Penn Mutual Life Insurance Review & Complaints: Life Insurance

Penn Mutual Life Insurance offers life insurance and annuity products to families and individuals. It also offers products for small businesses including business life insurance. Their term policies are offered in blocks of 10, 15, or 20 years.

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Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Sep 9, 2020

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Penn Mutual Life Insurance

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Claims
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Financial Strength



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Penn Mutual Life Insurance Company, or Penn Mutual, is one of the oldest mutual life insurers in the country (founded in 1847). Its current headquarters resides in a glass tower at 510 Walnut Street in Horsham, an award-winning design built in the early 1970s. It’s a recognizable part of the Horsham skyline.

The company offers life insurance and annuity products to individuals and families. Additionally, it offers some products for small businesses, including business life insurance. It’s the parent company to several subsidiaries, including Janney Montgomery Scott, a brokerage company.

As of 2006, Penn Mutual was the first life insurer offering a rider that tied policy values to inflation, allowing people with permanent life insurance to enjoy guaranteed growth to keep up with the cost of living.

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Insurance Products

Life Insurance

Penn Mutual sells term and permanent life insurance products at the individual level.

Term policies are offered in blocks of 10, 15 or 20 years. These are available for customers up to 70 years of age in most cases, depending on the applicant’s health. The policy has a fixed value, which is decided at the time of purchase and will be distributed as a death benefit as long as the policy is in effect when the insured passes away. If the insured lives past the term of the policy, it can be converted into permanent life insurance.

Permanent life insurance is, as its name suggests, a more permanent solution. Instead of being confined to a term, this coverage lasts indefinitely as long as premiums are paid. Policies gain in cash value, with a portion of each premium being invested. This can be borrowed against or otherwise accessed during the insured’s life. Aside from providing benefits to help with end-of-life costs, permanent life insurance policies can also be used as a tax-deferred investment and vehicle for passing money forward to future generations.

Permanent life policies are divided into whole, universal, variable universal and survivorship plans:

  • Penn Mutual Whole Life insurance has guaranteed premiums, which remain the same throughout the life of the policy.
  • Universal Life has flexible premiums and allows you to utilize the policy’s cash value to cover a missed payment as necessary.
  • Variable Universal Life changes in premium throughout your lifespan, allowing you to customize payments to fit your needs.
  • Joint or Survivorship plans cover two individuals with a single policy rather than requiring both to obtain separate insurance.

Considering life insurance? Read our write up about why term life is better than whole life.

Additional Products

Aside from life insurance, Penn Mutual also sells some financial products and protection for small businesses, including annuities (fixed, immediate, and variable). One unique offering from Penn Mutual is business life insurance.

Penn Mutual also offers several financial planning tools for retirement. These are marketed both to individuals and small business owners. The primary investment vehicle for retirement is an annuity, which a customer would pay into throughout his life in exchange for a set, regular income in retirement.

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Penn Mutual Rates

Penn Mutual does not offer online quotes for term life insurance, so we were unable to do a rate comparison vs. their competitors. In order to find a local authorized agent, visit this page and input your state.

Claims

Claims information for Penn Mutual can be found on its website under the “Client Services” tab. From there, click “Initiate A Death Claim” to reach the online form. You will need the policy number for the insured as well as your contact information and explanation of your relationship to the insured.

Once the initial claim has been filed, a representative will be in contact with you to finish the process. You may be asked to forward additional paperwork, like a death certificate, before the claim can be paid.

Consumer Research and Complaints

The BBB website lists several entries for Penn Mutual, but none are accredited nor match the address of the corporate headquarters, making it difficult to guess which is the official listing. Of the listings available, most have few complaints.

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Financial Strength

Rating Company Grade Financial Outlook
AM Best A+ Superior
Fitch N/A N/A
S&P A+ Stable

Bottom Line

Penn Mutual seems to be a straightforward life insurance company that offers a wide range of coverage options. Penn Mutual ratings show financial strength, their claims process is fairly simple, and they have very few customer complaints that we were able to find. They may not be the least expensive life insurer out there, but they are a decent choice and worth consideration if looking for new coverage.

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Are you looking for free insurance quotes?

Your one-stop online insurance guide. Get free quotes now!

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