Horsham, Pa. (PRWEB) March 23, 2012
The Penn Mutual Life Insurance Company, a more than 165-year-old company, and leader in the inflation-protected retirement income market, said today that the first Inflation Protector Variable Annuity contracts issued in November 2010 received a 3.87% inflation increase in November 2011.
This combined variable annuity and living benefit product is designed to help clients protect their retirement income from the damaging effects rising inflation can have on their money. It provides an income base that increases with the greater of the changes in the Consumer Price Index (as measured by the CPI-U, up to a cap of 6%) or market performance annually in both the deferral and withdrawal phases. A variable annuity is a long-term financial retirement vehicle, subject to market fluctuations and may lose value, and is subject to certain fees and expenses, which are not normally associated with other investment vehicles.
Inflation Protector also features two withdrawal options, guaranteeing income for up to 20 years, or for a lifetime, and withdrawal percentages can be as high as 6% depending on the age of the annuitant and how long the contract has been in force at the time of the first living benefit withdrawal. It provides clients flexible access to their money, without triggering the start of living benefit income, and both Single Life and Joint Life Guarantees are available. Early withdrawals may result in tax penalties and the payment of contingent deferred sales charges. All guarantees are based upon the claim-paying ability of the issuer.
Ray Caucci, Vice President, Product Management said, “This increase for the first Inflation Protector contracts demonstrates the power of guaranteed inflation increases. Regardless of market performance, these clients will receive at least a 3.87% increase to their benefit base and have the opportunity for an even higher increase if their variable account performance exceeded the inflation increase.”
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 families unlock life’s possibilities through life insurance and annuity solutions. This is accomplished through a national network of financial professionals, who help clients make great things possible. Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc., Registered Investment Advisor and wholly owned subsidiary. Member FINRA/SIPC. Visit Penn Mutual on the Internet at http://www.pennmutual.com/.
For more information about Penn Mutual’s Inflation Protector Variable Annuity, please visit http://www.pennmutual.com. 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 http://www.pennmutual.com.
Penn Mutual’s Variable products are principally offered through Hornor, Townsend & Kent, Inc., (HTK), Registered Investment Advisor, Member FINRA/SIPC, HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
This announcement is not meant as a solicitation in the state of Georgia or Oklahoma.
Product and features may not be available in all states. Policy form numbers are ICC10-LVA, ICC10-GMWB. (Policy form numbers vary by state.)
2012 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044