Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Written by Jeffrey Johnson
Insurance Lawyer Jeffrey Johnson

Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent Benji Carr

UPDATED: Jun 30, 2022

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The Facts of Life

  • William Penn offers two types of life insurance policies, but with longer term lengths than any other company in the industry.
  • Term life policies have a maximum payout of up to $10 million.
  • Term policies are convertible to universal policies at any time with no additional fee.

William Penn Life Insurance company is a New York-only-based life insurance company that specializes in term life insurance, along with its sister company Banner Life insurance. William Penn offers various types of coverage as well as many different term lengths for its policies with most of its payouts exceeding only a single business day.

This puts them at the top as one of the best life insurance companies on the market currently. 

Keep reading for more information on Willian Penn insurance, Banner insurance, and what is covered. Ready to start saving? Enter your ZIP code into our free tool to start your comparisons today.

What does William Penn life insurance cover?

William Penn offers two types of life insurance: term life insurance and universal life insurance.

Term life insurance

William Penn offers term life insurance policies for a few different term lengths, most of which range from 10-40 years. Coverage will generally run you about $100,000 but can be increased up to $10,000,000 maximum.

William Penn’s term life policies are easily convertible into a universal life policy to carry out the rest of your set term length at any time. This makes it easier to not feel trapped within a certain policy if your life changes and you have different needs later on down the road.

Term policies do require a health interview and some will additionally require a medical exam on top of that. You are able to accelerate your underwriting process if you have been diagnosed with a terminal or critical illness. This will waive the medical exam, however, it will also affect how much coverage you will qualify for.

Term policies without a medical exam run between $100,000 to $500,000 for those who are ages 20-50.

Universal life insurance

William Penn, as well as Banner, have universal life insurance policies that have flexible benefits and premiums, allowing you to accrue cash value with a guaranteed interest rate.

These policies will have coverage until the age of 121 as long as all premiums are paid for.

Death benefits have a minimum of $50,000 in coverage with no investment options for the cash value of the policy outside of the already guaranteed interest rate.

Applicants are able to pay for this policy in two ways: the same price every year or pay upfront for a certain number of years. The short-pay option allows for lifetime coverage even when the payments are ahead of schedule.

Final Expense

Final expense coverage is also available for up to $50,000. These are ideal for covering funeral costs as well as other after-death expenses.

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Does William Penn have any add-ons?

Riders are available as an add-on for both universal and term policies. While some riders are already included as part of your policy, others will have a flat fee attached or an annual charge when added. 

Rider options that are available:

  • Accelerated Death Benefit Rider
  • Disability Waiver of Premium Rider
  • Children’s Term Insurance Rider

Fees for riders will vary based on which policy you have.

Discounts For Policyholders

Both William Penn and Banner Life insurance companies offer discounts for policies that meet certain conditions.

These conditions include:

  • No tobacco use within the last 10 years or more.
  • Maintaining low cholesterol (HDL ratio of 4.5 or lower).
  • Committing to a regular checkup or exercise program.
  • Outstanding results from a cardiac test performed within the last two years.

Discounts will vary by policy type.

William Penn Insurance Reviews & Ratings

Financial Strength

A.M. Best: A+

S&P: AA-

The BBB: A+

Customer reviews for William Penn indicate overall satisfaction with the company, with its complaint index at 0.40, according to the NAIC which rates William Penn with a “Very Good” verdict.

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William Penn Life Insurance Company Review: Key Takeaways

Since William Penn (and Banner Life) are both New York-only companies, it’s hard to recommend them due to that constraint. Additionally, the companies only have two types of life insurance policies available.

However, if you do live in New York and do not mind not having many choices when it comes to life insurance, William Penn is a great company with straightforward options that make purchasing life insurance simple.

Now that you have learned about William Penn Life insurance, take the time to enter your ZIP code below and start comparing quotes in your area.