August, 19 2017

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Penn Mutual Life Insurance Review

Penn Mutual Life Insurance Review

Author
  • Price
  • Underwriting
  • Financial Strength

Penn Mutual Life Insurance Review

Pros: Financial Strength- Penn Mutual was awarded an A+ (Superior) financial rating from A.M. Best. In fact, as a further testament to their financial strength Penn Mutual was one of only 15 life-health insurers that has maintained an A.M. Best Financial Strength Rating of “A” or higher for at least 75 years according to Best’s Review 2008, July issue.  History- Penn Mutual has a long stable tradition as it founded more than 165 years ago in 1847.  Prices- Penn Mutual rates are very competitive on many of their life insurance products.

Cons: There aren’t too many cons with Penn Mutual.  A potential issue for some could be their underwriting.  As with most mutual insurance companies, underwriting tends to be more conservative than other similar rated companies which could lead to higher rates.  Also, Penn Mutual does not offer a 30 year term length option which some people may prefer.

Bottom Line: The Penn Mutual Life Insurance Company has been around for over 165 years and is in an elite class for their financial ratings history.  Combine that with their competitive rates and it’s clear that Penn Mutual is an excellent life insurance company.

About

Type: Mutual

Issued by: Penn Mutual Life Insurance Company

Founded: 1907

Website: www2.pennmutual.com

Phone: (800) 523-0650

8:30 a.m. to 6:00 p.m. Est

Address: 600 Dresher Road, Horsham, PA 19044

A.M Best Rating: A+ (Superior) Second highest of 16 possible ratings

Comdex Ranking: 93 out of 100

BBB Rating: D-

Competitors: New York Life, Northwestern Mutual, Mass Mutual, John Hancock, Principal, State Farm, Allstate, Ohio National Life, AIG, Banner Life, Protective Life, Primerica, State Farm, USAA, Genworth Life, Pacific Life Insurance, North American Co, Lincoln National Life, ING-ReliaStar, Transamerica, OneAmerica, Prudential.

 

Price Comparison Chart

Sample rates for a male in each company’s best health class for $500,000 on a 10-year level term:

AgePenn Mutual Protective LifeMetLifeJohn Hancock
30$16.10$14.50$18.36$20.79
40$20.01$18.76$21.51$26.05
50$45.68$43.04$52.56$54.12
60$124.85$116.30$131.31$144.45

 

Summary
Review Date
Reviewed Item
Penn Mutual Life Insurance Company
Author Rating
4

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