Penn Mutual Life Insurance Review 2026

We scored Penn Mutual 4.3 out of 5. Up to $10 million in coverage, no-exam options for qualifying applicants up to 65, available in 49 states.

Find out whether you're overpaying for life insurance below.

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Updated: March 20, 2026

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At a Glance: Penn Mutual Life Insurance Review

Company Image

Penn Mutual

MoneyGeek Rating
4.3/ 5
4.8/5Affordability
3.6/5Customer Experience
4.3/5Coverage Points

  • Average Monthly Cost

    $38 (F); $47 (M)

  • Max Coverage

    $10 million

Is Penn Mutual a Good Life Insurance Company?

Penn Mutual covers up to $10 million in term life and accepts no-exam applications for qualified applicants up to age 65. Its NAIC Complaint Index of 0.05 is well below the 1.0 industry average. Mutual company structure means policyholders own the company and participating whole life policies are eligible for dividends.

Penn Mutual is not available in New York. The minimum entry age is 20, which is two years above Banner Life, Transamerica and most competitors. Terms cap at 30 years. For rate comparisons, see our guide to the cheapest life insurance.

Penn Mutual Life Insurance Products

Penn Mutual offers term life insurance, whole life insurance, universal life insurance, indexed universal life insurance(IUL) and variable universal life insurance.

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    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.

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    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.

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    Permanent Life Insurance

    Penn Mutual offers whole life, universal life, indexed universal life (IUL) and variable universal life (VUL) policies. As a mutual insurer founded in 1847, Penn Mutual 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.

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    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 can be a valuable feature for applicants who may develop health conditions during the term.

Penn Mutual Life Insurance Rates

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. Life insurance rates vary by age, smoking status, coverage level and term length, and Penn Mutual uses fully underwritten pricing for standard applications.

Data filtered by:
20
40
Female
No
$100,000$9$113
$250,000$21$250
$500,000$38$456
$750,000$54$648
$1,000,000$69$831
$2,000,000$126$1,515

Eligible applicants can get no-exam life insurance policies from Penn Mutual. A 20-year term no-exam policy costs an average of $42 per month for 40-year-old nonsmoking women and $51 per month for men.

Data filtered by:
20
40
Female
No
$100,000$10$124
$250,000$23$275
$500,000$42$501
$750,000$59$713
$1,000,000$76$914
$2,000,000$139$1,666

Rates shown are estimates based on MoneyGeek analysis and may not reflect your actual premium. Individual rates vary based on health, lifestyle, and other underwriting factors.

How Penn Mutual Compares to Other Life Insurers

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 ADB rider, child rider, and 20- and 30-year term lengths. Penn Mutual earns a Coverage score of 4.3 out of 5, reflecting its high no-exam limits and broad underwriting flexibility for accelerated applications.

The most important differentiator is Penn Mutual's mutual company structure: policyholders, not shareholders, own it. Banner Life, by contrast, is a stock company owned by Legal & General Group. Penn Mutual whole life policyholders may receive dividends that reduce net premium cost over time. This is a benefit that stock company policyholders don't receive.

New York residents can't access Penn Mutual products and should compare other companies instead. For broader comparisons, see our guide to the best life insurance companies.

FAQ: Penn Mutual Life Insurance

We've answered common questions about Penn Mutual life insurance:

How much does Penn Mutual life insurance cost?
How do I apply for Penn Mutual life insurance?
Does Penn Mutual offer no-exam life insurance?
Can I convert a Penn Mutual term policy to permanent coverage?

MoneyGeek analyzed Penn Mutual life insurance rates using a baseline profile of a 40-year-old nonsmoker with average health applying for a $500,000, 20-year term policy for both male and female applicants.

The MoneyGeek Score is calculated as a weighted composite: Affordability (50%), Customer Experience (30%) and Coverage (20%). Customer experience data includes J.D. Power scores, A.M. Best financial strength ratings and NAIC complaint indexes.

Related Pages: Other Company Reviews

About Mark Fitzpatrick

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Mark Fitzpatrick, a Licensed Property and Casualty (P&C) Insurance Producer in Connecticut, is MoneyGeek's resident insurance expert. He has analyzed the insurance market for almost a decade, first with LendingTree and now with MoneyGeek, conducting original research on hundreds of insurance companies and millions of insurance rates for insurance shoppers. 

He writes about economics and insurance on MoneyGeek, breaking down complex topics so people can have confidence in their purchase. Like all MoneyGeek analysts, Mark collects and analyzes independent cost and consumer experience data on insurance companies to provide objective recommendations in our content that are independent of any of MoneyGeek's insurance company partnerships. 

His insights — on products ranging from car, home and renters insurance to health and life insurance — have been featured in The Washington Post, The New York Times and NPR among others. 

Mark holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He started his career working in financial risk management at State Street before transitioning to analysis of the personal insurance market. He's also a five-time Jeopardy champion!

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