William Penn offers several Whole Life Insurance plans: Ordinary Issue Whole life policies build a cash value which can be a helpful resource in your financial planning journey.
The term policy conversion gives customers the ability to get permanent life insurance coverage without having to go through the underwriting process again. When nearing the end of their term lengths, most policyholders start thinking about having to renew their coverage or reapply for life insurance. You can also convert a term policy with William Penn to a permanent policy within the guaranteed level premium period or up to age 70 – which-ever comes first.Ī medical exam isn’t required to convert, and you would get the same health rating as when you originally bought the policy, even if your health has deteriorated.įor a lot of applicants, this is a huge benefit. That means that William Penn can’t cancel your policy for any reason.įor example, if you are over 65 and need to renew your life insurance, you could continue the policy, albeit at a higher premium payment. The term policy is non-cancellable, and also renewable. With the OPTerm Life option, coverage is available in 10, 15, 20, and 30-year terms.
If finding the most affordable policy premium is important to you, William Penn could be one of the cheapest term insurance options available. The company offers a variety of life insurance products including term, whole, and universal life insurance policies. In New York, Banner Life operates under the name, William Penn Life Insurance Company of New York. Legal & General Group took ownership of GELICO in 1981 and adopted the name Banner Life Insurance Company. William Penn started as a business in 1949, under the name of “Government Employees Life Insurance Company”, and over the last 64 years, the company has become a top life insurance carrier. If you buy from William Penn, you aren’t going to be scammed by purchasing a fake policy, or from a company that is going to go out of business. Still, there is a comfort knowing much-needed funds would be available to help your loved ones or business partners in the event of your death. Thinking about your death is not exactly the most appealing idea.
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