How to name beneficiaries and fund a trust at Penn Mutual
Covers 21 insurance accounts — beneficiaries can be managed online
Client Services Center
The Penn Mutual Life Insurance Company, PO Box 178, Philadelphia, PA 19105 (overnight: 1600 Malone Street, Millville, NJ 08332)
Client Services Center
The Penn Mutual Life Insurance Company, PO Box 178, Philadelphia, PA 19105 (overnight: 1600 Malone Street, Millville, NJ 08332)
Death Claims Division
The Penn Mutual Life Insurance Company, Death Claims Division, PO Box 178, Philadelphia, PA 19105 (overnight: 1600 Malone Street, Millville, NJ 08332)
Estate planning with Penn Mutual policies centers on beneficiary designations—the single most important step for ensuring life insurance proceeds and annuity benefits reach the intended recipients without probate involvement. Unlike bank or brokerage accounts, insurance products are not retitled into trusts; instead, trusts are named as beneficiaries when estate tax planning or controlled distributions are needed.
Penn Mutual has 21 product types, and the estate transfer rules differ across them. Some support beneficiary designations, some can be retitled into a trust, and others will require probate if nothing is set up. Each is covered below.
- Full legal names, dates of birth, relationships, Social Security or Tax ID numbers, addresses, and whole-percentage allocations for each primary beneficiary
- Contingent beneficiaries if desired
- For a trust: enter the trust or entity name in the beneficiary name field and provide the trust Tax ID
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- A new designation replaces all prior designations — beneficiaries you want to keep must be restated on the new form
- Percentages must be whole numbers; primary and contingent allocations each total 100%
- A trust can be named as beneficiary on both life insurance and annuity contracts (enter the trust name in the beneficiary name field and provide the trust Tax ID)
- Annuity contracts owned by a non-natural entity (including a trust or corporation): the beneficiary change CANNOT be executed — the non-natural owner must remain the primary beneficiary (PM4799 instructions)
- Smart Foundation annuity contracts: the surviving owner is deemed the sole primary beneficiary regardless of what the designation says
- Annuity contracts with joint-elected benefits: the contingent or joint annuitant must be named the sole primary beneficiary
- Spousal consent with notarization is required on the annuity form only for IRC Section 403(b) contracts and contracts with a 401(g) endorsement
- Changing the OWNER of a life policy does not change its beneficiary designation — the two are separate forms (PM6533 vs. the Beneficiary Designation form)
Sources
Data sourced from Penn Mutual primary sources (22 pages reviewed). How we research.
Download these Penn Mutual instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Penn Mutual primary sources. Bring it to the branch or keep it beside the phone.
Client Services Center
The Penn Mutual Life Insurance Company, PO Box 178, Philadelphia, PA 19105 (overnight: 1600 Malone Street, Millville, NJ 08332)
Client Services Center
The Penn Mutual Life Insurance Company, PO Box 178, Philadelphia, PA 19105 (overnight: 1600 Malone Street, Millville, NJ 08332)
Death Claims Division
The Penn Mutual Life Insurance Company, Death Claims Division, PO Box 178, Philadelphia, PA 19105 (overnight: 1600 Malone Street, Millville, NJ 08332)
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