William Penn Life Insurance Company of New York—Term Life Insurance Overview
We love that William Penn Life Insurance Company of New York from Legal & General America is mom-friendly—allowing most women to subtract pregnancy weight without higher pricing. Their eco-friendly, paperless process works great.
William Penn Customer Service: (800) 346-4773
Table of Contents
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Company Overview
Location
Valley Stream, NY
Established
1962
Value of In Force Life Insurance
$678 billion
Customers
1,150,000
Ranking in USA
Top 10 for term life in USA
Location
Garden City, NY
Established
1962
Value of In Force Life Insurance
$678 billion
Customers
1,150,000
Ranking in USA
Top 10 for term life in USA
Ratings & Awards
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| A.M. Best | Better Business Bureau | J.D. Power | Moody’s | Standard & Poor’s |
|---|---|---|---|---|
| A+ | A+ | N/A | N/A | AA- |
Ratings as of March 2018
A.M. Best is an independent rating agency that ranks the financial strength of life insurance companies. Their best rating is an A++. Their worst is a D.
Better Business Bureau (BBB) is a non-profit that shares customer service feedback on businesses in the USA. BBB assigns ratings from A+ (highest) to F (lowest).
J.D. Power and Associates analyzes customers’ experiences with life insurance companies and ranks them on a scale from 1 to 1000.
Moody’s Investors Service is a leading provider of credit ratings, research, and risk analysis. Moody’s rating scale ranges from Aaa to C with 1, 2, and 3 to indicate whether the ranking is on the higher or lower end of that category.
Standard and Poor’s (S&P) is the world’s leading provider of credit ratings and creditworthiness. S&P’s scale ranges from AAA to D with + or – to define standing within each category.
William Penn Life Insurance Company of New York from Legal & General America was awarded the EPA’s Energy Star Certification for using less energy and generating fewer greenhouse emissions than similar corporate buildings across the nation.
Their recycling program typically saves:
- 317,366 gallons of water
- 770 trees
- 136 cubic yards of landfill space
- 17,228 gallons of oil
- 181,352 kilowatts of energy
How much life insurance do you need?
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Quotacy’s Advice
To stand out in a competitive industry, most insurers focus on serving health or lifestyle niches.
William Penn Life Insurance Company of New York is excellent for:
- Family Health History (Cancer)
- Healthy Individuals
- Pregnancy (Third Trimester)
- Stay-at-Home Parents
We love that William Penn Life Company Insurance of New York is mom-friendly—allowing most women to subtract pregnancy weight without higher pricing. Their eco-friendly, paperless process works great.
Comparison Quotes
William Penn Life Insurance Company of New York OPTerm®
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| Company | Male | Female | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Age 30 | Age 40 | Age 50 | Age 60 | Age 70 | Age 30 | Age 40 | Age 50 | Age 60 | Age 70 | |
| $18.96 | $29.75 | $69.89 | $200.70 | $790.24 | $16.00 | $24.05 | $54.83 | $141.35 | $697.33 | |
| $24.75 | $38.50 | $73.50 | N/A | N/A | $19.83 | $27.25 | $55.58 | N/A | N/A | |
| $23.32 | $33.00 | $81.40 | $245.52 | N/A | $19.80 | $28.60 | $65.12 | $183.92 | N/A | |
| $18.99 | $28.72 | $69.93 | $203.22 | $851.76 | $16.03 | $24.08 | $54.92 | $141.38 | $701.00 | |
| $23.95 | $32.50 | $76.10 | $230.85 | N/A | $20.95 | $29.95 | $60.75 | $162.05 | N/A | |
| $19.05 | $28.42 | $151.01 | $545.83 | N/A | $15.16 | $24.11 | $106.19 | $468.41 | N/A | |
| $27.71 | $32.11 | $74.56 | $208.06 | N/A | $25.06 | $28.31 | $64.51 | $170.11 | N/A | |
| $27.94 | $39.03 | $77.35 | $203.11 | $799.59 | $23.50 | $30.70 | $58.43 | $143.90 | $705.59 | |
| $19.10 | $28.87 | $70.33 | $200.75 | N/A | $16.12 | $24.18 | $54.89 | $142.21 | N/A | |
| $19.77 | $29.39 | $72.04 | $203.13 | N/A | $16.76 | $24.82 | $56.09 | $143.91 | N/A | |
| $19.08 | $28.45 | $70.30 | $200.73 | $790.32 | $16.11 | $24.16 | $54.86 | $142.18 | $697.36 | |
| $34.56 | $43.75 | $89.25 | $273.88 | N/A | $28.00 | $40.25 | $77.88 | $187.69 | N/A | |
|
Securian Financial |
$22.42 | $31.18 | $87.12 | $235.40 | N/A | $18.48 | $26.84 | $62.04 | $153.12 | N/A |
| $19.87 | $31.30 | $83.33 | $274.74 | N/A | $17.05 | $24.62 | $60.41 | $165.73 | N/A | |
| $19.09 | $28.46 | $70.31 | $200.74 | N/A | $16.11 | $24.17 | $54.86 | $142.20 | N/A | |
| $23.87 | $37.20 | $92.67 | $273.70 | N/A | $20.43 | $31.61 | $69.02 | $189.42 | N/A | |
| $20.70 | $32.75 | $76.55 | $230.45 | $924.25 | $17.47 | $27.68 | $67.43 | $161.32 | $699.89 | |
| $19.11 | $31.99 | $73.02 | $224.87 | N/A | $16.15 | $24.45 | $58.87 | $142.18 | N/A | |
Sample monthly premium quotes for a $500,000, 20-year term policy for healthy, non-smoking individuals living in Minnesota. Pricing varies by gender. Women pay less for life insurance than men because they live longer on average.
Your life insurance pricing may be different and is determined by your individual risk factors and the state where you have your primary residence. Pricing as of September 2022.
See what you’d pay for life insurance
Features & Benefits
What we like
- Offers a 25-year term policy.
- Can be converted into permanent policy.
- Includes Accelerated Death Benefit Rider at no charge.*
- Option to skip the phone interview.
- Your medical exam can be done at home or work.
- You can review your medical exam results online.
- Policy delivered electronically.
- You can manage your policy online.
*State exclusions apply. Read the fine print below.
What could be better
- Does not offer a Child Rider.
- Does not offer an Accidental Death Benefit Rider.
- Credit card payments are not accepted.
Policy Details
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| OPTerm® | |
|---|---|
| Guaranteed level premiums? | Yes |
| Term lengths available: | 10, 15, 20, 25, 30* |
| Premiums returned at end of term? | No |
| Riders available: | Accelerated Death Benefit, Premium Waiver for Disability |
| Accumulates cash value? | No |
| Policy loans available? | No |
| Minimum issue age: | 20 |
| Maximum issue age: | 75 |
| Minimum face amount: | $100,000 |
| Missed payment grace period: | 31 days** |
*10-year term available for ages 20-75; 15-year term available for ages 20-71; 20-year term available for ages 20-65 (tobacco users ages 20-64); 25-year term available for ages 20-58 (tobacco users ages 20-55); 30-year term available for ages 20-51 (tobacco users ages 20-50).
**State of issue, payment mode, and draft date can all impact the grace period end date. Your policy will state specifics.
» Compare: Term life insurance quotes
Policy Riders
Increase your policy’s benefits with riders
Accelerated Death Benefit Rider
*Included
This rider is automatically included in your policy at no charge. It gives you access to a portion of your policy’s death benefit, if you are diagnosed with a terminal illness resulting in 12 months or less to live.
Premium Waiver for Disability
*Available at additional cost
William Penn Life Insurance Company of New York will waive premium payments during a period of total disability lasting six consecutive months or more. The waived payments don’t have to be paid back. This rider is not available on all policies and cost varies by age.
Learn more
Wondering what types of riders are beneficial?
Policy Service
Contact
- Customer Service: (800) 346-4773
- Fax: (516) 229-3081
Hours: Monday-Friday, 8:30 AM-4:45 PM Eastern
Payment Mailing Address
William Penn Life Insurance Company of New York
3275 Bennett Creek Avenue
Frederick, MD 21704
Manage your policy online
- Visit www.lgamerica.com/login/.
- Enter your policy number.
- Enter your birthdate.
- Enter the last 4 digits of your SSN.
- Click Continue to proceed through the enrollment questions.
Legal & General America life insurance products are underwritten and issued by William Penn Life Insurance Company of New York.
What you can do online
- Make payments.
- Update address.
- Access policy change forms.
The Fine Print
Guidelines & Exclusions
Term Conversion
- For issue ages 65 and under, you can convert your policy at any time until age 70.
- For issue ages 66 and over, you can convert your policy any time during the first five policy years.
Premium Waiver for Disability Rider
- Not available on policies if insured is table rated 5 or higher.
- Waiver coverage ends at age 65.
Accelerated Death Benefit Rider
- Not available in Connecticut.
- You may accelerate up to 75% of your death benefit—not to exceed $500,000.
- Processing fee of $250 when death benefit payout is accelerated.
Disclosures and Product Information
OPTerm policy form # OPTN-NY.
The William Penn OPTerm life insurance premiums quoted here are based on the information provided for this quote. The quote is based on the assumption of excellent health and does not take into consideration occupational risks or other avocations. Approval and actual rates will be based upon the entire underwriting process, including but not limited to, information provided on the application, exam results and specific underwriting requirements and criteria.
OPTerm 10, 15, 20, 25 and 30 are term life insurance policies. OPTerm 10 issue ages 20-75 nontobacco classes; 20-75 tobacco classes. OPTerm 15 issue ages 20-71 non-tobacco classes; 20-71 tobacco classes. OPTerm 20 issue ages 20-65 for non-tobacco classes, 20-64 for tobacco classes. OPTerm 25 issue ages are 20-58 for non-tobacco classes and 20-55 for tobacco classes. OPTerm 30 issue ages 20-51 for non-tobacco classes; 20-50 for tobacco classes. Premium rates vary by coverage amount: $100,000-$249,999, $250,000-$499,999, $500,000-$999,999, $1,000,000 and above. Premiums quoted include $60 annual policy fee. Initial premiums remain level for 10, 15, 20, 25 and 30 years respectively. After the initial level term period, premiums increase annually to age 95. OPTerm 10, 15, 20, 25 and 30 can be issued in preferred plus non-tobacco, preferred non-tobacco, standard plus non-tobacco or standard non-tobacco, preferred tobacco and standard tobacco rates. Substandard policies can be issued through Table 12, subject to underwriting discretion. Policies can be returned without obligation within 30 days of receipt. Rates as of 2.26.18.
Additional Insurance Riders, form AIR (1-11), can provide temporary life insurance coverage for 10, 15 or 20 years after which coverage ceases. Term riders are not available in all states; issue ages vary from base plan. A Waiver of Premium Benefit Rider, policy form # WPTR, is available. An Accelerated Death Benefit Rider, policy form # ADB (07-10), is included with all policies.
Two-year contestability and suicide provisions apply. Policy descriptions provided here are not a statement of contract. Please refer to the policy forms for full disclosure of all benefits and limitations.
Updated: September 2022
More term life insurance reviews
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