Penn Mutual Life Insurance Company Review

Looking for life insurance that offers up to $7.5 million in no-exam coverage? Penn Mutual might be the right fit.

We review Penn Mutual’s life insurance underwriting and its life insurance policies in this article.

Founded in 1847, Penn Mutual is one of the oldest mutual life insurance companies in the U.S. As a mutual company, it’s owned by policyholders instead of shareholders. That structure appeals to buyers seeking long-term value through dividends, personalized service, and strong financial performance.

Penn Mutual currently has over $173 billion of life insurance in force and more than $3 billion in annual revenue.

Penn Mutual holds top-tier financial ratings, which reflect its strong claims-paying ability and long-term stability:

• AM Best: “A+”
• Moody’s: “Aa3”
• S&P: “A+”
• Fitch: AA-

These ratings confirm Penn Mutual is well-positioned to meet its long-term obligations.

Penn Mutual offers a full suite of life insurance policies: term life, whole life, universal life, and survivorship policies. Below is a detailed breakdown of each category.

Penn Mutual offers two term policies: one that allows conversion to permanent insurance, and one that does not.

Protection Non-Convertible Term

• Minimum Face Amount – $250,000
• Issue Ages:
  • 10-Year Term – 20-70
  • 15-Year Term – 20-65
  • 20-Year Term – 20-65
  • 30-Year Term – 20-55 (age 50 for tobacco)
• Rate Classes include:
  • Preferred Plus Non-Tobacco
  • Preferred Non-Tobacco
  • Select Non-Tobacco
  • Standard Non-Tobacco
  • Preferred Tobacco
  • Standard Tobacco
• Policy Riders*
  • Accidental Death
  • Children’s Term Insurance Rider
  • Disability Waiver of Premium

Minnesota Life is another company that offers both convertible and non-convertible term life.

Guaranteed Convertible Term

• Minimum Face Amount – $250,000 ($100,000 after partial conversion)
• Issue Ages:
  • 10-Year Term – 20-69
  • 15-Year Term – 20-65
  • 20-Year Term – 20-65
  • 30-Year Term – 20-55 (age 50 for tobacco)
• Rate Classes include:
  • Preferred Plus Non-Tobacco
  • Preferred Non-Tobacco
  • Select Non-Tobacco
  • Standard Non-Tobacco
  • Preferred Tobacco
  • Standard Tobacco
• Policy Riders*
  • Accidental Death
  • Children’s Term Insurance Rider
  • Disability Waiver of Premium
  • Disability Waiver of Premium with Automatic Conversion

* Riders are not available to all insureds and may vary by state, age, underwriting, etc.

When you request quotes from us, we’ll provide comparisons with Banner Life, SBLI, Mutual of Omaha, and others that are competitive.

Several whole life insurance policies are available:

• Accumulation Whole Life
  • Guaranteed death benefit to age 121
  • Flexible premium schedules (5-pay, 10-pay, or to age 100)
  • Strong cash value growth potential
  • Eligible for dividends (paid annually since 1847)
  • Key Riders:
    • Enhanced Permanent Paid-Up Additions Rider
    • Flexible Protection Rider
    • Accelerated Paid-Up Additions Rider

Best suited for long-term accumulation and clients seeking cash value access for retirement, business, or education needs.

Other companies that offer whole life policies include MassMutual, New York Life, Guardian, and Northwestern Mutual.

• Protection Whole Life II
  • Level premiums to age 100
  • Guaranteed death benefit and cash value
  • Dividend eligibility
  • Rider options:
    • Children’s Term
    • Accidental Death
    • Waiver of Premium
    • Guaranteed Purchase Option

This product is ideal for conservative buyers looking for strong guarantees and lifetime coverage.

• Survivorship Whole Life
  • Covers two lives; pays at second death
  • More affordable than two individual policies
  • Used for estate planning and legacy needs
  • Flexible pay options (10-pay or to age 100)
  • Cash value growth and dividend potential

A smart choice for couples planning long-term legacy or trust funding strategies

You have several universal life insurance choices.

• Guaranteed Protection Universal Life (GPUL)
  • Lifetime guaranteed death benefit to age 121
  • Low cash value, but flexible payment options
  • Premium flexibility and optional riders for added protection

Ideal for clients wanting affordable lifelong protection without a focus on cash accumulation.

Other GUL policies are available from Protective Life, Pacific Life, John Hancock, and Prudential.

• Accumulation Indexed Universal Life (IUL)
  • Tax-free death benefit
  • Cash value tied to S&P 500 index performance with downside protection
  • Positive crediting is guaranteed every year
  • Rider options:
    • Chronic illness
    • Child term
    • Additional coverage and accumulation riders

A good fit for growth-oriented clients seeking flexible, permanent coverage.

Index universal life policies are also available from Corebridge Financial, Nationwide, Lincoln Financial, and North American.

Penn Mutual’s Accelerated Client Experience (ACE) underwriting program is one of the strongest in the industry.

• Coverage up to $7.5 million
• Ages 20–65
• No exam, lab work, APS, or tele-interview required
• Standard or better risk class required
• Not available in NY or for replacements
• Electronic application and e-delivery

If you qualify, approvals can happen in as little as 24–72 hours.

You can reach Penn Mutual several ways.

• Phone: 800-523-0650
• Online: here
• Address: 600 Dresher Road – Horsham, PA 19044

Penn Mutual offers a well-rounded lineup of competitive life insurance products backed by strong financials and an efficient underwriting process. It’s especially appealing to applicants who:

• Want up to $7.5 million in no-exam coverage
• Value long-term guarantees and dividend potential
• Need flexibility in whole life or indexed UL policies

Just make sure you choose the correct product version (e.g., convertible term vs. non-convertible), and compare pricing before committing.

Ready to get started? Request a quote today, and we’ll show you how Penn Mutual stacks up against other top-rated life insurers.