Nationwide Life Insurance Company vs Penn Mutual Life Insurance Company
Comprehensive side-by-side comparison of indexed universal life insurance companies
Nationwide Life Insurance Company
Founded: 1929
Columbus, Ohio
Assets
$140 billion
IUL Experience
15+ years
Products
2
Avg Cap Rate
12%
Key Strengths
Nationwide subsidiary
IUL Accumulator II 2020, IUL Protector II 2020
Cap rates 9.5-25%
Participation rates up to 315%
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 | Nationwide Life Insurance Company | Penn Mutual Life Insurance Company |
|---|---|---|
| Founded | 1929 | 1847 |
| Headquarters | Columbus, Ohio | Horsham, Pennsylvania |
| Assets Under Management | $140 billion | $39.3 billion |
| Years in IUL Business | 15+ years | 20+ years |
| Number of IUL Products | 2 | 2 |
| Typical Cap Rate Range | 9.5% - 25% | 9% - 13% |
| Participation Rates | 200% | 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 |