Before you purchase life insurance coverage, it is important to be sure that you’re not only going with the policy that is best for you, but also with an insurance company that will be there to pay out their promised claim.
Because of that, it is recommended that you review any life insurance company that you are considering purchasing a policy through. This can help you in determining whether or not the insurer is dependable, and that it offers the type of life insurance protection that will best fit your specific needs.
You can learn more about the different types and purchasing life insurance by checking out our post on life insurance policies explained!
About William Penn Life / Legal & General America Insurance Company
William Penn is a part of the Legal & General America company – which in turn, is owned by Legal & General Group, Plc, the sixth-largest insurance company in the world (as measured by non-banking assets). The parent company of Legal & General America has more than 10 million customers around the globe. It is known for its financial strength and reliability – and because of that, the company has earned top ratings from the insurer rating agencies (including an A+ from A.M. Best and a AA- from Standard & Poor’s and from Fitch), as well as numerous accolades, such as the 2015 “Life Insurance Provider of the Year” via the Personal Touch Awards.
For more than 65 years, Legal & General America / William Penn has been in the business of providing financial protection and peace of mind to American families. The company is also strong and stable financially, and it is committed to the business practices that allow it to keep its promises to its customers and policyholders. This includes keeping life insurance premiums affordable, protecting its customers’ retirement, and providing high quality and efficient customer services.
Today, the company has more than 1.1 million customers who have placed their trust in it. This insurer provides several different options for life insurance coverage. The Legal & General America life insurance policies are underwritten and issued by Banner Life Insurance Company and by William Penn Life Insurance Company of New York. Banner Life is licensed to do business in 49 states and the District of Columbia. It does not offer coverage in New York. However, William Penn does business exclusively in the state of New York.
Types of Life Insurance Policies Offered Through William Penn / Legal & General America
William Penn / Legal and General America offer both term and permanent life insurance protection – and because of that, consumers that purchase coverage from this company have many options to choose from that can best fit their specific needs.
Term insurance is considered to be the most “basic” or pure life insurance products on the market. That is because with term life insurance, the insured is protected with a death benefit, and there are no other “bells and whistles” included on the policy, such as a cash or savings component.
With term life insurance, insureds can essentially obtain the most amount of coverage for the lowest initial premium price (with all other factors being equal) – particularly those who are young and in good health at the time of policy application.
Because term life offers only a death benefit, the premium that is charged is usually low. As the name suggests, term life insurance is purchased for a set number of years, or “term” – after which the coverage will expire (unless it has been converted over into a permanent life insurance policy). Therefore, this type of life insurance can be an ideal solution for those who have a limited budget and/or temporary coverage needs.
For example, term life insurance is oftentimes a good solution for those who want to ensure that the balance of their mortgage is paid off, their children can afford college in the future, and / or that their family will still have the necessary funds available to pay their living expenses if the unexpected is to occur.
Permanent life insurance offers both death benefit protection and a cash value component as a part of the policy. The cash that is in the policy is allowed to grow on a tax-deferred basis, meaning that there will be no tax due on the gain unless or until the money is withdrawn. This feature can allow the funds that are within the policy’s cash value to grow and compound exponentially over time.
A permanent life insurance policy will typically cost more than a term policy that has the same amount of death benefit protection. So, for those who are seeking only the protection of life insurance, without the cash or savings build up, then term life may be a good answer. Perhaps you’re looking into other companies and you’re interested in our Allstate life insurance review. If so, we can help.
A Closer Look at William Penn / Legal & General America Life Insurance Policies
Term life insurance can provide you with an affordable life insurance option that protects your loved ones for a set number of years. Through Legal and General America / William Penn, there is a wide array of different term life insurance products to choose from, with coverage lengths of 10 years, 15 years, 20 years, 25 years, and even for 30 years.
This company offers OPTerm life insurance policies, which provide a level amount of death benefit throughout the entire term, or time frame, of the policy. This can provide you with peace of mind in knowing that you have a specific amount of coverage for a particular length of time.
These policies are also convertible, meaning that this term life insurance coverage can be converted over into a permanent type of life insurance coverage over time. In this case, policies can be converted to universal life insurance coverage – and if the policyholder opts to do this, the new universal life insurance policy will be issued at the same underwriting class as the existing term plan. In this case, if there is a change in the insured’s health condition, he or she would be exempt from a change in the underwriting class.
A term policy conversion can be requested at any time within the duration of the guaranteed level premium period – up to the attained age of 70 – whichever comes first. (It is important to note that term life insurance policies that are issued at the insured’s age 66 or over will be convertible only during the first five policy years). The term life insurance policies that are offered via William Penn / Legal & General America are also renewable.
The Company’s Life Insurance Policies Offer Additional Benefits – Such As:
Waiver of Premium
The waiver of premium benefit can help to provide policyholders with peace of mind in that their family or their business will still be protected with life insurance, even if he or she was to suffer a long-term injury or illness or to become totally disabled. In this case, the company will waive all premiums that are due during total disability, provided that the disability has existed for at least six months.
Accelerated Death Benefit Rider
There is also the option of adding an accelerated death benefit rider to the policy. With this particular rider, the death benefit can be paid out before the insured’s passing, so that the money can be used for medical expenses and/or other needs. Here, the insured may be able to access up to 75% of the policy’s primary death benefit or $500,000 – whichever amount is less. (Upon the insured’s death, the remainder of the death benefit will be paid out to the policy’s named beneficiary).
There is also the option to add a children’s life insurance rider to a primary life insurance policy. In this case, the rider will provide death benefit protection for one or more children in the insured’s family. The rider will offer all eligible children protection until the child’s 25th birthday or the insured’s 65th birthday – whichever comes first – as long as the policy is still in force. (This rider must be purchased at the time the primary policy is initially applied for).
Other Insurance Products Provided By William Penn / Legal & General
In addition to term life insurance, William Penn / Legal & General America also offers permanent life insurance protection. This is in the form of universal life insurance coverage. With universal life, or UL, coverage, the insured will have death benefit protection, as well as cash value, build up.
The cash in the cash value is allowed to grow over time on a tax-deferred basis – and, it can be borrowed or withdrawn for any reason, such as the payoff of debt, supplementing future retirement income, or purchasing a new vehicle.
Universal life insurance is considered to be an extremely versatile and flexible product. For instance, these policies can provide flexibility regarding premium payment. They can also adjust the death benefit to meet the insured’s changing needs. As long as the premium payments are made, universal life insurance coverage will remain in force.
These types of policies can be a good life insurance solution for those whose children are now growth, as well as for business owners, and for those who wish to use the cash value portion of the policy to increase their overall retirement nest egg.
The Life Step UL product provides guaranteed coverage and guaranteed cash value. It provides an option to pay a level premium, to guarantee the coverage throughout the insured’s entire life. This is the case, regardless of market and/or economic conditions.
The insured may also opt to design a premium payment over a certain number of years. For instance, he or she may decide that they only wish to pay the policy’s premiums for ten or fifteen years. By consolidating a large amount of premium during a short period of time, the coverage can be paid-up for life, without the need to worry about making any additional premium payments in the future.
Where to Find the Best Premium Quotes on William Penn Life Insurance Coverage
If you are seeking the best premium quotes on William Penn / Legal & General America life insurance coverage – or on the life insurance coverage from any other providers – it is recommended that you first shop and compare plans and prices. This can easily be done by working with an independent life insurance brokerage or agency that has access to many companies all in one convenient place.
If you’re in the process of comparing term life insurance premiums, we can help. We are an independent life insurance brokerage, and we work with many of the top-rated life insurers in the marketplace today. We can help you to find the information that you need for making a well-informed life insurance buying decision – and we can do so for you quickly, easily, and conveniently, all from your computer. If you are ready to move forward, then all you have to do is just simply take a moment to fill out the quote form on this page.
Should you find that you still have any additional questions about William Penn / Legal & General America’s term life insurance coverage – or even if you just have a question about life insurance in general – then please feel free to contact us directly via phone. We can be reached toll-free by dialing 877-235-9299.
We understand that the purchase of life insurance can sometimes seem a bit overwhelming. There are many different variables to keep in mind – and you want to be sure that you are obtaining the right type and amount of insurance coverage for your specific needs.
The good news is that this process can be made much easier when you have an expert on your side. We will walk you through the entire process, from start to finish, so that you know exactly which life insurance coverage will be the best option for you. So, contact us today – we’re here to help.