Penn Mutual offers term, whole, universal, and variable life insurance. It also offers survivorship permanent life insurance. Penn Mutual has a long history as a life insurer. It was only the seventh mutual life insurance company chartered in the history of the United States, with an origin that goes all the way back to 1847. In fact, the very first death benefit that the company paid out is on record. On October 20, 1848, a total of $4,963.33 was paid for the life of a man named William Cooper. From those humble beginnings, Penn Mutual has continued to grow.