Penn Mutual Introduces Protection Variable Universal Life
New product bolsters extensive product portfolio
HORSHAM, Pa., July 19, 2021 /PRNewswire/ -- The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, announces the introduction of Protection Variable Universal Life (PVUL), a permanent life insurance product providing guaranteed lifetime death benefit protection with the opportunity to build cash value through subaccount market growth potential.
"This new PVUL product offers people the best of both worlds – guaranteed lifetime death protection and the benefits of investing in the market," says Heather Yonosh, vice president, product development and pricing. "The product offers a lifetime no-lapse guarantee rider at no additional cost. PVUL provides policyholders the opportunity to benefit from market gains through lower-cost variable investment options. PVUL is our first variable universal life product primarily focused on guaranteed death benefits and addresses the emerging estate planning market. This makes our highly competitive product portfolio even stronger."
In addition to guaranteed death benefit backed by the financial strength of Penn Mutual, PVUL provides cash value growth potential through a choice of subaccount investment options, all managed by Vanguard®, one of the nation's best known investment management companies. The product provides flexibility with the ability to change among subaccount options or transfer values without the penalties or tax consequences that are common with investments outside of a life insurance policy.
About The Penn Mutual Life Insurance Company
Penn Mutual helps people become 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.
©2021 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044
Contact:
Jeff Leinen
Penn Mutual
215-956-8530
[email protected]
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.
Protection Variable Universal Life (Policy form ICC21-PI-VFL) is a 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. This product is not offered in New York and not available in all states.
Policy form numbers, issuing company, eligibility requirements and rider provisions may vary by state.
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.
The variable investment options offered with 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.
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SOURCE The Penn Mutual Life Insurance Co
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