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Penn Mutual Expands Offerings with Survivorship Protection Variable Universal Life
The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, has announced the addition of Survivorship Protection Variable Universal Life (SPVUL). Issued through Penn Mutual’s wholly-owned subsidiary, The Penn Insurance and Annuity Company, this last-survivor permanent life insurance product provides guaranteed lifetime protection for two people plus the opportunity to build strong cash value through a choice of subaccount investment options managed by Vanguard®.
“SPVUL can be a great tool for protection-oriented couples seeking an estate planning solution or an effective way to ensure the ongoing care of a loved one with special needs,” said Jacqueline Fallon, assistant vice president of product development and pricing at Penn Mutual. “With the addition of this product, we now offer one of the most diversified selections of survivorship products in the industry. This positions us even further as the go-to survivorship provider for our network of financial professionals.”
SPVUL’s key benefits include:
- Guaranteed lifetime death benefit protection to age 121 of the younger insured.
- Lower-cost investment options spanning a range of asset classes and risk tolerances.
- The opportunity over time for significant cash value and death benefit growth if investments perform well.
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