Penn Mutual has introduced its latest IUL product, Survivorship Plus Select Indexed Universal Life.
This new, second-to-die survivorship life insurance product, designed to cover two lives more cost effectively than two comparable individual policies, was built to support policyholders’ estate planning or accumulation goals.
Policyholders seeking estate planning or wealth transfer solutions will value Survivorship Plus Select’s generous standard no-lapse guarantee and the ability to add a lifetime no-lapse guarantee through the product’s optional Extended No-Lapse Guarantee Rider.
Policyholders seeking strong market-based accumulation potential, without the risk of loss due to market performance, will appreciate the ability to allocate premiums to any of Survivorship Plus Select IUL’s five distinctly different indexed accounts.
Each unique indexed account offers strong upside potential tied to the performance of the S&P 500® Index or the S&P Global Broad Market Index (excluding dividends). Plus, all of the indexed accounts include the downside protection of a 1% minimum annual interest guarantee that applies even if the index performance is negative. Additionally, Survivorship Plus Select offers a fixed account option and a dollar cost averaging account.
Beyond the strong upside potential of the indexed accounts, Survivorship Plus Select IUL includes two guaranteed accumulation enhancements to help bolster long-term cash value growth. And, this robust product includes a host of value-added features and options not routinely found in other survivorship IUL products—such as Penn Mutual’s Chronic Illness Accelerated Benefit Rider, which is automatically included with most policies at issue, without any up-front cost.
“Survivorship Plus Select IUL’s unique multi-tasking product design offers a fresh perspective in a survivorship life insurance marketplace that has been primarily focused on serving estate planning needs,” says Andrew Martin, Vice President of Product Management at Penn Mutual.
“By designing a product with built-in guarantees that can support estate planning or accumulation objectives we can help a broader cross section of policyholders achieve their individual goals—whether they are looking for death benefit protection for loved ones, tax efficient wealth transfer, flexibility for their business, a way to fund a lifetime of care for a special needs family member, or a source of supplemental income.”