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HORSHAM, Pa. – May 2, 2014 – The Penn Mutual Life Insurance Company is pleased to announce the launch of its new Inflation Protector Withdrawal Benefit, available with the Smart Foundation Variable Annuities. The new rider will add an extra measure of flexibility to this suite of variable annuities in order to help meet a broader range of situations and goals that individuals face in retirement. Penn Mutual was the first company to offer an inflation adjusted rider tied directly to the CPI-U (Consumer Price Index for all Urban Consumers) and is committed to helping retirees manage the impact inflation can have on their retirement income.
Highlights of the Inflation Protector Withdrawal Benefit include:
Penn Mutual offers its suite of Smart Foundation Variable Annuities as a tax-deferred way to save for retirement with optional benefits that allow consumers to enjoy competitive withdrawal rates, flexible account access and protection for loved ones. The Inflation Protector Withdrawal Benefit is the fourth optional benefit now offered with that suite of products as a way to help clients tailor the annuity to meet their unique needs, goals and risk tolerance. The other optional benefits currently offered include:
“As we continue to operate in a market environment that changes constantly, we always want to offer competitive products that meet the changing needs of clients,” said Andrew Martin, Assistant Vice President, Product Management for Penn Mutual. “The addition of the Inflation Protector Withdrawal Benefit to the existing riders available with our three Smart Foundation Variable Annuity Products makes it easy for clients with diverse needs and goals to find the variable annuity and rider combination that works best for them. Plus, having a withdrawal benefit tied to changes in the CPI-U offers clients assurance that their money will grow at least with the rate of inflation.”