Pros Explained

• High coverage limits for no-exam policies: Penn Mutual sells policies with death benefits up to $10 million without requiring a medical exam for qualified applicants.
• Excellent product selection: Penn Mutual sells a wide variety of 澳洲幸运5官方开奖结果体彩网:permanent life insurance products and has affordable term insurance premiums. It also sells one-year term policies, a product not often found at other companies.
• Qualifying whole life policies can earn dividends: As a mutual company, Penn Mutual shares its profits with eligible whole life policyholders through annual dividends. Penn Mutual has paid dividends annually for 175 years in a row.
• Many options for covering children: You can insure your young children with a term rider on your policy or a separate children’s whole life policy. If you use the term rider, your children can take over the temporary coverage as adults and convert it to a permanent policy without undergoing medical underwriting.
• Few customer complaints: Penn Mutual had one of the lowest NAIC complaint indexes of the companies we reviewed, showing it received far fewer complaints than expected for an insurer its size.

Cons Explained

• No online quotes or applications: Penn Mutual does not let you collect quotes or apply through its website. You must work with a licensed agent.
• No final expense insurance: Penn Mutual does not sell a guaranteed-issue final expense policy that accepts all applicants. You must undergo health underwriting, even if you don’t need a medical exam.
• Only sells standard term coverage to age 71: Aside from its one-year term policy, Penn Mutual only sells 澳洲幸运5官方开奖结果体彩网:term life insurance to applicants aged 70 or younger. Other insurers, such as Protective Life and SBLI, accept applicants up to age 80.

Financial Stability

Penn Mutual received an A+ grade from AM Best, the second-highest rating, indicating a superior ability to meet its financial obligations, including future claims to policyholders. AM Best is an independent rating agency that reviews insurance companies' creditworthiness.

Customer Complaints and Satisfaction

The National A𝓡ssociation of Insurance Commissioners (NAIC), a nonprofit representing state insurance regulators, tracks complaints against insurance companies. It assigns each insurer an index representing the number of complaints it received relative to other insurance companies of the same size. A score above 1 means an insurance company received more complaints than expected, and a score below 1 means it received fewer. Based on Penn Mutual's NAIC index over the past three years, Penn Mutual has received far fewer complaints than expected for an insurer of its size.

Types of Life Insurance Offered by Penn Mutual

Penn Mutual 🤡offers a wide selection of life insurance policies.

Term Life Insurance

澳洲幸运5官方开奖结果体彩网:Term life insurance provides temporary coverage. The term refers to how long the coverage last💮s, ranging from a year to several decades. If you outlive the term, your ✨coverage ends.

Penn Mutual s༺ells threeܫ types of term life insurance:

• Guaranteed Convertible Term: This policy allows you to switch your term coverage into a permanent policy that lasts your entire life without going through health underwriting again.
• Protection Non-Convertible Term: This policy does not offer the option to convert, but the premiums are more affordable.
• One-Year Term: Penn Mutual sells a one-year term policy for short coverage needs. Most other insurers require you to buy a term policy that lasts at least five or 10 years.

Whole Life Insurance

澳洲幸运5官方开奖结果体彩网:Whole life insurance can last your entire life, provided you keep paying the premiums, which are guaranteed to stay the same each y🔜ear. Whole life policies can also build cash value, a savings account attached to the policy that grows over time and that you can borrow against or withdraw.

Penn Mutual also pays ෴dividends for its whole life policies. Eligible policyholders receive a share of the annual profits. Penn Mutual has three types of whole life insurance:

• Protection Whole Life: This policy has more affordable premiums than Guaranteed Whole Life, though the cash value return is not as high. It’s meant for people who want lifelong insurance coverage at a lower cost.
• Guaranteed Whole Life II: This policy has a higher cash value return than Protection Whole Life. It combines lifelong protection with a savings component.
• Survivorship Whole Life: Penn Mutual’s survivorship whole life policy covers two people. Both people must die before the policy pays a death benefit, so premiums are lower than if you bought two individual policies.

Universal Life Insurance

澳洲幸运5官方开奖结果体彩网:Universal life insurance policies can also provide lifelong protection. You have the flexibility to change y🐬our premium payments each year. However, you must pay at least the annual insurance cost, which goes up over time, or the coverage will end.

Universal life policies also build cash value💞. The return is based on market interest rates. Penn Mutual has two options.

• Protection Universal Life: Penn Mutual’s standard universal life insurance policy has flexible premiums and cash value. The death benefit is guaranteed to last until age 100, provided you pay the scheduled premiums.
• Guaranteed Protection Universal Life: Penn Mutual’s Guaranteed Protection Universal Life policy allows you to get guaranteed coverage until age 121. The premiums can be higher than those for a regular universal life policy.

Indexed Universal Life

澳洲幸运5官方开奖结果体彩网:Indexed universal life insurance also offers flexible premiums and casཧh value. The cash value grows based on the performance of a market index, such as the S&P 500. However, there are limits to your gains and losses.

When you sign up for a𝔉 Penn Mutual indexed universal life policy, you have six options for indexed accounts. They vary in how much they return, how much their performance is capped, and whether there is a guaranteed floor on performance. Penn Mutual also sells a Survivorship IUL policy that covers two people.

Variable and Variable Universal Life Insurance

澳洲幸运5官方开奖结果体彩网:Variable and varia💛ble universal life insurance policies let you invest your cash value in sub-accounts, similar to mutual funds. This creates the potential for higher returns, but also the risk of l🦄osses.ಌ

Variable universal life (𒉰VUL) insurance policies allow ꧋you to adjust your premium, while variable life policies charge a fixed premium.

Penn Mutual offers more than a dozen variable and VUL policy options, each with different investments, fees, and insurance coverage. Variable and VUL po💜licies are complex and should be comp𓄧ared with the help of a professional insurance agent.

Does Penn M🌠utual Require a Life Insurance Medical Exam?

No, Penn Mutual does not require a life insurance medical exam. When you apply for a policy, Penn Mutual’s 澳洲幸运5官方开奖结果体彩网:underwriting department considℱers whether you qualify for accelera🅘ted underwriting.

Accelerated underwriting does not require a medical exam or lab testing. Instead, Penn Mutual decides ওwhether you qualify and at what rate based on 🥃your medical records, prescriptions, driving records, information in your application, and other factors. If you don’t qualify for accelerated underwriting, you’ll have to take a medical exam.

P⭕enn Mutual offers accelerated underwriting for individual applicants until age 65. It offers accelerated underwriting for all its individual life insurance products (but not survivorship polic♏ies).

Penn Mutual does not sell 澳洲幸运5官方开奖结果体彩网:guaranteed issue policies for final expense coverage. You must meet health underwriting minimum standardsౠ, or you could be denied.

Available Riders From Penn Mutual

Riders are extra benefits that you can add to an insurance policy. You need to pay for some 澳洲幸运5官方开奖结果体彩网:life insurance riders. Insurers include other riders for free. Penn Mutual has a decent selection of riders, and several are included onཧ policies for free.𝔉

• Term conversion: This rider allows you to swap your temporary term coverage for permanent lifelong coverage later, without a medical exam. Penn Mutual sells convertible term policies.
• Waiver of premium: If you become disabled, Penn Mutual will stop charging premiums for up to two years if you have this rider.
• Child term: The child term rider includes coverage for children as part of your policy. It can cover your children until they turn 23, at which point they can convert the coverage into their own permanent policy without going through underwriting.
• Additional insured rider: With this rider, you can add term insurance coverage for a family member up to age 80. This may be more affordable than buying two separate policies.
• Guaranteed increase option: The guaranteed insurability rider lets you buy more coverage in the future without taking a medical exam.
• Accidental death: This increases the size of your death benefit payout if you die in an accident.
• Accelerated death benefit: If you develop a terminal illness, Penn Mutual pays out your death benefit while you’re still alive to help with expenses. Penn Mutual includes this rider for free.
• Chronic illness: Penn Mutual also pays out the death benefit if you develop a lifelong illness. Once again, Penn Mutual includes this rider at no charge.

How Much Does Penn Mutual Life Insurance Cost?

Penn Mutual’s life insurance costs are relatively affordable. To measure costs, we collected term life insurance quotes for people of different ages from the insur💝ers in our study. Penn Mutual’s quoted costs were some of the lowest. Only a few other insurers, such as SBLI and State Farm, had lower average quotes.

Your actual 澳洲幸运5官方开奖结果体彩网:life insurance costs could differ based on your age, health, lဣocation, type of policy, and other factors. You need to apply for a Penn Mutual policy to determine exactly how much it will cost. 

How Much Does Pe🐟nn Mutual Life Insurance Cost for Older Adult🐲s?

We also checked Penn Mutual’s life insura🎉nce costs for older adults. For this category, we collected quotes on a 15-year term life insurance policy for 65-year-olds. Once again, Penn Mutual’s quotes were among the lowest, especially for women. Penn Mutual is a fine choice for affordable term life insurance.

How Does Penn Mutual Compare to Other Life Insur෴ance Companies?

How to Buy Life Insurance From Penn Mutual

If you’d like to 澳洲幸运5官方开奖结果体彩网:buy life insurance froꦇm Penn Mutual, you need to work with a licensed agent. You can find contact information for a financial professional licensed to sell Penn Mutual products through it🍨s website. The financial professional will discuss your options and help you find the right product.

Penn Mutual does not allow you to coꦚllect quotes or apply for a policy by yourself online. You need to work through an agent. However, once you decide on the policy you want, the financial professional can send you a digital application that you can complete from home. After you submit it, Penn Mutual’s underwriters will determine whether you need a ꦕmedical exam to qualify.

Customer Service

Penn Mutual primarily handles customer service issues by 🌜phone. If you buy a policy, you can manage it through Penn Mutual’s online platform. Your Penn Mutual agent will also provide you with their email and phone number for support.

The Bottom Line

Penn M𝓡utual offers an excellent product selection, charges affordable term premiums, and has paid whole life dividends for 175 years straight.ꦰ Its customers have had few complaints in recent years.

As a more traditional life insurer, Penn Mutual is more committed to live support from financial professionals. It doesn’t offer online quotes or allow people to buy policies without the help of an agent, so it might not be the best choice if you prefer a mo🌌re digital experience.

Frequently Asked Questions (FAQs)

Who Owns Penn Mutual?

As a mutual company, Penn Mutual is owned by its policyholders. It does not sell stock to shareholders or other owners. Penn Mutual whole life policyholders receive annual 澳洲幸运5官方开奖结果体彩网:dividends as a share of the company’s profits.

Is Penn Mutual Good at Paying Claims?

Penn Mutual has a low NAIC complaint index and an A+ grade from AM Best, showing it’s received few complaints about claims (or anything else) and is in a good financial position to continue paying claims.

༺ Does Penn Mutual’s Life Insuran🔯ce Build Cash Value?

Most Penn Mutual permanent life insurance policies build 澳洲幸运5官方开奖结果体彩网:cash value, and its whole life policies also earn dividends. The Penn Mutual term life insurance policies do not build cash value. Check a product’s terms and conditions to see if it builds cash value and the growth rate. 

How Long Does Penn Mutual Taꦦke to Pay Ou🌄t Life Insurance?

Penn Mutual doesn’t say how long it takes to🍰 pay out life insurance. You can fill out a claims form online or call its claims customer support line. The team can estimate how lo🐓ng it will take to pay out your claim.

How We Review Life Insurance Companies

To compile our list of the best life insurance companies, Investopedia first conducted preliminary research on dozens of life insurance companies and determined that 45 met our minimum standard for financial strength𝕴, customer satisfaction, and online transparency. For each of these, we then gathered a total of 70 evaluation criteria, resulting in 3,150 data points altogether. Data was collected between May 20 and July 3, 2024, and sourced from company webpages, media representatives, expert rating agencies (AM Best, NAIC, and J.D. 𒐪Power), and customer service calls.

We combined subject matter expertise, con🍃sumer survey and company survey data, and industry research to create a quantitative model that scores each company based on six major categories:

• Application and Online Service Features: 15%
• Policy Types: 22%
• Policy Features and Riders: 35%
• Financial Stability: 6%
• Customer Satisfaction: 10%
• Cost: 12%

For more information, read our full 澳洲幸运5官方开奖结果体彩网:methodology explanation.