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William Penn Life Insurance Co. of New York, Universal Life Insurance Product Features
 

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.

 
William Penn Penn Advantra UL Product Features Are Only Available In NY

 Penn Advantra UL

 William Penn - Penn Advantra UL Product Features
Type Advantra is a flexible premium universal life insurance plan offering a 20-year no-lapse guaranteed death benefit. The 20-year guarantee ensures that the policy will stay in-force during the first 20 years, provided total premiums paid less partial surrenders and loans are at least equal to the cumulative monthly 20-year guarantee premium.

The policy’s account value is based on the amount of your premium payments, less monthly cost of insurance, and other expense charges plus monthly interest credited to the policy. Generally a premium payment higher than the minimum is required to build account value and provide coverage beyond 20 years. Interest rates and cost factors are subject to change. The interest rates are guaranteed never to go below 2% and cost factors are guaranteed not to exceed the maximums listed in the policy contract.

Conversion Options This product is not available to receive term conversions nor can it be converted to another universal life plan.
Issue Ages Age Nearest Birthday: 20-80
Face Amounts
Min/Max		 Band 1: $100,000-$249,999
Band 2: $250,000-$999,999
Band 3: $1 million and over
Modal Factors Semi-annual = .51
Quarterly = .26
Monthly = .0875
Policy Fee $60
Special Product
Features		 Maturity Date:
The initial policy maturity date is scheduled for age 115. At age 100 and thereafter, the death benefit will be equal to the greater of the specified amount in force at age 100 or the account value. After age 100 there will be no monthly deduction for cost of insurance or expenses.

Surrender Charges:
100% of minimum premium for band 2 including policy fee (but not riders or substandard extra premiums), payable during first 11 policy months only. Subject to maximum of $50 per $1000.

No-Lapse Provision:
Policy will lapse if the cash surrender value is insufficient to cover the monthly deduction. However, policy will not lapse regardless of the cash surrender value if cumulative premiums paid, less loans or partial withdrawals, equal or exceed the cumulative sum of monthly guarantee premiums during the initial 20-year period from issue.

Total Disability Benefit:
Available at ages 20-55. If the insured becomes totally disabled while the policy & benefit are in-force, a monthly disability benefit will be credited to the policy’s account value. The benefit is the greater of the total monthly charges for the policy or the monthly guarantee premium. Proof of disability required. If disability occurs prior to age 60, the benefit will be credited until age 65 or during the first year of disability, whichever is longer.

Cost of Insurance:
Level for first 20 years. Increases annually in years 21 and later. After year 20,current costs of insurance rates will significantly increase.

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Underwriting Guidelines


William Penn - Penn Advantra UL
Classes Preferred Plus Non-Tobacco
Preferred Non-Tobacco
Standard Plus Non-Tobacco
Standard Non-Tobacco
Standard Tobacco

Available through Table 12, subject to underwriting discretion. Table ratings are not available on Preferred Plus Non-Tobacco or Preferred Non-Tobacco classes.
Re-entry N/A
Tobacco Definition Preferred Plus Non-Tobaco: no tobacco use or nicotine-based products in the past 36 months
Preferred Non-Tobacco: no tobacco use or nicotine-based products in the last 24 months
Standard Plus Non-Tobacco: no tobacco use or nicotine-based products in the last 12 months
Standard Non-Tobacco: no tobacco use or nicotine-based products in the last 12 months
Special Underwriting
Features		 Preferred Plus Non-Tobacco:
Impairments: No personal history of disease or impairment that would affect mortality

Blood Pressure: Currently well controlled with or without treatment, with no readings in the past two years greater than 136/86

Family History: No cardiovascular disease or cancer in either parent or siblings before age 60

Driving History: No more than 2 violations in last 3 years. No DWI, DUI, reckless driving, license revocation or suspension in last 5 years.

Cancer History: Only available on certain types of skin cancer

Cholesterol: Levels may not exceed 220; CHOL/HDL may not exceed 5.0

Alcohol/ substance abuse: No history of substance or alcohol abuse

Aviation: Only available with exclusion rider

Avocation: Available only if no flat extra premium would be required

Residency/ Citizenship: Must be a US resident for past 3 years and either a US citizen or have permanent Visa or Green Card

Preferred Non-Tobacco :
Impairments: No personal history of disease or impairment that would affect mortality

Blood Pressure: Currently well controlled with no readings in the past two years greater than 146/90

Family History: No cardiovascular or cancer death in either parent before age 60

Driving History: No more than 2 violations in last 3 years. No DWI, DUI, reckless driving, license revocation or suspension in last 5 years.

Cancer History: Only available on certain types of skin cancer

Cholesterol: Level may not exceed 250; CHOL/HDL Ratio may not exceed 6.0

Alcohol/ substance abuse: No alcohol or substance abuse in the past 10 years

Aviation: Preferred is available with flat extra or exclusion rider

Avocation: Preferred is available, however may have flat extra

Residency/ Citizenship: Must be a US resident for past 3 years and either US citizen or have permanent Visa or Green Card

Standard Plus Non-Tobacco :
Impairments: No personal history of disease or impairment that would affect mortality

Blood Pressure: Currently well controlled with no readings in the past two years greater than 152/92

Family History: No cardiovascular or cancer death of more than one parent before age 60

Driving History: No more than 3 violations in last 3 years. No DWI, DUI, reckless driving, license revocation or suspension in last 3 years.

Cancer History: Available depending on type and duration of cancer

Cholesterol: Level may not exceed 280; CHOL/HDL Ratio may not exceed 7.0

Alcohol/ substance abuse: No alcohol or substance abuse in the past 7 years

Aviation: Standard Plus is available with flat extra or exclusion rider

Avocation: Standard Plus is available, however may have flat extra

Residency/ Citizenship: Must be a US resident for past 2 years and either US citizen or have permanent Visa or Green Card

Standard:
Impairments: No personal history of disease or impairment that would affect mortality

Blood Pressure: Currently well controlled with no readings in the past two years greater than 156/94

Family History: No cardiovascular or cancer death of more than one parent before age 60

Driving History: No more than 4 violations in last 3 years. No DWI, DUI, reckless driving, license revocation or suspension in last 2 years.

Cancer History: Available depending on type and duration of cancer

Cholesterol: Level may not exceed 300; CHOL/HDL Ratio may not exceed 8.0

Alcohol/ substance abuse: No alcohol or substance abuse in the past 7 years

Aviation: Standard is available with flat extra or exclusion rider

Avocation: Standard is available, however may have flat extra

Residency/ Citizenship: Must be a US resident for past 2 years and either US citizen or have permanent Visa or Green Card

 



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TermLifeAmerica.com- Lewis Fink is licensed as an insurance agent offering Life Insurance in the following states: Alabama - AL, Arkansas - AR, California - CA, Colorado - CO, Connecticut - CT, Delaware - DE, District of Columbia - DC, Florida - FL, Georgia - GA, Idaho - ID, Illinois - IL, Indiana - IN, Iowa - IA, Kansas - KS, Kentucky - KY, Louisiana - LA, Maine - ME, Maryland - MD, Massachusetts - MA, Michigan - MI, Mississippi - MS, Missouri - MO, Montana - MT, Nebraska - NE, New Mexico - NM, New Jersey - NJ, New York - NY, North Carolina - NC, North Dakota - ND, Ohio - OH, Oklahoma - OK, Pennsylvania - PA, Rhode Island - RI, South Carolina - SC, South Dakota - SD, Tennessee - TN, Texas - TX, Utah - UT, Vermont - VT, Virginia - VA, and Wisconsin - WI.  


Not all insurance products from all insurance companies are available in all states.
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