The M Financial financial services distribution group has agreed to make Penn Mutual Life Insurance Company its primary whole life insurance supplier.
(Related: Why Whole Life Insurance Stinks)
M Financial is a Portland, Oregon-based consortium that represents 145 financial services firms. The group represents 145 member firms. Most of the member firms work mainly with affluent clients and corporations.
Penn Mutual is a Horsham, Pennsylvania-based carrier that was founded in 1847.
The new relationship will not be an exclusive one. Penn Mutual will continue to work with other distributors. But the new relationship should increase Penn Mutual’s access to the affluent market, the companies say.
Andy Graves, a vice president at M Financial, said in a statement that M Financial made the deal because member firms are interested in new solutions that can help them compete with other players.
— Read Guardian Speaks Up for Whole Life in New Video Series, on ThinkAdvisor.