Penn Mutual Launches New Annuity Products

Business Wire

Two Annuity Vehicles Added to the Robust Stable of Penn Mutual Products

HORSHAM, Pa.--(BUSINESS WIRE)-- In support of its ongoing commitment to meeting the evolving retirement needs of consumers, The Penn Mutual Life Insurance Company (Penn Mutual) is pleased to announce the immediate availability of two new annuity products, Premier Foundation Indexed Annuities and Guaranteed Foundation Fixed Annuity. These additions to Penn Mutual’s annuity offerings will significantly enhance the company’s ability to serve a broad range of consumer needs.

Premier Foundation Indexed Annuities are designed to offer consumers market based growth potential tied to the performance of leading market indices (up to a cap)—without the downside risk of direct market investment. With a choice of three products, offering five, eight or 10 year surrender charge periods, Premier Foundation Indexed Annuities are geared for consumers with various time horizons who want tax-deferred growth potential without risk to their principal. Each of the products also offers a unique combination of options and flexibility through:

Two diverse indexed account options and a fixed account option
Ability to allocate funds to multiple accounts and change allocations annually
Optional living benefit riders for those with growth or inflation concerns
Access to contract value through free withdrawals, Required Minimum Distributions (RMD’s), or partial annuitization*

Guaranteed Foundation Fixed Annuity is designed for consumers seeking growth to help build a source of lifetime retirement income, fill retirement income gaps or safeguard a portion of retirement savings to allow for more aggressive investing of other assets. It is geared for those who prefer predictable, tax advantaged growth with more flexibility than alternative savings vehicles, such as certificates of deposit. The product offers:

Guaranteed, tax-deferred, growth
Guaranteed lifetime retirement income
Access to contact value through free withdrawals, RMD’s, or partial annuitization*
Competitive interest rates and a choice of guarantee periods

“When developing new products, we work hard to deliver solutions that fill a consumer need and enhance what is currently available to them in the marketplace,” says Andrew Martin, VP of Product Management at Penn Mutual.

Martin explains, “With the addition of these new products, we are able to offer consumers an expanded range of options to meet a broader spectrum of goals and risk tolerances. We believe these two annuities can help our clients achieve one of their ultimate life goals— living a financially secure retirement.”

About The Penn Mutual Life Insurance Company

Since 1847, Penn Mutual has been driven by our noble purpose to create a world of possibilities. At the heart of this purpose is the belief that purchasing life insurance is the most protective, responsible and rewarding action a person can take, and is central to a sound financial plan. The company is committed to helping families unlock life’s possibilities through life insurance and annuity solutions. This is accomplished through a national network of advisors, who help clients make great things possible. Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc., Registered Investment Advisor and wholly owned subsidiary. Member FINRA/SIPC. Visit Penn Mutual on the Internet at http://www.pennmutual.com/.

*Free Withdrawal up to 10% are available beginning in the second contract year. RMD’s are available beginning on the last day of the first contract year. A Free Withdrawal or RMD may be taken without surrender charges but not both in the same year. Withdrawals above 10% that are not RMDs will be subject to surrender charges. Withdrawals will reduce the contract value and death benefit amounts and withdrawals prior to age 59½ are subject to taxes and an additional 10% tax penalty. The contract value is reduced by the gross withdrawal amount, which includes any surrender charges and tax withholding, if applicable. Partial annuitization is available beginning in contract year three.

This announcement message has not been approved for use in DE, MA, OR, OK, ND.

All guarantees are based on the claims paying ability of the issuer. Premier Foundation Indexed Annuities (Policy form numbers: ICC15-FIA, ICC15-FIA, ICC15-FIA-X) are Individual Deferred Fixed Indexed Modified Single Premium Annuities offered by The Penn Mutual Life Insurance Company. Guaranteed Foundation Fixed Annuity (Policy Form ICC15-MYGA) is a Single Premium Deferred Annuity offered by The Penn Mutual Life Insurance Company. Policy numbers may vary by state and product or features may not be available in all states at the time of this release. Premier Foundation Indexed Annuities will not available in NY. Any reference to the taxation of annuities or distributions in this material is based on Penn Mutual’s understanding of current tax laws.