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100 Quentin Roosevelt Boulevard
Garden City, NY 11530
Web Site: https://www.lgamerica.com/corporate/william-penn
William Penn Life Insurance
William Penn Life Insurance Company of New York’s history is nearly 40 years strong. The company was chartered in 1962 and was acquired by Legal & General Group Plc as a wholy owned subsidiary of Banner Life Insurance Company in 1989. Today we’re one of the Legal & General America companies.
Since that time, management for both companies has been consolidated at the senior level. Banner Life’s national presence, William Penn’s four decades of agency experience and the operational synergy between both companies is a strong combination.
Today William Penn’s individual life insurance and annuity products are sold in New York only, through independent insurance agencies.
William Penn Life Insurance Review
When people begin looking into life insurance, they have a tendency to start shopping around based on a specific company. In fact, one of the most common questions we receive is “Will William Penn Life Insurance have good rates and be a good financial choice for me?”
Many people are asking this question, because they saw William Penn as one of the companies being advertised on TV and heard they had good reviews. While this is certainly true of William Penn, it can also be said for many other life insurance companies offering you coverage. Still, many people hold the presumption that a good review and a spot on TV late at night is evidence that they are a great company. The competitive prices they see only sweeten the deal for them.
So would this mean they are the best choice for term life insurance?
Yes. In general, William Penn life insurance is an excellent choice for term life insurance, especially in the state of New York where there aren’t as many life insurance options.
It doesn’t mean though, that they are necessarily better than the next provider, who might even give you a cheaper quote.
The reason we say this, is because it’s very difficult to say who the best provider for you is, without first knowing a ton of information about you. Things like your birthdate, your health background and whether or not you’re a tobacco smoker or not, will all help, but even then, it’s not enough data to base a sound decision on.
In order to truly figure out which insurance provider will be the best choice for you, we’ll need to contact up to 100 different providers individually. This is because every insurance provider has a different way of calculating and rating the level of risk they will take on by having you as a client.
As an example, and a very extreme one, if a person has ever been on suicide watch, this will be looked at very differently by different insurance companies. Some companies will see this as an immediate red flag, and will decide to either not provide coverage at all, or to provide coverage at very expensive premiums each month. Alternatively, a different company will spend the time to figure out everything that’s behind the condition at hand. They will explore the root of the condition, as well as what has been done to treat it. If the condition has been treated and doesn’t show signs of returning, then they may not see it as a risk at all, and will provide normal coverage, at normal rates.
As you can see, this is why it’s very important to contact as many insurance companies as possible before making any type of decision about which company you want to move forward with.
Where does William Penn fall in all of this?
Still wondering how William Penn performs? You might not be reading closely enough. We could tell you how William Penn interprets risk when it comes to people who have previously been on suicide watch, but that probably isn’t applicable to your own health situation. So that doesn’t help you very much, does it?
Believe us, we have analyzed the data from many different insurance companies, and we’ve found that there’s generally no correlation between how a company perceives one kind of risk and how it perceives another. It’s all a matter of contacting them and finding out how they will perceive a client on an individual basis.
It’s for that reason that we can’t provide a specialized review for William Penn Life Insurance. We can say that for the clients who fit their profile, they are a great company to use. For those that don’t fit their profile, they’ll have better results looking somewhere else.
That’s where we come in.
Do you know how long it takes to contact all of the relevant life insurance companies to get the best possible rates? A very long time, and that’s even with our professional agents doing it full time. For someone like yourself, contacting these companies on your off time, it could easily take you a month or more.
It’s because of this that we recommend you work with an independent life insurance agent like us. Not only can we help you speed up the process of contacting all the life insurance companies, but we can get you a better rate than you could get on your own and help you understand all of your quotes.
It might work out that William Penn is the best option for you. It might work out that a different company is the best option. You’ll have the peace of mind though that you’re getting the best possible rates from the best company for you. At the end of the day, what’s better? Using the company you hoped to go with, or using the company that offers you the best coverage at the best rates?