Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Written by Jeffrey Manola
Founder & Licensed Agent Jeffrey Manola

Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Jun 30, 2022

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Facts You Should Know

  • William Penn Life Insurance Company was formed in 1949 and was originally known as the Government Employee’s Life Insurance Company (you’re probably familiar with its sister company GEICO)
  • In 1981, Legal and General purchased William Penn and folded all of the life insurance brandings under the Banner Life moniker
  • However, due to the laws and regulations surrounding life insurance in New York state, the William Penn branding and company name are retained for business purposes in the state
  • While William Penn life insurance products are only available in New York, you can still get the same coverages in all other states through Banner Life and Legal and General

This William Penn life insurance review will focus on the company’s offerings in New York only since it is the only state they operate in. If you live outside of New York, you can still get these same life insurance policies through Banner Life.

If you’re interested, you can read our Banner Life review to learn more about this company. Banner Life, which is owned by Legal and General, operates under the name of William Penn Life Insurance Company of New York in the state for legal reasons.

William Penn is best known for offering great life insurance policies at affordable prices.

In this review, we’ll take a look at what policies are offered by the company, how strong the company’s finances are, and cover any additional information we think would be helpful to consumers looking for life insurance.

Are you ready to buy William Penn life insurance? Enter your ZIP code above to compare life insurance rates with the top competitors in your area.

What life insurance policies are sold through William Penn?

William Penn life insurance is sold in three different types of policies. There is term life insurance, whole life insurance, and final expense insurance. Many people choose between whole life and term life insurance policies.

William Penn Term Life vs Whole Life Insurance Policies
Policy 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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As you can see there are a lot of similarities between the term life and whole life insurance product offerings from William Penn.

We’ll take a closer look at both of these life insurance policies plus the final expense life insurance offered by the William Penn Life Insurance Company of New York below.

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What makes the term life insurance policies from William Penn different?

William Penn offers life insurance policies with term options of up to 40 years. This term length is typically not offered by life insurers because it is so long. When you purchase term life insurance your rate remains fixed for the duration of the policy.

A 40-year term life insurance policy will allow you to buy cheap life insurance coverage and lock in that affordable rate for decades to come. William Penn life insurance is best known for offering consumers affordable term life insurance products.

If you’re getting a 40-year term life insurance policy, you should know that it will be more expensive initially than shorter-term life insurance policies would be.

However, as you age the price you pay will not increase and this will be significantly cheaper than what other people your age will pay for the same or less life insurance coverage.

Do I need a medical exam to get term life insurance?

In most cases, the answer is yes, but with William Penn, the answer is no.

This is another reason why consumers love William Penn term life insurance. The company often does not require a medical exam to get up to $500,000 of term life insurance coverage if you are between the ages of 20 and 50.

William Penn is one of the only life insurance companies on the market that will give consumers a preferred plus life insurance rating with no medical exam.

However, if you are over the age of 50 or want more than $500,000 of term life insurance coverage, you will have to undergo the traditional medical exam and life insurance underwriting process.

Will my William Penn whole life insurance policy have a cash value?

Yes, whole life insurance policies accumulate a cash value over time. The whole life insurance policies from William Penn are no different in this regard. Some whole life policies allow investment of the cash balance, but William Penn does not.

You can borrow money against your whole life insurance policy tax-free, but this loan will reduce the death benefit of your policy unless it is paid back.

Whole life insurance policies are typically a lot more expensive than term life insurance policies. This is for a number of reasons, but the two main reasons are that term life insurance policies have no cash value, and whole life insurance policies never expire, they last a lifetime.

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Does William Penn sell final expense life insurance?

Yes, William Penn does sell final expense life insurance products.

These policies are designed for older people who may struggle to get any other type of life insurance policy. These policies are not very comprehensive, but they can cover the final costs associated with burial and other final arrangements.

Typically, these final expense policies will not exceed $50,000. In some cases, you could even have a little bit of cash left over to leave to someone that you care about.

Is William Penn financially strong?

According to independent reviewer A.M. Best, William Penn has a financial strength rating of A+. This means you can buy their life insurance policies with confidence that they will be able to pay your benefits in a timely and complete manner.

William Penn Life Insurance Review: The Bottom Line

While William Penn is only available in New York, they have great term life insurance policies. Nobody else offers term life insurance terms of 40 years, and very few life insurance companies will sell $500,000 term life policies without performing a medical exam.

William Penn is a great life insurance company if you are looking for affordable and comprehensive life insurance products for yourself and your family.

If you’re ready to compare William Penn life insurance rates with what other companies have to offer, enter your ZIP code below to see life insurance quotes near you.