Our Penn Mutual Life Insurance reviews will provide you an overview of their company. We’ll cover their financial strength, products, pros, cons, and offer you some recommendations. After this review, you’ll have a good idea if Penn Mutual will be a good fit or another carrier may offer a better deal. One of the key take aways is that Life Insurance Blog is a broker that has access to dozens of the best term, GUL and whole life insurance companies in the marketplace.
Penn Mutual Life Insurance
Review Summary
Penn Mutual Life Insurance Co. is owned by its policyholders instead of shareholders. In other words, the customers who purchase Penn Mutual whole life insurance are able to share in annual dividend payouts when Penn Mutual performs well.
Penn Mutual Life Insurance Reviews
Penn Mutual is an excellent company that is highly rated and has an excellent track record. There is little doubt that the Penn Mutual life insurance company is one of the best carriers in the industry, but they may not be the best fit for your specific situation.
About Penn Mutual
Penn Mutual, or the Penn Mutual Life Insurance Co, was founded in 1847. They are one of the oldest mutual life insurance companies in the marketplace. Penn Mutual provides annuity and life insurance products to families, individuals and small businesses, which includes business life insurance.
Some key points to know about Penn Mutual:
- Mutual Life Insurance Company
- Strongest with Whole Life Insurance
To summarize, a Mutual Company is not committed to its shareholders, but instead is focused on its policyholders. The policyholders receive annual dividends if they are available.
Penn Mutual Rates
Unfortunately, Penn Mutual does not provide online rates like many other life insurance companies. You will have to contact a Penn Mutual agent directly to receive their rates.
>>Tip: Make sure to always compare rates from multiple life insurance companies before you buy. We suggest comparing instant quotes here before getting rates from Penn Mutual. You’ll then be able to make a wiser decision with all of your quotes in front of you.
Find out if we can bean Penn Mutual's Price!
Will Penn Mutual get you the best rate or some other insurer like Transamerica, American National or Costco get you the best deal? If you want to make sure you’re getting the best life insurance policy available, here’s what you need to do…
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Penn Mutual Life Insurance Products
Penn Mutual provides shoppers with two types of life insurance: Permanent Life and Term Life. With permanent life insurance you’re looking to get lifetime coverage. Term life provides temporary coverage.
Term Life Insurance
With a term life policy you can select a term length of 10, 15 or 20 years. You also have the option to convert some or all of your coverage to a permanent Penn Mutual policy. Your premium will stay the same (level) for the entire term, but will be more expensive if you change to permanent coverage.
Permanent Life Insurance
Universal life
There are several types of universal life insurance policies that are available to you. These include Guaranteed Universal Life, Indexed Universal Life, and Variable Universal Life.
Guaranteed Universal Life
With Guaranteed Universal Life, you’re getting the most affordable lifetime coverage. Also known as “Lifetime Term”, it provides the affordability of term but with lifetime protection.
Whole life
With whole life insurance, your cash value will grow at a rate that is guaranteed. Remember that Penn Mutual is a mutual life insurance company. You Penn Mutual whole life policy has the ability to gather more cash annually in the years when they pay out their dividends.
Penn Mutual’s Guaranteed Choice Whole Life provides excellent guarantees for shoppers looking for permanent coverage. These include:
- 4% Guaranteed Interest (Minimum)
- Death Benefit that’s guaranteed
- Cash Value Accumulation guarantees
- Level Premium that is guaranteed
>>More: Term vs Whole Life Insurance
Penn Mutual Financial Strength
Financial Strength Ratings
- AM Best: A+
- Moody's: Aa3
- Standard & Poor's: A+
- BBB: A+
How to choose? When comparing Penn Mutual Ins Company with the competition you’ll want to be careful. When 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 to bankruptcy.
Customer Service and Complaints
Wondering how the Penn Mutual life Insurance Company customer service stacks up against the competition? Well the Better Business Bureau shows several Penn Mutual entries on the BBB website. However it is hard to ascertain if the listings are official or not as none of them are officially authorized. It is good to know that there are only a few complaints from the available entries.
When comparing Penn Mutual to other life insurance companies of similar size, they had less than the average number of complaints.
The Penn Mutual Life Insurance Company
penn mutual life insurance company address
600 Dresher Road
Horsham, Pennsylvania 19044
penn mutual life insurance phone number
215-956-8000
Company Name(s)
Penn Mutual
Janney Montgomery Scott
Hornor, Townsend & Kent, Inc.
Penn Mutual Asset Management
Penn Mutual Life Insurance Co
Penn Mutual Final Thoughts
Overall, Penn Mutual is a good life insurance company that provides shoppers an acceptable amount of coverage types. Their financial ratings are fair so you should feel good about Penn Mutual’s future. Their customer complaints are few, but the cost of coverage will probably be more expensive compared to the competition.
Finding the best company and policy depends on many factors and variables. Penn Mutual may be the best company for your neighbor but not for you. Do you want a policy that requires a medical exam or buy from no exam life insurance companies? Your age, health, lifestyle, and many other factors will also determine which company will give you the best deal.
If you need any help finding the best policy and company for your unique situation, we’re here to help. Thank you for reading our article, Penn Mutual Life Insurance Reviews. If you’d like to learn more about life insurance and how to save on your policy, be sure to check our articles here.
