There are a lot of life insurance companies currently on the market. Among them, there are a lot of highly rated life insurance companies who offer outstanding products and services.
The question is – how do you choose which one is right for you?
We believe the answer to this question is researching each individually. We’ve done a big piece of the legwork for you, and we’ve reviewed all the top life insurance companies, including Penn Mutual, below.
Penn Mutual is an interesting company who does things much differently from most of the competition. Case in point: they’re a mutual company who focuses on its policyholders rather than shareholders.
Our extensive Penn Mutual Life Insurance Company review below breaks down everything you need to know about them.
Is Penn Mutual Life Insurance Company Right For You?
The most important things you need to keep in mind about Penn Mutual are:
- Mutual company
- Strong financial ratings
- Wide range of options
Once again, Penn Mutual’s status as a mutual company means they’re not committed to company shareholders.
Instead, they’re committed to their policyholders. This means Penn Mutual is specifically committed to you and your needs as a client.
The fact, because they’re a mutual company, policyholders receive annual dividends at the end of the year, if dividends are offered. There are no stockholders, because they not publicly traded.
Beyond their standing as a mutual company, another factor we want to emphasize about Penn Mutual is their strong financial ratings.
Here are their current ratings, as of right now:
These three rankings put them among the top 10% of all carriers for life insurance, according to safety and security.
What Penn Mutual is All About
Penn Mutual is all about you.
As a life insurance company, they are dedicated to providing the absolute best products and services to you as possible.
Nowhere is this more obvious than their customer support. Penn Mutual makes it incredibly easy to contact a live representative at any time of the day on any day of the week.
Not only is this ease of contact nice for current policyholders, it also makes it easy to find out more information about the company if you’re just beginning to research your life insurance options.
Mutual companies, like Penn Mutual, have agents for you to speak to directly, helping you to avoid the nasty call centers which plague so many other carriers.
Another feature which makes it obvious Penn Mutual cares about its policyholders is the vast variety of coverage options they offer.
The life insurance products you can find from Penn Mutual currently include:
- Term life insurance
- Whole life insurance
- Universal life insurance
- Indexed universal life insurance
- Variable universal life insurance
A wide variety of additional features, including riders, and annuities, are available on top of these basic plans.
Simply put, Penn Mutual offers so many different plans and types of coverage because they want to ensure they have a product which meets everyone’s needs and preferences.
They succeed in doing so.
What Makes Penn Mutual Unique?
Perhaps the most unique aspect of Penn Mutual is their overall commitment to customer service and accessibility.
What we mean is this: Penn Mutual has an intuitive website and member accounts to make using the service simple. You also have access to local agents, which is very convenient.
The website is intuitively designed so you can always find exactly what you’re looking for. It’s easy to navigate to the member accounts area of the website.
Whether you are a client, or even a beneficiary, you have a place to go at any time.
The member account enables you to quickly review your coverage. You can review the status of your coverage and even make changes to your account.
The member account also expedites the process of contacting Penn Mutual customer service with questions, comments, or claims.
Another huge benefit of the member account is the billing and payment options area. This is where you can choose from the variety of flexible payment options Penn Mutual offers. Having all this information in one place makes paying each premium a cinch.
Finally, Penn Mutual offers a variety of educational resources online to further make the lives of their policyholders all the easier.
These educational resources span from tax planning, to a long list of FAQs.
The Application Process
There’s nothing fancy to the life insurance application process at Penn Mutual.
Like most life insurance applications from other companies, you simply fill out the application and prepare for an exam.
The application asks for your basic information, as well as more detailed information about your health and lifestyle.
The goal of the application is to help the company’s underwriters assess your overall risk and assign you to a rating class.
The rating class then dictates what types of coverage you’re eligible for, as well as the premium you will pay.
Note, the application process only takes about 15 minutes to complete. However, the underwriting process often takes between 4 and 6 weeks.
If you’re applying for traditional coverage from Penn Mutual, you will also be required to submit a current updated medical exam for their review.
What We Like About Penn Mutual
There’s a lot of benefits about Penn Mutual.
These top benefits include:
- Excellent customer support
- Reputable company history
- Strong financial rating
- Lots of plan options
- Lots of additional features
In our opinion, the excellent and all-encompassing support offered from Penn Mutual is a benefit in itself. Many carriers lack in certain areas like these.
What We Don’t Like About Penn Mutual
There are really no negatives to choosing Penn Mutual for all your life insurance needs.
The company does just about everything right. They offer top-of-the-line services, and products, at affordable prices.
Just about the only reason not to work with Penn Mutual is because there is another company who is able to meet your needs, potentially at a better price point.
Who is Penn Mutual Best for?
Thanks to their outstanding reputation, strong and intuitive customer service, and great quality products, we could recommend Penn Mutual to just about everyone, if the shoe fit.
Though it might not end up as the right option for you, when compared to the services of other providers, we believe it’s worth a look from everyone.
Don’t overlook Penn Mutual when it comes to buying life insurance.
They’re one of the best companies in the industry with a wide range of plans, all which can be further customized to your needs. And, this is not to mention their great customer service and incredible financial strength.
Simply put, take a good, hard look at Penn Mutual when researching life insurance providers, especially if you are looking at permanent coverage.
|Company Name (and Subsidiaries)||Penn Mutual|
Hornor, Townsend & Kent, Inc. (Registered Investment Advisor)
Janney Montgomery Scott LLC (JMS) (Broker/Dealer)
Penn Mutual Asset Management, LLC
|Company Ratings||A.M. Best (A+)|
Moody’s Investors Services (Aa3)
Standard & Poor’s (A+)
|Headquarters (Address, Phone, Web)||600 Dresher Road|
Horsham, PA 19044
|Policy Types Available||Term|