Penn Mutual Guaranteed Universal Life Reviews

Penn Mutual Guaranteed Universal Life Reviews

Penn Mutual is one of the most respected carriers and can be considered one of the top 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?

Are you just looking for the top Guaranteed Universal Life insurance companies? We reviewed all of the top rated GUL companies in one big review.

Penn Mutual Life Insurance Company

Cost
Products
Financial Strength
Review Summary

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.

76.33
Excellent!
penn mutual whole life insurance

Penn Mutual Overview

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.

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 GUL Products

Penn Mutual offers life insurance shoppers lifetime coverage with their guaranteed universal life insurance product called: Guaranteed Protection Universal Life

Overview: Penn Mutual Guaranteed Protection Universal Life

Issue Ages

Ages 0 - 85

Minimum Benefit Amount

$100,000

Coverage Lengths

Age 121

Maximum Benefit Amount

Over $10,000,000

Penn Mutual Financial Strength

Financial Strength Ratings

  • AM Best: A+
  • Moody's: Aa3
  • Standard & Poor's: A+
  • Fitch: A+

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.

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:

  • Preferred Best
  • Preferred
  • Standard
  • Non Tobacco & Tobacco

Sample Rates

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.

Make sure to use an independent life insurance agent that can shop from all the top life insurance companies. They will be able to provide you unbiased recommendations based on your specific health, age, and needs.

Life insurance rates depend on many factors. The life insurance company you choose is a major factor because each company rates you differently. Someone with diabetes may qualify for different rates depending on each company they apply with.

Learn more about life insurance shopping.

Advantages

  • Benefits of 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.

Disadvantages

  • Weaknesses of Penn Mutual
  • 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.

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

Underwriting Information

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:

Strengths

These conditions typically get a better rating compared to the competition:

  • Tobacco: To qualify for the cheapest rate class (preferred best), you will have to be tobacco free for the past 5 years. To get Penn Mutual's next best rate class (Preferred), you only have to be tobacco free for two years.
  • Blood Pressure: Penn Mutual only requires a blood pressure max level of 145/90 up to age 60 to get their Preferred rates. That means that with or without treatment you can still get a Preferred rate. For shoppers over age 60, Penn Mutual will allow a maximum blood pressure to be 150/90.
  • Cholesterol: For Preferred Plus rates, shoppers up to age 60 need to have a cholesterol level of 220 or below and a cholesterol/HDL ratio of 4.5 or less. For shoppers over age 60, with or with out treatment can have a maximum cholesterol level of 230 and 5.0 cholesterol reading. Penn Mutual's Preferred rates are even more lenient as they only require you to have a cholesterol level of 260 or lower, and a cholesterol/HDL ratio lower than or equal to 6.0.

Weaknesses

  • At this time, Penn Mutual has not shown any glaring weaknesses with their underwriting.

Life Insurance Riders

Let’s look at what life insurance riders are available with the Penn Mutual guaranteed universal life insurance policy.

  • Chronic Illness Rider
  • Accidental Death Rider
  • Disability Benefit Rider
  • Children's Term Rider
  • Accelerated Death Benefit
  • Additional Insured Term Rider
  • Guaranteed Increase Option Rider

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!

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Michael Quinn

Michael Quinn

Michael Quinn is the owner of Life Insurance Blog. Please email or call us at 888-411-1329. We're here to answer your questions & help you get the best policy available.