Penn Mutual Life Insurance: Pros and Cons
I started Insurance Blog by Chris™ because I have a passion for insurance. Here at the blog, our job is to educate and inform people about the best insurance for them.
Since then, we have grown into national brands with a large team of researchers helping people understand all forms of insurance.
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Written by
Chris Huntley
Founder of Huntley Wealth & Insurance Services
Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states.
After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu…
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Reviewed by
Rachael Brennan
Licensed Insurance Agent
UPDATED: Feb 15, 2022
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Here’s the Scoop
Penn Mutual Life Insurance has been in business for over 150 years.
Penn Mutual has multiple types of life insurance policies available.
Penn Mutual offers guaranteed acceptance whole life policies.
Many people want to provide some kind of support for their loved ones after they die, but no two people are the same, and Penn Mutual is well aware of that fact. This insurance company provides all different types of life insurance policies, so you can use one that fits your needs perfectly. When searching for life insurance, Penn Mutual may have just the policies you need to accomplish your financial goals while remaining within your budgetary constraints.
Now, you do not want to be in the dark when it comes to making a decision about life insurance. Keep reading this Penn Mutual Life Insurance review to learn more about what this company has to offer, its financial strength, and how much a life insurance policy can cost.
While you read this Penn Mutual Life Insurance review, enter your ZIP code to compare free insurance quotes from companies near you so you can find the best policy to help you protect your loved ones.
What is Penn Mutual Life Insurance?
The Penn Mutual Life Insurance Company has been in business for more than 150 years, but it has done well at keeping up with the times. If you own a life insurance policy through Penn Mutual, you can view your policy online and update your contact information or even your beneficiary. This accessibility is incredibly beneficial to modern consumers as it can be difficult at times to set up an appointment with your local insurance representative face to face.
With Penn Mutual’s dedication to client convenience, you can make necessary adjustments when you need to — no matter if you are in a taxi or lying in bed. You can even file a claim online or pay for your insurance through the company website as well.
This company is based in Horsham, Pa, and is very active in the community. Not only is it a major sponsor of collegiate rugby, but it also has provided over 400 scholarships to military veterans and their spouses through the American College Penn Mutual Center for Veterans Affairs.
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Is Penn Mutual a highly rated company?
If you want to work with a financially strong company, the Penn Mutual financial ratings certainly attest to the company’s stability.
A.M. Best awarded Penn Mutual with an A+ rating, and in addition to that, the Penn Mutual whole life dividend rate appears to be quite strong too, as the company paid out $100 million in dividends in 2020. Of course, if you are curious about the quality of Penn Mutual customer service, it may be in your best interest to read a Penn Mutual Life Insurance Company review or two before you purchase a policy with this company.
What kind of life insurance policies does Penn Mutual offer?
Penn Mutual offers a variety of life insurance policies which include:
Universal life
Term life
Whole life
Each of these policies have features that will be attractive to different consumers. Let’s examine each one in detail so you can understand how these policies and see if they can work for you.
Universal Life
When it comes to choosing a universal life policy, you won’t have to worry about being faced with too few options. Penn Mutual actually has six universal life insurance policies for you to choose from. One of these is an indexed universal life policy.
This type of policy builds cash value, but the growth of that cash value is determined by the performance of an index like the S&P 500. If you like being in control of your financial future, you may prefer to buy a variable universal life insurance from Penn Mutual. With this type of policy, you get to choose the investments into which your cash value is funneled.
Term Life
If you are looking to provide some protection for your young children, you may be interested in purchasing a term life insurance policy from Penn Mutual. A term life insurance policy only lasts for a certain number of years, and Penn Mutual offers term policies that run for 10, 15, 20 or 30 years. Your coverage options start at $250,000, but you will need to take a medical exam.
Now, if you are afraid of needles or simply do not want to bother with the rigmarole of setting up an exam, you can also look into the Guaranteed Convertible Term policy. Not only does the purchase of these policy excuse you from partaking in a medical exam, but at a certain point in the policy’s life you will be able to convert it to a permanent policy.
You can always conduct a search for “Penn Mutual Life Insurance Company review term life” to find out how well these policies have served the individuals who have bought them.
Whole Life
Whole life insurance is a great financial tool that provide benefits to you while you are alive. Whole life policies build cash value that you can withdraw and use however you would like.
If such a policy is intriguing to you, you may want to consider purchasing a Guaranteed Whole Life II policy from Penn Mutual. Individuals as old as 85 can apply for this policy, and the coverage amount that you can purchase starts at $50,000.
Penn Mutual also has the Survivorship Whole Life policy available as well. If you would like to apply for that policy you must be between the ages of 20-85 years of age, and your coverage options begin at $200,000.
How much do Penn Mutual Life Insurance policies cost?
Your rate for life insurance is determined by a number of factors. When you begin shopping for life insurance, you must be prepared to share some intimate details about yourself like your occupation, your age, gender, your medical history, and, depending on the company, your hobbies.
While you will need to get a Penn Mutual Life Insurance quote to find out exactly what your rate will be, in the meantime, you can use this data table which displays the average rates for different genders and ages to help you plan your budget as you search for insurance:
10-Year Term Life Insurance Rates by Age
Age and genderGood healthAverage health
20, female$14$18
20, male$17$22
30, female$14$19
30, male$17$22
40, female$20$27
40, male$22$32
50, female$42$54
50, male$51$68
60, female$92$113
60, male$123$167
70, female$230$298
70, male$380$495
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Now, you must bear in mind that these rates are only for a 10-year term policy. The rates for whole life insurance policies and even longer-term plans may look very different depending upon the insurance companies that issue you quotes.
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Which Penn Mutual Life Insurance product is the best?
Your specific coverage needs will reveal which Penn Mutual Life Insurance policy is best for you. As you shop for insurance policies, make sure to collect quotes from at least five different companies so you can compare how much coverage you can get at the lowest rate. You should also see what kind of add-ons, also known as riders, can be attached to a policy.
It is important to note that most insurance companies will offer riders at an extra price. In essence, the best insurance policy for you will fit within your budget and still provide you with the coverage you need.
What You Need to Know About Penn Mutual Life Insurance
Penn Mutual Life Insurance is a strong and reliable insurance company that has been in business for well over 100 years. Not only that, but it also has a wide range of insurance products available that can help even individuals who are on a tight budget get good coverage.
Penn Mutual is also a very conscientious company. If you are looking for an insurance company that gives back to the community and military, Penn Mutual could be a good fit for you.
Now that you have finished this Penn Mutual Life Insurance review, you can feel confident to start searching for the best life insurance company for you Enter your ZIP code to receive free insurance quotes today.
