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 combines some of the highest coverage limits in the life insurance market with competitive pricing and a rare $10 million no-exam option for qualifying applicants. Its mutual company structure, strong customer complaint record and dividend-eligible permanent policies make it an appealing choice for people seeking both financial strength and long-term policyholder benefits.
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: June 9, 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 with term lengths of 10, 15, 20 and 30 years. Entry ages range from 20 to 70 for nonsmokers. No-exam underwriting is available for qualified applicants up to $10 million, one of the highest no-exam limits in the market.
No-Exam Life Insurance
Penn Mutual allows no-exam underwriting for term life applicants aged 20 to 65. Most insurers cap no-exam coverage at $1 million to $3 million, but Penn Mutual's no-exam limit matches its standard coverage maximum of $10 million. This makes Penn Mutual one of the few options for high-net-worth applicants who want to skip the medical exam.
No-exam underwriting means you can qualify for coverage without a medical exam, typically through health questionnaires and electronic health records review.
Permanent Life Insurance
Penn Mutual offers whole life, universal life, indexed universal life (IUL) and variable universal life (VUL) policies. Whole life policyholders may be eligible to receive dividends, though dividends aren't guaranteed. Permanent products are available through licensed agents and aren't sold online.
Policy Riders (Add-On Benefits)
Penn Mutual life policies include four available riders: accidental death benefit (ADB), waiver of premium (WOP), child rider and conversion rider. The conversion rider allows policyholders to convert a term policy to permanent coverage without new medical underwriting. This is particularly useful for people in good health who want flexibility if their health changes before the term ends.
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 nonsmoker pays as little as $9 per month for term coverage, with discounts versus the national average ranging from 18% to 40% depending on coverage level.
Penn Mutual Term Life Insurance Rates
Penn Mutual has below average term life insurance rates across all coverage levels we reviewed. Its strongest pricing advantage is at lower coverage amounts, with savings gradually narrowing as coverage increases. A 40-year-old woman pays $9 per month for a $100,000 policy, 40% below the national average. That discount decreases to 18% at $500,000 and remains around 20% through $1 million.
Male applicants pay 22% to 26% more than female applicants across all coverage levels we reviewed, closely mirroring national pricing patterns. Penn Mutual doesn't widen that gap at higher coverage amounts, which is worth noting for joint applicants or couples evaluating policies at different face values.
$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 38% below the national average depending on coverage level, nearly matching the savings available through full underwriting. For applicants aged 20 to 65 in average health, the no-exam option trades a small premium increase for a materially faster application process. Applicants over 65 or seeking coverage above $10 million will need to go through full underwriting regardless.
$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
Penn Mutual and stock-company competitors such as Banner Life and Transamerica all offer term life policies with conversion options, no-exam underwriting and standard riders, including the accidental death benefit rider, child rider and 20- and 30-year term lengths.
The most important differentiator is Penn Mutual's mutual company structure: policyholders, not shareholders, own it. Banner Life is a stock company owned by Legal & General Group. Penn Mutual whole life policyholders may receive dividends that reduce net premium cost over time, a benefit that stock company policyholders don't get.
On pure term pricing, Banner Life and Transamerica come in at $37 per month for a 40-year-old woman on a $500,000, 20-year policy, just $1 less than Penn Mutual's $38. The pricing gap is narrow enough that Penn Mutual's mutual structure, complaint record and no-exam limit are the more meaningful differentiators for most buyers.
New York residents can't access Penn Mutual products and should compare other companies instead. Penn Mutual's age range is also more limited than many competitors, capping eligibility at 70 years old.
Penn Mutual | $38 (F), $47 (M) | 10-30 years | 20-70 | A+ | 4.3 |
Banner Life | $37 (F), $46 (M) | 10-40 years | 20-75 | A+ | 4.5 |
Transamerica | $37 (F), $46 (M) | 10-30 years | 18-80 | A | 4.4 |
Nationwide | $45 (F), $56 (M) | 10-30 years | 21-55 | A+ | 4.3 |
Pacific Life | $38 (F), $54 (M) | 10-30 years | 18-80 | A+ | 4.2 |
Fidelity | $44 (F), $58 (M) | 10-30 years | 18-70 | A- | 4.2 |
Protective | $42 (F), $54 (M) | 10-40 years | 18-75 | A+ | 4.1 |
Mutual of Omaha | $49 (F), $60 (M) | 10-30 years | 18-80 | 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 is a strong choice if you want high coverage amounts, competitive rates and the flexibility to qualify for coverage without a medical exam. The company is especially appealing for people seeking $500,000 to $10 million in coverage, value mutual company ownership or have interest in dividend-eligible permanent life insurance policies.
Consider Penn Mutual if you:
- Need up to $10 million in term life coverage
- Want a no-exam option without sacrificing competitive pricing
- Value a low complaint record and strong financial stability
- Are interested in whole life insurance with potential dividend payments
- Prefer working with an agent rather than purchasing online
Compare other insurers if you:
- Live in New York, where Penn Mutual is unavailable
- Need coverage before age 20
- Want term lengths longer than 30 years
- Prefer an insurer that provides instant online quotes and digital purchasing tools
Penn Mutual Life Insurance FAQs
We've answered common questions about Penn Mutual life insurance:
How much does Penn Mutual life insurance cost?
Penn Mutual's average monthly rate for a 40-year-old nonsmoking woman on a 20-year, $500,000 term policy is $38, and $47 for a man on the same profile. At the $100,000 level, rates drop to $9 per month for women and $11 for men.
How do I apply for Penn Mutual life insurance?
Here's how to get Penn Mutual coverage:
- Request a quote through a licensed independent agent or Penn Mutual's agent network. Penn Mutual doesn't sell policies directly online.
- Complete the application with health history and lifestyle disclosures.
- Undergo full underwriting, which may include a medical exam or, for eligible applicants, accelerated no-exam underwriting.
- Receive a coverage decision. Fully underwritten policies usually take two to four weeks. No-exam applicants may receive a decision faster, depending on health record availability.
Does Penn Mutual offer no-exam life insurance?
Penn Mutual offers no-exam life insurance for qualified applicants aged 20 to 65, with coverage up to $10 million. This is one of the highest no-exam limits available from any insurer. Not all applicants qualify. Eligibility depends on age, health history and coverage amount requested.
Can I convert a Penn Mutual term policy to permanent coverage?
Penn Mutual term policies include a conversion rider that lets policyholders convert to a permanent policy without new medical underwriting. The conversion window varies by product, so check your policy terms. This feature is useful if your health changes during the term and you want lifetime 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 maintains the scoring methodologies behind our provider comparisons. He analyzed more than 50 life insurance carriers across multiple policy types, collecting thousands of quotes nationwide to evaluate rates, coverage options and underwriting factors. His methodologies are reviewed quarterly to reflect current market conditions and carrier data.
Sources
- Penn Mutual. "Life Insurance Dividends." Accessed March 16, 2026.
- Penn Mutual. "Life Insurance & Annuities." Accessed March 16, 2026.