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Penn Mutual Life Insurance Review (2026)

Written and reviewed by Hans Goldstein, licensed insurance producer, NPN 20602398 · CA Insurance License #4273294
Last reviewed October 3, 2026 · Published October 3, 2026

Editorial review by a licensed agent who may earn a commission. No insurer pays for placement or grades. Hans is paid a commission by the insurer if you buy a policy through him. For life insurance, ask and he will tell you what he earns on your specific policy.

Short answer: Penn Mutual (AM Best A+, affirmed April 2026) is a mutual insurer that sells both indexed universal life and whole life, and ranked No. 9 in 2025 IUL sales ($191 million). Its Accumulation Builder IULs have a 1% guaranteed floor on indexed accounts (2018 brochure) and an automatically included chronic illness rider with no charge at issue. Current caps are not public. It is a good place to compare IUL and whole life at the same company.

Penn Mutual at a glance

Companies: The Penn Mutual Life Insurance Company (a mutual company)

AM Best financial strength: A+, affirmed April 2026, per Penn Mutual (AM Best: Penn Mutual's AM Best A+ (Superior) was affirmed in April 2026. rating (April 2026)).

Market position: No. 9 in 2025 IUL new premium ($191M) (LIMRA: 2025 full-year top 20 IUL company rankings).

A 1% floor instead of 0%

Penn Mutual's Accumulation Builder Select brochure lists a 1% guaranteed floor on indexed accounts and 100% guaranteed participation on capped accounts (Penn Mutual brochure, 2018). A 1% floor means a bad index year is credited 1%, not 0%, which offsets part of the monthly charges. The brochure is from 2018, so confirm the current version. Its traditional loan is variable and reset annually, with a net cost between 0% and 1%; the indexed loan rate is not stated.

Living benefits

On Accumulation Builder Flex, the chronic illness accelerated benefit rider is automatically included with no charge at issue; the cost comes only if the benefit is used (Penn Mutual rider guide). That is the discount design: free until claim, reduced at claim. How chronic illness riders pay.

Own Penn Mutual?

Get your policy graded.

Send your email and I'll send the in-force illustration request letter. Return it and I'll grade the policy within one business day.

We’ll email it to you. Hans Goldstein · NPN 20602398.

Rather talk it through? Or book 15 minutes on Hans’s calendar.

IUL or whole life, at the same mutual

Because Penn Mutual sells both, a buyer can see the trade cleanly on one company's illustrations:

Penn Mutual IUL vs whole life (general features)

	Penn Mutual IUL	Penn Mutual whole life
Guaranteed cash value growth	No (1% floor on crediting, charges still apply)	Yes (guaranteed schedule)
Premium	Flexible	Fixed
Upside	Index-linked, capped	Dividends (not guaranteed; ask for the current dividend scale)
Fits	Funding well for 15+ years, accepting non-guaranteed growth	Wanting guaranteed values and fixed premiums

IUL vs whole life in depth.

Who Penn Mutual fits

Buyers who like a mutual company and a floor above 0%.
Families deciding between IUL and whole life who want both illustrated by the same insurer.

Own a Penn Mutual policy, or comparing one?

Send the policy or quote. Within one business day you get a written read on the Goldstein Index and two alternatives.

Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.

Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer

Frequently asked questions

Is Penn Mutual a good company?

Penn Mutual holds an AM Best A+ rating, affirmed April 2026, and says it has held A or higher for 99 consecutive years.

What is the floor on Penn Mutual IUL?

Its Accumulation Builder Select brochure lists a 1% guaranteed floor on indexed accounts. That brochure is from 2018, so confirm current terms.

Does Penn Mutual sell whole life?

Yes. Penn Mutual is a mutual company that sells both whole life and indexed universal life.

Does Penn Mutual IUL have living benefits?

A chronic illness accelerated benefit rider is automatically included on Accumulation Builder Flex with no charge at issue.

What are Penn Mutual's IUL caps?

Current caps are not public. Ask for a current illustration.

Sources

Hans Goldstein, CA Insurance License #4273294 · NPN 20602398 · Goldstein & Co. LLC dba Goldstein Insurance Services, CA License #6016830

Contact: hans@hansgoldstein.com · 213-414-2808

General education, not tax or legal advice. Tax treatment depends on your facts and on current law, which can change. Talk to your CPA or estate attorney. Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Guarantees apply only to the contractual terms of the policy. Caps, participation rates, loan rates, charges and dividends are not guaranteed and can change. Hans is paid a commission by the insurer if you buy a policy through him. For life insurance, ask and he will tell you what he earns on your specific policy. Product and company names are trademarks of their owners. Goldstein Insurance Services is an independent agency, not affiliated with or endorsed by any insurer named here. Life insurance requires underwriting; not everyone qualifies. This page describes products in general terms; read the policy and the insurer's disclosures before you buy.