HORSHAM, Pa. - (Business Wire) The Penn Mutual Life Insurance Company, a more than 163-year-old company, is pleased to announce improvements to its Growth and Income Advantage Benefit (GIAB), one of the living benefits riders offered on variable annuity products. These enhancements offer clients the opportunity for increased accumulation potential and to effectively manage risk while providing security for retirement savings under dynamic economic conditions. Enhancements to Penn Mutual’s Growth and Income Advantage Benefit (GIAB), which provides guaranteed income growth along with the choice of two withdrawal options, include increases in the guaranteed accumulation rate for the withdrawal benefit base from 4% to 6% and the guaranteed withdrawal percentage for the lifetime income option from 4% to 5%.
In addition to the Growth and Income Advantage Benefit (GIAB), Penn Mutual still offers the Purchasing Power Protector (PPP) rider, the only product of its kind that adjusts with changes in the U.S. Consumer Price Index, for which the withdrawal percentage will now vary based on the insured’s age at first withdrawal. For withdrawals taken prior to the age of 64 ½, the guaranteed annual lifetime withdrawal amount will be 4% of the withdrawal base. If the first withdrawal is taken on or after that age, the guaranteed annual lifetime withdrawal amount will be 5% of the withdrawal base.
There will be no change to the current rider charges or other benefits currently offered under each of these riders with these new adjustments.
“As a mutual company dedicated to providing for the evolving needs of our policyholders, we’re extremely sensitive to how market fluctuations affect their financial needs now and later in life,” said Ray Caucci, vice president, product management. “These new adjustments to our living benefit rider for annuity products provide clients with improved accumulation potential and secure withdrawal rates to assure our products keep pace with our clients’ needs through every life stage.”
For more information about the recent enhancements to the Growth and Income Advantage Benefit (GIAB) and the Purchasing Power Protector (PPP) please visit www.PennMutual.com.
Guarantees are based on the claims paying ability of the issuer. A variable annuity is a long-term financial retirement vehicle, subject to market fluctuations and may lose value. The Growth and Income Advantage Benefit (GIAB) and the Purchasing Power Protector (PPP) are optional and at an additional fee to the variable annuity charges. Early withdrawals may result in tax penalties and the payment of contingent deferred sales charges. Investors should consider the investment objectives, risks, charges, and expenses of a variable insurance product carefully before investing. Please carefully read the prospectuses for the relevant variable insurance product and its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from your financial professional or go to www.pennmutual.com.
About The Penn Mutual Life Insurance Company
The Penn Mutual Life Insurance Company is one of the oldest and most respected mutual life insurance companies in the nation, founded in 1847. Through its national network of trusted financial professionals, the company provides life insurance and complementary products including annuities, living benefits and brokerage services, to help clients establish a sound financial plan to ensure confident living today, and a bright future tomorrow. Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc., Registered Investment Advisor and wholly owned subsidiary. Visit Penn Mutual on the Internet at http://www.pennmutual.com.
Penn Mutual’s Variable products are principally offered through Hornor, Townsend, & Kent, Inc., Member FINRA/SIPC
2010 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044
A0JC-0208-19
Karma
Keith Hardy-Merritt
215-790-7837
keith@karmaverse.com
or
Penn Mutual
Keith Bratz
215-956-7907
bratz.keith@pennmutual.com
