State Farm vs Penn Mutual Life Insurance Company
Comprehensive side-by-side comparison of indexed universal life insurance companies
State Farm
Founded: 1922
Bloomington, Illinois
Assets
$200 billion+
IUL Experience
0+ years
Products
0
Avg Cap Rate
N/A
Key Strengths
Does NOT offer IUL
Offers universal life with 3% minimum interest
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 | State Farm | Penn Mutual Life Insurance Company |
|---|---|---|
| Founded | 1922 | 1847 |
| Headquarters | Bloomington, Illinois | Horsham, Pennsylvania |
| Assets Under Management | $200 billion+ | $39.3 billion |
| Years in IUL Business | 0+ years | 20+ years |
| Number of IUL Products | 0 | 2 |
| Typical Cap Rate Range | N/A - N/A | 9% - 13% |
| Participation Rates | N/A | 120% |
| Minimum Premium | N/A | $3,600 annual |
| Issue Ages | N/A | 0-80 |
| Underwriting Speed | N/A | 3-5 weeks standard |