Penn Mutual’s New Smart Foundation Variable Annuities Aim to Grow and Protect Retirement Funds from the Threat of Longevity and Market Volatility

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The Penn Mutual Life Insurance Company, a more than 165-year-old company, announces its new Smart Foundation Variable Annuities and optional benefits that offer consumers guaranteed retirement income and more flexibility than ever before.

The Penn Mutual Life Insurance Company, a more than 165-year-old company, announces its new Smart Foundation Variable Annuities and optional benefits that offer consumers guaranteed retirement income and more flexibility than ever before. While many insurance companies are retreating from the annuity business, Penn Mutual’s financial strength and long-term commitment to annuities have paved the way for this new product offering that will help consumers protect their savings against the hazards of living longer and persistent fluctuations in the market to help assure a more financially sound, happier retirement.

The Smart Foundation product suite gives consumers three variable annuity options, which can be customized with additional benefits that allow for competitive withdrawal rates, flexible account access and death benefit protection. Consumers may work with their financial advisor to choose the annuity that is right for them based on risk tolerance, when they may need access to the funds and their overall financial plan. A variable annuity is a long-term financial retirement vehicle, subject to market fluctuations and may lose value. Additional benefits are optional that can be added for additional fee to the variable annuity charges.

“The Penn Mutual Life Insurance Company is pleased to introduce the Smart Foundation Variable Annuities and optional benefits, which offer consumers a place to grow their retirement assets and protect their retirement income in a way that satisfies their individual needs,” said Ray Caucci, Vice President, Product Management, for Penn Mutual. “The three Smart Foundation annuities are on the same chassis and share the same basic features with variations on surrender schedules, minimum deposit limits and cost.”

The Smart Foundation offering includes:

1) The Smart Foundation Variable Annuity, a traditional variable annuity, is the most basic of the three product options and well suited for consumers who are beginning to fund retirement and may not require immediate access to cash value. This choice may also make sense for small business owners who are poised to make frequent smaller deposits into a retirement plan.

2) The Smart Foundation Flex Variable Annuity is designed for consumers nearing retirement who may need their income in the near future.

3) The Smart Foundation Plus Variable Annuity aims to kick-start retirement savings and provide greater accumulation potential over a longer period by providing a purchase payment enhancement on all deposits made into the contract. This annuity may be useful for consumers planning to roll over larger accounts or consolidate multiple accounts.

The optional benefits that may be paired with these annuities enable customization to best fit the consumer’s income needs, risk tolerance and death benefit/protection needs. They include:

  • The Guaranteed Growth and Income Benefit offers guaranteed growth of 8% of net deposits applied to the withdrawal benefit base during the deferral phase of the contract and guaranteed annual lifetime income when withdrawals begin ranging from 4-6%, of the withdrawal benefit base which is available as early as age 55.
  • The Guaranteed Minimum Accumulation Benefit guarantees the return of purchase payments made during the first year of the benefit period after 10 years and is ideal for clients that are concerned with market volatility and losing their deposit.
  • The Enhanced Death Benefit provides added death benefit protection where heirs will receive the greater of the Standard Death Benefit or the highest anniversary account value.

Penn Mutual offers a wide array of quality investment choices with the Smart Foundation Variable Annuities, which are managed by some of the most experienced and highly regarded investment firms in the industry. These options can be used in a customized portfolio, or clients can select a LifeStyle Asset Allocation Fund, which is a complete and broadly diversified portfolio of investment options designed for varying risk tolerances. A diversified portfolio does not assure against market loss.

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 at

For more information about the Smart Foundation Variable Annuities, please visit

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

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 GA or any state where the product is not available.

Product and features may not be available in all states. Policy form number: ICC11-VA-C (Policy form numbers vary by state.)

2012 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham,
PA 19044.



Barb Parassio                    
(215) 790-7813                                

Keith Bratz
Penn Mutual
(215) 956-7907
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