This new living benefit provides a financial safety net for those impacted by chronic illness. The Chronic Illness Accelerated Benefit can help ease the financial and emotional burden of caring for a chronically-ill individual.
Horsham, PA (Vocus) October 5, 2010
The Penn Mutual Life Insurance Company, a more than 163-year-old company, is pleased to introduce a new living benefit for permanent life insurance policyholders who become chronically ill: The Chronic Illness Accelerated Benefit. This protection is designed to provide Penn Mutual permanent life insurance policyholders with the option to access a portion of their policy death benefit to provide an additional resource to help assist with the daily needs of a chronically ill individual. There is no charge for the benefit and no impact on the policy values unless it is used.*
The Chronic Illness Accelerated Benefit can help pay for personal, medical, nursing home and household expenses. It can also aid in covering the cost of special equipment or modifications to a living space. There are no restrictions on how the money can be used.
Access to this benefit is subject to a waiting period that in most states is two years. After that time, a licensed healthcare practitioner must certify that the policyholder is unable to perform two of the six activities of daily living or suffered from a severe cognitive impairment for at least 90 consecutive days within the previous 12 months. Activities of daily living include: bathing, continence, dressing, eating, toileting and transferring.
“This new living benefit provides a financial safety net for those impacted by chronic illness,” says Ray Caucci, Vice President, Product Management. “The Chronic Illness Accelerated Benefit can help ease the financial and emotional burden of caring for a chronically-ill individual.”
The Chronic Illness Accelerated Benefit is automatically included on most newly issued Penn Mutual life insurance policies and, upon request, may be added to eligible policies already in force.**.
Policyholders are advised to consult with both tax and financial professional advisors before applying for this benefit as the amount of the death benefit and policy cash values will be reduced and the receipt of accelerated benefit payment amounts could have tax implications.
*Receiving Chronic Illness Accelerated Benefits will reduce the policy death benefit and other policy values. The insured’s age, the cost of insurance, policy cash value, projected interest and outstanding loans are among the factors that will determine the impact on a policy.
**Certain underwriting limits and coverage maximums and minimums apply. May not be available in all states or for all policies.
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 Chronic Illness Accelerated Benefit, please visit http://www.pennmutual.com.
2010 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044