William Penn Association has filed a new individual level term life insurance product in Florida.

The filing outlines a term life contract offering 10, 20, and 30-year level premium periods. After the initial level term expires, coverage may be renewed annually for up to five additional years. The death benefit remains equal to the face amount throughout the coverage period and is payable as a lump sum to beneficiaries.

The product is designed for the general market, with minimum face amounts set at $10,000 and no stated maximum, subject to underwriting. Issue ages vary by term length, extending up to age 75 for 10-year terms, age 65 for 20-year terms, and up to age 55 for 30-year terms, with lower limits for smokers. Policies are convertible to permanent life insurance without evidence of insurability prior to the earlier of age 75 or the end of the coverage period.

William Penn also filed a companion level term rider, which may be attached to an existing whole life policy. A waiver of premium benefit rider and previously approved application forms will be used in conjunction with the new contract. The filing notes that policies are sex-distinct and will be sold on an individual basis through the association’s licensed agents.