Penn Mutual Insurance Review & Ratings (2023)
This Penn Mutual Insurance Review will cover Penn Mutual Insurance ratings by real users for overall satisfaction and claims, cost, billing, and service satisfaction. The Penn Mutual Insurance A.M. Best rating is A+, and the Penn Mutual Insurance S&P Rating is A+. To compare insurance rates from the best companies in your area, enter your ZIP code below.
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Written by
Chris Tepedino |
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Reviewed by
Laura Walker
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UPDATED: Mar 1, 2023
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Penn Mutual Insurance is a Pennsylvania-based insurance company that offers a range of life insurance, annuities, and disability income products to help customers achieve financial security.
Here are three key attributes that make Penn Mutual Insurance a standout car insurance company:
- Exceptional customer service
- Strong financial ratings
- Comprehensive range of products and services
With a history spanning more than 170 years, the company has built a reputation for its commitment to delivering quality products and services to its customers.
History and Mission of Penn Mutual Insurance
Penn Mutual Insurance was founded in 1847 in Philadelphia, Pennsylvania, by a group of prominent Quakers. The company was originally called The Penn Mutual Life Insurance Company of Philadelphia and was established to provide affordable life insurance to a wider range of people.
The company’s mission has remained the same over the years – to help individuals, families, and businesses achieve financial security by providing innovative insurance and investment solutions.
Today, Penn Mutual Insurance is a mutual company, which means it is owned by its policyholders rather than shareholders. This allows the company to prioritize the interests of its customers over profits.
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Insurance Plans Available at Penn Mutual Insurance
Penn Mutual Insurance offers a wide range of insurance and investment products and services designed to help individuals, families, and businesses achieve financial security. Here’s an overview of the main products and services offered by Penn Mutual Insurance:
- Life insurance: Penn Mutual Insurance offers several types of life insurance, including:
- Term life insurance Provides coverage for a specific time, usually 10-30 years. Offers a death benefit to beneficiaries if the policyholder dies during the term of the policy.
- Universal life insurance: Offers permanent coverage with flexible premium payments and death benefit amounts. Accumulates cash value over time, which can be used for things like retirement income or paying premiums.
- Indexed universal life insurance: Similar to universal life insurance, the cash value growth is tied to a stock market index.
- Whole life insurance: Offers permanent coverage with fixed premiums and a guaranteed death benefit. Accumulates cash value over time, which can be borrowed against or used to pay premiums.
- Annuities: Annuities are insurance products that offer guaranteed income payments in retirement. Penn Mutual Insurance offers several types of annuities, including:
- Fixed annuities: Offer guaranteed interest rates and regular income payments.
- Indexed annuities: Offer potential for higher returns than fixed annuities by linking growth to a stock market index.
- Variable annuities: Offer investment options with the potential for higher returns, but also carry more risk.
- Disability income insurance: Provides income replacement in the event of a disability that prevents the policyholder from working. Offers a source of income to help pay bills and cover living expenses.
Penn Mutual Insurance also offers various riders and endorsements that can be added to insurance policies to customize coverage. These include:
- Accelerated death benefit rider: Allows policyholders to access a portion of their death benefit if they are diagnosed with a terminal illness.
- Long-term care rider: Provides additional coverage for long-term care expenses in the event of a chronic illness.
- Waiver of premium rider: Waives premium payments if the policyholder becomes disabled and unable to work.
Penn Mutual Insurance offers its products and services in multiple states across the United States. The cost of these products and services varies based on the individual’s age, health, and other factors.
Cost of Coverage With Penn Mutual Insurance
The cost of insurance with Penn Mutual Insurance varies depending on several factors, including the type and amount of coverage, the individual’s age, health, and lifestyle habits, and the state in which they reside.
As with all insurance companies, the cost of premiums will also depend on the individual risk profile of the policyholder.
For example, a healthy 25-year-old non-smoker with a good driving record will generally pay less for life insurance than a 55-year-old smoker with a history of health problems.
It’s important to note that these are just examples, and the actual cost of insurance with Penn Mutual Insurance will depend on the individual’s unique circumstances. Customers can get a personalized quote by contacting a Penn Mutual Insurance agent directly or using the company’s online quote tool.
Insurance Discounts Offered at Penn Mutual Insurance
Penn Mutual Insurance offers various discounts to help customers save money on their insurance premiums. Here are a few examples of the discounts available:
- Multi-policy discount: Customers who have multiple policies with Penn Mutual Insurance can save money on their premiums. For example, if a customer has both auto insurance and life insurance with Penn Mutual Insurance, they may be eligible for a discount on both policies.
- Safe driver discount: Customers who have a clean driving record and have completed a defensive driving course may be eligible for a safe driver discount on their auto insurance premiums.
- Good student discount: Students who maintain good grades in school may be eligible for a discount on their auto insurance premiums. This discount is typically available to full-time students under the age of 25.
- Homeowner discount: Customers who own their home may be eligible for a discount on their auto insurance premiums. This discount is based on the assumption that homeowners are generally more responsible and have a lower risk of accidents.
- Payment discount: Customers who set up automatic payments or pay their premiums in full may be eligible for a discount on their insurance premiums.
- Loyalty discount: Customers who have been with Penn Mutual Insurance for a certain amount of time may be eligible for a loyalty discount on their premiums.
It’s important to note that not all discounts are available in all states or for all types of insurance. Customers should speak with a Penn Mutual Insurance agent directly to learn more about the discounts they may be eligible for and how to qualify for them.
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States Where Penn Mutual Insurance Offers Coverage
Penn Mutual Insurance is available in all 50 states and the District of Columbia. The company has a nationwide network of financial professionals who can help customers find the right insurance and investment products to meet their needs. This means that customers can work with a Penn Mutual Insurance agent in their local area, no matter where they live in the United States.
Penn Mutual Insurance’s headquarters are located in Horsham, Pennsylvania, and the company has been providing insurance and investment products to customers for over 175 years.
Over the years, Penn Mutual Insurance has grown to become one of the largest mutual life insurance companies in the United States, with over $36 billion in assets under management.
Customers who are interested in learning more about Penn Mutual Insurance’s products and services can visit the company’s website or contact a Penn Mutual Insurance agent directly.
By working with a knowledgeable and experienced financial professional, customers can get personalized advice and guidance on the best insurance and investment solutions for their unique needs and goals.
Customer Reviews: Penn Mutual Insurance
Penn Mutual Insurance has received positive customer reviews for its products and services. The company has an A+ rating with the Better Business Bureau, which is the highest rating possible. Here are some examples of customer reviews:
- Many customers praise Penn Mutual Insurance’s customer service and the expertise of its financial professionals. Customers appreciate that the company’s agents take the time to understand their unique needs and goals and offer personalized recommendations for insurance and investment solutions.
- Customers also appreciate the variety of insurance and investment products offered by Penn Mutual Insurance, including life insurance, annuities, and disability income insurance. Many customers feel that the company’s products offer competitive rates and provide peace of mind in knowing that their families and assets are protected.
- Some customers have expressed frustration with the company’s underwriting process, which can be rigorous and may require additional medical testing or documentation. However, many customers feel that the extra scrutiny is worth it to ensure that they are getting the best rates and coverage possible.
Overall, Penn Mutual Insurance has a reputation for being a reliable and trustworthy insurance company with a long history of serving customers. The company’s focus on customer service and personalized solutions has helped it to earn a loyal following among policyholders.
Roundup: Penn Mutual Insurance
In conclusion, Penn Mutual Insurance is a well-established and reputable insurance company that has been providing insurance and investment products to customers for over 175 years.
The company has a strong financial standing and is available in all 50 states and the District of Columbia. Penn Mutual Insurance offers a variety of insurance and investment products, including life insurance, annuities, and disability income insurance, and has received positive reviews from customers for its customer service and expertise.
The company also offers various discounts to help customers save money on their insurance premiums. Overall, Penn Mutual Insurance is a reliable and trustworthy insurance company that offers personalized solutions to meet the unique needs and goals of its customers.