Life insurance is part of most all good financial plans. One reason for this is because the proceeds from a life insurance policy can be used for many different business or personal needs of one’s survivors. In addition, these proceeds are received free of income taxation.
Before purchasing a life insurance policy, however, it is important to make sure that you are going with the proper type and amount of coverage – and also that the insurance company you are buying the policy through is strong and stable financially. You’ll also want to know that the insurer has a reputation of paying out its policy holder claims in a timely manner. One company that meets these criteria is Penn Mutual.
The History of Penn Mutual
The Penn Mutual Life Insurance Company – which is also known simply as Penn Mutual – was initially established in 1847 in Philadelphia, Pennsylvania. (Today the company is still headquartered in the Horsham Township, Pennsylvania area.) Penn Mutual was only the seventh mutual insurance company that was chartered in the U.S.
Penn Mutual offers complete financial plans that are centered on life insurance and that provide protection and possibilities. The company also provides assistance to women, who face unique challenges when planning for their futures.
The company believes that life insurance is the most protective, responsible, and rewarding action that a person can take. This is because life insurance provides a guaranteed safety net to protect one’s family and / or business. By unlocking all that life insurance has to offer, policy holders can enjoy the benefits and the flexibility of a reliable and steadily growing asset that is there at every stage of life.
Penn Mutual Review
Penn Mutual has always been driven by its desire to create a world of possibilities – one individual, one family, and one small business at a time. At the heart of the company’s desire is its belief that life insurance is the ultimate showing of love by the insured to family members, loved ones, and other survivors.
The company’s values have been a reflection of its identity since its earliest days – and they continue to guide Penn Mutual today, and into the future. These values include:
- Acting with Integrity
- Respecting One Another
- Focusing on Relationships
- Sustaining The Company’s Legacy
- A Shared Sense of Belonging
Insurer Ratings and Better Business Bureau Grade
Due in large part to its strong financial foundation, Penn Mutual has earned high ratings from the insurer rating agencies. These include a(n):
- A+ (Superior) from A.M. Best Company
- A+ (Strong) from Standard & Poor’s
- Aa3 (Excellent) from Moody’s Investor Service
The company also has a 91 out of 100 on the Comdex Life Insurer Financial Profile.
In addition, while Penn Mutual is not an accredited company of the Better Business Bureau (BBB), the BBB has given the company a grade of A+ (which is on an overall grade scale of A+ to F). Over the past three years, Penn Mutual has closed out a total of just two customer complaints (one of which has been closed out within the past 12 months). Of these two total complaints, one had to do with problems with the company’s product and / or service, and the other one had to do with billing and / or collection issues.
Indexed Universal Life (IUL) Insurance Coverage Offered Through Penn Mutual
Penn Mutual offers a wide range of life insurance products – including indexed universal life insurance coverage. With this permanent life insurance vehicle, there is both death benefit protection and cash value build up.
This cash is allowed to grow and compound on a tax deferred basis. This means that there is no tax due on the gain unless or until it is withdrawn. The return on the cash value in an indexed universal life insurance policy is based on the performance of an underlying market index such as the S&P 500.
When the underlying market performs well during a given year, a positive return will be credited – up to a stated cap. If the underlying market index performs poorly during a given year, there is not a negative return credited, but instead the return is just credited as a 0%. This means that, regardless of market performance, principal is protected in an indexed universal life insurance policy.
The Accumulation Builder Advantage Indexed Universal Life insurance plan is offered via Penn Mutual. This is a permanent life insurance policy that is designed to provide death benefit protection with premium flexibility, as well as the potential for strong policy cash value accumulation, and a number of ways to access the policy cash value.
Penn Mutual also offers survivorship life insurance, which cover two lives as versus just one. With the Survivorship Plus Select Indexed Universal Life there is cost-effective permanent second-to-die death benefit protection, as well as the potential for strong policy cash value accumulation potential. This policy also offers built-in enhancements to help maximize cash value accumulation.
The Survivorship Plus Indexed Universal Life plan also offers permanent life insurance with strong cash value accumulation potential, and a number of different ways to access the policy’s cash value.
Other Products and Services Available
In addition to indexed universal life insurance, Penn Mutual also offers several other types of life insurance coverage, as well as retirement annuities. Life insurance products include both term and permanent options.
Term Life Insurance Products
With term life insurance, there is death benefit protection, without any type of cash value build up. As the name implies, term life insurance is purchased for a certain period of time, or term. At Penn Mutual, term life product offerings include policies that have coverage for ten years, fifteen years, and twenty years. Many of these products allow the insured to convert the policy over to permanent life insurance protection – up to age 70 – without the need provided evidence of insurability.
The Guaranteed Term 10-15-20 product from Penn Mutual offers death benefit protection that is locked in for the entire term of the policy. The premium amount will also remain fixed throughout.
These policies can also be customized by adding additional options riders. These include:
- Disability Waiver of Premium Rider – This rider can help to preserve your coverage if you should become disabled and unable to pay the policy’s premium.
- Accidental Death Benefit Rider – The accidental death benefit rider offers additional protection if you die as the result of an accident (as versus due to illness or natural causes).
- Children’s Term Insurance Rider – The children’s term insurance rider provides insurance protection for your children.
Some of the other benefits of the Guaranteed Term policy include the ability to convert over to any Penn Mutual permanent life policy that is available for purchase at the time of conversion. In addition, all riders on term policies will convert over to the new permanent policy (subject to eligibility). And, term to permanent conversions that occur within the first five years of the term policy will automatically include benefits that can provide added security should you become chronically ill.
Permanent Life Insurance Products
There are a number of different options available through Penn Mutual for permanent life insurance coverage. These include universal life, whole life, variable universal life, and joint and survivorship life.
Universal life insurance offers guaranteed death benefit protection over your life, along with flexible premiums and access to the policy’s cash value if funds are needed. A universal life insurance policy is considered to be flexible, as the policy holder may – within certain guidelines – alter the premium payment amount and / or timing in order to fit in with his or her changing needs.
The Accumulation Builder Select Universal Life insurance policy through Penn Mutual offers a number of key benefits, including:
- Guaranteed death benefit protection and options for added security
- Built-in enhancements to help with maximizing cash value accumulation potential
- Multiple ways to access the cash value
Penn Mutual also offers the Protection Guard Universal Life and the Guaranteed Protection Universal Life insurance products.
The company also offers whole life insurance. A whole life insurance policy offers both a guaranteed death benefit, and a guaranteed return on the cash value growth that is set by the insurance company. With a whole life insurance policy, the amount of the premium is also locked in and cannot increase, even if the insured contracts an adverse health condition.
The Penn Mutual Guaranteed Choice Whole Life policy is designed to provide the following benefits:
- Guaranteed death benefit protection over the entire lifetime of the insured
- Guaranteed policy cash value accumulation that can be accessed when it is needed
- Guaranteed premiums that remain the same over the years
Penn Mutual also offers a variable universal life insurance option. Here, the return on the policy’s cash value is based on the performance of underlying equity investments like mutual funds. Because of that, there is the opportunity to earn a high return. Likewise, there is also additional risk of loss.
The Diversified Growth Variable Universal Life Insurance policy that is offered by Penn Mutual is a permanent life insurance policy that is designed to provide solid lifetime insurance protection along with the potential for strong tax-deferred cash value accumulation and the flexibility to adjust the policy as needs and objectives evolve.
Today, people are living longer – and because of that, there is concern by retirees that they will outlive their money. With a retirement annuity, however, there is guaranteed income, and with the lifetime option, income will continue to come in, regardless of how long you may need it.
Penn Mutual offers a number of different annuity options that can be structured in a variety of ways. These include both fixed and variable annuities, as well as annuities that are immediate or deferred.
With a fixed annuity, a guaranteed rate is credited to the account that will never fall below a set percentage. This type of annuity will grow, regardless of what occurs in the market. A fixed annuity will also offer a set amount of income that can be counted on over time.
Variable annuities can offer you a wide array of different investment options that allow you to customize your investment strategy in order to meet your needs, as well as your specific risk tolerance. It is important to note that variable annuities can pose risk, especially in a volatile market.
How to Get the Best Premium Rates on Indexed Life Insurance Coverage from Penn Mutual
If you have been looking for the best premium rates on life insurance from Penn Mutual – or from any insurance company – then it is recommended that you work with an independent life insurance agency or brokerage. That way, you will be better able to decipher which plan and premium rate will work the best for you.
When you are ready to see which life insurance coverage options you may qualify for, we can help. We work with many of the top life insurance carriers in the marketplace today – and we can assist you with getting all of the key details that you require for making an informed buying decision. We can do this for you quickly and easily, all from your computer, and without you having to meet in person with an insurance agent. When you are ready to start this process, then please just simply fill out the quote form that is on this page!
Should you find that you still have any additional questions or concerns, please feel free to reach out to us directly. Our experts are here and are happy to assist you with what you need. We can be contacted via phone, toll-free, by dialing 800-712-8519.
We understand that the purchase of a life insurance policy can be somewhat overwhelming. There are many different factors that you need to keep in mind – and you want to make sure that you are moving in the right direction. However, this can be made so much easier when you have an ally on your side. So, contact us today – we’re here to help.