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Term Life Insurance by Top
Rated Companies
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insurance" will be explained on this page.
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William Penn Life Insurance Co. of New York, Universal Life Insurance Product Features
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William Penn is a wholly owned subsidiary of Banner Life, a
part of Legal & General America companies.
Term Life America Insurance is
proud to offer William Penn Life
Insurance Co. of New York Term Life Insurance. Solid resources backed by a combination of innovative products and
service beyond expectations.
Universal life insurance products
are known as the most versatile type of life insurance products
They provide flexibility in premium payments and adjustable death benefit guarantees
thus this life insurance product form can be applied to your
changing needs.
The purpose of universal life insurance is to provide protection for your family, business, or others that would experience a significant financial burden in the event of your death.
Universal life insurance, allows you to choose to pay a lower premium for a shorter coverage guarantee or a higher premium for lifetime coverage.
Interest rates and cost of insurance will affect your premium amount and length of coverage.
Life Choice UL™:
Is a flexible premium universal life insurance plan that provides lifetime guaranteed coverage with provisions for guaranteed cash values. Premium flexibility allows you to choose a premium payment period that will guarantee coverage for life or a
lesser duration such as coverage to age 90.
Life Choice UL benefits include:
Lifetime Guarantee.
Short Pay Guarantee: Flexible premium and coverage guarantees allow you to design a premium payment over the number of years that you choose.
Guaranteed Cash Value:
The lifetime premium not only guarantees coverage but cash value to the policy.
Life Choice UL Policy Disclosure
Policy form # ICC14 UL14, UL-14. Available only in NY.
Policy descriptions provided here are not a statement of contract and are not for public distribution. Life Choice UL is a flexible premium universal life insurance plan.
This product offers a coverage guarantee to initial policy maturity at age 121.
It is possible that the policy will terminate prior to the maturity date if the total premiums paid are not sufficient to continue coverage under the coverage guarantee requirement. A policy loan that exceeds the cash surrender value will result in a lapse of coverage. Life Choice UL policies can be issued ages 20-85, in underwriting classifications preferred plus non-tobacco, preferred non-tobacco, standard plus non-tobacco, standard non-tobacco, preferred tobacco and standard tobacco classes. Substandard policies can be issued through Table 12, subject to underwriting discretion. Current cost of insurance rates varies by underwriting class and coverage amount: $100,000-249,999, $250,000 and over. Access to account value will result in a surrender charge that is applicable during the first 14 policy years. No partial surrenders are allowed.
Current interest and cost of insurance charges used to calculate the policy account value are not guaranteed and may be changed by William Penn at any time for any reason, subject to contractual limits. Additional expense charges will apply. The coverage guarantee amount is used to determine whether or not a policy will lapse and is calculated in a similar manner as the policy account value, using different charges and interest. The coverage guarantee cost factors are guaranteed not to change.
The policy provides for a grace period of 61 days to pay sufficient premiums to prevent policy termination. All coverage under this policy will terminate when the policy is surrendered, insured dies, policy matures or the required payments are not paid by the end of the grace period. However, the policy will not enter the grace period if sufficient premium, according to policy terms, is paid on time and the coverage guarantee amount is greater than zero (assuming no policy loans).
Signed illustrations are required for Life Choice UL.
Specs as of 02.18.10. Two-year contestability and suicide provisions apply.
Underwritten and issued by William Penn Life Insurance Company of New York, Garden City, NY
Legal & General America life insurance products are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Garden City, NY. Banner is licensed to do business in 49 states and the District of Columbia. William Penn does business exclusively in New York; Banner does not solicit business there.
Learn more
William Penn Life Insurance Company of New York -
Overview
William Penn - "Universal Life"
William Penn -
"Term Life"
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