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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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

UPDATED: Feb 22, 2021

Advertiser Disclosure

It’s all about you. We want to help you make the right life insurance coverage choices.

Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.

Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from top life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.

Company Details
Address: 3275 Bennett Creek Ave
City: Frederick
State: Maryland
ZIP Code: 21704
Phone Number: (800) 346-4773
Year Founded: 1963
AM Best Rating: A+
Company Rating 0 (0 reviews)

William Penn life insurance products are now offered through Legal & General America, which purchased the company back in 1981, along with Banner Life insurance. We will continue to refer to the company as William Penn for the purpose of this life insurance review.

However, if you live in New York, you will still see the William Penn Life Insurance Company of New York branding due to local laws and regulations in the state.

William Penn’s term life insurance and other insurance product offerings are the same as the policies being offered by Banner General.

Let’s take a closer look at the different life insurance policies currently being offered by the William Penn Life Insurance Company of New York, answer some key questions regarding these policies, and review the financial strength of the company.

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What kind of life insurance policies are sold by William Penn?

William Penn offers consumers the traditional life insurance options that most life insurance companies offer, including term life insurance, whole life insurance, and final expense insurance.

The coverage best suited to your needs may change with time and as your life’s needs change.

We’ll take the time to look at each of the three main life insurance policies sold by William Penn and highlight the reasons why these policies may be the right choice for you, as well as what makes them different or not from the competition.

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How can I check William Penn’s life insurance rates?

If you want a William Penn life insurance quote, you will need to call your local William Penn life insurance agent.

You can get William Penn life insurance rates over the phone with a representative, but since their life insurance quotes are private, we are unable to share any specific rates with you.

What makes William Penn’s term life insurance policies different?

Term life insurance policies are some of the most popular life insurance products on the market.

These policies are some of the most affordable and can be tailored to meet your needs. The only potential downside to term life insurance policies is that they eventually expire at the end of the agreed-upon term.

Typical term life insurance policies are sold with 10, 15, 20, or 30-year terms. William Penn offers term life insurance policies with maximum terms of 40 years, which is unmatched by most other major life insurance companies.

A 40-year term life insurance policy is almost akin to a whole life insurance policy without the cash value. A term life insurance policy of this length will be more expensive than a 10 or 15-year term life insurance policy, but as you age, your premiums will not increase.

Do I need a medical exam to get term life insurance coverage from William Penn?

The answer to this question is no. William Penn is one of the only life insurers in the country that offers preferred plus health ratings to people between the ages of 20 and 50 without a medical exam.

You can buy term life insurance coverage from William Penn with a maximum benefit of $500,000 without getting a medical exam. You will be very hard-pressed to find this kind of policy available from any of the other major life insurance companies in the United States.

If you want more than $500,000 worth of term life insurance coverage or you are over the age of 50, you’ll have to submit to a medical exam to get life insurance coverage from Penn Life.

The truth is many people are happy with $500,000 or less of term life insurance coverage if it means they don’t have to have a medical exam. Generally, you can get approved for these term life insurance policies quickly.

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Does William Penn sell whole life insurance policies?

Yes, William Penn also sells whole life insurance policies to consumers as well. You will need to have a medical exam to get whole life insurance coverage because this type of life insurance lasts for the duration of your life.

Plus, these types of life insurance policies grow a cash value over time as you make your premium payments. These policies can be borrowed against tax-free should you run into financial difficulties later in life or need extra money to pay for medical care, etc.

If you’re wondering whether term life insurance or whole life insurance is right for you, take a look at this helpful comparison table below.

William Penn Term Life vs Whole Life Insurance Policies
BenefitsTerm LifeWhole Life
Death BenefitYesYes
Income ReplacementYesYes
Cash Value OptionNoYes
Flexible PaymentsNoYes
Level PaymentsYesYes
Market InvestmentNoNo
Riders AvailableYesYes
Online Account ManagementYesYes
Easy Claims ProcessYesYes
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It is important to note that whole life insurance policies will also be more expensive than term life insurance policies. This is due to a couple of factors, the main one being that whole life insurance policies have a cash value, and they never expire.

If you want to explore the differences between whole life insurance and term life insurance even further, the Insurance Information Institute has a wonderful resource to help you do that.

Does William Penn offer final expense life insurance?

Consumers can buy final expense life insurance policies from the William Penn Life Insurance Company too. These life insurance policies are designed to cover the last expenses of burial and funeral services. However, there may be a little bit of money left over to leave to an heir as well.

Typically, final expense policies will not exceed $50,000 of value, and most of the policies will be issued for around $25,000. This is a great policy choice for people who want to make sure their death is not a financial burden to the people they love.

How strong is William Penn financially?

Financial strength is a major aspect to consider when looking at life insurance companies. A.M. Best has rated William Penn and Banner General as an A +, or very strong financially.

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William Penn Life Insurance: The Bottom Line

There is a lot for consumers to like about the life insurance coverages offered by William Penn. Its term life policies go for longer than anyone else, and you likely won’t need to get a medical exam to get up to $500,000 worth of coverage.

Ready to buy William Penn life insurance? Enter your ZIP code below to compare cheap life insurance rates in your area.