How to name beneficiaries and fund a trust at Penn Mutual
Covers 21 insurance accounts — beneficiaries can be managed online
Client Services Center
Phone(800) 523-0650
Toll-Free(800) 523-0650
Fax(215) 956-7699
Mailing Address
The Penn Mutual Life Insurance Company, PO Box 178, Philadelphia, PA 19105 (overnight: 1600 Malone Street, Millville, NJ 08332)
WebsiteLearn more→
Client Services Center
Phone(800) 523-0650
Toll-Free(800) 523-0650
Fax(215) 956-7699
Mailing Address
The Penn Mutual Life Insurance Company, PO Box 178, Philadelphia, PA 19105 (overnight: 1600 Malone Street, Millville, NJ 08332)
WebsiteLearn more→
Death Claims Division
Phone(800) 523-0650
Toll-Free(800) 523-0650
Fax(215) 956-7699
Mailing Address
The Penn Mutual Life Insurance Company, Death Claims Division, PO Box 178, Philadelphia, PA 19105 (overnight: 1600 Malone Street, Millville, NJ 08332)
Beneficiary interest-bearing checking account (Northern Trust) activation
WebsiteNotify online→
Verified Jul 2026
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.
Penn Mutual Accumulation Whole LifePenn Mutual Protection Whole Life IIPenn Mutual Survivorship Whole LifePenn Mutual Guaranteed Convertible TermPenn Mutual Protection Non-Convertible TermPenn Mutual One Year TermPenn Mutual Guaranteed Protection Universal LifePenn Mutual Protection Universal LifePenn Mutual Accumulation Indexed Universal LifePenn Mutual Survivorship Indexed Universal LifePenn Mutual Accumulation Variable Universal LifePenn Mutual Protection Variable Universal LifePenn Mutual Survivorship Protection Variable Universal LifePenn Mutual Guaranteed Foundation Fixed AnnuityPenn Mutual Premier Foundation Flex Indexed AnnuityPenn Mutual Premier Foundation Prime Indexed AnnuityPenn Mutual Premier Foundation Plus Indexed AnnuityPenn Mutual Smart Foundation Prime Variable AnnuityPenn Mutual Smart Foundation Plus Variable AnnuityPenn Mutual Deferred Variable AnnuityPenn Mutual Single Premium Immediate Annuity
1
Log in to the Penn Mutual client portal at https://myaccount.pennmutual.com (register first at https://myaccount.pennmutual.com/profile/public/#/register if you have not used the portal)
2
Open the policy change forms area of your account and download the Beneficiary Designation form for your product — the Annuity Beneficiary Designation Form (PM4799) for an annuity contract, or the life insurance Beneficiary Designation form for a policy
3
Complete the form with beneficiary information:
- 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
4
Sign and return the completed form to Penn Mutual by mail or fax as directed on the form (Penn Mutual does not process a beneficiary change through a portal screen — the signed form is the instrument)
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
Phone(800) 523-0650
Toll-Free(800) 523-0650
Fax(215) 956-7699
Mailing Address
The Penn Mutual Life Insurance Company, PO Box 178, Philadelphia, PA 19105 (overnight: 1600 Malone Street, Millville, NJ 08332)
WebsiteLearn more→
Client Services Center
Phone(800) 523-0650
Toll-Free(800) 523-0650
Fax(215) 956-7699
Mailing Address
The Penn Mutual Life Insurance Company, PO Box 178, Philadelphia, PA 19105 (overnight: 1600 Malone Street, Millville, NJ 08332)
WebsiteLearn more→
Death Claims Division
Phone(800) 523-0650
Toll-Free(800) 523-0650
Fax(215) 956-7699
Mailing Address
The Penn Mutual Life Insurance Company, Death Claims Division, PO Box 178, Philadelphia, PA 19105 (overnight: 1600 Malone Street, Millville, NJ 08332)
Beneficiary interest-bearing checking account (Northern Trust) activation
WebsiteNotify online→
Verified Jul 2026
Estate planning articles
Learn how to protect your Penn Mutual accounts and other assets with trusts, beneficiary designations, and estate planning documents.
