Protective Life Insurance Company vs Penn Mutual Life Insurance Company
Comprehensive side-by-side comparison of indexed universal life insurance companies
Protective Life Insurance Company
Founded: 1907
Birmingham, Alabama
Assets
$120 billion
IUL Experience
15+ years
Products
2
Avg Cap Rate
9.5%
Key Strengths
Forbes: 'Best for Universal Life'
USA Today: Best carrier overall
Competitive internal policy costs
Term policies up to 40 years
Strong Japanese parent backing (Dai-ichi Life Holdings)
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 | Protective Life Insurance Company | Penn Mutual Life Insurance Company |
|---|---|---|
| Founded | 1907 | 1847 |
| Headquarters | Birmingham, Alabama | Horsham, Pennsylvania |
| Assets Under Management | $120 billion | $39.3 billion |
| Years in IUL Business | 15+ years | 20+ years |
| Number of IUL Products | 2 | 2 |
| Typical Cap Rate Range | 8% - 11% | 9% - 13% |
| Participation Rates | 110% | 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 |