William Penn Life
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Written by
Jeffrey Johnson
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UPDATED: Aug 20, 2020
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Company Overview:
Company History: William Penn Life Insurance Company was founded in 1963 in New York. The company was acquired as a subsidiary by ITT Hamilton Life Insurance Company in 1967, then again by Maiden Lane Life Insurance Company (subsidiary of Continental Corp) in 1983. Continental Corp gained full ownership 2 years later, only to be purchased by Banner Life Insurance Company (subsidiary of Legal & General Group PLC) in 1989. Now William Penn has an investment portfolio that consists of 92% investment grade assets, including 18% U.S. government and U.S. agency holdings; commercial Mortgage Backed Securities holdings, of which 83% rated A or above with 76% rated AAA; and Asset Backed Securities holdings, of which 93% are rated A or higher. The company employees 300 people.
Principle Sales Methods: Independent agents and brokers who work in New York
Life Annuity Business: Company offers Universal and Term Life.
Have a term life policy I pay quarterly. I have not had to cash in yet so I have not have much contact with WP
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This company increases my premium every three months and now that I am on social security I can not afford the premimums any longer. I have had this policy since 1980. I stand to lose all this money.
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unprofessional & slow. after 10 years would not renew or return calls
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I purchased what I thought was a "wholelife" policy in 1985 for 200000 so ifhe were to die before our mortgage was paidup I would have the money from the policyto pay off the mortgage. Last summer I gota strange letter telling me because of "theeconomy" my whole life policy was changedinto a "universal" policy and "universal"now means "term". Therefore they want tosettle with me for 900.00
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Very incompetent and unprofessional customer service. The answers I have received were all inconsistent same question but called every day to see if I could get a satisfactory response. They charged us twice for our annual premium. Our EFT form that was received via email from us was too blurry to read which absolutely made no sense but the woman on the phone insisted she could not read it so I over nighted a check. Well a few days go by and there was the debit of our premium plus the check I sent out posted on our bank account. I called and questioned the double charge and asked why in fact I was told our EFT form could not be read. And then all of a sudden the premium was debited from our account. She ignored me and said to write a letter requesting a refund How absurd. They see the double charge but yet need a letter for our money??? It was an error on their part but yet we have to fight for our refund? Do yourself a favor and go to another company.
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Stay away from universal life. Government-sanctioned consumer FRAUD.
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Thieves. if you find out, to your ultimate misfortune, that your policy was misrepresented to you, they will fall back on the fact that they sell through “independent” brokers and agents and are, therefore, not responsible for how they explained the policy to you. Too bad for you and all the $$ you are now going to lose. If your independent agent is gone, you are stuck with the non-answers from their customer service department. Government-sanctioned consumer fraud to the MAX.
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I was late on a quarterly payment, they terminated my policy, made me apply for reinstatement, then rejected me because I had gained 10 pounds since I got the policy 8 years ago. They told me I had to go back to an agent and apply for a new policy that would cost me more. Total scam.
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We took out this policy when my husband turned 75 as they were forcing him to convert his term then and not at the end of the term 5 years down the road. The premiums were $1500 a quarter. Now, 10 years later and now he’s 85 years old, they are doubling the premium rates with no good explanation. Sounds like age discrimination to me. No wonder life insurance companies rarely pay out a policy when someone dies, as they do this so you lose the policies.
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Was looking for a policy in between jobs and this company made it so hard to even apply for life insurance I just gave up and went with another company that wanted my money. I am a senior executive and work with private equity so there are times in between jobs where I don’t have coverage while in a position – too bad this company was too foolish to understand that…
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We had three policies on my husband who was 88 and they were doubling all the premiums on these polices and we had to drop them as the premiums were so high.
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