William Penn Life Insurance
William Penn Life Insurance Company Of New York
100 Quentin Roosevelt Boulevard
Garden City, NY 11530
The history of William Penn Life Insurance Company of New York is more than 40 years strong. Chartered in 1962, we were acquired by Legal & General Group Plc as a wholly owned subsidiary of Banner Life Insurance Company in 1989. Today we're one of the Legal & General America companies.
Since that time, management for both companies has been consolidated at the senior level. Banner Life's national presence, William Penn's four decades of brokerage experience and the operational synergy between both companies is a strong combination.
Today William Penn's individual life insurance products are sold in New York only.
Policy Description Penn Term 15
Penn Term Series is term life insurance with guaranteed level premiums during the initial 10, 15 and 20 year period. Premiums increase annually thereafter until age 94.
The earlier of the initial level premium period or attained age 70, minimum 5-year conversion period.
Children's Insurance Option (Additional Cost)
This rider provides $1000 per unit purchased upon death of a covered child. The benefit is payable if the child dies before attained age 25, and before the contract anniversary nearest the insured's age 85. All benefits are paid to the owner of the policy. Definition of a Covered Child: Natural children, step-children, and legally adopted children of the insured under the basic policy who are members of the household, unmarried, and are at least 15 days old and have not attained age 19 are eligible. Rates: Maximum of 5 units ($7.50 per unit, per year).
Accelerated Death Benefit
Waiver of Premium Option (Additional Cost)
Available at ages 20-55. Waiver of Premium coverage ceases at age 59. William Penn will waive all premiums that are due during total disability. If: 1) we are given due proof of total disability; and 2) such total disability has than existed continuously for at least 4 months.
Accidental Death Benefit Option (Additional Cost)
The William Penn term 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. You can return a policy without obligation within 20 days of receipt. Please refer to the policy form for full disclosure of benefits and limitations. Forms and policy provisions may vary by state. Please contact the brokerage agency responsible for this website to confirm appropriate licenses for your state and contractual authorization to represent William Penn.
Penn Series policy form #WLIP01. Available only in New York. Policy descriptions provided here are not a statement of contact and are not for public distribution
Penn 10, 15, 20