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.