William Penn Life Insurance Company Review (2024)

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.

Navigating William Penn Life Insurance Claims Process

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

William Penn Life Insurance Company offers a hassle-free and convenient claims process to its policyholders. Customers have multiple options for filing a claim, ensuring accessibility and ease. Whether you prefer to manage your claims online, over the phone, or through mobile apps, William Penn provides flexibility to meet your needs.

Average Claim Processing Time

One of the key factors that set William Penn apart is its swift claim processing time. Policyholders can expect their claims to be processed efficiently, with most payouts completed within a single business day. This quick turnaround time provides peace of mind during challenging times, ensuring that beneficiaries receive the support they need promptly.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback is a valuable indicator of an insurance company’s performance. William Penn has received positive feedback from its customers regarding claim resolutions and payouts.

With a low complaint index and a “Very Good” verdict from the NAIC, policyholders express overall satisfaction with the company’s claims handling process. This positive reputation underscores William Penn’s commitment to delivering on its promises.

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Unveiling William Penn Life Insurance Digital and Technological Advancements

Mobile App Features and Functionality

William Penn Life Insurance Company understands the importance of technology in modern insurance management. Their mobile app offers a range of features and functionalities designed to enhance the user experience. Policyholders can easily access their accounts, view policy details, make premium payments, and even initiate claims through the user-friendly mobile app.

Online Account Management Capabilities

Managing your life insurance policy online has never been easier with William Penn. The company provides robust online account management capabilities that allow policyholders to have full control over their policies. From updating personal information to reviewing policy documents, you can conveniently handle all aspects of your policy through their secure online portal.

Digital Tools and Resources

In addition to their mobile app and online account management, William Penn offers a variety of digital tools and resources to support policyholders.

These resources may include calculators to estimate coverage needs, educational materials to help you understand your policy, and access to customer support via digital channels. These digital tools empower policyholders to make informed decisions about their life insurance coverage.

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.

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.