National Life Group vs Penn Mutual Life Insurance Company
Comprehensive side-by-side comparison of indexed universal life insurance companies
National Life Group
Founded: 1848
Montpelier, Vermont
Assets
$45 billion
IUL Experience
20+ years
Products
3
Avg Cap Rate
Competitive market rates
Key Strengths
Market leader with 17.4% market share
Lifetime Income Benefit Rider with 10-year waiting period
Industry-leading chronic illness rider
175+ years operating history
Mutual structure aligns with policyholder interests
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 | National Life Group | Penn Mutual Life Insurance Company |
|---|---|---|
| Founded | 1848 | 1847 |
| Headquarters | Montpelier, Vermont | Horsham, Pennsylvania |
| Assets Under Management | $45 billion | $39.3 billion |
| Years in IUL Business | 20+ years | 20+ years |
| Number of IUL Products | 3 | 2 |
| Typical Cap Rate Range | Not publicly disclosed - Not publicly disclosed | 9% - 13% |
| Participation Rates | Competitive market rates | 120% |
| Minimum Premium | $50,000 (FlexLife) | $3,600 annual |
| Issue Ages | 0-85 years | 0-80 |
| Underwriting Speed | 2-4 weeks standard | 3-5 weeks standard |