Penn Mutual offers term life insurance, whole life insurance, universal life insurance, indexed universal life insurance (IUL) and variable universal life insurance.
Penn Mutual Life Insurance Review 2026: Pricing, Pros & Cons
Penn Mutual offers no-exam coverage up to $10 million for qualified applicants aged 20 to 65. This is the highest no-exam limit in our review series. Most carriers cap no-exam coverage at $1 million to $3 million. The insurer’s NAIC complaint index of 0.05 means it receives 95% fewer complaints than the average insurer of its size. This is also the lowest figure among the companies we reviewed.
Penn Mutual’s term life insurance rates are below the national average at every coverage level. A 40-year-old woman pays $38 per month for $500,000 in 20-year term coverage, 18% below the national average. Penn Mutual is a mutual company. Eligible whole life policyholders may receive dividends. All policies are sold through licensed agents with no online quotes or direct sales. The insurer operates in 49 states, excluding New York.
Read our in-depth Penn Mutual life insurance review to decide if it's the right insurer for your needs.
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Updated: October 11, 2026
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At a Glance: Penn Mutual Life Insurance Review
Penn Mutual
MoneyGeek Rating
4.3/ 5
4.8/5Affordability
3.6/5Customer Experience
4.3/5Coverage
Average Monthly Cost
$38 (F), $47 (M)Max Coverage
$10 million
Penn Mutual Life Insurance Products
Term Life Insurance
Penn Mutual’s term life policies cover $100,000 to $10 million across term lengths of 10, 15, 20 and 30 years, with level premiums guaranteed for the full term. Entry ages span 20 to 70 for standard underwriting; Transamerica accepts applicants from 18 to 80 and Banner Life from 18 to 75. Penn Mutual offers two standard term products and a specialty one-year option. The one-year option accepts applicants up to age 100.
Guaranteed Convertible Term (GCT)The Guaranteed Convertible Term (GCT) is Penn Mutual’s convertible term product. GCT policyholders can switch to permanent coverage without new medical underwriting, with conversion available to any Penn Mutual permanent product. The conversion window varies by product; confirm it for the specific policy before relying on this option.
- Protection Non-Convertible Term (PNCT)
The Protection Non-Convertible Term (PNCT) is Penn Mutual’s lower-premium alternative, covering the same 10, 15, 20 and 30-year term lengths. PNCT doesn’t include a conversion option; policyholders can’t switch to permanent coverage at the end of the term.
- One-Year Term (OYT)
Penn Mutual also offers a One-Year Term (OYT), a 12-month non-renewable product with issue ages ranging from 0 to 100. OYT policyholders can convert to a permanent policy during the 12-month period, up to age 84. Penn Mutual positions OYT for business planning applications. This includes split-dollar coverage arrangements.
No-Exam Life Insurance
No-exam underwriting is available up to $10 million for qualified applicants aged 20 to 65, with average rates costing $4 per month above standard at $500,000 for women. No-exam underwriting means qualifying for coverage without a medical exam, commonly through health questionnaires and electronic health records review. Most insurers cap no-exam coverage at $1 million to $3 million.
The cost premium for skipping the exam is small. At $500,000, a 40-year-old woman pays $42 per month for no-exam coverage, $4 more than the $38 standard rate. That’s still 16% below the national average.
Permanent Life Insurance
Penn Mutual’s permanent life insurance options include whole life, universal life, indexed universal life (IUL) and variable universal life (VUL). All permanent products are sold through licensed agents and aren’t available online.
Whole Life Insurance
Whole life insurance provides permanent death benefit coverage with fixed premiums and guaranteed cash value accumulation set at the time of purchase. The death benefit doesn’t expire; it pays out whenever the insured dies. As a mutual company, Penn Mutual’s eligible whole life policyholders may receive annual dividends, though dividends aren’t guaranteed. Whole life suits buyers who want lifelong coverage with predictable costs, guaranteed cash value they can access during their lifetime and the potential for dividend income.
Accumulation Whole LifeAccumulation Whole Life is Penn Mutual’s cash value growth-focused whole life option, with flexible payment durations and guaranteed death benefit protection. It comes with 13 riders. These include an Overloan Protection Rider that prevents the policy from lapsing when outstanding policy loans exceed or are near the cash value amount.
- Protection Whole Life II
Protection Whole Life II provides guaranteed level premiums, guaranteed cash value accumulation and a death benefit guaranteed to age 121.
- Survivorship Whole Life
Survivorship Whole Life covers two lives on one policy at a lower premium than two comparable individual policies. It suits couples and business partners focused on estate planning and wealth transfer.
Universal Life Insurance
Universal life insurance is permanent life insurance with flexible premiums and an adjustable death benefit. Unlike whole life, premium amounts aren’t fixed; policyholders can increase or decrease payments within policy limits as their financial situation changes. Cash value grows at an interest crediting rate the insurer sets. Universal life suits buyers who want permanent coverage with more premium flexibility than whole life and those who prioritize guaranteed lifetime death benefit coverage over cash value accumulation.
Protection Universal Life (PUL)Protection Universal Life (PUL) is Penn Mutual’s flexible-premium permanent option. It provides lifetime death benefit coverage starting at $50,000 with cash value accumulation potential.
- Guaranteed Protection Universal Life (GPUL)
Guaranteed Protection Universal Life (GPUL) adds a no-lapse guarantee and structured payment flexibility to Penn Mutual’s universal life lineup. GPUL comes with level-payment, catch-up and prepayment options. Policyholders can take partial withdrawals and loans against cash value.
Indexed Universal Life Insurance
Indexed universal life insurance is a type of policy where cash value growth is linked to the performance of a market index, such as the S&P 500. IUL includes a guaranteed floor that prevents cash value from declining when the index falls, and caps the credited rate when the index rises. Policyholders get index-linked growth potential without direct market exposure. IUL suits buyers who want market-linked cash value growth with downside protection and those using permanent coverage as part of a long-term accumulation or retirement income strategy.
Accumulation IULAccumulation IUL links cash value growth to a market index with a guaranteed floor that prevents losses when the index declines. It includes a guaranteed cash value enhancement credited in year 11 and a no-lapse guarantee for up to 30 years.
- Protection IUL
Protection IUL offers permanent death benefit coverage with indexed cash value growth and a downside floor, in a protection-oriented structure with less emphasis on cash value accumulation than Accumulation IUL.
- Survivorship IUL
Survivorship IUL covers two lives on one policy with market-indexed cash value growth and a downside floor. Penn Mutual positions it for estate planning and wealth transfer.
Variable Universal Life
Variable universal life insurance is permanent life insurance where cash value is invested in sub-accounts that function similarly to mutual funds. Unlike IUL, VUL carries direct market risk; cash value can decline when the market falls. The tradeoff is uncapped growth potential. Sub-account returns aren’t subject to the cap limits that apply in IUL. VUL suits investment-oriented buyers comfortable with market volatility who want the potential for higher long-term cash value growth alongside permanent death benefit coverage.
Accumulation VULAccumulation VUL invests cash value in sub-accounts for market-linked growth. Unlike IUL products, Accumulation VUL carries direct market risk. Policyholders can lose cash value when the market declines.
- Protection VUL
Protection VUL pairs a no-lapse guarantee for lifetime death benefit coverage with sub-account investment options, including Vanguard fund options. Penn Mutual’s VUL products are issued through Penn Insurance and Annuity Company, a wholly owned Penn Mutual subsidiary.
- Survivorship Protection VUL
Survivorship Protection VUL covers two lives on one policy with permanent two-life death benefit coverage and the sub-account investment structure of VUL.
Policy Riders (Add-On Benefits)
Penn Mutual life insurance policies include four main rider options: accidental death benefit (ADB), waiver of premium (WOP), child rider and conversion rider. ADB pays an additional benefit when death results from a qualifying accident, a narrow trigger that applies mainly to buyers in documented high-risk occupations. WOP waives premiums if the policyholder becomes totally disabled; coverage stays active. Confirm availability and terms with a Penn Mutual agent, as they vary by product and state. The child rider adds term coverage for dependent children; each child may convert to a permanent policy at adulthood regardless of health status.
The conversion rider lets policyholders switch from term to permanent coverage without new medical underwriting. The conversion window varies by product; confirm it for the specific policy before relying on this option. At four riders total, Penn Mutual’s lineup is lean compared to Guardian’s 12 and MassMutual’s six. Buyers who need an accelerated death benefit for chronic illness, guaranteed insurability or a long-term care rider have more options with Guardian or MassMutual.
All product information is based on publicly available Penn Mutual materials as of our most recent review. Coverage options, features, riders, payment plans and eligibility may vary by state and by product version. Contact a licensed Penn Mutual agent for current specifications and details specific to your situation.
Penn Mutual Life Insurance Rates
Penn Mutual is one of the cheapest life insurance companies in our analysis, with below-average rates across both term and no-exam life insurance. A 40-year-old woman pays $9 per month for $100,000 in term coverage, 40% below the national average. Savings range from 16% at the $1 million no-exam level to 40% at the $100,000 term level.
Penn Mutual Term Life Insurance Rates
Penn Mutual term life insurance rates are below the national average at every coverage level. A 40-year-old woman pays $38 per month for $500,000 in 20-year term coverage, 18% below the national average. Banner Life and Transamerica each charge $37 for the same profile, $1 less per month and $240 less over 20 years. At $100,000, the savings gap widens: women pay $9 per month, 40% below the national average. At $1 million, women pay $69 per month, 20% below the national average.
Men pay 22% to 26% more than women across all coverage levels, in line with national pricing patterns. A 40-year-old man pays $47 per month for $500,000 in 20-year term coverage, 20% below the national average. Penn Mutual doesn’t widen that gap at higher coverage amounts.
$100,000 | $9 | -$6 (-40%) | $11 | -$8 (-41%) |
$250,000 | $21 | -$7 (-26%) | $25 | -$9 (-27%) |
$500,000 | $38 | -$9 (-18%) | $47 | -$12 (-20%) |
$750,000 | $54 | -$13 (-20%) | $67 | -$18 (-21%) |
$1,000,000 | $69 | -$17 (-20%) | $87 | -$22 (-20%) |
Rates based on 40-year-old nonsmokers with average health on a 20-year term policy.
Penn Mutual No-Exam Life Insurance Rates
Penn Mutual’s no-exam rates are 16% to 37% below the national average, close to the 18% to 40% available through standard underwriting at the same coverage levels. A 40-year-old woman pays $42 per month for $500,000 in no-exam coverage, $4 more than the $38 standard rate and still 16% below the national average. At $1 million, the no-exam rate is $76 per month vs. $69 for standard underwriting, a $7 difference; both remain 16% below the national average.
No-exam coverage works well for buyers aged 20 to 65 who need up to $10 million and want to skip the in-person paramedical exam. Applicants over 65 or those seeking coverage above $10 million need full underwriting, which may include a medical exam. Standard underwriting also makes sense for anyone whose health profile qualifies for the lowest available rate.
$100,000 | $10 | -$6 (-37%) | $12 | -$7 (-38%) |
$250,000 | $23 | -$7 (-22%) | $28 | -$9 (-25%) |
$500,000 | $42 | -$8 (-16%) | $51 | -$12 (-18%) |
$750,000 | $59 | -$12 (-16%) | $74 | -$17 (-18%) |
$1,000,000 | $76 | -$15 (-16%) | $96 | -$20 (-18%) |
Rates based on 40-year-old nonsmokers with average health on a 20-year term policy.
Penn Mutual vs. Alternatives
Banner Life charges $37 per month for a 40-year-old woman on a $500,000, 20-year term policy, $1 less than Penn Mutual’s $38. That $1 gap is $240 over 20 years. Its overall MoneyGeek score, based on affordability, coverage options and customer experience, is 4.5 vs. Penn Mutual’s 4.3, and it accepts applicants up to age 75 for standard term policies, five years beyond Penn Mutual’s 70.
Transamerica also charges $37 per month for the same profile. Its NAIC complaint index is 3.86, nearly four times the industry baseline of 1.0. Penn Mutual’s NAIC index of 0.05 is 77 times lower than Transamerica’s 3.86; at $1 more per month, Penn Mutual is the clear choice for buyers who weigh the customer complaint record.
Guardian charges $47 per month for a 40-year-old woman at $500,000, $9 more than Penn Mutual’s $38. It holds an A++ AM Best rating, one tier above Penn Mutual’s A+, and ranks 4th of 22 in J.D. Power’s 2025 U.S. Life Insurance Study vs. Penn Mutual’s 11th. Buyers who want the highest AM Best rating or J.D. Power ranking in our review series have a stronger case for Guardian. MassMutual charges $54 per month for the same profile, $16 more than Penn Mutual. But MassMutual’s 2026 whole life dividend is $2.9 billion at 6.60%, compared to Penn Mutual's $300 million. Penn Mutual has lower term rates and a broader no-exam limit than MassMutual.
Penn Mutual isn’t available in New York. Residents should compare Guardian or New York Life, both licensed in the state.
Penn Mutual | $38 (F) $47 (M) | 10-30 years | 20-70 | A+ | 4.3 |
$37 (F) $46 (M) | 10-40 years | 20-75 | A+ | 4.5 | |
$37 (F) $46 (M) | 10-30 years | 18-80 | A | 4.4 | |
$45 (F) $56 (M) | 10-30 years | 21-55 | A+ | 4.3 | |
$38 (F) $54 (M) | 10-30 years | 18-80 | A+ | 4.2 | |
$44 (F) $58 (M) | 10-30 years | 18-70 | A- | 4.2 | |
$42 (F) $54 (M) | 10-40 years | 18-75 | A+ | 4.1 | |
$49 (F) $60 (M) | 10-30 years | 18-80 | A+ | 4 | |
$54 (F) $67 (M) | 10–30 years | 18–75 | A++ | 3.7 | |
$47 (F) $59 (M) | 10-30 years | 18-75 | A++ | 4 |
* Rates based on 40-year-old nonsmokers with average health on a 20-year term policy.
Bottom Line: Is Penn Mutual Right for You?
Penn Mutual suits buyers who need no-exam coverage above $1 million and those who weigh complaint record over a $1 monthly price difference at $500,000. It’s a poor fit for New York residents, buyers outside the term age range of 20 to 70 and anyone who needs online quotes or term coverage beyond 30 years.
Consider Penn Mutual if:
- You need no-exam coverage from $1 million to $10 million and are between 20 and 65 years old. Penn Mutual’s $10 million no-exam limit is the highest in our review. A 40-year-old woman qualifies for $1 million without an exam at $76 per month, 16% below the national average.
- The complaint record matters more than a $1 monthly price difference. Penn Mutual’s NAIC index of 0.05 is 95% below the median insurer and the lowest in our review series. Transamerica’s index is 3.86, 77 times higher than Penn Mutual’s.
- You want dividend-eligible whole life insurance. Penn Mutual’s whole life policies are dividend-eligible. MassMutual also offers a mutual company structure.
- The $1-per-month difference between Penn Mutual ($38) and Banner Life ($37) at $500,000 isn’t the deciding factor. That dollar buys Penn Mutual’s NAIC index of 0.05 and mutual company ownership.
- You prefer buying through a licensed agent rather than applying online.
Compare other insurers if:
- You live in New York. Penn Mutual doesn’t sell in the state. Guardian and New York Life are both licensed there.
- Standard term coverage is needed before age 20 or after age 70. Penn Mutual’s term range runs from 20 to 70. Transamerica accepts applicants from 18 to 80; MassMutual covers 18 to 75.
- Online quotes and digital applications are preferred. Penn Mutual has no online quotes, applications or direct sales. Ladder, Haven Life and Ethos all offer fully online applications.
- A 40-year term length is needed. Penn Mutual’s maximum term is 30 years. Banner Life and Protective both offer 40-year terms.
Penn Mutual Life Insurance FAQ
Penn Mutual’s term rates are below the national average at every coverage level. At $500,000 in 20-year term coverage, a 40-year-old nonsmoking woman pays $38 per month, 18% below the national average, and a man pays $47. At $100,000, rates drop to $9 for women and $11 for men. No-exam coverage at $500,000 costs $42 per month for women, $4 above the standard rate and still 16% below the national average.
Penn Mutual doesn’t sell policies directly online; applications go through a licensed independent agent or Penn Mutual’s agent network.
- Contact a licensed independent agent or Penn Mutual’s agent network to start an application.
- Complete the application with health history and lifestyle disclosures.
- Complete underwriting. Applicants aged 20 to 65 may qualify for accelerated no-exam underwriting; others complete full underwriting, which may include a medical exam.
- Receive a coverage decision. Fully underwritten policies take two to four weeks. No-exam applicants may receive a decision faster, depending on health record availability.
Yes. Penn Mutual offers no-exam coverage up to $10 million for qualified applicants aged 20 to 65, the highest no-exam limit in our review series. Most carriers cap no-exam coverage at $1 million to $3 million. Applicants over 65 or seeking more than $10 million in coverage must complete full underwriting, which may include a medical exam. Not all applicants qualify; eligibility depends on age, health history and the coverage amount requested.
Yes. Penn Mutual term policies include a conversion rider that lets policyholders switch to permanent coverage without new medical underwriting. The conversion window varies by product. Confirm it for your specific policy before relying on this option. Converting works well if your health changes during the term and you want lifelong coverage without requalifying.
MoneyGeek scored Penn Mutual using rate data for our baseline profile of a 40-year-old male nonsmoker in average health seeking $500,000 in coverage on a 20-year term. The MoneyGeek Score weights affordability at 50%, customer experience at 30% and coverage options at 20%. Customer experience ratings draw from customer reviews, J.D. Power life insurance study scores, AM Best financial strength ratings and NAIC complaint indexes.
Related Pages: Other Company Reviews
About Patrick Bryant
Patrick Bryant is the Vertical Lead for Life and Health Insurance at MoneyGeek, where he researches insurance products, writes consumer guides and oversees provider scoring methodologies that are reviewed quarterly to reflect current market conditions and carrier data. He has analyzed more than 50 life insurance carriers across multiple policy types and collected thousands of quotes nationwide to compare pricing, coverage and underwriting requirements.
Sources
- J.D. Power. "Life Insurance Customer Satisfaction Varies Widely Based on Carrier and Distribution Channel, JD Power Finds." Accessed October 7, 2026.
- Penn Mutual. "Life Insurance Dividends." Accessed October 7, 2026.
- Penn Mutual. "Life Insurance & Annuities." Accessed October 7, 2026.
- Penn Mutual. "Penn Mutual Announces Record-Breaking Dividend Award in 2026." Accessed October 7, 2026.
- Penn Mutual. "Whole Life Insurance." Accessed October 7, 2026.
- Penn Mutual. "Universal Life." Accessed October 7, 2026.
- Penn Mutual. "Indexed Universal Life." Accessed October 7, 2026.
- Penn Mutual. "Variable Universal Life." Accessed October 7, 2026.