Penn Mutual Life Insurance Company, or Penn Mutual as it is commonly known as, was founded in 1847 and was the seventh mutual life insurance company to be chartered within the United States. Today, the company still sits in Philadelphia, PA where it was founded and describes itself as being “driven to create a world of possibilities.” These possibilities offered by Penn Mutual are focused on helping consumers buy the right insurance and make the right investments from Penn Mutual’s line of products.
While the company claims its goal is to create solutions to help people at all phases of life, consumers need to carefully consider whether a product being pushed on them is actually the right one or whether the goal is simply to make money for the insurer and agent. If bad investment advice is provided, if marketing material on annuities is unclear, or if otherwise inappropriate actions are taken by insurers, a San Francisco financial elder abuse attorney should be contacted right away.
Penn Mutual Life Insurance Products
Penn Mutual offers a wide variety of different products the company claims are aimed at helping people to deal with their financial lives. Some of the different products which are offered include:
- Life insurance policies, including whole life policies; term life policies; universal life insurance, variable universal life insurance, and joint or survivorship policies which are co-owned and pay when the last insured passes away.
- Annuities. Immediate, fixed, and variable were the three primary types of annuities which are available for purchase through Penn Mutual. These policies provide either fixed or variable income, which can begin immediately or which can begin at a designated point in the future.
Investors and those looking for the protection provided by life insurance or the certainty provided by annuities must ensure they fully understand all policy terms for any Penn Mutual products they are considering.
Unfortunately, sometimes efforts are made to obscure the information necessary to be an informed consumer. An insurer who doesn’t comply with disclosure rules often cannot be trusted to fulfill promises made to policyholders once a policy or annuity has been purchased.
Class Actions & Regulatory Actions Against Penn Mutual Life Insurance
Penn Mutual has faced accusations in the past that are centered around various products that the insurer offers. For example, Producers Web indicated in 2012 that a lawsuit* had been filed against Penn Mutual for failure to pay adequate dividends to policyholders as required by state law. Class action status was sought in the suit, with plaintiffs pursuing a claim for an excess of $5 million in damages.
This is just one of many potential situations where an insurer may be sued for failure to comply with legal requirements which are aimed at protecting policyholders. Anyone purchasing insurance, annuities, or investment products should understand the different options for holding an insurance and financial services provider accountable for loss. A financial elder abuse lawyer with Evans Law Firm, Inc. can provide invaluable assistance to those who wish to make civil claims after suffering harm. Contact us at (415) 441-8669 or via email at firstname.lastname@example.org.
*Disclaimer: Evans Law Firm, Inc. did not handle this lawsuit.