North American Company for Life and Health Insurance vs Penn Mutual Life Insurance Company
Comprehensive side-by-side comparison of indexed universal life insurance companies
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
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 | North American Company for Life and Health Insurance | Penn Mutual Life Insurance Company |
|---|---|---|
| Founded | 1886 | 1847 |
| Headquarters | West Des Moines, Iowa (new HQ 2021); Sioux Falls, SD (also listed) | Horsham, Pennsylvania |
| Assets Under Management | $35 billion | $39.3 billion |
| Years in IUL Business | 20+ years | 20+ years |
| Number of IUL Products | 4 | 2 |
| Typical Cap Rate Range | 10% - 11% | 9% - 13% |
| Participation Rates | 100% | 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 |