Are you seeking to protect your interests with life insurance? If so, you are making a wise choice. However, you may not know which life insurance company has the best possible rates for the most coverage. William Penn is a company that has insurance products that may suit your needs extremely well, and it is a company that has a history that lets you know that it will be in business for a long time to come. You can compare rates right below, or keep reading this William Penn Life Insurance Review. We also offer many other company reviews for you to look over, such as AICPA, Mutual of Omaha and AAA Term Life Insurance review. Continue reading to learn how to obtain Life Insurance quotes over 50.
William Penn is not a company that was just started yesterday. It has been in business since 1949 under the name of “Government Employees Life Insurance Company” (GELICO) and was a sister company to the famous GEICO at that time. In 1981, GELICO was purchased by Legal & General Group, and the name became Banner Life. William Penn is the name under which Banner Life does business in New York.
William Penn’s Financial Solvency
William Penn has been in business for 64 years, and it isn’t showing signs of slowing down. Currently, the company has life insurance policies that are worth over $400 billion. Most importantly, the credit ratings agency that rates insurance companies for their financial solvency A.M. Best gave William Penn an A+ rating. This means that William Penn has been given the rating of “Superior” and that it is highly unlikely that the company will default on its obligations.
William Penn’s Best Features
Term life insurance policies at William Penn are competitive. Because of this, William Penn is considered to be at the top of the list of insurance companies from which to purchase term life insurance. For example, you have the choice of purchasing a 10-, 20- or 30-year policy, and your premiums will be level. This means that your monthly payments will not increase at any time while the policy is active.
If you survive the term and wish to continue the policy, you would not need to prove that you are insurable again by taking another physical examination. However, because you are older when the term expires, the price will increase if you want to continue the policy. However, William Penn gives you the option of converting your term life insurance policy to a permanent universal life insurance policy that lasts forever and does not need to be renewed.
By converting your term policy to a permanent policy, you will never need to take another physical examination. When you decide to convert your policy, you will be given the health rating that you received when you originally purchased your term policy. Furthermore, you can decide to convert at any time up until you reach your 70th birthday.
Prices that William Penn and Other Insurance Companies Currently Charge
As an example of the type of pricing you can receive from William Penn as compared to other companies, we will consider a 50-year-old male who doesn’t smoke and is searching for a $500,000 20-year term policy at the preferred plus rate. The results were as follows:
• United States Life Insurance – $85.41/month
• American National Life Insurance Company – $82.08/month
• William Penn – $84/month
• ReliaStar Life Insurance – $85.75/month
• AXA Equitable Life Insurance Company – $86.81/month
Although William Penn has excellent choices when it comes to term life insurance, the best course of action is to compare prices before selecting the company from which you would like to purchase your policy. For example, applicants with type II diabetes may be quoted extremely high rates from other insurance companies. However, William Penn commonly has very competitive rates for those with this disease.