Penn Mutual is one of the most respected carriers and can be considered one of the best life insurance companies available today. However, are they the right company for you as every company has their strengths and weaknesses? We hope to answer that question today with our Penn Mutual Guaranteed Universal Life Insurance Reviews article. After reading this article, we hop you will be able to make an informed decision. Penn Mutual’s GUL product is called the Guaranteed Protection Universal Life and it’s the main GUL product that we’ll be reviewing today.
Penn Mutual Guaranteed Universal Life Insurance Reviews
Just know that this article is just one of many of our GUL reviews. We have a huge series of reviews for the top companies that sell guaranteed universal life insurance. To learn more about GUL products (also known as Term to 100 or Lifetime Term) please read our introduction to guaranteed universal life insurance.
What company is the best?
Penn Mutual Life Insurance Company
Penn Mutual has an excellent record with working with their clients and providing shoppers some of the lowest life insurance rates. Looking at testimonials, Penn Mutual has a reputation for being flexible and providing excellent service.
About Penn Mutual
Penn Mutual has been in the life insurance business for more than a century. They were founded in 1847 and provide insurance products for business, professionals, individuals and families. Penn Mutual is a mutual company. When life insurance companies are “Mutual companies”, they are not owned by the shareholders but by the company’s policyholders. These policyholders share in Penn Mutual’s profits through dividends.
Penn Mutual GUL Products
Penn Mutual offers life insurance shoppers lifetime coverage with their guaranteed universal life insurance product called: Guaranteed Protection Universal Life
Guaranteed Universal Life (GUL) is a type of universal life insurance- but doesn’t have the market risks of UL.
Your premiums remain the same with GUL just like term life. With a GUL, you get coverage with a “no-lapse” guarantee. This means that if you pay your insurance premiums, you’ll always be covered. GUL is not made for cash value and it resembles and functions similarly to term life insurance. Term life insurance only covers you for a set number of years. GUL covers you to a specific age such as: Age 90, 95, 100, 110, or 121.
Penn Mutual Guaranteed Protection Universal Life
Penn Mutual Financial Strength
How to choose? If you’re comparing companies & looking to choose from two carriers, one rated A+ and one rated A++, either one is likely to be there when you need it. However, if you’re picking carriers that are rated B+ and A+, financial strength could factor in your buying decision. Try to avoid companies that 1 or more financial agencies rate as potentially vulnerable.
Penn Mutual does not provide online rates like many other life insurance companies. Unfortunately, you will have to contact a Penn Mutual agent directly to receive there rates. A complete list of their offices can be found here.
Use our online instant calculator to compare rates from dozens of the top companies.
Steps to get an accurate quote
Health Class Ratings
Life insurance classifications are important because they affect your premium. The better your health class rating, the lower your premium will be with. All companies (including Penn Mutual) classify you differently.
These are the health classes that are offered with Penn Mutual:
- Lifetime coverage: Penn Mutual’s GUL provides and affordable option for lifetime protection.
- Flexibility: Penn Mutual’s GUL premiums provide you the option of payment flexibility.
- Benefits: You get an accelerated death benefit rider included at no extra cost.
- One of Many: Penn Mutual is just one of many life insurance companies in the market. They don’t offer every option and they aren’t always priced the best. Depending on your health and age- another carrier may give you a better deal.
Not all life insurance companies will look at you the same. Penn Mutual and every other company has their own underwriting guidelines. Here are Penn Mutual’s underwriting strengths and weaknesses:
Life insurance underwriting is the process of a company looking at the level of risk you present to the insurer. Once they can determine your risk level- they can decide the cost of the premium for you. This is similar to how a car insurance company will ask you if you have had any previous moving violations, accidents, DUI or license suspensions before providing you your final rate.
Learn more: Underwriting
These conditions typically get a better rating compared to the competition:
Life Insurance Riders
Let’s look at what life insurance riders are available with the Penn Mutual guaranteed universal life insurance policy.
Life insurance riders are some additional benefits that can be added to a life insurance policy. Some riders are included for free and some are an additional cost. These riders provide you the ability to increase or limit the insurance coverage of your policy. Not all companies offer every rider.
Learn more: Life Insurance Riders
How to buy the best Guaranteed Universal Life policy?
We cannot stress enough the importance of using an independent life insurance agent to help you choose the right GUL product at the most affordable price possible.
Independent life insurance agents have access to multiple companies. We know which life insurers offer the best rates when it comes to buying guaranteed universal life insurance.
We hope this article gives you a good overview of guaranteed universal life insurance. GUL policies are a great solution for many shoppers that can provide protection for your loved ones.
About Life Insurance Blog
Life Insurance Blog is an impartial life insurance broker who represents dozens of life insurance companies. We help our customers pick the best life insurance carrier and options that’s right for them. We do not push any companies because we have access to all the top life insurance companies. We don’t try to put shoppers into a plan that is not suitable for their goals and needs. Our number one concern is our clients and future policyholders.
We offer you free life insurance consultations and work with you to understand your goals and then help you with an appropriate recommendation. So, what are you waiting for? Contact us today or visit our Life Insurance Quotes page and see how we can help you!