Known as the Guaranteed Choice Whole Life Product, the new policy has been designed to deliver individuals, families and business owners guaranteed death protection and build policy cash value.
The life insurance policy will offer guaranteed permanent death benefit protection and premiums to protect a family’s financial security or to help safeguard business interests.
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It also offers guaranteed cash value accumulation to support retirement planning, emergency cash needs or any number of life’s possibilities.
Additionally, the policy will also feature a flexible policy payment period to choose the length of time for making premium payments as well as an automated premium offset program to offset the premium payment required to maintain the policy.
Furthermore, the policy will provide additional accumulation potential through dividends and will include riders that can add additional security, flexibility and guarantees for individuals.
Penn Mutual Life Insurance Company product management assistant vice president Andrew Martin said: "The addition of Guaranteed Choice Whole Life to Penn Mutual’s strong life insurance portfolio demonstrates our commitment to whole life insurance and the value it provides policyholders.
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By GlobalData"With its guaranteed death benefit, cash value accumulation and added flexibility to customize policy payments, Guaranteed Choice Whole Life delivers the control policyholders are seeking for their diverse needs and goals."
