UPDATED: Nov 30, 2018
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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.
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:
- Whole Life 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.
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.
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 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.
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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Penn Mutual seems to be a straightforward life insurance company that offers a wide range of coverage options. They have reasonable financial strength ratings, 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.
For a list of companies that we recommend, visit our Best Insurance Companies page.