Penn Mutual Life Insurance review

PENN MUTUAL LIFE INSURANCE COMPANY REVIEW 2020

By James Tobin, CFP®

 

Critical Takeaways

  • A.M. Best Rating :  A+
  • Term and Whole Life Offered
  • Highly Rated Permanent Products  
  • Term Pricing Inconvenient to Compare
Penn Mutual Life Insurance review

Life Insurance Help Desk Rating

Penn Mutual Life Insurance Specifics

Policy Options

Term, Universal Life, Whole Life

Term Lengths

10,15,20

Riders

Available

Ratings

A+ - A.M. Best

States

NY Unavailable

Pricing

Pricing

 Competitive

Customer Service

Issue Age

20-70

Min. Coverage

$250K

No Exam Option

Yes

PENN MUTUAL LIFE INSURANCE COMPANY REVIEW 2020
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Penn Mutual Life Insurance Specifics

Policy Options

Term, Universal Life, Whole Life

Term Lengths

10,15,20

Riders

Available

Ratings

A+ - A.M. Best

States

NY Unavailable

Pricing

Pricing

 Competitive

Customer Service

Issue Age

20-70

Min. Coverage

$250K

No Exam Option

Yes

Expert Review Of Penn Mutual Life Insurance Company

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Reviewed by

Jim Tobin, CFP®

Why you can trust this review

At Life Insurance Help Desk, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers referred to on this site do not approve reviews. 

Penn Mutual Life Insurance Company History

Penn Mutual Life Insurance was launched in 1848 and has gone on to be a successful insurance firm, collecting over $1,200,000,000 annually in insurance premiums in the US alone. It accounts for around 1% of the total market share in the insurance industry.

Although the insurance carrier offers term life insurance products, the company’s primary cash cow is the whole life insurance sector, where it offers numerous policies. It has been able to achieve similar success in other product lines such as annuity insurance products as well.

Penn Mutual is aware of the fact that their convertible term life insurance offerings convince customers into purchasing whole life insurance policies. Their term life policies have been accordingly priced with this little fact in mind.

Penn Mutual Life Insurance Company Ratings

 Penn Mutual Life Insurance received strong ratings for financial stability. This indicates that the company is in strong position to meet it's obligations going forward.  

A.M. Best Company:  Penn Mutual Life Insurance rating given by A.M. Best was an A+ (Superior).

Moody's Ratings:  Penn Mutual Life Insurance rating given by Moody's was an Aa3 (Excellent).

S&P RatingsPenn Mutual Life Insurance rating given by Moody's was an Aa3 (Strong).

Comdex Score- 93/100

Penn Mutual Life Term Insurance

The company provides numerous traditional term life insurance policies to its customers. The term of these policies ranges between 10 – 30 years, with features similar to the offerings of other ​best life insurance firms.

Term insurance policies offered by Penn Mutual come with conversion privileges, allowing customers to convert their policies into a permanent product offered by Penn Mutual. However, these conversion privileges may differ, depending on the policy type.

Although most insurance companies offer policy conversions, Penn Mutual stands out from the rest since it allows customers to convert their policies into an industry-leading insurance product.

Other Penn Mutual Life Insurance Products

Apart from its term life insurance products, Penn Mutual also provides Universal Life insurance and Whole Life insurance products – the latter happens to be its flagship policy.

Penn Mutual is famous for having a consistent history of dividend payouts and its flexible Paid-Up Addition (PUA) riders. The whole life insurance product offered by Penn Mutual is widely considered to be among the best products available in the market.

Penn Mutual also offers annuity-based insurance products.

Penn Mutual Life Insurance Term Rates and Quotes

The company markets its products in three different ways – independent brokers, direct selling, and Penn Mutual agents.

Since most independent agents are not affiliated with Penn Mutual Life Insurance at the moment, you will have to use the official Penn Mutual Life Insurance website and contact their agents for an insurance quote.

You can book an appointment with their representative to receive accurate quotes since the website does not yet offer insurance quotes.

Once you’ve obtained the quote, you may compare it against the quotes issued by other insurance carriers by utilizing this convenient tool available on our site here.  

Are Penn Mutual Life Insurance Rates Competitive?

It’s a tricky question.

I know that’s not the answer you folks were looking for, but it’s the truth.

Since Penn Mutual hasn’t yet made its quote pricing mechanism public, it is difficult to compare its products and rates against the quotes issues by other companies effectively.

But based on experience, we can say this – companies that don’t have transparent pricing mechanisms for their insurance policies tend to have premiums that are on the higher side (The same goes for Penn Mutual as well).

Companies like Lincoln, Protective, and Banner Life offer the most cost-efficient insurance premiums in the market. Impaired risk insurance companies like Prudential come a close second.

Cases where Penn Mutual Life Insurance is not a great choice

Although Penn Mutual Life Insurance does offer highly competitive insurance policies that lead the market under certain circumstances, it’s a widely-known fact that different insurance companies have different risk appetites for certain health conditions.

Under than lens, Penn Mutual Life Insurance is highly unlikely to be the most competitive insurance company in the market.

If you suffer from a pre-existing health condition, your best bet is to find an independent insurance agent who can help you get your insurance policy approved at the best possible rates.

However, if you’re already using Penn Mutual’s services for other important financial instruments, such as annuities, it may be better to have everything under a single umbrella. 

Penn Mutual Life Insurance Life Insurance Suicide Exclusions

All life insurance policies sold in the US have a 2-year suicide clause, though some states do have a 1-year exclusion period. 

Penn Mutual Insurance Customer Service

The National Association of Insurance Commissioners reports a complaint index of .12 for Penn Mutual. This is well below the national average of 1 percent

Additionally, while Penn Mutual Life Insurance is not rated by JD Power & Assoc., it has a BBB rating of A+.

Penn Mutual Life Insurance Contact Info:

Address:600 Dresher Road
Horsham, PA 19044

Phone:(215) 956-8000

Web:https://www.pennmutual.com

The Penn Mutual Life Insurance Review Final Verdict

Is Penn Mutual  Life Insurance Company right for you?It really all depends on your situation.

 If you have notable health impairment(s), you will likely be better suited by shopping around on the open market where it is convenient to make apples to apple comparisons. 

Moreover, having the use of an independent expert who can send your application to a carrier that is likely to view you in the best possible light has value that Penn Mutual  can't offer.

However, if you happy with other services being being provided by Penn Mutual  and in good health, it may be convenient to keep things "in house".  

Thank you for choosing the Life Insurance Help Desk to shop for life insurance.

Bonus: The most common mistakes people make buying life insurance and how to avoid them

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