COVID-19 FAQs

We want to assure you that we continue to closely monitor local and global COVID-19 developments and feel confident we have the appropriate plans in place to successfully operate in a fluid and changing environment. Here are several financial professional and policyholder-focused FAQs that should serve as a resource for any questions you may receive. We will continue to update this resource as more questions arise. If you have any questions or concerns, please reach out to your field office.

NEW: April 1, 2020

Life Insurance Processing

How can a financial professional deliver a paper policy (non-ACE) to clients? 
Please include the preferred email addresses for the Financial Professional as well as the owner and insured (if different) with the Issue Instructions. Policy contracts will be delivered by DocuSign to the Financial Professional for review and/or signature. Once the Financial Professional has completed their part, the document will be routed to the owner and insured (if different) for signature. If we need additional information, your home office account manager will contact you. Click here for detailed instructions. 

How can I collect the initial premium from my client for paper policy delivery?
For term insurance contracts, the policy owner will be directed to the Client Portal registration. To register for their Client Portal account, your client will need to enter their policy number, which appears on the front of the policy pages. After they register successfully, they can pay their initial premium via e-pay. 

For clients who do not have access to e-pay or for life products not currently available for e-pay, physical checks for life insurance contracts may be mailed directly to these addresses: 

REGULAR MAIL:    
Penn Mutual Life
Payment Processing Center
PO BOX 7460
Philadelphia, PA  19101

OVERNIGHT MAIL:
The Penn Mutual Life Company
Lockbox # 7460
525 Fellowship Road, Suite 330
Mt. Laurel, NJ  08054-3415

Do we have an electronic method to have a policy owner complete our Penn Check agreement form?
Yes, we are making the fillable form available via our DocuSign workflow. The financial professional or field office may email this form to the policy owner.  We will not require that a voided check be attached. Please contact your home office account manager or Client Services at 800-523-0650.

What if the Financial Professional still wants a paper contract for wet signature delivery?
As a result of ongoing developments, effective immediately, we are sending policy packages for all paper policies via e-delivery. Please begin to include the email addresses for the Financial Professional as well as any other signature parties (insured, owner, payor, etc.) when submitting issue instructions. For cases where issue instructions have already been submitted, we will reach out to obtain the correct email addresses prior to policy mailing. If the Financial Professional prefers, you may print locally from InSight and hand deliver it to your client for wet signature. All signed delivery requirements should be returned to the home office using the following address:

Penn Mutual
Life New Business Processing
PO BOX 178
Philadelphia, PA 19105

What if my client needs to stop their Penn Check draft? 
Please have your client call our Client Service line at 800-523-0650 and we can assist with the payment change. The Financial Professional can see an alert for any late payments and can view any correspondence that may have been triggered to the client.

What if my client’s Penn Check draft is returned for insufficient funds?
Penn Mutual is notified whenever a draft errors for insufficient funds. We notify the client by letter and we update the billing mode from automatic draft to a quarterly mode. We will be extending grace periods by a minimum of 60 days to allow our policy owners more payment flexibility. Financial professionals receive an alert for this activity and can view the related correspondence on InSight. 

Annuity Contracts
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How does a Financial Professional deliver an annuity contract to clients?

We use the same DocuSign workflow for our life paper policies and our annuity contract delivery. Please include the preferred email address for the Financial Professional as well as the owner and annuitant (if different) with the application submission. Contracts will be delivered via DocuSign to the Financial Professional for review and/or signature. Once the Financial Professional has completed their part, the document will be routed to the owner and annuitant (if different) for signature. If we need additional information, your home office annuity new business team will reach out to you. 

Please submit Annuity payments to:

Penn Mutual Life Insurance Company
Payment Processing Center
PO Box 9773
Providence, RI 02940-9773 Penn Mutual Life Insurance Company

Please direct all overnight mail for Annuity contracts:

The Penn Mutual Life Insurance Company
4400 Computer Drive
Westborough, MA 01581



March 31, 2020

Premium Payment Grace Periods
The safety and health of our customers is of the utmost importance to us, and we want you to know that we are here to serve and support you. Penn Mutual will offer grace periods for life insurance policy premium payments of up to 90 days for premium due dates through July 1, 2020.* We will continue to monitor this situation and provide updates, as necessary.
 
If you haven’t already done so, please visit www.pennmutual.com to register for the Penn Mutual Client Portal. This portal gives you 24/7 access to contract information, and allows you to make online premium payments on most of our life insurance products. If you have questions or need further assistance, please call Client Services at 1-800-523-0650, Monday through Friday, from 8:30 AM to 6:00 PM, Eastern Time.
 
*For individual and survivorship guaranteed UL products, we will apply the same grace period to ensure that the current length of the guarantee period on the contract does not change.

March 23, 2020

Due to the unprecedented economic environment, Penn Mutual indefinitely suspended new sales of the following fixed annuity products effective Monday, March 23. Click here for more information on this annuity product update

March 19, 2020

Financial Professional and Policyholder-focused FAQs
 

Is COVID-19 affecting Penn Mutual’s underwriting guidelines?

Underwriting guidelines current affected by COVID-19 include:

  1. Postponed decisions: Travel to or from any Level 3 and/or 4 travel advisory country will result in a postponement of consideration with possible reconsideration 30 days after return to the US.
  2. Case-by-case decisions: We will continue to consider cases with future travel on an individual basis, dependent on destination cities and countries, duration of travel, and the specific circumstances of the case.
  3. 30-day waiting period: Clients who test positive for COVID-19 may be considered 30 days after submitting medical records verifying they no longer have the virus.

I am an existing Penn Mutual policyholder and I have been directly impacted by COVID-19. May I pay my premium late? How do I find out if I can take a loan from my policy to cover COVID-19-related medical expenses?
We will work with those directly impacted by COVID-19 to assist with due dates of any and all policy provisions or other requirements including the submission of a claim or proof of loss, reporting of information, interest charges, or payment of funds. You can explore loan provisions for your particular policy by contacting our life and annuity service team. For information or other assistance, please call us at 1-800-523-0650, Monday through Friday, from 8:30 AM to 6:00 PM, Eastern Time.

Will Penn Mutual pay death claims on policyholders impacted by COVID-19?
Yes. Penn Mutual life policies do not exclude death due to a pandemic.

Can I be confident in Penn Mutual’s ability to pay all death claims they receive?
Yes. Penn Mutual has been keeping its promises for 173 years. We have an outstanding record of strong financial performance, high quality products and a reputation for standing behind our policies.

Questions about COVID-19’s impact on markets and the economy?
Penn Mutual Asset Management (PMAM) is your best source for timely perspectives on the economy, markets, and investing. Last week’s blog post, COVID-19, Extreme Volatility, Fed Emergency Rate Cut, reached thousands of subscribers with insightful historical context, relevant observations and compelling takeaways. We encourage you to subscribe to PMAM publications.

Premium Payment Grace Periods
The safety and health of our customers is of the utmost importance to us, and we want you to know that we are here to serve and support you. Penn Mutual will offer grace periods for life insurance policy premium payments of up to 90 days for premium due dates through July 1, 2020.* We will continue to monitor this situation and provide updates, as necessary.
 
If you haven’t already done so, please visit www.pennmutual.com to register for the Penn Mutual Client Portal. This portal gives you 24/7 access to contract information, and allows you to make online premium payments on most of our life insurance products. If you have questions or need further assistance, please call Client Services at 1-800-523-0650, Monday through Friday, from 8:30 AM to 6:00 PM, Eastern Time.
 
*For individual and survivorship guaranteed UL products, we will apply the same grace period to ensure that the current length of the guarantee period on the contract does not change.
 

Life Insurance Processing

How can a financial professional deliver a paper policy (non-ACE) to clients? 
Please include the preferred email addresses for the Financial Professional as well as the owner and insured (if different) with the Issue Instructions. Policy contracts will be delivered by DocuSign to the Financial Professional for review and/or signature. Once the Financial Professional has completed their part, the document will be routed to the owner and insured (if different) for signature. If we need additional information, your home office account manager will contact you. Click here for detailed instructions. 

How can I collect the initial premium from my client for paper policy delivery?
For term insurance contracts, the policy owner will be directed to the Client Portal registration. To register for their Client Portal account, your client will need to enter their policy number, which appears on the front of the policy pages. After they register successfully, they can pay their initial premium via e-pay. 

For clients who do not have access to e-pay or for life products not currently available for e-pay, physical checks for life insurance contracts may be mailed directly to these addresses: 

REGULAR MAIL:    
Penn Mutual Life
Payment Processing Center
PO BOX 7460
Philadelphia, PA  19101

OVERNIGHT MAIL:
The Penn Mutual Life Company
Lockbox # 7460
525 Fellowship Road, Suite 330
Mt. Laurel, NJ  08054-3415

Do we have an electronic method to have a policy owner complete our Penn Check agreement form?
Yes, we are making the fillable form available via our DocuSign workflow. The financial professional or field office may email this form to the policy owner.  We will not require that a voided check be attached. Please contact your home office account manager or Client Services at 800-523-0650.

What if the Financial Professional still wants a paper contract for wet signature delivery?
As a result of ongoing developments, effective immediately, we are sending policy packages for all paper policies via e-delivery. Please begin to include the email addresses for the Financial Professional as well as any other signature parties (insured, owner, payor, etc.) when submitting issue instructions. For cases where issue instructions have already been submitted, we will reach out to obtain the correct email addresses prior to policy mailing. If the Financial Professional prefers, you may print locally from InSight and hand deliver it to your client for wet signature. All signed delivery requirements should be returned to the home office using the following address:

Penn Mutual
Life New Business Processing
PO BOX 178
Philadelphia, PA 19105

What if my client needs to stop their Penn Check draft? 
Please have your client call our Client Service line at 800-523-0650 and we can assist with the payment change. The Financial Professional can see an alert for any late payments and can view any correspondence that may have been triggered to the client.

What if my client’s Penn Check draft is returned for insufficient funds?
Penn Mutual is notified whenever a draft errors for insufficient funds. We notify the client by letter and we update the billing mode from automatic draft to a quarterly mode. We will be extending grace periods by a minimum of 60 days to allow our policy owners more payment flexibility. Financial professionals receive an alert for this activity and can view the related correspondence on InSight. 

Annuity Contracts
 

How does a Financial Professional deliver an annuity contract to clients?

We use the same DocuSign workflow for our life paper policies and our annuity contract delivery. Please include the preferred email address for the Financial Professional as well as the owner and annuitant (if different) with the application submission. Contracts will be delivered via DocuSign to the Financial Professional for review and/or signature. Once the Financial Professional has completed their part, the document will be routed to the owner and annuitant (if different) for signature. If we need additional information, your home office annuity new business team will reach out to you. 

Please submit Annuity payments to:

Penn Mutual Life Insurance Company
Payment Processing Center
PO Box 9773
Providence, RI 02940-9773 Penn Mutual Life Insurance Company

Please direct all overnight mail for Annuity contracts:

The Penn Mutual Life Insurance Company
4400 Computer Drive
Westborough, MA 01581

HTK and Client-focused FAQs

How is HTK supporting financial professionals and clients? 
Our service model allows us to support the operations of our financial professionals and clients remotely when and if needed. In addition, we are actively reviewing updates and contingency plans from our technology and service partners, including our core platform providers, BNY Mellon’s Pershing and Envestnet.

As always, HTK is available if you have trading, account or business processing questions. Please feel free to call us at 800-873-7637.

Are there investment-related resources available? 
We understand that market volatility in the wake of COVID-19 can be unsettling. HTK has resources available from our product sponsors and investment partners for you to share with your clients. 

What do I need to know about processing business with HTK during this time?
HTK continues to remain fully operational. In order to ensure prompt processing of HTK business during this time, HTK strongly encourages you to use ACHs, federal fund wire transfers or mobile check deposits in lieu of mailing payments. If you must mail payments, please mail checks to Pershing (for accounts held at Pershing) or to the product sponsor (if held directly). Please do not mail checks to the HTK home office in Horsham, PA until further notice. Please reference this guide for more information on processing business with HTK during the COVID-19 pandemic. We are here to support you, your office and your clients. If you have any questions or need assistance, please contact htkfieldservice@htk.com or 800-873-7637.