William Penn is a smaller insurance company and does not have a high number of complaints concerning products or claims. Still, you may want to review the company’s coverage options and customer statements before purchasing a life insurance policy with William Penn.
What are the pros and cons of a life insurance policy with William Penn?
Some of the benefits of purchasing a life insurance policy with William Penn include:
- Longer-than-average options for term life policies
- Online quotes via the Legal & General America website
- Stellar ratings with A.M. Best
The company does have its share of downsides. Some of the cons of a life insurance policy with William Penn may include:
- Only available in New York
- No whole life insurance options
- Solely offers three riders
Depending on what you’re looking for, the pros and cons of William Penn may help you better understand whether this company would be a good fit for your unique needs and the needs of your beneficiaries.
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William Penn Life Insurance: The Bottom Line
William Penn offers term and universal life coverage in New York. With stellar third-party reviews and more extended periods for term life coverage, William Penn may be an excellent choice for your life insurance provider.
If you do not live in New York or want a whole life policy, William Penn may not be suitable for you. The best way to determine which life insurance company you should choose is by comparing quotes from multiple providers. Comparing quotes will help you find the coverage you need at a price that works for you.
Frequently Asked Questions
Is William Penn Insurance a reputable company?
William Penn Insurance has a reputation for being a reliable and reputable insurance company. It is a subsidiary of Legal & General America, which has been in the insurance industry for over 70 years.
How can I check the financial stability of William Penn Insurance?
To check the financial stability of William Penn Insurance, you can review its financial ratings from independent rating agencies such as A.M. Best, Standard & Poor’s, and Moody’s. These agencies assess the financial strength and claims-paying ability of insurance companies based on various factors.
What factors should I consider when reviewing William Penn Insurance?
When reviewing William Penn Insurance, consider factors such as:
- Financial Strength: Evaluate the company’s financial stability and ability to meet its obligations by examining its ratings from independent rating agencies.
- Product Offerings: Assess the range of insurance products offered by William Penn Insurance and whether they align with your coverage needs and financial goals.
- Customer Service: Research customer reviews and feedback to gauge the company’s reputation for customer service, claims handling, and responsiveness.
- Policy Features and Options: Consider the features, options, and flexibility of the policies offered by William Penn Insurance to ensure they meet your specific requirements.
- Pricing: Compare the premiums and pricing of William Penn Insurance’s policies with other insurance providers to ensure they are competitive and offer value for the coverage provided.
Can I purchase insurance directly from William Penn Insurance?
The availability of purchasing insurance directly from William Penn Insurance may vary. Some insurance companies sell policies directly to consumers, while others work through independent agents or brokers. It is recommended to contact William Penn Insurance directly or visit their website to determine if they offer direct purchasing options.
How do I obtain a quote from William Penn Insurance?
To obtain a quote from William Penn Insurance, you can visit their website or contact their customer service department. They will typically require you to provide relevant information such as age, gender, health history, and coverage amount desired.
Can I cancel an insurance policy with William Penn Insurance?
Yes, you can typically cancel an insurance policy with William Penn Insurance. The cancellation process may involve notifying the company in writing and following their specific procedures. It is recommended to review the policy terms and consult with the company or a financial advisor before making a decision.
Your life insurance quotes are always free.
Secured with SHA-256 Encryption
Tim Bain
Founder & Life Insurance Agent
Tim Bain is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. His insurance expertise has been featured in several publications, including Investopedia and eFinancial. He also does digital marking and analysis for KPS/3, a communications and marking firm located in Nevada.
Founder & Life Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
