Penn Mutual Life Insurance

Eric Van Haaften Life Insurance Reviews

With competitive rates and excellent products, Penn Mutual has been one of America’s favorite life insurance providers for over 175 years!

Before you commit to buying a policy, we recommend spending a few minutes reading our extensive Penn Mutual Life Insurance Review.

We’ll go over Penn Mutual’s life insurance plans, pricing, ratings, customer service reviews, and more so that you can make an informed decision.

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Is Penn Mutual a good company?
What kind of term coverage does Penn Mutual offer?
What type of universal life does Penn Mutual sell?
Does Penn Mutual sell whole life?
What riders can be added to your policy?
Penn Mutual Life Insurance Review
How to contact customer service?

Penn Mutual Life Insurance Company

The Penn Mutual Life Insurance Company is a Fortune 1000 company officially founded in 1847 in Philadelphia, Pennsylvania.

Penn Mutual is a mutual company, which means that it is owned by its policyholders, not shareholders.

Penn Mutual has subsidiaries which include Penn Insurance and Annuity Company, Penn Mutual Life Insurance Company, Longevity Insurance Company, and Vantis Life Insurance Company.

They rely on a vast network of independent agents throughout the United States to sell policies to individuals and their businesses.

Penn Mutual Financial ratings

Considering the financial strength ratings from independent agencies like A.M Best, Duff & Phelp’s, Fitch Ratings, Standard & Poor’s, and Comdex is vital.

These rating agencies perform extensive analysis to determine each insurer’s financial strength and claims-paying ability.

A rating is not a guarantee of financial strength, but it can be considered a reliable indicator of how a company will perform in the future.

The company’s current A+ rating from AM Best continued its 95 consecutive years of being rated A or better by the insurance ratings agency.

Penn Mutual Ratings

Rating Agency	Grade
AM Best	A +
Duff & Phelps	AA-
Fitch	AA-
S & P Global	A+
Comdex	93

Penn Mutual Term life insurance

Penn Mutual term life insurance plans were created to meet different financial planning objectives.

When you buy a term life insurance policy, the insurer determines the premium based on your elected term duration and death benefit.

Penn Mutual has two term life policies, the Convertible and Non-convertible, with term lengths of 10, 15, 20, or 30 years.

Guaranteed Convertible Term: Penn Mutual’s convertible term is more expensive because you can convert to permanent coverage. The convertible term product usually does not compete with the top insurance companies on price.
Protection Non-Convertible Term: This policy is cheaper, with term lengths between 10 and 30 years available without the ability to convert to permanent coverage.
One-Year Term: This annually renewable term policy renews at a higher rate each year but allows conversion to coverage.

Both Penn Mutuals term portfolios have age limits, which is the oldest age you can buy each term insurance duration from the company

10-year: You can select a 10-year term length until age 70.
15 and 20 years: You can buy 15 and 20-year terms until age 65.
30-year: You can purchase a 30-year term length until age 55.

Penn Mutual life INSURANCE conversion

You can convert your Penn Mutual term life insurance into permanent coverage regardless of health.

With a term life insurance conversion, you will automatically qualify for the same rate class you were initially approved for with no additional underwriting.

You can exchange both Convertible and One-year term insurance for permanent coverage, while this option is not available with non-convertible life.

Conversion privileges exist until the end of your term as long as before the policy anniversary following your 70th birthday.

You can use our insurance calculator to instantly compare Penn Mutual’s term life insurance quotes to other highly rated companies within your home’s privacy.

Penn Mutual Term Life Insurance

Penn Mutual Universal life insurance

Universal life insurance is a flexible, permanent life insurance policy that provides lifelong coverage with the potential for cash value accumulation and tax-deferred savings.

Several types of universal life insurance policies are available to you. These include guaranteed universal, indexed universal, and variable universal life insurance.

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Guaranteed Universal life

If you need affordable lifetime coverage, always buy guaranteed universal life because very little money is allocated toward building savings inside your policy.

According to Forbes Advisor, Penn Mutual’s universal life offers frugal buyers competitive internal policy costs to help maximize the death benefit for the premiums paid.

Guaranteed Protection UL: This plan is not meant for cash accumulation but is purchased for lifetime death benefits with no-lapse guarantees lasting until age 121.
Protection UL: A current assumption universal life product, PUL provides affordable lifetime protection with death benefits starting at $50,000. Its cash value typically credits a higher interest rate and is cheaper because the no-lapse guarantee ends at age 100.

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Indexed Universal life

Indexed universal life insurance invests your cash value into fixed or assorted indexes, such as the Dow Jones, S&P 500, and the NASDAQ.

The cash value inside an IUL policy increases due to index performance and your gains are generally capped at a certain percentage.

Indexed universal life also offers downside protection guarantees that prevent you from losing money if the market index change is negative.

Accumulation Builder Flex: Penn Mutual’s IUL product is linked to the Standard & Poor’s 500 indexes. It has several indexed accounts, including a high-capped, uncapped, and fixed account.
Survivorship Plus Select: This survivorship policy covers two spouses and pays a death benefit after both have died. This survivorship policy is connected to the S&P 500 or the S&P Global Broad Market Index, with several indexed accounts available. It comes with a limited 20-year no-lapse guarantee which can be extended.

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Variable Universal Life

Penn Mutual sells variable universal life that invests your cash values in a series of sub-accounts where you can get growth or lose money depending on the market.

These sub-accounts act like mutual funds, meaning your cash values can fluctuate based on the performance of the bond and stock market.

Variable universal life is most suitable for younger risk-tolerant consumers with more time to grow their cash value accounts.

Diversified Advantage: This product combines components of VUL with income accumulation potential through variable accounts and IUL, which links cash value gains to indexed accounts not directly invested in the market.
Protection VUL: This standard VUL product offers cash accumulation and guaranteed lifetime protection with a no-lapse guarantee rider.

IUL and VUL policies combine flexibility and protection with a long-term savings vehicle which can be appealing in today’s uncertain economic climate.

If you buy Penn Mutual’s coverage, ensure it has a no-lapse guarantee rider, which prevents your policy from lapsing regardless of your cash value performance.

Penn Mutual Whole Life Insurance

Whole life insurance guarantees to remain in place for your entire life, builds cash values and pays dividends over time.

Somebody interested in investment-style policies should always purchase a more expensive participating policy from a mutual insurance company.

Penn Mutual’s whole life insurance products are participating, which means you will earn dividends and a guaranteed interest rate on your cash values.

The Penn Mutual Life Insurance Company was voted Investopedia’s best whole life insurance company for dividends in 2023. This honor is well deserved because of its consistent history of paying annual dividends at over 6.00%.

Penn Mutual’s Board of Trustees has given the green light for a projected $200 million dividend payout in 2024, the largest ever in the company’s history.

This signifies an impressive streak of 175 years of consecutive dividend payments to eligible policyholders.

Penn Mutual offers whole-life policies for individuals and couples, making it easy to find the right coverage.

Guaranteed Whole Life II: This policy can be purchased until age 85, with death benefits starting at $50,000 of coverage. It is purchased for lifetime protection and is popular for investing because of its superior dividend performance.
Survivorship Whole Life: This second-to-die policy covers two partners and pays a death benefit after both have passed away. Wealthy couples use it to pay estate taxes or transfer wealth to children.

Penn Mutual Insurance Riders

Life insurance riders are add-ons to a life insurance policy that can provide extra coverage for an additional cost.

Penn Mutual offers an amazing array of riders that can be added to its universal life portfolio that are beyond the scope of this Penn Mutual Review.

However, here is a breakdown of some popular Penn Mutual riders that can be added to some term plans and most permanent policies.

Waiver of Premium: If you become disabled and unable to pay your premiums, this rider ensures your policy remains in force until you can resume making payments.
Child Rider: An optional rider that provides a small death benefit for one or more children in the family.
Guaranteed Increase Option: This rider allows active policyholders under the age of 40 the ability to increase coverage without taking a medical exam
Accelerated Death Benefit: If you are diagnosed with a terminal illness, this rider will pay the death benefit before your death if you face a qualifying terminal illness.
Chronic Illness: The chronic illness benefit permits policyholders who are diagnosed with chronic illnesses to access part of their death benefit while still living.
Accidental Death Benefit Rider: This rider adds an extra death benefit if you die in an accident.

Penn Mutual Life Insurance Review

Penn Mutual Life offers coverage options to suit various financial needs, investment goals, and budgets.

Before choosing an insurance company, you must determine the type of life insurance you need, such as term, universal, or whole life insurance.

Penn’s nonconvertible police term rates are very competitively priced, and you can purchase substantial death benefits at almost any age.

Time-crunched healthy buyers between the ages of 20 and 65 can also secure up to a $7,500,000 death benefit without doing a medical exam.

However, Guaranteed Convertible Term lacks conversion privileges and is more expensive than other no-exam companies like Pacific Life and Lincoln Financial.

If you need pure lifetime protection, we highly recommend buying one of Penn Mutual’s guaranteed universal life policies.

Penn Mutual’s more expensive contractually guaranteed IUL or VUL policies are better suited for investment-oriented buyers seeking more cash value accumulation.

Penn Mutual’s whole life has an excellent dividend history and offers a more conservative approach to long-term savings than either IUL or VUL.

Wealthy couples can buy either survivorship whole-life or indexed universal life to pay estate taxes or transfer wealth to kids.

Penn Mutual LIFE INSURANCE UNDERWRITING

Penn Mutual reviews your age, gender, smoking, overall health, and family history to establish the cost of your policy.

You must be in good health to qualify for Penn’s no-exam application process, but many applicants must undergo a medical exam.

It is good to know that Penn Mutual’s underwriting is usually fair for most people treated for minor medical conditions.

For example, you can qualify for their best rates with high cholesterol and hypertension, even when your condition is controlled with medication.

Penn Mutual tends to be expensive life insurance for cigarette smokers but offers non-smoker rates for occasional cigar, pipe, and chewing tobacco use.

People with controlled sleep apnea and favorable CPAP test results can also get excellent rates with Penn.

These are just a few underwriting strengths at Penn Mutual, and your rates can vary depending on your unique medical history.

We proudly represent Penn Mutual and can help you determine whether the no-exam or traditional full-exam process is appropriate for your circumstances.

Independent agents sell most policies, so getting a Penn Mutual life insurance quote online can be challenging.

However, using our calculator, you can compare Penn Mutual’s life insurance rates with other insurers to guarantee you get the most desirable policy.

Penn Mutual Life Insurance Quotes

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Penn Mutual Customer Service

If you’re like most of us, dealing with an insurance company can be a frustrating and time-consuming experience.

Thankfully, Penn Mutual is known for providing an excellent service experience, consistently ranking among the best in the insurance industry.

According to the National Association of Insurance Commissioners, Penn Mutual is in the top 15% of all insurance carriers in terms of low numbers of complaints.

J.D. Power also gives Penn Mutual a rating of “Better than Most” regarding its customer interaction with policyholders.

Penn Mutual’s website allows policyholders to update beneficiary information, initiate claims, and pay bills online at websupport@pennmutual.com.

Customer service is available during business hours. If you have questions about your policy or coverage options, please call 800-523-0650.