penn mutual

Penn Mutual Life Insurance Company Review

Penn Mutual has been helping people since 1847.

Is Penn Mutual a Good Life Insurance Company?

With more than $173 billion of life insurance in force and $3+ billion in annual revenue, this company has a lot to offer.

Financial Strength

  • AM Best – “A+”
  • Moody’s – “Aa3”
  • S&P – “A+”

Ratings as of AMBest – 03/2021, Moody’s – 04/2021, S&P – 11/2020 – Ratings are subject to change


How Easy is it to Get a Policy with Penn Mutual?

It’s pretty easy to get a policy with Penn Mutual’s accelerated underwriting program.

Called ACE, it offers up to $7.5 million of coverage through accelerated underwriting!

This is one of the best life insurance companies for accelerated underwriting if you need a lot of coverage.

Criteria include:

  • Ages 20-65
  • Maximum Face Amount – $7,500,000
  • Standard rate class risk or better
  • Not available for replacements
  • No medical exam, labs, medical records or tele-interviews
  • Not available for whole life or survivorship policies
  • New York is not available

With the ACE process, you submit the application electronically and the policy will also be e-delivered.


Are Penn Mutual Policies Competitive?

Yes and No. For term life insurance, two options are available.

The non-convertible term policy is often priced in the top 5-6 companies…

But most others in the top 5 offer a conversion privilege.

Convertible term life insurance from Penn is available but more likely in the top 10+/-.

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

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

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.

Universal life insurance policies

  • Universal life insurance policies:
    • Accumulation Builder Flex IUL
    • Guaranteed Protection UL
    • Survivorship Plus Select IUL
    • Protection UL

Whole Life Insurance

  • Whole life insurance:
    • Guaranteed Whole Life
    • Survivorship Choice Whole Life

Does Penn Mutual Offer Good Customer Service?

You may reach customer service at 800-523-0650

You will find Penn Mutual policy login info – here

Penn Mutual’s headquarters is located at:

600 Dresher Road – Horsham, Pennsylvania 19044

Conclusion

Penn Mutual has a lot to offer and is worth considering when you buy life insurance.

Please submit your quote request today and we’ll provide you with comparisons from all companies we offer. Thank you.


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Michael Horbal - Author

Michael J. Horbal

Owner of RiskQuoter

Too many people overpay for life insurance because they end up with the wrong life insurance company, agent, or both. That’s why I started RiskQuoter – To help you get the best life insurance rates available.

As an independent insurance agent, I’m licensed in all 50 states and the District of Columbia and offer 40+ life insurance companies to ensure you get your best rate!

By Michael Horbal – updated on – 10/02/2022

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