Penn Mutual Life Insurance Company Review 2020

by Jim Tobin, CFP

Company Highlights

  • 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

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Penn Mutual Life Insurance  is a member of the Penn Mutual financial services family.

This review will address company history, financial ratings, and the positives and negatives of Penn Mutual Life Insurance Company.

Additionally it will address some specific  situations where it may make more sense to go outside the Penn Mutual Life Insurance family of products. 

The goal is to make sure that you get the policy that provides you the most value.

Penn Mutual Life Insurance Company History

Founded in 1848  Penn Mutual Life Insurance has grown to be part of a multi- Billion dollar enterprise. Penn Mutual Life Insurance itself, accounts for approximately $1,200,000,000 a year in US premiums or well less than 1 % of the overall market.  

While the carrier offers term life insurance (the focus of this site), Penn Mutual  primary focus in the life insurance market has been whole life insurance. 

The success in the cash value life insurance world has evolved into annuity sales as well.

That said, Penn Mutual understands that convertible term insurance is inventory for whole life conversions and prices term accordingly.

 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.  

  1. A.M. Best Company:  Penn Mutual Life Insurance rating given by A.M. Best was an A+ (Superior).
  2. Moody’s Ratings:  Penn Mutual Life Insurance rating given by Moody’s was an Aa3 (Excellent).
  3. S&P RatingsPenn Mutual Life Insurance rating given by Moody’s was an Aa3 (Strong).
  4. Comdex Score– 93/100

Penn Mutual Life Term Insurance 

Penn Mutual Life Insurance offers traditional term life insurance. The policies offered are 10,15,20, and 30 year terms like many of the best life insurance companies.   

Penn Mutual Life Insurance term policies have conversion privileges to all Penn Mutual Life Insurance permanent products. Note that conversion privileges are policy specific.

While most carriers offer conversions, Penn Mutual is a little special in that the conversion is to a market leading product. 

Other Penn Mutual Life Insurance Products

In addition to it’s term life insurance product, Penn Mutual Life Insurance also offers  Universal life insurance and it’s flagship whole life insurance

Penn Mutual is known for flexible paid up addition (PUA) riders and strong dividend history. In fact Penn Mutual’s whole life product is often compared favorably to the best know whole life carriers in the marketplace.  

Additionally, Penn Mutual is a participant in the annuity marketplace.

Penn Mutual Life Insurance Term Rates and Quotes

Penn Mutual Life Insurance  markets it’s products directly and though Penn Mutual agents and through some Independent brokers.  

Because Penn Mutual Life Insurance is not carried by most independents at this time , you will need to go to the the Penn Mutual Life Insurance site and contact an agent to get a quote.

You may need to set up an appointment through a representative as there is no obvious quote path online.

Once you obtain a quote ,you can  compare with the major carriers quotes that are available by using the convenient quote tool on this site.   

Are Penn Mutual Life Insurance rates competitive?

Hard to tell.

Probably not the answer you were looking for, I know. It is however, the truth. 

Because Penn Mutual Life Insurance does not make it easy for the public to access rate information, it is difficult to make apples to apples comparisons.  

However, it has been our experience that companies (even good ones like Penn Mutual), that are not conveniently transparent with pricing , are seldom the price leaders. 

Price busters, like Banner Life, Protective and Lincoln are likely to be  less expensive. Whereas impaired risk carriers like Prudential may be  slightly more.

Cases where Penn Mutual Life Insurance is not a great choice

While Penn Mutual Life Insurance may be competitive with major carriers for certain circumstances,  the fact remains that different carriers have differing appetites for specific health risks. 

Is Penn Mutual Life Insurance competitive on all of them? Not likely. 

If you have a specific condition, you are best off speaking with an independent agent to find out which carrier will give you the best chance to get approved at a great rate.  

That being said, if you are using Penn Mutual Life Insurance for other financial services, like annuities,  it may make sense to keep everything in house.   

Penn Mutual Life Insurance Life Insurance Suicide Exclusions

The 2 year suicide clause that is part of all life insurance policies in the United States, is the same. (Note that some states use a 1 year exclusion)  

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 RoadHorsham, PA 19044

Phone:(215) 956-8000


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.

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James Tobin, CFP

Jim Tobin is the owner of Life Insurance Help Desk, a Fairfield County, CT. life insurance agency. You can find him on LinkedIn and Facebook. Over the past 10 years, Jim has used his CFP-financial planning designation to help individuals with their life insurance needs. In addition to working with life insurance clients, Jim teaches ESL classes in his spare time. He resides with his beautiful wife Nicole and the 3 cats that rule their lives..