Penn Mutual Life Insurance Review
It’s our mission to help you choose the best life insurance company.
So we’re happy to provide this review of Penn Mutual Life Insurance Company, also known as Penn Mutual.
This review is based on their life insurance products, financial stability, and the company overview.
Want to know what we like about Penn Mutual?
Let’s jump right in.
Financial Strength of Penn Mutual
When choosing a life insurance company, its financial strength is one of the most important factors to consider. Most important is their ability to pay out on all future death claims. Penn Mutual meets this criterion but don’t just take our word for it.
Penn Mutual has enjoyed steady growth since its founding in 1847. Their first death claim was paid on October 20, 1848, on the life of William B. Cooper, in the amount of $4,963.33. Compared to today’s cost of living, that doesn’t seem like much. However, by 2016 they paid out $629.3 million in claims.
According to their 2016 financial report, the company had $128 billion of life insurance policies in force. Their operating income was $214.4 million, which was a 2% increase over 2015. Their total revenue was $1,901.7 million, which was a $247.4 million increase over 2015.
Penn Mutual Insurance Ratings
Penn Mutual is in the top 10% of all life insurance company ratings. Independent insurance rating agencies have rated them highly for their financial strength and ability to pay out on future claims. Their 2019 insurance ratings were:
- A.M. Best: A+ Superior
- Moody’s Investor Service: Aa3 Excellent
- Standard and Poor’s: A+ Strong
- Comdex Insurance Financial Profile: 92
- Better Business Bureau A+
Penn Mutual Life Insurance Policies
Another major consideration in this review was the wide range of life insurance policies they sell. Penn Mutual offers everything from term insurance to permanent life products that build cash value including universal policies. Their lineup includes:
- Term life
- Permanent life
- Whole life
- Universal life
- Indexed life (Builder Select Indexed Universal Life or Accumulation Builder Select Indexed Universal)
- Variable universal life (Diversified Growth Variable Universal life
- Joint or survivorshipiIndexed universal life
The company is committed to providing insurance products that meet individual needs so they also offer a wide variety of annuities and riders.
Their customer base includes individuals, families, and small businesses.
About Penn Mutual
Just like you, we like to do business with companies we know and trust. So, let’s get to know them a little better.
Their mission is simple: helping people live life with confidence.
Their company core values are:
- Acting with integrity
- Respecting one another
- Focusing on relationships
- Sustaining their legacy
- A shared sense of belonging
In addition to life insurance, they also offer:
- Business consulting
- Succession planning
- Estate planning
- Key employee benefits
- Annuities
- Retirement planning
- Tax Planning
- Access to tax forms
When you visit their Client Services, their commitment to customer service is apparent. They make it easy to navigate their site, pay bills, file claims, and reach a real person.
Penn Mutual Company Structure
Penn Mutual is a privately owned mutual company, which means they are owned by their policyholders. Each year, their customers receive income in the form of dividends. These distributions are based on the amount each customer contributes to the company and how profitable the company was in the prior year.
In 2017, they paid out $58 million to their policyholders, a whopping increase of 21% from 2016. An amazing achievement when you consider the recent economic unrest. Their customers are truly invested in a great company while providing death benefit protection for their beneficiaries.
Their insurance rates have also remained stable compared to many stock insurance companies whose rates have skyrocketed. This is because stock companies make the most of their value for their shareholders rather than for the long-term benefit of policyholders.
Charitable Giving
They are also very involved in charitable giving. Their causes include:
- The American College Penn Mutual Center, which hit a $1 million milestone in total scholarships paid to military veterans.
- The American Heart Association’s Go Red Campaign, which has helped save the lives of 670,000 women.
- Created the Worth for Women website to help women take control of their financial future.
- Supports the United Way with 40% match donations and employee volunteerism.
- Created Rugby Is Life, which encourages courage, loyalty, sportsmanship, discipline and teamwork to college students.
Is There A Better Company Than Penn Mutual?
Now that we’ve covered everything we like about Penn Mutual, is there anything we don’t like?
Is there a better life insurance provider to choose?
There is really nothing not to like about Penn Mutual but that doesn’t mean they’re the right company for everyone. There are many factors to consider when purchasing life insurance including:
- Current health status
- Family situation
- Business needs
- Age
- Best life insurance rates available
- Financial goals
When shopping for insurance, it’s very important to understand how different companies view each individual’s personal situation.
For instance, since there is more than one great company out there, shopping around will help ensure you get the best life insurance, at affordable rates, from a company you can trust.
What is the bottom line?
Penn Mutual is a great company and highly recommended. But with all the options out there and the individual needs of each person, other life insurance companies should NOT be overlooked.
Every day, we work with many top-rated companies and understand their constantly changing underwriting guidelines. We can help you find the right fit and answer any questions you may have so please contact us or form on the site to compare quotes.
We’re glad to help.
