If you’re looking for a death benefit that will grow (or decline) with an index, like the S&P 500, indexed universal life (IUL) insurance is an option. Penn Mutual’s indexed universal life insurance Penn Mutual offers 13 riders that can supplement its Guaranteed Whole Life II. The minimum face amount available to buyers up to age 70 is $50,000-or $100,000 for buyers age 71 and up-and is dependent upon health classification. Penn Mutual’s Guaranteed Whole Life II is a whole life insurance option for buyers up to age 85 and guarantees a death benefit to age 121. Whole life insurance is an option for people looking for a low-risk life insurance policy with guaranteed cash value accumulation and fixed premiums. This product comes with a few built-in riders and the option of adding up to five more. For cash value accumulation, it guarantees a minimum interest rate of 2%. There is a no-lapse guarantee up to age 121. Face amounts start at $50,000, depending on your age and rate class. Since policyholders can expect minimal gains from this type of universal life insurance, it is usually cheaper than other universal life products.įor buyers seeking the flexibility and guarantees GUL has to offer, Penn Mutual’s Guaranteed Protection Universal Life is a possibility for buyers up to age 85. Guaranteed universal life (GUL) insurance offers the potential for flexible premiums and death benefit amounts up to specified limits, but the ability to accumulate cash value may be minimal. Penn Mutual’s guaranteed universal life insurance It does not offer the ability to convert from a term policy to a permanent policy. Protection Non-Convertible Term is similar but is available to buyers up to age 70. Converted policies come with Penn Mutual’s Chronic Illness Rider included in the first five years of the policy. You can convert all or part of your term life coverage amount. Policyholders have the option to convert this term policy into a permanent policy during the level premium period and before age 70. The minimum face amount for this product is $250,000. Penn Mutual’s Guaranteed Convertible Term life insurance is available in 10-, 15-, 20- and 30-year terms depending on your age (20 to 69) and tobacco use. Term life insurance does not build cash value. You can renew or buy a new policy after the level term expires, but you should prepare for a significant increase in premiums. For example, if you have 30 years left on your mortgage and want life insurance to cover it if you die, a 30-year term policy could be a good option. Term life insurance is life insurance for people seeking steady rates for a level term period.
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