Penn Mutual Life Insurance Review

Provides coverage for a 10-, 15-, 20- or 30-year term and allows you to convert it to a permanent life insurance policy if needed, as long as you're under 70. You can add four riders (accidental death benefit, children's term insurance, disability waiver of premium and disability waiver of premium with automatic conversion) if you want to further customize your policy.

This is a basic term life insurance policy that offers the same term selections as the Guaranteed Convertible Term plan but cannot be converted to permanent insurance. Consumers can benefit from this plan's temporary death benefit protection and other optional riders.

This product is nonrenewable and best suits those who only need a small amount of coverage. Anyone up to age 100 can get this policy type, and they are ensured temporary death benefit protection. Those under the age of 84 have the option of switching to permanent life insurance.

The product offers flexible policies with a fixed death benefit until the age of 121. This coverage type comes with 13 add-on rider options, plus three automatically included riders: accelerated death benefit, chronic illness accelerated benefit and supplemental exchange.

This plan is designed for two people, such as spouses or business partners. It works like a traditional whole life policy, except that the death benefit is paid out to beneficiaries when the second policyholder dies. This policy is much more affordable than the combined cost of two similar individual policies. It is ideal for people who are looking to provide for their beneficiaries but would still be able to support themselves if their spouse or partner passed away.

This plan allows you to put the cash value of your policy into your choice of indexed accounts that earn interest based on the performance of market indexes. Since your policy isn't actually invested in the market, you're protected against the risk of losing value. This policy also includes an enhancement feature that guarantees a yearly positive credit.

This plan works like the indexed universal life plan but is designed for two people. Like the survivorship whole life policy, this plan pays out a death benefit when both policyholders pass away.

Variable universal life insurance offers the most customizability when it comes to growing your policy's cash value as you decide how and where you place your investments. Penn Mutual offers 24 variable investment options for policyholders to build their portfolios. In this case, the policy is directly invested in the market, which comes with more risk. It also offers a fixed-interest account for those who want a low-risk option that provides guaranteed growth.

This plan provides the benefits of a variable universal plan, i.e., the ability to invest in the market while also guaranteeing your death benefit.

With this policy, you can customize the number of years of guaranteed death benefit protection you'd like up to age 100. It can also accumulate cash value, and after year 11, Penn Mutual offers a guaranteed annual boost to enhance its growth.

This universal life policy has the potential to build up a small amount of cash value and includes a no-lapse guarantee up to age 121, guaranteeing a death benefit for your beneficiaries.