Penn Mutual Life Introduces New Whole Life Product With Options

Business Wire

The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 Company, introduces a new Guaranteed Whole Life^SM insurance product that provides an array of options for a lifetime of security.

The product’s built-in features, including a customized payment period, can offer peace of mind for policyholders and their beneficiaries.

The Guaranteed Whole Life insurance product provides industry-leading cash value accumulation and death benefit protection to policyholders. It also allows them the opportunity to participate in the growth of Penn Mutual through an annual non-guaranteed dividend. Through strong corporate performance, Penn Mutual has demonstrated its commitment to financial strength and responsibility by having one of the strongest dividend histories in the industry over the last 20 years.

Adding to the strength of Penn Mutual’s product portfolio – the most comprehensive collection in the industry – the Guaranteed Whole Life product includes an income-tax-free death benefit, guaranteed for the life of the policyholder and immediately accessible to the beneficiaries of the policy, along with the ability to access part of the death benefit in the event of chronic or terminal illness to the policyholder. These guaranteed benefits can help families maintain their lifestyle, stay in the home they love, finish their education and achieve other lifetime goals.

“We are excited to introduce this new whole life product to our already strong and competitive portfolio,” said Heather Yonosh, VP, product development and pricing at Penn Mutual. “With guaranteed cash value accumulation that leads the market, we can provide better long-term growth for policyholders and the flexible coverage options can be tailored to provide a lifetime of security and meet their needs both now and in the future.”

The robust new product also allows consumers to customize the policy and add other forms of protection specifically suited to the needs of their family or business. Because the new Guaranteed Whole Life insurance product accumulates tax-deferred cash value, it can be accessed at any time, for any reason. This way, policyholders can feel safe knowing that their family is protected while having the flexibility of money they can use for things like building a comfortable retirement, paying college expenses, covering emergency costs or growing a business.

About The Penn Mutual Life Insurance Company

Penn Mutual is 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 its wholly owned subsidiary Hornor, Townsend & Kent, LLC, member FINRA/SIPC. Visit Penn Mutual at www.pennmutual.com.

ACCELERATED BENEFIT – CHRONIC ILLNESS RIDER DISCLOSURE FOR CALIFORNIA RESIDENTS:

The Chronic Illness Accelerated Benefit Rider is a life insurance benefit that also gives you the option to accelerate some of the death benefit in the event that you meet the criteria for a qualifying event described in the policy. This rider does not provide long-term care insurance subject to California long-term care insurance law. This rider is not a California Partnership for Long-Term Care program policy. This rider is not a Medicare supplement policy. An Accelerated Benefit Payment (ABP) is the actual benefit paid by the Chronic Illness Accelerated Benefit Rider and is subject to the ABP limits in the contract. The benefits provided by long-term care insurance are not the same as those provided by the Chronic Illness Accelerated Benefit Rider. The Chronic Illness Accelerated Benefit Rider requires a licensed health care practitioner to certify that continuous care in an eligible facility or at home is expected to be required for the remainder of the insured’s life when the insured has a Chronic Illness, whereas long-term care insurance does not generally have this requirement. The Rider also does not restrict how the policy owner can use the Accelerated Benefit Payments, whereas long-term care insurance will generally require proof of expenses incurred. The Chronic Illness Accelerated Benefit Rider pays proceeds that are intended to qualify for favorable tax treatment under section 101(g) of the Federal Internal Revenue Code. The federal, state, or local tax consequences resulting from payment of Accelerated Benefit Payments (ABPs) will depend on the specific facts and circumstances, and consequently, advice and guidance should be obtained from a personal tax advisor prior to the receipt of any ABPs. Death benefits and policy values, such as cash values, premium payments and cost of insurance charges if applicable, will be reduced if an ABP is paid.

All guarantees are based on the claims paying ability of the issuer. Dividends are not guaranteed and past performance is not indicative of future results. Dividend scale comparison developed using information believed to be accurate as of November 2019. Penn Mutual information in the dividend scale comparison is based on the whole life products inforce during the years reported. Guaranteed Whole Life (ICC18-TL) is a whole life insurance policy offered by The Penn Mutual Life Insurance Company.