William Penn

William Penn Life Insurance Company of New York—Term Life Insurance Review

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.

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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. BestBetter Business BureauJ.D. PowerMoody’sStandard & Poor’s
A+A+N/AN/AAA-

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

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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:

  • Accelerated Underwriting
  • 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. Accelerated underwriting uses a combination of underwriting expertise and technology to get you covered faster. For some applicants, it eliminates the need for lab testing and medical exams, making the process of getting insured less intrusive and simple.

Comparison Quotes

William Penn Life Insurance Company of New York OPTerm®

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CompanyMaleFemale
Age 30Age 40Age 50Age 60Age 70Age 30Age 40Age 50Age 60Age 70

AIG

$20.24$30.62$77.76$213.57$809.55$17.21$27.16$63.06$163.40$578.17

AXA

$26.53$37.65$79.54$230.88N/A$22.26$35.08$70.99$162.05N/A

Banner Life

$20.12$32.68$74.39$205.97$804.87$17.11$25.37$56.67$144.96$730.14

Haven Life

$20.17$30.58$76.00$207.66N/A$17.25$25.58$58.08$145.58N/A

John Hancock

$26.21$32.01$80.21$221.86N/A$23.61$27.26$66.91$178.76N/A

Lincoln Financial

$28.44$38.94$78.71$213.02$819.70$23.45$30.63$58.58$147.83$584.81

Minnesota Life

$22.42$31.18$87.12$235.40N/A$18.48$26.84$62.04$153.12N/A

Pacific Life

$20.19$30.26$75.22$207.36N/A$17.51$25.69$56.10$144.97N/A

Principal

$21.44$30.89$77.35$213.06N/A$18.59$25.81$57.66$147.88N/A

Protective

$20.21$28.38$75.68$205.97N/A$17.63$24.94$55.47$139.32N/A

Prudential

$33.25$41.56$83.56$250.25N/A$27.13$37.63$72.63$171.06N/A

SBLI

$21.32$34.97$87.00$286.85N/A$18.18$27.33$63.08$173.03N/A

United of Omaha

$21.22$33.47$83.78$240.41N/A$18.16$27.78$63.66$166.03N/A

US Life

$20.24$30.62$77.76$213.57$809.55$17.21$27.16$63.06$163.40$578.17

William Penn

$20.12$32.68$74.39$205.97N/A$17.11$25.49$56.67$144.96N/A

Sample monthly premium quotes for a $500,000, 20-year term policy for healthy, non-smoking individuals. Pricing varies by gender (except in Montana). 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 March 2018.

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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.*
  • Some applicants may not need a medical exam—if they qualify for accelerated underwriting.
  • Your medical exam can be done at home or work.
  • Your medical exam results are automatically mailed to you.
  • 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

  1. Visit www.lgamerica.com/account/registration/.
  2. Enter your policy number.
  3. Enter your birthdate.
  4. Enter the last 4 digits of your SSN.
  5. 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

Accelerated Underwriting
  • Their accelerated underwriting program is called APPcelerate.
  • A phone interview is required.
  • Underwriting will still include evaluation of medical records and motor vehicle records.
  • Eligibility
    • OPTerm 10
      • Ages 20-50 applying for coverage up to $500,000
    • OPTerm 15, 20, 25, 30
      • Ages 20-40 applying for coverage up to $1,000,000
      • Ages 41-45 applying for coverage up to $750,000
      • Ages 46-50 applying for coverage up to $500,000
    • Not available in Connecticut, Hawaii, or Alaska.
  • Being eligible does not guarantee acceptance into the accelerated underwriting program.
  • If not accepted, you continue on to traditional underwriting in which a medical exam is required.
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.
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.
Premium Waiver for Disability Rider
  • Not available on policies if insured is table rated 5 or higher.
  • Waiver coverage ends at age 65.
Disclosures and Product Information

Legal & General America life insurance products are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Valley Stream, NY. Banner products are distributed in 49 states and in DC. William Penn products are available exclusively in New York; Banner does not solicit business there. The Legal & General America companies are part of the worldwide Legal & General Group.

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: March 2018

More term life insurance reviews

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