Penn Mutual, also known as The Penn Mutual Life Insurance Company, was founded in Philadelphia, Pennsylvania in 1847.
With more than 170 years of experience, Penn Mutual has become one of the top life insurance providers in the country.
Here are three statistics that prove how well established the company is:
- More than 1,600 employees
- Revenue of $3.2 billion in 2018
- Net income of $33.4 million in 2018
As if these numbers aren’t impressive enough, consider the following excerpt from the company’s website:
“Total Revenue, which includes our insurance, asset management, and broker-deal businesses was $3.2 billion for 2018, an increase of $380.3 million compared to 2017.
The most important thing here is the increase of more than $380 million from 2017 to 2018, as it shows how much the company is growing.
They offer all of the following insurance and financial products:
- Whole Life
- Term
- Universal Life
- Disability Insurance
- Long Term Care
- Annuities
While Penn Mutual isn’t the largest or most well-known life insurance company, it’s a solid provider with a long reputation for reliability and financial stability.
The Good
Strong Financial Rating
You never want to buy an indexed universal life insurance policy from a company on shaky financial footing. This is a big risk, as there’s no way of knowing if the company will have the money to pay your death benefit when the time comes.
Penn Mutual gives you peace of mind in this department, thanks to its strong financial ratings. Here is a list of its current ratings:
- A+ (Superior) A.M. Best
- A+ (Strong) S&P
- A+ (Stable) Fitch Ratings
- A+ Better Business Bureau
- Aa3 (Excellent) Moody’s Investors Service
- AA- (Strong) Kroll Bond Rating Agency
These ratings are every bit as strong as they sound. For example:
“Penn Mutual’s A+ Superior rating, which was reaffirmed in March 2018, ranks the second highest out of 16 rankings.”
It doesn’t get much better than that.
Choices on Top of Choices
It’s a struggle to purchase the right indexed universal life insurance policy when you only have one or two options. Penn Mutual helps protect against this by providing consumers with several choices:
- Accumulation Builder Select Indexed Universal Life: This type of policy is indexed to either the S&P Global Broad Market Index or S&P 500 Index. With a fixed annual interest rate guaranteed to never drop below one percent, you don’t have to worry about negative returns in the stock market.
- Protection Guard Universal Life: The primary goal of this policy is to provide a guaranteed death benefit at a lower monthly premium.
- Survivorship Plus Indexed Universal Life: This is designed to cover the life of two people, with the death benefit paid out after the death of the surviving individual. In addition to the ability to insure two people, it also provides cash value growth.
- Diversified Growth Variable Universal Life: Some of the primary features include lifetime protection, flexible coverage options, and the potential to accumulate a larger cash value.
With four different universal life policies, you can rest assured of buying the one that’s perfect for you, your family, your finances, and of course, your future.
Great Performance
Penn Mutual IUL is one of the strongest performing IUL’s in the market. It has great cash value growth, death benefit growth, and income generation.
You really can’t go wrong with their IUL products.
The Not So Good
Tight Underwriting Guidelines
When you apply for indexed universal life insurance, you hope to receive immediate approval upon completion of the process.
Unfortunately, things don’t always work out this way – especially with Penn Mutual.
With tight underwriting guidelines, Penn Mutual doesn’t make it easy to obtain coverage.
If you’re young and healthy, you won’t run into any issues. However, if you’re buying later in life and/or have a preexisting condition, one of two things is likely to happen:
- Your insurance premium will be much higher than expected
- You will receive a denial letter
Tight underwriting guidelines are no reason to avoid this company, but it’s something to keep in mind during the application process.
Complicated Pricing
While Penn Mutual is known for providing competitive pricing, it’s not always easy to understand. This is a direct result of four different types of indexed universal life insurance, all of which share some of the same features.
The best way to avoid complications is to receive a quote for each type of policy. This will give you a clear idea of which one best suits your budget, all while giving you the coverage and features you’re most interested in.
Final Word
Penn Mutual has long been a leader in the life insurance industry, so you can’t go wrong with this company.
Its indexed universal life insurance products are full of benefits, its financial ratings are strong, and there are several policy types to choose from.
This should be all you need to hear!
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