Individuals or businesses who are accustomed to irregular cash flow... can benefit from riders like these. The Accelerated Permanent PUA and Enhanced Permanent PUA enable clients to add value to their policy when they have the means to do so.
Horsham, PA (PRWEB) October 17, 2011
The Penn Mutual Life Insurance Company, a more than 164-year-old company, is pleased to introduce new paid-up addition (PUA) riders for its Flexible Choice Whole Life policies. The new Accelerated Permanent PUA and Enhanced Permanent PUA riders offer significant flexibility to policyholders who want to increase their death benefit and build cash value more rapidly.
Flexible Choice Whole Life delivers the guaranteed protection and growth of a typical whole life insurance policy, with additional flexibility based on a client’s specific needs. The new riders offer a number of unique features, including:
- Annual Payment Limit – Once the payment amount is established at the time of application, the Annual Payment Limit feature ensures clients will not have to provide evidence of insurability for future funding, as long as it’s within the originally agreed upon coverage amount.
- Catch-Up PUA Funding Option – This option allows a client up to age 65 to use any balance from the prior year to make payments towards their Annual Payment Limit without the need for additional underwriting.
- Flexible Funding Requirements – Clients do not need to fund the riders at issue and can maintain the rider as long as they fund it during a five year period.
- Off Modal Payment Option – Clients are offered flexibility to add PUA payments during the year, or with any bill for payment without waiting for the annual policy anniversary date.
“The new Flexible Choice PUA riders provide funding solutions for clients experiencing uncertain cash flows in the current economy and cater to each policyholder’s individual needs,” says Ray Caucci, Vice President, Product Management. “Individuals or businesses who are accustomed to irregular cash flow, where sometimes they have a surplus and other times they don’t, can benefit from riders like these. The Accelerated Permanent PUA and Enhanced Permanent PUA enable clients to add value to their policy when they have the means to do so.”
In addition to being available on new Flexible Choice policies, the riders are also available to existing Flexible Choice policyholders, subject to underwriting review and approval.
Policy Form numbers: TL-08(S) and TL-08(U). Product benefits, features, rider names and policy form numbers may vary by state.
About The Penn Mutual Life Insurance Company
Since 1847, Penn Mutual has been driven by our noble purpose to create a world of possibilities. At the heart of this purpose is the belief that life insurance is the most protective, responsible and rewarding action a person can take, and is central to a sound financial plan. The company is committed to helping individuals, families and small business owners unlock life’s possibilities through life insurance and annuities available through a national network of financial professionals. Penn Mutual also offers investment products and services through Hornor, Townsend & Kent, Inc., its wholly owned Broker-Dealer Subsidiary and Registered Investment Advisor. Member FINRA/SIPC. Visit Penn Mutual on the Internet at http://www.pennmutual.com/.
©2011 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044
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