Penn Mutual Guaranteed Universal Life Insurance 2023 Review

Compare the best companies offering guaranteed universal life insurance in 2023 in our in-depth breakdown.

Quick Summary: A strong company with a rich history. Pricing is hard to obtain and higher than other GUL carriers. Does not offer a Standard Plus health rating which will increase premiums for some people. The choices for riders are solid but Penn Mutual does not have a return of premium option like several competitors.

About the Company - Penn Mutual

Penn Mutual guaranteed universal life insurance review

The Penn Mutual Life Insurance Company company was founded in 1847, giving them close to 175 years of experience offering life insurance coverage.

Only a few carriers achieve the high marks that Penn Mutual receives for financial strength. This includes an "A+" from A.M Best and an Aa3-Excellent from Moody's Investor Service. These grades show confidence that Penn Mutual will be around for another 175+ years and be able to satisfy death claims.

With a primary focus on life insurance and annuity products, Penn has close to $150 Billion of life insurance policies in force for their clients. As reflected in their "A+" grade with the Better Business Bureau, Penn Mutual earns high marks for customer satisfaction and service.

What is Guaranteed Universal Life Insurance? (expand to learn more)

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About the Penn Mutual Guaranteed Universal Life Insurance Policy

Product Name

Guaranteed Protection Universal Life

Death Benefit

$100,000 to No Maximum


0 to 85

Coverage Length

To age 121

Penn Mutual Underwriting Secrets

The Penn Mutual Life Insurance Company is known to be fair but leaning slightly towards the strict side when it comes to underwriting. This is important to note as a drop down of just one health class rating can mean 20-25% higher premium payments.

Like most carriers, they do have their strengths and niches. Depending on your specific health history, they may be a good fit for certain people. Penn Mutual does not offer a Standard Plus risk class.


The secret to finding the cheapest life insurance rates is applying at the company that will view you most favorably.  Just going with the one that shows the lowest rates can be a BAD idea and end up costing you more money.

Penn Mutual underwriting is competitive and forgiving for the following situations:

  • High blood pressure controlled by medications 
  • Recently quit smoking
  • Controlled sleep apnea with supporting CPAP test results  

Penn Mutual may NOT be a good choice for:

  • Family history of cancer or heart disease
  • Recent significant loss of weight

Cost - Sample Rates

Penn Mutual does not allow us to display their quotes online. Generally speaking, they are less expensive than top competing carriers who sell GUL products. You can compare and view guaranteed universal life insurance quotes available for your state and age bracket by using our customer quote engine. Any questions, just ask. 

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Company has a long history and strong financial standing

Higher guaranteed interest rate may result in some cash value that can be used for loans


Does not offer a Standard Plus risk class

Do not easily share their quotes online, have to talk to a salesperson

Extras, Options, and Flexibility

Penn Mutual includes several riders in the standard policy and then offers a few more, at a cost, that can enhance the policy to meet your needs.

Automatically Included at No Extra Cost

Accelerated Death Benefit Rider - Allows access to a portion of the death benefit if the insured is diagnosed by a licensed physician to have a terminal illness that results in less than 12-month life expectancy.

Chronic Illness Accelerated Benefit Rider - If the insured becomes chronically ill and unable to perform 2 of the 6 activities of daily living, the policy owner may access some of the death benefit early, to help with care.

Additional Options - At a Cost

Customize your guaranteed universal policy by adding any of these riders:

Accidental Death Benefit Rider - An additional death benefit will be paid in the event of death resulting from an accident. The maximum is $250,000 or twice the policy face value, whichever is less.

Additional Insured Term Rider - Extend term life insurance to a family member without the need to get another policy. Minimum is $50,000 in coverage the maximum is equal to base coverage on the main policy.

Children's Term Insurance Rider - Option to extend coverage to all eligible household children age 15 days to 17 years. Maximum amount per child is $25,000 and this may be converted to a permanent at age 23.

Disability Completion Benefit Rider - Will waive monthly policy charges and provide a credit toward policy cash value if a disability occurs. There is a 4 month waiting period.

Guaranteed Increase Option Rider - Allows you to increase your life insurance coverage amount at certain dates without having to go through new medical underwriting. New coverage is guaranteed regardless of deteriorating health. Each increase can be between $25,000 and $250,000.

How To Make Sure You Choose the Right Universal Life Insurance Policy

The best advice I can give is to always work with an independent agent. If you call a company direct, they'll only push their products on you, and you save nothing. Rates are fixed by your state laws.

Life insurance is the ONLY thing we do. We know the ins and out of 60+ companies and can find you the lowest rates. Every. Single. Time.

To get started, fill out a quote request and we'll be in touch soon to help.

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  • Ty Stewart

    Ty Stewart is a founder and contributor of He started researching and studying about life insurance when he got his first policy for his own family. He has been featured as a life insurance expert speaker at agent conventions and in top publications. As an independent licensed life insurance agent he has helped clients nationwide to secure affordable coverage while making the process simple. Stewart Ty
  • Bennett Bier

    I’m Bennett Bier, owner, author and fact checker of Simple Life Insure. I believe working with a small independent broker offers consumers more personal attention and superior customer service. As an independent agent licensed in all 50 states and the District of Columbia I have access to many of the top A+ rated life insurance carriers. This lets me locate a plan that you will qualify for while saving you money at the same time. Over the years I have mastered the art of underwriting, getting approvals even for my highest risk clients. I’m also likely the person that will answer the phone when you call. Bier Bennett