Lincoln Financial (The Lincoln National Life Insurance Company) vs Penn Mutual Life Insurance Company
Comprehensive side-by-side comparison of indexed universal life insurance companies
Lincoln Financial (The Lincoln National Life Insurance Company)
Founded: 1905
Radnor, Pennsylvania
Assets
$321 billion in end-of-period account balances
IUL Experience
20+ years
Products
6
Avg Cap Rate
10.00%
Key Strengths
NEW Elite Indexed Universal Life Portfolio (2025)
New Multiplier Riders for enhanced performance
Dual IUL designs for different optimization approaches
120-year-old company
Serves 17 million customers
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
Detailed Feature Comparison
| Feature | Lincoln Financial (The Lincoln National Life Insurance Company) | Penn Mutual Life Insurance Company |
|---|---|---|
| Founded | 1905 | 1847 |
| Headquarters | Radnor, Pennsylvania | Horsham, Pennsylvania |
| Assets Under Management | $321 billion in end-of-period account balances | $39.3 billion |
| Years in IUL Business | 20+ years | 20+ years |
| Number of IUL Products | 6 | 2 |
| Typical Cap Rate Range | 9.50% - 10.50% | 9% - 13% |
| Participation Rates | 105% | 120% |
| Minimum Premium | $5,000 annual | $3,600 annual |
| Issue Ages | 0-85 years | 0-80 |
| Underwriting Speed | 2-4 weeks standard | 3-5 weeks standard |