Penn Mutual Life Insurance Review & Complaints: Life Insurance (2024)
Penn Mutual Life Insurance offers life insurance and annuity products to families and individuals. It also offers products for small businesses including business life insurance. Their term policies are offered in blocks of 10, 15, or 20 years.
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Schimri Yoyo
Licensed Agent & Financial Advisor
Schimri Yoyo is a financial advisor with active life and health insurance licenses in seven states and over 20 years of experience. During his career, he has held roles at Foresters Financial, Strayer University, Minnesota Life, Securian Financial Services, Delaware Valley Advisors, Bridgemark Wealth Management, and Fidelity. Schimri is an educator eager to assist individuals and families in ...
Licensed Agent & Financial Advisor
UPDATED: Dec 22, 2024
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Dec 22, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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The company offers life insurance and annuity products to individuals and families. Additionally, it offers some products for small businesses, including business life insurance. It’s the parent company to several subsidiaries, including Janney Montgomery Scott, a brokerage company.
As of 2006, Penn Mutual was the first life insurer offering a rider that tied policy values to inflation, allowing people with permanent life insurance to enjoy guaranteed growth to keep up with the cost of living. Your one-stop online insurance guide. Get free quotes now!
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Insurance Products
Life Insurance
Penn Mutual sells term and permanent life insurance products at the individual level.
Term policies are offered in blocks of 10, 15 or 20 years. These are available for customers up to 70 years of age in most cases, depending on the applicant’s health. The policy has a fixed value, which is decided at the time of purchase and will be distributed as a death benefit as long as the policy is in effect when the insured passes away. If the insured lives past the term of the policy, it can be converted into permanent life insurance.
Permanent life insurance is, as its name suggests, a more permanent solution. Instead of being confined to a term, this coverage lasts indefinitely as long as premiums are paid. Policies gain in cash value, with a portion of each premium being invested. This can be borrowed against or otherwise accessed during the insured’s life. Aside from providing benefits to help with end-of-life costs, permanent life insurance policies can also be used as a tax-deferred investment and vehicle for passing money forward to future generations.
Permanent life policies are divided into whole, universal, variable universal and survivorship plans:
- Penn Mutual Whole Life insurance has guaranteed premiums, which remain the same throughout the life of the policy.
- Universal Life has flexible premiums and allows you to utilize the policy’s cash value to cover a missed payment as necessary.
- Variable Universal Life changes in premium throughout your lifespan, allowing you to customize payments to fit your needs.
- Joint or Survivorship plans cover two individuals with a single policy rather than requiring both to obtain separate insurance.
Considering life insurance? Read our write up about why term life is better than whole life.
Additional Products
Aside from life insurance, Penn Mutual also sells some financial products and protection for small businesses, including annuities (fixed, immediate, and variable). One unique offering from Penn Mutual is business life insurance.
Penn Mutual also offers several financial planning tools for retirement. These are marketed both to individuals and small business owners. The primary investment vehicle for retirement is an annuity, which a customer would pay into throughout his life in exchange for a set, regular income in retirement.
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Penn Mutual Rates
Penn Mutual does not offer online quotes for term life insurance, so we were unable to do a rate comparison vs. their competitors. In order to find a local authorized agent, visit this page and input your state.
Claims
Claims information for Penn Mutual can be found on its website under the “Client Services” tab. From there, click “Initiate A Death Claim” to reach the online form. You will need the policy number for the insured as well as your contact information and explanation of your relationship to the insured.
Once the initial claim has been filed, a representative will be in contact with you to finish the process. You may be asked to forward additional paperwork, like a death certificate, before the claim can be paid.
Consumer Research and Complaints
The BBB website lists several entries for Penn Mutual, but none are accredited nor match the address of the corporate headquarters, making it difficult to guess which is the official listing. Of the listings available, most have few complaints. (For more information, read our “How to File a Complaint Against a Life Insurance Company“).
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Financial Strength
| Rating Company | Grade | Financial Outlook |
|---|---|---|
| AM Best | A+ | Superior |
| Fitch | N/A | N/A |
| S&P | A+ | Stable |
What is the company’s position for the future?
Both A.M. Best and S&P consider Penn Mutual a stalwart of the life insurance industry. Though growth has been limited by the diversification of the field, Penn Mutual maintains a steady place near the top quarter of companies in market share and direct written premiums.
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What is the company’s online presence?
Is the company active in the community?
Penn Mutual sponsors or is supportive of numerous formal programs or foundations that give back to communities, including Girl Scouts of America, the American Cancer Society, and Alex’s Lemonade Stand.
Penn Mutual Life: Streamlined Claims Process for Policyholders
Ease of Filing a Claim
Penn Mutual Life Insurance offers multiple convenient channels for filing a claim, ensuring flexibility and accessibility for policyholders. You can file a claim through their user-friendly online portal, over the phone, or via their mobile app. The online platform allows for easy submission of necessary documents and information, streamlining the process for policyholders.
With these multiple options, policyholders can choose the method that suits them best, whether they prefer a digital approach or traditional communication.
Average Claim Processing Time
One key aspect that policyholders often consider when evaluating an insurance provider is the speed at which claims are processed. Penn Mutual is committed to efficient claim processing. While specific processing times may vary depending on the complexity of the claim and the documentation provided, Penn Mutual generally strives to handle claims promptly.
Policyholders can expect timely responses and efficient processing to help alleviate the financial burden during difficult times.
Customer Feedback on Claim Resolutions and Payouts
To gauge the effectiveness of any insurance company’s claims process, it’s crucial to consider customer feedback regarding claim resolutions and payouts. Penn Mutual has received positive reviews from policyholders in this regard.
Their commitment to transparency and fairness in assessing claims has earned them a reputation for providing dependable financial support when it’s needed most. Customer testimonials and feedback highlight the satisfaction with the company’s claim resolution process, reinforcing its trustworthiness in the industry.
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Penn Mutual Life: Cutting-Edge Digital Advancements and Technological Features
Mobile App Features and Functionality
Penn Mutual’s mobile app is designed to enhance the overall customer experience. It offers a range of features and functionalities, allowing policyholders to manage their insurance policies with ease. The app provides access to policy information, premium payments, and the ability to file claims directly from your mobile device.
Additionally, it offers tools such as calculators and resources to help policyholders make informed decisions about their coverage.
Online Account Management Capabilities
The insurer’s online account management capabilities are robust and user-friendly. Policyholders can log in to their accounts through the company’s website to access policy details, update personal information, and review payment history. The platform also allows for seamless premium payments and offers digital copies of policy documents for added convenience.
With 24/7 access to their accounts, policyholders have the flexibility to manage their policies and make changes at their convenience.
Digital Tools and Resources
Penn Mutual provides an array of digital tools and resources to support its policyholders. These tools include educational materials, financial planning resources, and insurance calculators to help customers make informed decisions about their coverage and financial goals.
The company’s commitment to leveraging technology to empower its policyholders with knowledge and insights demonstrates its dedication to their financial well-being.
Bottom Line
Penn Mutual seems to be a straightforward life insurance company that offers a wide range of coverage options. Penn Mutual ratings show financial strength, their claims process is fairly simple, and they have very few customer complaints that we were able to find. They may not be the least expensive life insurer out there, but they are a decent choice and worth consideration if looking for new coverage.
There’s a lot to like about this company if your focus is wealth management and legacy-building because it offers several outstanding high cash value growth life insurance policies.
As a mutual company, it shares dividends with its policyholders and has a long history of backing this promise up, weathering both the Great Depression and the Great Recession.
If you’re shopping for permanent coverage from a reliable mutual company, Penn Mutual is a solid choice. free insurance quotes?
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Frequently Asked Questions
What types of life insurance products does Penn Mutual offer?
Penn Mutual Life Insurance offers various types of life insurance products, including term life insurance, whole life insurance, universal life insurance, and variable life insurance. Each product has unique features and benefits, catering to different financial goals and needs.
How can I file a complaint against Penn Mutual Life Insurance?
To file a complaint against Penn Mutual Life Insurance, you can reach out to their customer service department or contact your state’s insurance regulatory agency. They will guide you through the complaint resolution process and help address any concerns or issues you may have.
Are there common complaints against Penn Mutual Life Insurance?
Complaints against insurance companies can vary, and it is advisable to review customer feedback and ratings to understand any common concerns. Common complaints may include issues related to policy premiums, customer service, claim processing, or policy terms and conditions. Researching specific customer experiences can provide insights into any recurring issues.
How can I contact Penn Mutual Life Insurance?
You can contact Penn Mutual Life Insurance by visiting their website and accessing their contact information. They typically provide phone numbers, email addresses, and sometimes live chat options for customer support.
Can I customize my life insurance policy with Penn Mutual?
Penn Mutual Life Insurance policies may offer some flexibility for customization. Depending on the product and options available, you may be able to adjust the coverage amount, choose additional riders or benefits, and tailor the policy to meet your specific needs. It’s recommended to discuss customization options with a Penn Mutual representative.
Can I borrow against my Penn Mutual life insurance policy?
Depending on the type of policy you have, such as whole life or universal life insurance, you may have the option to borrow against the cash value accumulated within your policy. It’s important to review the terms and conditions of your specific policy and consult with a Penn Mutual representative for guidance.
Can I convert my term life insurance policy from Penn Mutual to a permanent policy?
Penn Mutual Life Insurance may offer conversion options for term life insurance policies. This allows you to convert your term policy into a permanent life insurance policy without the need for additional underwriting. The availability and specific details of the conversion option may vary, so it’s advisable to consult with a Penn Mutual representative.
Are you looking for free insurance quotes?
Your one-stop online insurance guide. Get free quotes now!
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Schimri Yoyo
Licensed Agent & Financial Advisor
Schimri Yoyo is a financial advisor with active life and health insurance licenses in seven states and over 20 years of experience. During his career, he has held roles at Foresters Financial, Strayer University, Minnesota Life, Securian Financial Services, Delaware Valley Advisors, Bridgemark Wealth Management, and Fidelity. Schimri is an educator eager to assist individuals and families in ...
Licensed Agent & Financial Advisor
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.