William Penn life insurance has been providing quality service to its customer for more than forty years. Since you came to this page looking to learn more about the company we will detail both the history and the ratings of the company. You should know that the company itself only writes policies in the state of New York. If you do not live in New York you should look at some of the other companies that we list on our page detailing the best life insurance companies HERE.
William Penn life insurance was created with the name Modern Life insurance Company in 1963. The company quickly started helping New Yorkers with their life insurance needs and in 1967 was acquired by ITT Hamilton Life Insurance Company in 1967. The name of the company changed three times over the next eight years, eventually settling at William Penn Life Insurance Company of New York in 1975. The company continued to grow and was once again acquired by Continental Corp. in 1983. Finally, in 1985, the company was purchased as a wholly owned subsidiary of Banner Life Insurance (get more information about Banner Life Insurance Company HERE). Banner life insurance is a national brand so the local offering of William Penn Life Insurance is a great compliment to the national focus of Banner. All policies of William Penn Life Insurance Company of New York are now sold through independent insurance agents.
A.M. Best is the credit rating of choice for the vast majority insurance companies. They have been given ratings of the financial health of insurance providers for more than 110 years. William Penn Life Insurance Company of New York has received an A.M. Best rating of A+. This means that the company gets the second highest possible rating (only A++ is higher and almost no companies receive this rating). This is considered a Superior rating and is at the top of all the ratings that A.M. Best considers secure. To break that down just a bit, anyone who purchases insurance from a company with an B+ rating or higher can rest assured that the company is in secure financial standing and is in great shape to continue to fulfill all of their financial obligations.
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