Learn about next steps now that you have a Banner/William Penn policy:
How to create your account
How do I review, sign, and pay for my policy?
Your policy documents are available to access, review, sign and pay for through Banner/William Penn’s Docusign by clicking ‘Review Documents’ in the email we sent over and you will be prompted to verify your identity with an access code. For reference, the access code will generally be a combination of the first 5 letters of your last name + last 4 digits of your Social Security Number.
You will have the ability to review all the necessary documents that require your signature. Fill in all the relevant information as prompted and click ‘Finish’.
How to pay
How often do I make payments?
If you are paying monthly, you will be required to set up automatic payments from a checking or savings account. Be sure to provide your banking information for your first premium and recurring payments.
Automatic payments are not required if you are paying annually, semi-annually, or quarterly, but policies paid via direct billing have a significantly higher lapse rate due to the frequency of missed payments.
What payment methods can I use?
Banner/William Penn does not accept checks as payment for the first monthly payment, but checks are accepted for all other modes of payment.
You can pay with a credit card for the first payment only. Banner offers this option in their online portal. Unfortunately it is not available in AK, CA, MD, NC, & NJ. (Visa and Mastercard accepted only.)
Commonly asked questions
My age is wrong in my policy! How do I fix this?
In insurance years, your age changes 6 months prior to your 'actual birthday' and your age is determined by your 'nearest' birthday.' For example, someone with a birthday in January has an age change every July. Most of the time, no correction is needed, but if you have questions please reach out to the Policygenius team.
I want to look into a whole life or permanent life policy in the future. Can I convert my term policy to a permanent policy?
Absolutely! You can convert your Term policy into a Permanent Life policy up to age 70. Policies issued at age 66 or over are convertible during the first 5 policy years. Each life insurance company is different so please review the guidelines on Banner/William Penn’s conversion policy located within your policy’s fine print.
I want to make some changes to my beneficiaries. How do I do that?
In order to change or add additional beneficiaries to your policy, your insurer will require some additional information. Specifically:
The full name(s) of the individual(s), date of birth, and their relationship to you
Whether they will be added as an contingent or primary beneficiary
Each beneficiary allocation should total up to 100% (primary or contingent). For example, if adding 3 of your children as beneficiaries: Child 1 - 33%, Child 2 - 33%, Child 3 - 34%
Alternatively, you can activate your policy first and internally make these changes at a later date to ensure that there is no delay in your coverage. When changing the beneficiary information before signing, the policy will need to be reissued to reflect these changes. This process normally takes 5 to 7 business days.
There is some incorrect information on my initial application that I need to update. How can I fix this?
Typically if the information you need to update won’t affect the underlying approval of your policy (ex: employer address, home address, length of occupation etc.), you can make these changes after signing your policy.
As mentioned above, any changes will require a reissue to reflect the changes and can take anywhere from 5 to 7 business days for the new policy to be revised and ready for review.
There are certain instances where it is important to update information that may have changed since your initial application right away:
There has been a significant change in your health
All doctor visits and any new travel plans that were not previously disclosed
This information will need to be submitted and sent back to the underwriter for review and added to the policy before it is signed and activated.
What happens if I want to cancel my policy?
If you decide you no longer want to continue your policy you may cancel it at any time during the term period. There is no fee to cancel.
When will my policy be active?
Banner/William Penn determines your policy effective date, or the date that you officially have life insurance coverage, 3 weeks in advance upon issuance of the policy.
How to get in touch with Banner/William Penn
Still have questions for your insurer? You can get in touch with Banner/William Penn in a few different ways:
Banner
Fax: (301) 294-6960 Email: customerservice@bannerlife.com Phone: (800) 638-8428 option 2
Mail: Banner 3275 Bennett Creek Avenue Frederick, Maryland 217048
You can access your online portal here.
William Penn
Fax: (516) 229-3081 Email: CustomerService@wpenn.com Phone: (800) 346-4773 Option 2
Mail: William Penn 3275 Bennett Creek Avenue Frederick, Maryland 21704
You can access your online portal here