Penn Mutual introduces new Survivorship Indexed Universal Life
November 8, 2022 by The Penn Mutual LIfe Insurance Company
HORSHAM, Pa., Nov. 2, 2022 /PRNewswire/ — The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, announces the introduction of Survivorship Indexed Universal Life (SIUL), a permanent life insurance product for two people in one policy. The product provides protection and cash value accumulation potential backed by more than 175 years of financial strength.
“SIUL strengthens our industry-leading product portfolio,” said Tom Harris, president of life insurance and annuities for Penn Mutual. “It offers a protection solution for two people with flexibility that can help financial professionals address a variety of needs in their clients’ financial plans.”
SIUL provides death benefit protection paid to beneficiaries after the death of the second covered individual – whether that be a spouse, domestic partner or even business partner – and is well suited to support a range of estate planning and preservation strategies at a cost that may be less than two comparable individual policies. The product presents cash value growth potential that can be accessed at any time, for any reason, through a choice of accumulation options, including six indexed accounts that earn interest based on changes in the performance of the S&P 500® Index.
SIUL also includes a policy value enhancement feature that guarantees positive interest crediting each year, regardless of how the selected indexed accounts perform. The product also offers flexibility and customization through 10 built-in and optional riders, which can help policyholders enhance their coverage to meet their specific needs.
For more than 175 years, Penn Mutual has been helping people get stronger. Our expertly crafted life insurance is vital to long-term financial health and strengthens people’s ability to enjoy every day. Working with our trusted network of financial professionals, we take the long view, building customized solutions for individuals, their families, and their businesses. 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.
©2022 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044
All guarantees are based on the claims-paying ability of the issuer.
Survivorship Indexed Universal Life (Policy form ICC22-PI-IALJ) is a last-survivor indexed universal life insurance policy issued by The Penn Insurance and Annuity Company, a wholly owned subsidiary of The Penn Mutual Life Insurance Company. Policy form numbers may vary by state. Products and features may not be available in all states. This product is not offered in New York.
Built-in and optional features (also known as coverage riders) may be subject to eligibility and underwriting requirements, additional premium requirements and/or minimum or maximum coverage amounts. Availability and provisions may vary by state.
Accessing cash value will reduce your policy death benefit and values, may result in certain fees and charges, and may require additional premium payments to maintain coverage. Ask your financial professional for additional information about accessing your cash value, including the potential impact on coverage guarantees and certain circumstances under which the values you access could be taxable.
The S&P 500 Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and has been licensed for use by The Penn Insurance and Annuity Company. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“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 and sublicensed for certain purposes by The Penn Insurance and Annuity Company. This product 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 Index.
Any reference to the taxation of the product in this material is based on the issuing company’s understanding of current tax laws. The issuing company and its representatives do not provide tax or legal advice. Please consult your tax advisor regarding your personal situation.
This product is not a deposit or guaranteed by any bank or savings institution; is not insured by the FDIC or any federal government agency; may go down in value due to policy charges but will not go down due to index performance.
This material is intended to provide an overview of the product or concept described. All information, including product features, availability, rates and other provisions is believed to be accurate as of September 2022 and is subject to change.
SOURCE The Penn Mutual Life Insurance Company