We understand how frustrating it can be trying to find reliable reviews when all you see are either bashing the company or too nice like they are in the pockets of the big company. If you are looking for an honest review about William Penn Life Insurance Company or simply are looking for life insurance in New York, either way, you have come to the right place. Here at InsureChance, we provide the most unbiased and informative reviews so that our clients can make their own decisions without having opinions shoved down their throats. We also have zero ties to any big box company because our loyalty is reserved for our clients, and our clients only. The following are some key points from the article for the quick glancers;
- William Penn Life Insurance Company was originally established in 1963 with the name Modern Life Insurance Company of New York.
- It wasn’t until 1975 when the company decided to rename themselves William Penn Life Insurance Company of New York.
- Their parent company is Legal & General Group.
- Just like many big box companies, William Penn and Legal & General America take great pride in their community involvement. Each year the company holds a Charitable Giving Campaign through America’s Charities.
- Even though you haven’t seen much of them through ads like Geico, but they do have over $400 billion in active insurance policies in force.
- According to A.M Best, William Penn was rated an “A+” also known as “Superior”. Fitch Ratings and Standard & Poor’s also rated William Penn an “AA-” also known as “Very Strong”.
- William Penn offers Term life and Universal life insurance products.
- With their parent company, they have over $7.3 billion in assets and a net income of $150.2 million
- William Penn’s term life policies are very competitive and because of this, they are at the top of the list of insurance companies when it comes to term life insurance.
- Aside from their competitive pricing when it comes to term life they are also a good choice if you have certain medical conditions such as, type 2 diabetes, which can be very difficult to get coverage with.
William Penn Life Review and Rating 2017
Over the last 64 years, William Penn has become one of the top providers of life insurance in New York. Even though you haven’t seen much of them through ads like Geico, but they do have over $400 billion in active insurance policies in force. According to A.M Best, William Penn was rated an “A+” also known as “Superior”. Fitch Ratings and Standard & Poor’s also rated William Penn an “AA-” also known as “Very Strong”. As of 2015, they issued more than $50.1 billion in new coverage and as a result got ranked in the U.S Top Ten. William Penn offers Term life and Universal life insurance products. With their parent company, they have over $7.3 billion in assets and a net income of $150.2 million.
Why should I care about a company’s rating?
In order for a company to receive a rating from a rating agency, the company has to seek them out and sign a contract that allows them to undergo whatever investigation they need to do. The rating agency doesn’t just make up a rating from thin air, they each have their own rating charts in which they follow to determine the fairest and honest rating the company deserves. The rating gets suggested after the several employees undergo a thorough investigation from the company’s financials to the company’s management team and plans. Then the rating that was suggested goes to the board who votes on the rating with either a president or vice president of the agency present. But that all doesn’t answer the original question, why should I care about the company’s rating? Well you, as a consumer should care about the company’s rating because the rating shows how financially stable they are and if they are inclined to fail during a disaster or not.
For example, if the market were to crash the high rated companies would be standing tall and proud that they prepared themselves for such an event, that is why they were awarded a high rating in the first place. On the other hand, the low-rated companies shake in fear and are running around like chickens without any heads because they, in fact, did not prepare for such an event. They are left with no other choices but to pull out or file bankruptcy, either way, all the policies that they ensured would be gone same with all the money in premiums people invested in the company. That is why it is important to read the company’s rating, it’s beneficial and is provided in the first place for consumers to know if the company they will be investing money in is even financially stable.
William Penn Life Products
Like we mentioned before, William Penn offers Term life and Universal life products. Before we go into some highlights of each of the products they have to offer, we would like to take a moment and define these terms. Term life insurance is a type of temporary life insurance and only provides coverage over a short, specified period of time. Term life offers a death benefit but does not offer the opportunity to build cash value. Universal life insurance is a form of permanent life insurance and provides coverage that can last a lifetime. Universal life is a flexible life insurance policy that does offer a death benefit and opportunity for cash value buildup.
OPTerm Life
- This product is offered in the term lengths of 10, 15, 20, 25, and 30-years.
- For all OPTerm lengths, level premiums are included which means that your premiums will neither increase nor decrease throughout your entire term.
- For OPTerm 10 premiums increase annually in years 11 and later and the issue ages are between the ages of 20-75 in New York for all classes.
- For OPTerm 15 premiums increase annually in years 16 and later and the issue ages are between the ages of 20-71 in New York for all classes.
- For OPTerm 20 premiums increase annually in years 21 and later and the issue ages are between the ages of 20-54 in New York for non-tobacco classes and 20-64 in New York for tobacco classes.
- For OPTerm 25 premiums increase annually in years 26 and later and the issue ages are between 20-58 in New York for non-tobacco classes and 20-55 in New York for tobacco classes.
- For OPTerm 30 premiums increase annually in years 31 and later and the issue ages are between the ages of 20-51 in New York for non-tobacco classes and 20-50 in New York for tobacco classes.
- There is an annual policy fee of $60 and is non-commissionable.
- For all OPTerm lengths, you can convert your policy into a permanent life insurance policy.
- There is a two-year period within the inception of the policy if you commit suicide within the first two years of the policy your beneficiaries will not receive any death benefit.
- Optional riders available for this product are; Accelerated Death Benefit Rider, Term Riders, and Children’s Rider.
Life Step UL (Universal Life)
- This product offers a coverage guarantee to maturity at age 121.
- Face amounts are as low as $50,000.
- Issue ages are between 20-85.
- There is a minimum of 2% interest per annum.
- There is a guaranteed cash value that is designed to endow the policy for its face amount at age 121.
- You have the option of converting into a premium life insurance policy as long as you are paying your premiums and can receive this conversion with no additional medical questions or medical exam.
- There is flexibility when it comes to adjusting your coverage and premium payments.
- A No Lapse guarantee will prevent the lapse of coverage, is provided with this product.
- A Coverage Guarantee Amount will be in place to protect the policy from lapsing as long as the coverage guarantee amount is not negative and any policy loan debts do not exceed the cash surrender value of the policy.
- You have a grace period of 61 days to pay sufficient premiums to prevent policy termination.
- “Catch up” process is available and it allows you to “catch up” on premium payments to assure lapse protection.
- Your cash value is accessible through policy loans or you can borrow against the policy.
- Loan interest for this product is 3.8% and can be paid in advance at the beginning of each policy year.
William Penn’s Best Features
William Penn’s term life policies are very competitive and because of this, they are at the top of the list of insurance companies when it comes to term life insurance. The best part is that your term policy is non-cancellable and renewable. Which means that if by any reason William Penn wants to cancel your policy they cannot. Aside from their competitive pricing when it comes to term life they are also a good choice if you have certain medical conditions such as, type 2 diabetes, which can be very difficult to get coverage with.
You still have many other options
In conclusion, William Penn has competitive term life prices and are a highly rated company but we are here to let you know that you have many other options available. Here at InsureChance, we work with over 60 top “A” rated companies and that gives us more options to work with in order to find the best life insurance company for you and your family. Let us save you time so that you can spend the most time with the people who really matter the most, your family. We are an independent life insurance agency and to work with us it costs $0, we can do all the comparing for you. Call us if you have any questions or concerns today
