Penn Mutual introduces new product Guaranteed Whole Life
Penn Mutual, a Fortune 1000 Company, introduces a new Guaranteed Whole LifeSM 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.