The Penn Mutual Life Insurance Company

And I was taught the value of hard work and carried that on throughout my life.

But when I was 25 years old, I met a gentleman through a mutual friend who happened to be the general agent for Penn Mutual in Philadelphia.

His name was Tom Cork.

And Tom had the biggest impact on me and my business life of anybody over 43 year career.

So it is guaranteed to be better than the savings account because it's also not being taxed.

And then there's a dividend because we only work with mutual whole life companies like Penn Mutual, Mass Mutual, New York Life, One America.

There's 25 or so really, really good ones that allow you to add features to put extra cash into it.

And so I'm intentionally sticking extra cash in that doesn't really increase the life insurance very much, and therefore it grows efficiently as cash.

It was just obliviousness primarily.

Anyway, but other than that, man, I thought it was really good, and And today, Rod, what we're going to be doing, obviously, is we're going to be playing our interview, our fireside chat, fireside chat with Dave O'Malley, CEO of Penn Mutual.

I thought it was for sure a highlight to have a chance to kind of dig into the brain of somebody who's been doing that for so long.

It's pretty wild.

I joined a call from Penn Mutual yesterday because they're looking for a new president of the company, right? Yeah.

And Dave O'Malley said he's going to be getting ready to transition over the next three to five years.

And he's building his transition out of here.

But he's been here, been at Penn Mutual since he was 19 years old.

or suddenly find yourself with a client in the high net worth space, this conversation will help you approach complex planning needs with greater clarity and confidence.

Life Matters, a Penn Mutual podcast for financial professionals.

Welcome to Life Matters, a Penn Mutual podcast.

I'm your host, Jenna Wachatka, head of advanced sales at Penn Mutual, and I'm so glad you've joined us today for what is going to be a truly incredible episode of the podcast.

In this episode, we are diving into a topic that sits at the intersection of wealth, family, and legacy planning.

Joining us today is John Forster, a leader in the private wealth space at Baker & Hostetler and someone who has spent decades helping families, business owners, and financial professionals navigate the complex challenges of estate and legacy planning.

And to decide what's the right appropriate strategy for the client is going to be up to the attorney.

I like to be conversational in these things, though.

So with the individual disability, we had podiatrists, we had eye doctors, we had surgeons, we had attorneys, we had CPA firms, we had flight attendants.

And we went out to these associations and back then Monarch and then Penn Mutual offered a discount if you were an association member.

and that would give you a discount on the disability coverage and that was a tremendous way to learn association marketing and then from there you branch out with the rest of the financial services well as the discounts went away and as the individual sales opportunities went away for because a lot of group ltd came on the scene we started to sharpen our skills with securities and we went more into financial advising And so we would go to the association groups and we would get a relationship status that we would become a member.

And we would explain that we would love to work with a membership and that we would offer them the common good and the knowledge of the boards, knowing that they're in good hands in dealing with another peer group that took the initiative to be a member of the association.

Yeah

... you know, worked at major companies, MetLife, Guardian, Penn Mutual, MassMutual, Northwestern Mutual.

And then I realized that, like, the general agency route, they just rob you, steal, lie.

It's corporate, you know? So-

Well, let's dive in, guys.

First and foremost, if you've seen our review on Penn Mutual, if you've seen our 10 carrier comparison, you're probably not surprised.

Penn Mutual is coming out of the gate number one on our flexibility chart in this first tier.

They are the most flexible and have that trifecta within the, the, uh, policy structure for paid up additions.

Now, one of the things we covered in our last video on Penn Mutual, which you can find here, is they have two different types of paid up additions riders.

Now, thankfully, what we're talking about today applies to both of them.

The different types have to do with how fast it's buying out the term insurance and how fast it creates cash value.

We're not gonna go into the nuance of that in today's, uh, conversation.

It shouldn't be an either/or.

So you either buy all term insurance, and that's your baby step, and it's convertible term insurance, meaning it's at a mutual company like Guardian, MassMutual, New York Life, Penn Mutual, Provident, Trust, Lafayette, Mutual Trust, those types of companies.

Convertible term insurance at a mutual company that you switch or convert to whole life once you get there, or you mix and match.

I'm working with a couple right now.