Minnesota Life Insurance (Securian) vs Penn Mutual Life Insurance Company
Comprehensive side-by-side comparison of indexed universal life insurance companies
Minnesota Life Insurance (Securian)
Founded: 1880
St. Paul, Minnesota
Assets
$5.5 billion+ assets
IUL Experience
10+ years
Products
3
Avg Cap Rate
9%
Key Strengths
Same as Securian (#15)
Eclipse Accumulator II IUL, Eclipse Protector II, Orion IUL
145 years operating
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 | Minnesota Life Insurance (Securian) | Penn Mutual Life Insurance Company |
|---|---|---|
| Founded | 1880 | 1847 |
| Headquarters | St. Paul, Minnesota | Horsham, Pennsylvania |
| Assets Under Management | $5.5 billion+ assets | $39.3 billion |
| Years in IUL Business | 10+ years | 20+ years |
| Number of IUL Products | 3 | 2 |
| Typical Cap Rate Range | 8% - 10% | 9% - 13% |
| Participation Rates | 120% | 120% |
| Minimum Premium | $5,000 annual | $3,600 annual |
| Issue Ages | 0-85 years | 0-80 |
| Underwriting Speed | 2-4 weeks | 3-5 weeks standard |