Penn Mutual expands offerings with Survivorship Protection Variable Universal Life
September 13, 2023 by Penn Mutual
HORSHAM, Pa. , Sept. 6, 2023 /PRNewswire/ — The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, has announced the addition of Survivorship Protection Variable Universal Life (SPVUL). Issued through Penn Mutual’s wholly-owned subsidiary, The Penn Insurance and Annuity Company, this last-survivor permanent life insurance product provides guaranteed lifetime protection for two people plus the opportunity to build strong cash value through a choice of subaccount investment options managed by Vanguard®.
“SPVUL can be a great tool for protection-oriented couples seeking an estate planning solution or an effective way to ensure the ongoing care of a loved one with special needs,” said Jacqueline Fallon, assistant vice president of product development and pricing at Penn Mutual. “With the addition of this product, we now offer one of the most diversified selections of survivorship products in the industry. This positions us even further as the go-to survivorship provider for our network of financial professionals.”
SPVUL’s key benefits include:
- Guaranteed lifetime death benefit protection to age 121 of the younger insured.
- Lower-cost investment options spanning a range of asset classes and risk tolerances.
- The opportunity over time for significant cash value and death benefit growth if investments perform well.
About The Penn Mutual Life Insurance Company
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.
©2023 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044
All guarantees are based upon the claims-paying ability of the issuer.
Investors should consider the investment objectives, risk, charges, and expenses of a variable insurance product carefully before investing. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product.
Survivorship Protection Variable Universal Life (policy form ICC23-PI-SVFL) is a last-survivor, flexible premium variable universal life insurance policy offered by the Penn Insurance and Annuity Company, a wholly owned subsidiary of The Penn Mutual Life Insurance Company. Product availability, features and rider provisions may vary by state. This product is not offered in New York.
This product is not sponsored, endorsed, sold, promoted or guaranteed by The Vanguard Group, The Vanguard Marketing Corporation, the Distributor of the Vanguard Funds, 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 funds. The Vanguard Group and its affiliates are independent of and unaffiliated with The Penn Mutual Life Insurance Company and its subsidiaries.
Our variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company. Penn Mutual’s variable products are also offered through registered representatives of approved broker dealers.
The variable investment options offered with Survivorship Protection Variable Universal Life are not offered by The Penn Insurance and Annuity Company or The Penn Mutual Life Insurance Company for direct investment outside of the life insurance policy.
SOURCE The Penn Mutual Life Insurance Company