Penn Mutual Life Insurance Company vs Midland 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
Midland National Life Insurance Company
Founded: 1906
West Des Moines, Iowa
Assets
$55 billion
IUL Experience
15+ years
Products
5
Avg Cap Rate
9.5%
Key Strengths
MoneyGeek 2025: Best cheap universal life insurance
115+ year history
Employee-owned structure (Sammons Financial Group)
Fewer complaints than expected (NAIC)
GUL swap option without new underwriting
Detailed Feature Comparison
| Feature | Penn Mutual Life Insurance Company | Midland National Life Insurance Company |
|---|---|---|
| Founded | 1847 | 1906 |
| Headquarters | Horsham, Pennsylvania | West Des Moines, Iowa |
| Assets Under Management | $39.3 billion | $55 billion |
| Years in IUL Business | 20+ years | 15+ years |
| Number of IUL Products | 2 | 5 |
| Typical Cap Rate Range | 9% - 13% | 8% - 11% |
| Participation Rates | 120% | 115% |
| Minimum Premium | $3,600 annual | $3,600 annual |
| Issue Ages | 0-80 | 15 days to 79 years |
| Underwriting Speed | 3-5 weeks standard | 2-4 weeks standard |