Finding a life Insurance company to buy coverage from is a piece of cake, it’s finding the BEST life insurance company to buy coverage from where things start to get trickier. Life insurance is not a “one size fits all” kind of thing because everyone is different. If you stumbled across this article it is probably because you are wondering if Penn Mutual Life Insurance Company is the best life insurance company for you and look no further because in this honest review of Penn Mutual we will be sharing their history and products to help you determine whether or not they are your best life insurance company. In order to know whether or not this company is your best life insurance company is if they reflect your specific needs, health, and your lifestyle. The following are some key points from this article;

1. Penn Mutual Life Insurance Company opened their doors in 1847 and their first death claim was paid on October 20, 1848.
2. Their total revenue was $1,901.7 million last year which was an increase of $247.4 million compared to 2015.
3. Penn Mutual Life sells term life, whole life, universal life, variable universal life, and index universal life insurance products.
4. According to A.M Best, Penn Mutual have been rated an “A+” or superior. Moody’s rated them an “Aa3” or excellent and Standard & Poor’s rated them an “A+” or strong.

Penn Mutual Life Insurance Company’s History

Penn Mutual Life Insurance Company opened their doors in 1847 and their first death claim was paid on October 20, 1848. A year later the company declared their first dividend in the form of a scrip certificate. the founder of Penn Mutual was John W. Hornor and he passed away in 1873. In 1888, Penn Mutual issued their first annuities and in 1909, Penn Mutual’s assets passed their $100 million mark. They reached their $1 billion mark in 1920 for life insurance in force and in 1932 Penn Mutual issued their first retirement income policy.

The company’s assets passed the billion dollar mark in 1943 and more than a million of Penn Mutual’s policies and master group contracts were in force in 1968. A year later the company formed Penn Mutual Equity Services to act as a broker/dealer for Penn Mutual registered products. In 1970 their new individual life insurance business exceeded a billion dollars of death benefits. In 1980, the company created the Penn Insurance and Annuity Company, a wholly owned stock insurance subsidiary, was incorporated. Penn Mutual was the first major East Coast mutual life insurance company to offer universal life insurance in 1982. In 1986, the Customer Service Department was the first to move to a new home in Horsham, Pa. In 1987, a single premium variable life insurance product was introduced and the company’s life insurance in force reached $30 billion in 1992. In 1996, Penn Mutual surpassed their $1 billion mark in variable life and annuity assets and a year later they had their 150th anniversary and established a trust at The American College in celebration of the event. In 2003, Penn Mutual was voted the 8th best place to work in Pennsylvania and a year later their success got them to be featured in Philadelphia Business Journal article. In 2007, Penn celebrated their 160th anniversary on March 1 and introduced their online Client Service Center.

Penn Mutual Life Insurance Company Gives Back

Just like every other big box life insurance company, Penn Mutual Life takes great pride in their community involvement. Penn Mutual does a couple of activities for their community. On their website, they state that they feel responsible for promoting inventiveness, adaptability, citizenship and accountability. They also say that success depends on cultivating a vibrant and dynamic community. The company has created a center for Veterans and their affairs along with a partnership with United Way. The American College have partnered with Penn Mutual to create the Penn Mutual Center for Veterans Affairs. The Center’s main purpose is to provide military scholarships for education in the financial services industry to veterans who served honorably in the armed forces. Earlier this year, the American College-Penn Mutual Center for Veterans Affairs Reached their $1 million scholarship milestone. Penn Mutual has a partnership with United Way who are there to help people who are struggling by focusing on services for families, education for children, healthy living for seniors, and all critical building blocks for a stable community. Penn Mutual’s associates contribute to The United Way are powerful because of Penn Mutual’s 40 percent match.

Penn Mutual Life Insurance Company 2017 Review

For over 170 years Penn Mutual Life Insurance Company has been passionate about serving their clients. The company’s operating income which includes their insurance products, asset management, and broker-dealer segments last year was $214.4 million, an increase of 2% compared to 2015. Their total revenue was $1,901.7 million last year which was an increase of $247.4 million compared to 2015. Last year the company sold $177.4 million or 13% higher than 2015. Penn Mutual Life sells term life, whole life, universal life, variable universal life, and index universal life insurance products. According to A.M Best, Penn Mutual have been rated an “A+” or superior. Moody’s rated them an “Aa3” or excellent and Standard & Poor’s rated them an “A+” or strong.

Why you should always read a company’s rating.

You should always read a company’s rating because it will give you a good understanding of a company’s financial strength. Knowing this can really be beneficial for you because you want to make sure that you are getting what you pay for. If you really think about it, would you hire a nanny or housekeeper without checking their references to make sure they are qualified? Think of life insurance in that way, checking out a company’s rating will help you know whether or not the company is qualified enough. The rating agencies don’t make these ratings out of thin air, they make these ratings after investigating the company’s financials deep and don’t even finalize their rating until the board votes on it in order to make sure it’s accurate and fair.

If a company has a bad rating it means that they are not financially stable and if there is an environment change it will affect the company negatively because they are more vulnerable to any environment change. If a company has a good rating it means that they are the opposite, they are financially stable and are more than capable of paying out your policy when your family needs them to. Let’s say that the market crashed, the company with the bad rating wouldn’t know what’s left or right and would be forced to pull out or file for bankruptcy because they are vulnerable to environment changes while on the other hand, the company with a good rating is standing tall and strong throughout the whole thing. You know what the worst part of a company with a bad rating? It’s that if they pick up and leave (which happens within the first five years of business) your policy and all the premiums you have paid will be gone with the wind. Moral of this whole thing is for you to understand how important it is to read the company’s rating you are inquiring about.

Penn Mutual Life Insurance Company Products offering

Like we mentioned earlier, Penn Mutual Life Insurance Company offers a wide variety of life insurance products to fit a little bit of everyone’s needs. They offer term and permanent life insurance products. The following are their products with highlights following.

Term life insurance

• Term life is a form temporary life insurance that provides coverage only for a short and specified period of time.
• ”Term” refers to the length of which you would like to stay covered for and for this product the term lengths are 10, 15, or 20-years.
• This product offers a guaranteed death benefit so you don’t have to worry about whether or not your beneficiaries are receiving your death benefit because they 100% will.
• Since this is a term life insurance product you will not have the opportunity of accumulating cash value.
• Optional riders available for this product are; Disability Waiver of Premium rider, which allows you to protect your coverage if you become disabled, Accidental Death Benefit Rider, which provides additional protection if you die as a result of an accident, Children’s Term Insurance Agreement, which provides insurance protection for your children.
• This product also allows you the opportunity to convert all or part of your term policy into a permanent life insurance policy without having to go through the whole underwriting process or prove good health.

Guaranteed Choice Whole Life insurance

• Whole life is a form of permanent life insurance that provides coverage for, you guessed it your WHOLE life.
• Unlike a term life policy, you are able to build cash value and accumulate these gains.
• You can also access this cash value in case you need the funds for any unexpected situation.
• This product offers a guaranteed death benefit protection so again you don’t have to worry about whether or not your beneficiaries will be getting your death benefit when you pass away.
• This product also offers guaranteed cash value accumulation so you will be able to accumulate your cash value 100% guaranteed.
• There is also guaranteed premiums with this policy which means that your premiums will stay the same throughout your entire life regardless of your age or health.
• If you cannot work due to a disability this policy has an added security so you know that your protection will remain intact.
• If down the line you suffer from a chronic illness you will be able to receive a portion of your death benefit.
• You have the option to increase your coverage if you need to without having to submit medical evidence of insurability.

Universal Life insurance

• Universal life is another form of permanent life insurance that provides you with coverage for your entire time while still providing flexibility.
• What we mean by flexibility is that you will be able to change around a couple of things are your life changes your needs may change.
• Your premiums are flexible which means that you can choose when and how much you want to pay for your premiums.
• You also have the opportunity to be flexible with your death benefit if you ned it to change for any reason you have the opportunity to do so.
• Since this policy is a permanent life insurance policy you have the opportunity to build cash value and accumulate this cash value over time.
• You will also be able to access this cash value if you ever need it during the life of your policy.
• You get two options when it comes to universal life insurance products; Protection Guard Universal Life, and Guaranteed Protection Universal Life.
• Protection Guard Universal life is permanent life insurance that offers strong death benefit protection at a competitive cost while still adding security during your lifetime and solutions to secure your legacy.
• Guaranteed Protection Universal Life provides cash value accumulation that can serve as a source of funds in an emergency and you can access the cash value for any reason just like the other product.

Index Universal Life Insurance

• Index Universal Life is similar to universal life because they are both permanent life insurance products that provide coverage for your entire life and provides flexibility, but index universal provides an opportunity for investment.
• What we mean by flexibility is that you will be able to change around a couple of things are your life changes your needs may change.
• Your premiums are flexible which means that you can choose when and how much you want to pay for your premiums.
• You also have the opportunity to be flexible with your death benefit if you ned it to change for any reason you have the opportunity to do so.
• You also have the opportunity to accumulate your cash value and you have multiple ways to access that cash value.
• There are two types of policies sold for index universal life and that is Accumulation Builder Advantage Indexed Universal Life and Accumulation Builder Select Indexed Universal Life.
• There are a couple of ways to build cash value faster with the Accumulation Builder Advantage Indexed Universal Life and that is investing in an indexed account such as S&P 500 index or the S&P Global Broad Market Index.
• With an  Accumulation Builder Advantage Indexed Universal Life policy and Accumulation Builder Select Indexed Universal Life.
• You can enjoy your cash value growth with a fixed account that earns a fixed interest rate that would be locked in for 12 months and is guaranteed to never fall below 1% per year with both policies
• Accumulation Builder Advantage Indexed Universal Life and Accumulation Builder Select Indexed Universal Life offers a 12-month Dollar Cost Averaging Account that places funds in a fixed account that credit a competitive interest rate and then transfers a portion of the funds into your other indexed account.

Variable Universal Life Insurance

• Variable Universal life is yet another form of permanent life insurance that provides coverage for your entire life and also offers the same kind of flexibility as a traditional universal life insurance but offers more investment options than a variable universal policy.
• Just like the other two universal products this product you are given the flexibility to choose when and how much you want to pay your premiums and you also get flexibility with your death benefit.
• You still have the opportunity to build and accumulate your cash value but with investment options, you will be able to grow your cash value quicker.
• Your cash value accumulation is tax-deferred which means that the money you gain will not be affected by income taxes.
• This policy differs from variable because there is no one managing your investments and that means that you will have to monitor your own investments and this policy is much riskier than a variable universal life policy.

Work with us!

Whether you choose to work with Penn Mutual Life Insurance Company or not you should still shop around for quotes because you really don’t know what you will be offered by other life insurance companies. If you have 30 seconds go below this article and see for yourself what other companies have to offer you just by filling out our quick and simple quote engine. Not only will you be able to see what other companies have to offer you but you will also be able to compare them with other top rated companies. Or you can always take advantage of our FREE service and give us a call today so that we can do all the shopping around for you. Yes, we said FREE, everyone loves FREE services, not only will we not give up until we find you the best life insurance company but we will also fill out all the necessary paperwork to get you covered. We also offer a lifetime guarantee of service in case in the future you need to move around a couple things from your policy or simply have questions or just want to chat we are here for you 100% free and 100% free of obligation. Don’t wait until tomorrow, give us a call today and stop worrying about tomorrow TODAY! 

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