Penn Mutual Life Insurance Company has agreed to issue $200 million in unregistered surplus notes.

The 30-year, fixed-rate notes will pay an annual interest rate of 7.625%, according to Penn Mutual, Horsham, Pa.

The notes are set to mature June 15, 2040.

Penn Mutual has an option to redeem the notes in whole or in part. Note proceeds will be used for general corporate purposes.