Penn Mutual Review - Products, Ratings, and Customer Service

About Penn Mutual

Penn Mutual is a life insurance company that was established in 1847 by John W. Hornor. It provides insurance for individuals, families, small businesses, and financial professionals. Their goal is to provide flexibility and benefits of a reliable growing asset at every stage of a person’s life, as well as for generations to come.

As it is mentioned in the name, Penn Mutual is a mutual company. This means they cater to the policyholder’s needs, not to the shareholders of Wall Street. Therefore, policyholders are partly responsible for Penn Mutual’s success, and is the reason why the company is so adamant about creating long-lasting and positive relationships with their clients.

AM Best Grade: A+ (Superior) 5 stars

Address: 600 Dresher Road, Horsham, PA 19044

Phone: 1 (215) 956-8000

Website: www.pennmutual.com

Also Known As: The Penn Mutual Life Insurance Company

Insurance Products

So what does Penn Mutual offer? Here are the types of products you can get at Penn Mutual:

• Term Life Insurance
• Permanent Life Insurance
  • Whole Life Insurance
  • Universal Life Insurance
  • Variable Universal Life Insurance
  • Indexed Universal Life Insurance
• Annuities

Term Life Insurance

Term life insurance is generally the most common approach people take when purchasing life insurance because it tends to be more affordable. Penn Mutual offers a term life insurance product named Guaranteed Term 10-15-20, meaning that you can choose to receive coverage for 10, 15 or 20 years with a guaranteed death benefit.

The premiums for this type of policy are level, meaning they will stay the same throughout the duration of your term. They also offer the option of converting your policy to permanent coverage, as long as you so by age 70 (or 60 in New York).

With their conversion rider, Penn Mutual won’t ask you to retake your medical exam. Your permanent life insurance policy's rates will be based on your original risk class, regardless of your current health or lifestyle. 

Permanent Life Insurance

Next up - permanent life insurance. As you may have noticed, there are different variations of permanent life insurance coverage. Penn Mutual's permanent products offer lifetime protection and accumulate a small cash value overtime.

1. Whole Life

Penn Mutual has two different whole life policies: Guaranteed Choice and Survivorship Choice. Guaranteed Choice is designed to insure one person, while Survivorship Choice is designed to insure two (typically a couple).

Guaranteed Choice provides:

• Guaranteed death benefit protection over your whole lifetime
• Guaranteed cash value accumulation that is always accessible
• Guaranteed level premiums

• Guaranteed death benefit protection until age 121 of the youngest insured
• Guaranteed level premiums
• Guaranteed cash value accumulation that is always accessible
• A variety of optional and built-in benefits to customize your policy based off your specific needs

Riders Include:

• Accelerated Death Benefit
• Disability Waiver of Premium
• Chronic Illness
• Guaranteed Purchase Option
• Children’s Term Insurance

2. Universal Life

Penn Mutual has 4 different universal life products: Accumulation Builder Select Indexed Universal Life, Protection Guard Universal Life, Guaranteed Protection Universal Life, and Diversified Growth Variable Universal Life Insurance. Here’s what each of them entails:

Accumulation Builder Select Indexed Universal Life* provides:

• Guaranteed death benefit protection
• Flexibility with premium payments (when you pay and how much you pay each time)
• Cash value access if needed
• Built-in enhancements to aid maximization of cash value accumulation potential

• Death benefit protection at a competitive cost
• Added security during the time you’re insured (aka your lifetime)
• Solutions to secure your legacy

• Guaranteed death benefit protection
• Flexibility with premium payments

• Insurance protection
• Tax-deferred cash value accumulation potential
• Variety of cash value accumulation options
• Ability to customize policy based on your needs
• Flexibility to adjust your policy as needed

3. Annuities

Annuities are essentially investments that accumulate over the years, and then are paid out over a series of time to the investor. They are often used to provide a steady cash flow after one has retired.

Penn Mutual offers three different types of annuities: Immediate, Fixed, and Variable. Here’s what you can expect from each:

• Immediate Annuities

This type of annuity is purchased with a single payment, and then immediately provides a stream of income (hence the term immediate). The income stream is determined by the initial payment amount, how long you choose to continue the payout, and how many lives are being covered in your policy.

• Fixed Annuities

Fixed annuities are a simple, low-risk retirement planning option that aids in protecting your principal, while also allowing your investment to grow with time. Your retirement savings are credited with an interest rate guaranteed to never dip below a stated rate; these savings can receive credited interest until you choose to receive your stream of payments.

• Variable Annuities

Last, but not least, we have variable annuities. They offer a variety of investment options that allow you to customize your investments based on your unique needs and risk tolerance. They also provide protection options against inflation and market unpredictability.

Variable annuities are a long-term financial retirement option with the greatest growth potential, but also at the greatest risk to market fluctuations and the potential to lose value.

Underwriting Niches

You know how we just said different factors come into play when getting a rate for your policy? That’s where underwriting niches come in. Basically, each company has certain categories that they are more lenient in (ergo, a niche). Let’s take a look at what Penn Mutual’s are:

Nicotine Use

To qualify for “preferred best” (Penn Mutual’s highest rate class), you must have been nicotine/tobacco-free for at least 5 years. However, to qualify for the “preferred” rate class, you only have to have been nicotine and tobacco-free for 2 years.

Blood Pressure

Up until age 60, Penn Mutual only requires a maximum blood pressure level of 145/90 to qualify for their “preferred” rate class, and that’s with or without treatment. If you’re over 60, they allow a maximum blood pressure reading of 150/90. Some companies ding you for taking medication, so that’s definitely a plus for Penn Mutual.

Cholesterol

Up until age 60, Penn Mutual requires a cholesterol level of 220 or less and a cholesterol/HDL ratio of 4.5 or less to be eligible for their “preferred best” rate class. After 60, you can have a maximum cholesterol level of 230 and 5.0 cholesterol reading (with or without treatment).

Their “preferred” rate class is a bit more lenient, requiring a cholesterol level of 260 or less, and a cholesterol/HDL ratio less than or equal to 6.0.

Customer Service & Ratings

A great perk to Penn Mutual is their online accessibility. On their website they have a “Client Service Center,” which you are able to login to your account through. You then can review your account status and edit any settings as necessary, look at past statements, etc. They also have a Beneficiary Account on their website that resembles a checking account (with interest).

On your online account, you can also choose automatic billing through your credit/debit card, or to make your payments through the mail. Any other questions you may have regarding your account you can search their FAQ for, or give them a call and speak with a representative.

When it comes to ratings, Penn Mutual ranks very highly. There are five major independent rating agencies, so if a company ranks well with them, chances are it’s a stable, well-run company. So without further ado...

Penn Mutual’s Financial Stability Ratings:

• A.M. Best: A+ (Superior)
• Fitch: N/A
• Standard & Poor’s: A+ (Strong)
• Moody’s: Aa3 (High Quality)
• Comdex: 93/100
• Kroll Bond Rating: AA (Very High Quality)

What Do We Think of Penn Mutual?

Penn Mutual gets an A+ from us. It seems as they really go out of their way to make sure the customer is their priority, rather than trying to just make a profit. To summarize, here are the key points of why we believe Penn Mutual is a great company:

• More than a 170-year history of greatness
• Term, universal, whole, and survivorship life insurance options
• Multiple underwriting leniencies
• Additional policy benefits
• Great customer support
• Strong financial ratings

Questions? We Can Help!

JRC Insurance Group is an owner-operated life insurance agency that works directly with highly-rated life insurance companies including Penn Mutual Life Insurance. This company could be the ideal fit for you - but it is always best to shop around and compare rates to make sure that you are matched with the best possible company.

If you’d like to get an accurate quote based on your age and health, or to determine if Penn Mutual is your best choice for coverage, give us a call today toll-free at: 855-247-9555. Our services are free, and our agency can quickly compare your options and rates by asking you a few questions about your health and lifestyle.

You can also request a free instant quote online below to instantly compare rates from more than 50 highly-rated life insurance companies in less than a minute.