Penn Mutual Life Insurance Company vs Lincoln Financial (The Lincoln National Life Insurance Company)
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
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
Detailed Feature Comparison
| Feature | Penn Mutual Life Insurance Company | Lincoln Financial (The Lincoln National Life Insurance Company) |
|---|---|---|
| Founded | 1847 | 1905 |
| Headquarters | Horsham, Pennsylvania | Radnor, Pennsylvania |
| Assets Under Management | $39.3 billion | $321 billion in end-of-period account balances |
| Years in IUL Business | 20+ years | 20+ years |
| Number of IUL Products | 2 | 6 |
| Typical Cap Rate Range | 9% - 13% | 9.50% - 10.50% |
| Participation Rates | 120% | 105% |
| 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 |