As the name implies, term life insurance provides protection for a specific period of time and generally pays a benefit only if you die during the "term." Term periods typically range from one year to 30 years, with 20 years being the most common term.
William Penn Life Insurance Company of New York’s term products:
Penn Term 10™
Is renewable and convertible term life insurance to age 95 with a guaranteed level premium for
10 years. Premiums increase annually in years 11 and later. The policy owner can apply for a
new 10-year level premium by submitting evidence of insurability.
Penn Term15™
Is renewable and convertible term life insurance to age 95 with a guaranteed level premium for
15 years. Premiums increase annually in years 16 and later. The policy owner can apply for a
new 15-year level premium by submitting evidence of insurability.
Penn Term 20™
Is renewable and convertible term life insurance to age 95 with a guaranteed level premium for
20 years. Premiums increase annually in years 21 and later. The policy owner can apply for a
new 20-year level premium by submitting evidence of insurability.
Penn Term 30™
Is renewable and convertible term life insurance to age 95 with a guaranteed level premium for
30 years. Premiums increase annually in years 31 and later. The policy owner can apply for a
new 30-year level premium by submitting evidence of insurability.
Life Value Term 20™
Is a term life insurance policy with a level death benefit and coverage to age 95. Premiums
increase annually and are guaranteed. Life Value Term 20 allows one to purchase the coverage
needed today at an affordable price. To learn more about Life Value Term 20, click
here.
Life Value Term 30™
Is a term life insurance policy with a level death benefit and coverage to age 95. Premiums
increase annually and are guaranteed. Life Value Term 30 allows one to purchase the coverage
needed today at an affordable price. To learn more about Life Value Term 30, click
here.
Penn Term Policy Disclosure
Penn Term policy form #T-RC-IP/97. Available only in NY. Policy descriptions provided here are
not a statement of contract.
Penn Term 10 issue ages are 20-80. Penn Term 15 issue ages are 20-75. Penn Term 20 issue ages
are 20-70 for non-tobacco classes and 20-65 for tobacco classes. Penn Term 30 issue ages are
20-55 for non-tobacco classes and 20-50 for tobacco classes.
Premium rates vary by coverage amount: $100,000-$249,999, $250,000-$999,999,
or $1,000,000 and above.
There is an annual policy fee of $65.
Premiums are guaranteed to stay level for 10, 15, 20 or 30 years, respectively, and increase
annually after initial guarantee period. Penn Term policies can be issued in preferred plus
non-tobacco, preferred non-tobacco, standard plus non-tobacco, standard non-tobacco, preferred
tobacco and standard tobacco classes.
Penn Term 10, 15, 20 and 30 substandard policies can be issued through Table 12, subject to
underwriting discretion. Coverage can be renewed to age 95. Policies can be returned without
obligation within 30 days of receipt. Two-year contestability and suicide provisions apply.
Underwritten and issued by William Penn Life Insurance Company of New York, Garden City, NY.
Life Value Term Disclosure
Life Value Term policy form #T-RC-IP/97. Available only in NY. Policy descriptions provided
here are not a statement of contract.
Life Value Term 20 issue ages are 20-70. Life Value Term 30 issue ages are 20-60.
Premium rates vary by coverage amount: $250,000-$999,999, $1,000,000 and above.
There is an annual policy fee of $65.
Premiums increase annually and are guaranteed.
Life Value Term policies can be issued in 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.
Coverage can be renewed to age 95. Policies can be returned without obligation within 30 days
of receipt. Two-year contestability and suicide provisions apply.
Underwritten and issued by William Penn Life Insurance Company of New York, Garden City, NY.
