Penn Mutual Life Launches Survivorship Plus Select IUL
With built-in advantages for Estate Planning and Accumulation Needs
HORSHAM, Pa.--(BUSINESS WIRE)-- Penn Mutual, a Fortune 1,000 Company and leader in indexed universal life (IUL) product innovation, introduced its latest IUL product, Survivorship Plus SelectSM Indexed Universal Life.
This new, second-to-die survivorship life insurance product, designed to cover two lives more cost effectively than two comparable individual policies, was built to support policyholders’ estate planning or accumulation goals.
Policyholders seeking estate planning or wealth transfer solutions will value Survivorship Plus Select’s generous standard no-lapse guarantee and the ability to add a lifetime no-lapse guarantee through the product’s optional Extended No-Lapse Guarantee Rider.
Policyholders seeking strong market-based accumulation potential, without the risk of loss due to market performance, will appreciate the ability to allocate premiums to any of Survivorship Plus Select IUL’s five distinctly different indexed accounts. Each unique indexed account offers strong upside potential tied to the performance of the S&P 500® Index or the S&P Global Broad Market Index (excluding dividends). Plus, all of the indexed accounts include the downside protection of a 1% minimum annual interest guarantee that applies even if the index performance is negative. Additionally, Survivorship Plus Select offers a fixed account option and a dollar cost averaging account.
Beyond the strong upside potential of the indexed accounts, Survivorship Plus Select IUL includes two guaranteed accumulation enhancements to help bolster long-term cash value growth. And, this robust product includes a host of value-added features and options not routinely found in other survivorship IUL products—such as Penn Mutual’s Chronic Illness Accelerated Benefit Rider, which is automatically included with most policies at issue, without any up-front cost.
“Survivorship Plus Select IUL’s unique multi-tasking product design offers a fresh perspective in a survivorship life insurance marketplace that has been primarily focused on serving estate planning needs,” says Andrew Martin, Vice President of Product Management at Penn Mutual. “By designing a product with built-in guarantees that can support estate planning or accumulation objectives we can help a broader cross section of policyholders achieve their individual goals—whether they are looking for death benefit protection for loved ones, tax efficient wealth transfer, flexibility for their business, a way to fund a lifetime of care for a special needs family member, or a source of supplemental income.”
About The Penn Mutual Life Insurance Company
Since 1847, Penn Mutual has been committed to helping people live life with confidence. At the heart of this purpose is the belief that life insurance is central to a sound financial plan. Through our network of trusted advisers, we are dedicated to helping individuals, families and businesses achieve their dreams. Penn Mutual supports its advisers with retirement and investment services through Hornor, Townsend & Kent, Inc. Registered Investment Advisor and wholly owned subsidiary. Member FINRA/SIPC. We are proud to work together in a values-driven and relationship-based culture. Visit Penn Mutual at www.pennmutual.com.
All guarantees are based on the claims paying ability of the issuing company. Survivorship Plus Select IUL is a last-survivor indexed universal life insurance policy offered by The Penn Mutual Life Insurance Company (policy form PI-IALJ2-17- NY) and its wholly owned subsidiary, The Penn Insurance and Annuity Company (policy form ICC17-PI-IALJ2). The Penn Insurance and Annuity Company is not licensed in New Hampshire or New York. Issuing company, policy form numbers and rider form numbers may vary by state. Riders and benefits may be subject to eligibility and underwriting requirements, additional premium requirements and/or minimum or maximum coverage amounts. Products, riders and features may not be available in all states. This material is approved for use by both issuing companies. Survivorship Plus Select IUL is not currently available at in CA, DE, DC, NV, NH, NY and OR.
Accessing cash values may result in surrender fees and charges, may require additional premium payments to maintain coverage, and will reduce the death benefit and policy values. Loans and other policy withdrawals may be taxable under certain circumstances.
Any reference to the taxation of life insurance products in this material is based on each of the issuing company’s understanding of current tax laws. The issuing companies and their representatives do not provide tax or legal advice. Policyholders should consult a qualified tax professional regarding their personal situation.
The S&P 500 and S&P Global Broad Market Index are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and have been licensed for use by The Penn Insurance and Annuity Company and its affiliates. Standard & Poor’s®, S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI. Survivorship Plus Select IUL is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 and S&P Global Broad Market Index.
©2017 The Penn Mutual Life Insurance Company and The Penn Insurance and Annuity Company, 600 Dresher Road, Horsham, PA 19044
View source version on businesswire.com: http://www.businesswire.com/news/home/20171101006017/en/
Gregory FCA for Penn Mutual
Karyn Piechule, 610-228-2107
[email protected]
or
Penn Mutual
Ann Callaghan, 215-957-7496
[email protected]
Source: The Penn Mutual Life Insurance Company
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