Ameritas Life vs Penn Mutual Life Insurance Company
Comprehensive side-by-side comparison of indexed universal life insurance companies
Ameritas Life
Founded: 1887
Lincoln, Nebraska
Assets
$20 billion
IUL Experience
3+ years
Products
4
Avg Cap Rate
9.5%
Key Strengths
Offers 4+ IUL products
Growth IUL, FLX IUL, Ethos IUL (partnership)
Instant underwriting (launched Sept 2023 with Ethos)
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 | Ameritas Life | Penn Mutual Life Insurance Company |
|---|---|---|
| Founded | 1887 | 1847 |
| Headquarters | Lincoln, Nebraska | Horsham, Pennsylvania |
| Assets Under Management | $20 billion | $39.3 billion |
| Years in IUL Business | 3+ years | 20+ years |
| Number of IUL Products | 4 | 2 |
| Typical Cap Rate Range | 8% - 11% | 9% - 13% |
| Participation Rates | 115% | 120% |
| Minimum Premium | $3,600 annual | $3,600 annual |
| Issue Ages | 0-85 years | 0-80 |
| Underwriting Speed | Instant to 3 weeks | 3-5 weeks standard |