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Penn Mutual Introduces New Survivorship Indexed Universal Life (SIUL)
The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, announces the introduction of Survivorship Indexed Universal Life (SIUL), a permanent life insurance product for two people in one policy. The product provides protection and cash value accumulation potential backed by more than 175 years of financial strength.
“SIUL strengthens our industry-leading product portfolio,” said Tom Harris, president of life insurance and annuities for Penn Mutual. “It offers a protection solution for two people with flexibility that can help financial professionals address a variety of needs in their clients’ financial plans.”
SIUL provides death benefit protection paid to beneficiaries after the death of the second covered individual – whether that be a spouse, domestic partner or even business partner – and is well suited to support a range of estate planning and preservation strategies at a cost that may be less than two comparable individual policies. The product presents cash value growth potential that can be accessed at any time, for any reason, through a choice of accumulation options, including six indexed accounts that earn interest based on changes in the performance of the S&P 500® Index.
SIUL also includes a policy value enhancement feature that guarantees positive interest crediting each year, regardless of how the selected indexed accounts perform. The product also offers flexibility and customization through 10 built-in and optional riders, which can help policyholders enhance their coverage to meet their specific needs.
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