Protection Universal Life(SM) Strengthens Penn Mutual Product Portfolio
January 6, 2021 by Penn Mutual
HORSHAM, Pa., Jan. 5, 2021 /PRNewswire/ — The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, announces the introduction of Protection Universal LifeSM (PUL), a permanent life insurance product that provides competitive death benefit protection. The policy’s death benefit is paid to beneficiaries income-tax-free and probate-free. Additional features include payment flexibility and the accumulation of cash value that the policyholder may access in the event of an emergency. PUL is available nationwide. It is offered in the State of New York by The Penn Insurance and Annuity Company of New York.
“PUL is first and foremost a protection product and reinforces Penn Mutual’s commitment to offering the most competitive and comprehensive product line-up in the industry,” says Heather Yonosh, vice president, product development and pricing. “Our focus on helping people find the solution that best meets their individual needs and is the best fit for their circumstances drives the ongoing development of our offerings. As needs and circumstances change, policyholders can customize their coverage through options that adapt and enhance protection for them, their families or their businesses.”
In other product news, the company’s convertible term and non-convertible term life insurance products, helping people seeking a competitive, temporary protection solution, are now available in the State of New York. The company’s guaranteed convertible term product offers one of the most powerful guaranteed conversion options in the industry. The products are offered by The Penn Insurance and Annuity Company of New York, a wholly-owned subsidiary of The Penn Mutual Life Insurance Company.
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 financial professionals, we are dedicated to helping individuals, families and businesses achieve their dreams. Penn Mutual supports its financial professionals with retirement and investment services through its wholly owned subsidiary Hornor, Townsend & Kent, LLC, member FINRA/SIPC. Visit Penn Mutual at www.pennmutual.com.
©2021 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044
Protection Universal LifeSM (Policy Form ICC19-PI-CUL) is a universal life insurance policy issued by The Penn Insurance and Annuity Company, a wholly owned subsidiary of The Penn Mutual Life Insurance Company. In the State of New York, Protection UL (Policy Form PINY-CUL-20 and PINY-CUL-20-U) is a universal life policy issued by The Penn Insurance and Annuity Company of New York, a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Policy form numbers, issuing company, eligibility requirements and rider provisions may vary by state.
All guarantees are based upon the claims-paying ability of the issuer.
Accessing cash value will reduce your policy death benefit and values may result in certain fees and charges. Loans will nullify the no-lapse guarantee. You can reinstate the no-lapse guarantee by repaying outstanding loans. Ask your adviser for additional information about accessing cash value, including circumstances under which the values you access could be taxable. You should always consult your tax professional prior to accessing policy cash value.
SOURCE The Penn Mutual Life Insurance Co