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Penn Mutual Life Insurance Overview

Overview

Penn Mutual is a long-standing life insurance provider and has been growing in popularity since founded in 1847. As the name implies, Penn Mutual is a mutual company, which means it is owned not by shareholders, but by participating policyholders. As a policyholder, you would share in the company’s profits through annual dividends. In 2020, Penn Mutual has approved a total dividend payout of $100 million shared among its policyholders.

Trivia fact: Their first death claim was paid out in October 1848 on the life of American politician William B. Cooper.

Penn Mutual has been among the highest-rated companies in the life insurance industry, thanks to its financial strength. The company boasts an A+ (Superior) rating from A.M. Best and an A+ (Strong) from Standard & Poor’s.

Penn Mutual does not provide quotes online. Potential policyholders must obtain coverage through the company’s national network of financial advisors.


PolicyScout Review

Pros:

  • Simple application process

  • Flexible policy options to choose from, ensuring you get the policy that best suits your needs.

  • Long history, strong reputation, and financial strength

  • Higher guaranteed interest rate may result in cash value that you may be able to use for loans

Cons:

  • Pricing is more expensive than some competitors

  • Cannot get quotes online; must speak with a salesperson

  • Does not offer a standard-risk plus class, like most competitors

  • Website is not as modern/easy to navigate as it could be

Overall, Penn Mutual is a long-standing life insurance company that provides people with a good selection of coverage types. Their financial ratings are strong, so you can feel confident about their ability to pay out benefits. Customer complaints are much fewer than some competitors, but their premiums are a bit higher when compared to the competition.