William Penn Life Insurance: Is It Worth The Cost?

William Penn Life Insurance Company of New York is a subsidiary of Legal & General America, which also owns Banner Life Insurance Company. William Penn offers life insurance products in New York state, where Banner Life does not operate. The company provides a range of life insurance options, including permanent and term life insurance plans, designed to meet the financial goals and security needs of its customers and their loved ones.

The William Penn Association offers permanent life insurance contracts

The William Penn Association offers a range of permanent life insurance contracts to meet different financial needs. The association is licensed to provide insurance in several US states, including California, Florida, New York, and Washington, D.C.

One of the permanent life insurance plans offered by the William Penn Association is the Ordinary Life Plan. This plan provides a high level of insurance protection at a low premium, helping individuals meet their financial goals while providing financial security for their loved ones. The Ordinary Life Plan can be customized to meet both present and future financial needs, with flexible premium payment schedules. It also offers excellent cash value growth, making it a valuable source of emergency funds or income later in life.

The William Penn Association also offers a Single Premium Whole Life Plan, which allows individuals to purchase a fully paid-up whole life insurance plan with a single lump-sum payment or spread out over three years. This plan provides instant and growing savings through its guaranteed cash values, which can be borrowed against or used as loan collateral. It also offers tax-free death benefits to beneficiaries, making it an attractive option for wealth transfer or estate planning.

Another permanent life insurance option is the 20 Pay Life Plan, which offers permanent insurance coverage with premium payments for 20 years or until the death of the insured, whichever comes first. This plan provides the highest cash value due to the limited premium-paying period. Like the Ordinary Life Plan, it offers flexible premium payment schedules and "banded" premiums.

The William Penn Association also caters to seniors with its Ordinary Life Senior Special plan, which is designed for individuals with common health issues such as high blood pressure and diabetes. This plan offers competitively priced permanent insurance at standard rates, and smokers and tobacco users pay the same premiums as non-tobacco users.

In summary, the William Penn Association provides a range of permanent life insurance contracts tailored to meet diverse financial needs, offering financial security and peace of mind for individuals and their families.

The William Penn Association offers term life insurance contracts

The William Penn Association offers a range of term life insurance contracts to meet the needs of its members. These include:

Annual Premium Juvenile Term – Special – Issue Ages 0-21

This plan provides $20,000 of term insurance until age 25 for a low-cost annual payment of $25. It is ideal for parents or grandparents who wish to give their child or grandchild a solid start to their financial future. The plan is also convertible to any permanent plan of insurance at age 25, and premium credits are available upon conversion.

Annual Renewable Term – Issue Ages 16-70

This plan offers a low-cost insurance protection option when your family’s needs may be the greatest. It provides the flexibility to keep your coverage for as long as you need by renewing your policy annually, up to age 90. Alternatively, you can convert your coverage to any permanent plan offered by the Association before turning 70.

10 Year Renewable & Convertible Term – Issue Ages 16-65

This plan offers valuable insurance protection at affordable rates. The death benefit and premiums remain level and payable for ten years. After each ten-year period, benefits may be renewed upon payment of the premium applicable to the insured's nearest age.

10-20-30 Year Level Term – Issue Ages 20-70

These plans feature level premiums and death benefits throughout the term period. Coverage terminates at the end of the term but can be converted to any permanent plan before the member turns 70. These plans are well-suited for those seeking a higher amount of insurance for a limited period, often combined with an Ordinary Life plan to provide both permanent and temporary coverage at a reasonable price.

The William Penn Association's term life insurance contracts provide members with flexible and affordable options to secure their family's future. The Association is licensed in several states across the country, including California, New York, Florida, Illinois, and more.

The William Penn Association is licensed in 20 US states

The William Penn Association (WPA) is a fraternal benefit society that was founded over 130 years ago. It was created through the merger of several Hungarian-American fraternals, including the Verhovay Aid Association, which was founded in 1886 by Hungarian-American miners in Hazleton, Pennsylvania. Over time, other fraternals merged with Verhovay, including the Workingmen's Sick Benefit Federation, the Hungarian Budapest Society, and the Rákóczi Aid Association. The latter merger in 1955 resulted in the birth of the William Penn Fraternal Association, which became the William Penn Association in 1971.

The WPA is a non-profit organisation that provides life insurance and annuities to its members. It is licensed to sell insurance in 20 US states: California, Connecticut, Delaware, Washington, D.C., Florida, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Michigan, Missouri, Nebraska, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Virginia, West Virginia, and Wisconsin.

The WPA offers a range of life insurance plans to meet the diverse needs of its members, including permanent life insurance, single premium whole life, 20-pay life, and life paid up at age 65. In addition to insurance, the association also conducts fraternal and charitable activities and promotes the preservation of Hungarian culture. It is dedicated to a five-part mission that includes conducting business as an outstanding fraternal benefit society, rendering service to members, providing scholarships, making charitable contributions, and promoting cultural celebrations.

The WPA has a governing structure that includes local groups called "Branches" and a national authority called the "General Convention," which elects a board of directors. The association had approximately 70,000 members in 1995, and it continues to serve its members and promote its mission today.

The William Penn Association offers a Single Premium Whole Life plan

Once the premium is paid, the policy is immediately considered fully paid-up, and the policyholder can access the guaranteed cash value as loan collateral in the first year. This cash value continues to grow annually, even without any additional premium payments, providing an excellent opportunity for savings and investment. This feature can be particularly advantageous for those who may need emergency funds or are looking to build up their retirement savings.

The Single Premium Whole Life plan also offers policyholders the ability to borrow against their cash value. Up to 90% of the cash value can be borrowed at interest or pledged as loan collateral, providing financial flexibility and accessibility. Additionally, the plan is expected to pay dividends at the end of the second policy year, further enhancing its attractiveness as an investment option.

Another significant benefit of the Single Premium Whole Life plan is the tax advantage it offers. After the policyholder's death, the beneficiary receives a tax-free death benefit, ensuring that the family's financial security is protected. This feature makes the plan a valuable tool for wealth transfer and estate planning, allowing policyholders to transfer assets to their heirs in a tax-efficient manner.

Overall, the Single Premium Whole Life plan offered by the William Penn Association provides a comprehensive suite of benefits that cater to the financial needs and goals of individuals and their families. With its combination of financial protection, savings opportunities, and tax advantages, it is a compelling option for those seeking long-term financial security and peace of mind.

The William Penn Association offers a 20 Pay Life plan

The William Penn Association is a Fraternal Benefit Society that has been providing Life Insurance and Annuities to its members for over 130 years. The Association is dedicated to a five-part mission that includes providing for the payment of death benefits, annuities, and other benefits for its members and their beneficiaries, as well as promoting and celebrating Hungarian heritage and other ethnic cultures. The William Penn Association offers a variety of life insurance plans, including the 20 Pay Life plan.

The 20 Pay Life plan from the William Penn Association offers permanent insurance with premium payments for 20 years or until the death of the insured, whichever comes first. This plan offers the highest cash value due to the limited premium-paying period. You can choose to make your premium payments annually, semi-annually, quarterly, or monthly, whichever option is most convenient for you.

The 20 Pay Life plan has "banded" premiums, with premium bands from $1,000 to $24,999, $25,000 to $49,999, and $50,000 and above. Preferred rates are available for amounts over $25,000. This plan is best suited for those who want a permanent life plan with their premium payments limited to just 20 years.

The William Penn Association's 20 Pay Life plan can help you achieve your long-term financial goals while providing financial security for your loved ones. With its high cash value and flexible payment options, this plan offers a great option for those seeking a permanent life insurance solution.

In addition to the 20 Pay Life plan, the William Penn Association also offers a range of other life insurance plans, including Ordinary Life, Single Premium Whole Life, and Term Life Insurance Contracts, allowing you to choose the plan that best suits your needs and preferences.

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