HORSHAM, PA — The Penn Mutual Life Insurance Company announced the recent introduction of two whole life insurance products that bolster its industry-leading portfolio. Guaranteed Whole Life II and Survivorship Whole Life provide guaranteed benefits and flexibility backed by more than 170 years of financial strength and consistent dividend history.
“These two products strengthen our highly competitive life product portfolio,” said Heather Yonosh, vice president, product development and pricing. “The flexibility of coverage and payment options in both products helps policyholders choose the solution that best meets their individual needs and budgets while providing long-term protection and cash value accumulation.”
Guaranteed Whole Life II (GWL II) is a permanent life insurance product that provides guaranteed lifetime death benefit protection, guaranteed premiums and guaranteed cash value accumulation that policyholders can access during their lifetime for any reason. In addition to its coverage, accumulation and premium guarantees, GWL II offers policyholders considerable flexibility, including payment periods ranging from five years or any number of years up through age 100, along with 13 optional riders to help enhance coverage.
Survivorship Whole Life (SWL) provides permanent life insurance protection for two people – like spouses or business partners – in one cost-effective policy. The guaranteed death benefit is paid to beneficiaries after the second death. SWL provides flexibility through seven available riders and two payment period choices. Policyholders can choose to pay up their policy in as few as ten years or stretch out payments until the younger insured reaches age 100.
In addition to strong death benefit guarantees, both products offer long-term policy cash value accumulation. Death benefits for both products are paid to beneficiaries income-tax-free and probate-free. When payment schedules are decided at the time of issue, premiums are guaranteed to avoid rate increases during the life of the policy. Both offerings also provide the opportunity to earn additional cash value through annual, non-guaranteed dividend payments.
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