Penn Mutual at a Glance: Rates, Products, and Reviews

Penn Mutual has been in the business for over 175 years, making it one of the oldest life insurance companies in the U.S. Based in Horsham, Pennsylvania, the company specializes in annuities and life insurance. It has received top marks from credit rating agencies, including an A+ from AM Best, reflecting its strong financial standing and reliability.

Penn Mutual offers various types of annuities including: fixed, variable, index and immediate annuities.

The Penn Mutual Guaranteed Fixed Annuity offers a guaranteed fixed interest rate for three to 10 years, with tax-deferred growth. You can access up to 10% of your contract value annually without penalties, and after the first year, convert the annuity into a pension-style income for yourself or a partner.

The annuity also includes a probate-free death benefit for beneficiaries. Withdrawals beyond the penalty-free amount may incur charges, and once converted into income, the decision is irreversible. The minimum premium is $10,000, and all guarantees depend on the issuer’s claims-paying ability.

The deferred variable annuity (DVA), issued through helps grow and manage retirement savings while providing a steady income stream. With DVA, you can grow your annuity value based on the performance of various investment options.

Earnings are tax-deferred, allowing faster growth compared to taxable assets. DVA includes a standard death benefit, ensuring your beneficiaries receive the greater of your current contract value or premium payments, adjusted for withdrawals.

Additionally, you can withdraw up to 10% of your premium annually without surrender charges and make withdrawals for medical or disability reasons.

Penn Mutual’s Premier Foundation Indexed Annuities offer the option to add growth or inflation protection features for an additional cost. The annuity includes a death benefit equal to the contract value and allows penalty-free withdrawals of up to 10% annually, with medical or disability-related withdrawals available.

These annuities earn interest based on the performance of the S&P 500 or S&P Global Broad Market Index, with interest locked in and protected from loss. The 0% guaranteed minimum interest rate ensures your contract value won’t decrease due to poor market performance.

Penn Mutual’s Single Premium Immediate Annuity is a tax-efficient way to begin drawing income from your retirement savings right away. You can choose to receive income for life or a specified period, with options to help reduce the impact of inflation.

The annuity also includes death benefits, allowing joint owners or beneficiaries to continue receiving income or a probate-free lump sum payout. Consult your financial professional for more details on income payout options.

Penn Mutual offers a range of compelling features and benefits across its annuity products. Whether you’re looking for customization options, long-term stability or flexibility in withdrawals, Penn Mutual’s annuities provide solutions to help meet your retirement goals. Here’s a closer look at the key advantages these products offer.

Some Penn Mutual annuities charge fees. For example, the variable annuity has a 1.25% mortality and expense cost, and a 0.15% administration cost.

If you withdraw more than the 10% penalty-free limit, you may face surrender charges. Understanding these fees is crucial when selecting an annuity, as they can affect your overall returns.

Penn Mutual receives high ratings from major credit agencies, indicating strong financial health:

Penn Mutual has $21,925,894,595 in assets and a 115.03% assets-to-liability ratio, which reinforces its financial stability.

To contact Penn Mutual, visit their website at www.pennmutual.com/contact-us or call 800-523-0650.

Penn Mutual provides a wide range of annuities that offer customization and flexibility. You may want to consider Penn Mutual if you are looking for an annuity that can be tailored to meet your specific needs through additional riders. The company has a long history and a strong reputation for financial strength and reliability, which can offer peace of mind for those planning for retirement.

Penn Mutual’s annuities allow for penalty-free withdrawals, offering up to 10% of the contract value annually. This flexibility can be particularly valuable for those who may need access to funds in the future without facing heavy penalties.

When comparing Penn Mutual to other providers, it’s important to evaluate your personal financial goals and retirement plan. It may be helpful to consult a financial advisor to ensure you’re choosing the right annuity that aligns with your long-term objectives.

Editor Norah Layne contributed to this article.