Penn Mutual Life Insurance Company vs North American Company for Life and Health Insurance
Comprehensive side-by-side comparison of indexed universal life insurance companies
Penn Mutual Life Insurance Company
Founded: 1847
Horsham, Pennsylvania
Assets
$39.3 billion
IUL Experience
20+ years
Products
2
Avg Cap Rate
10.5%
Key Strengths
175+ year history with mutual structure
Record $265 million dividends (2025 - highest in history)
Contractually locked 6% policy loan rate for life
Guaranteed 1% minimum interest growth
Paid dividends during Great Depression and Recession
North American Company for Life and Health Insurance
Founded: 1886
West Des Moines, Iowa (new HQ 2021); Sioux Falls, SD (also listed)
Assets
$35 billion
IUL Experience
20+ years
Products
4
Avg Cap Rate
11%
Key Strengths
Superior crediting performance (#1 in distribution testing)
Fixed Interest Participating Policy Loans with 2.0% bonus
Protected Death Benefit - unique guaranteed portion feature
Free acceleration of death benefits for critical/chronic/terminal illness
Over 600,000 policies and annuities
Detailed Feature Comparison
| Feature | Penn Mutual Life Insurance Company | North American Company for Life and Health Insurance |
|---|---|---|
| Founded | 1847 | 1886 |
| Headquarters | Horsham, Pennsylvania | West Des Moines, Iowa (new HQ 2021); Sioux Falls, SD (also listed) |
| Assets Under Management | $39.3 billion | $35 billion |
| Years in IUL Business | 20+ years | 20+ years |
| Number of IUL Products | 2 | 4 |
| Typical Cap Rate Range | 9% - 13% | 10% - 11% |
| Participation Rates | 120% | 100% |
| Minimum Premium | $3,600 annual | $5,000 annual |
| Issue Ages | 0-80 | 0-85 years |
| Underwriting Speed | 3-5 weeks standard | 2-4 weeks standard |