HORSHAM, Pennsylvania., November 17, 2021 / PRNewswire / – Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, recently introduced the Minimum Accumulation Guarantee II (GMAB II) rider as an optional benefit for its variable annuity products Smart Foundation. This new jumper offers protection against drops in a variable product and guarantees shorter durations.
GMAB II protects against potential market losses by guaranteeing the minimum value of the annuity contract. It also offers flexibility in investment options with 29 various variable funds without any allocation restrictions. Policyholders can lock in market gains with an offer of multiple benefit accrual periods. They can also reset or change period every year.
“The GMAB II rider is one of the most user-friendly and flexible guaranteed minimum accumulation riders on the market,” said Heather yonosh, vice-president, product development and pricing. “The optional rider meets clients’ needs with flexible options that can protect up to 100% of their upfront premium payment and allow them to lock in growth at varying durations.”
About Penn Mutual Life Insurance Company
Penn Mutual helps people become stronger. Our expertly designed life insurance is essential to long-term financial health and strengthens people’s ability to enjoy every day. In collaboration with our trusted network of finance professionals, we have a long-term vision, creating personalized solutions for individuals, their families and their businesses. Penn Mutual supports its financial professionals with retirement and investment services through its wholly owned subsidiary Hornor, Townsend & Kent, LLC, a FINRA / SIPC member. Visit Penn Mutual at www.pennmutual.com.
© 2021 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, Pennsylvania 19044
All guarantees are based on the issuer’s ability to settle claims.
The guarantees do not cover the performance of the variable investment options. A variable annuity is a long-term financial retirement vehicle, subject to market fluctuations. It can lose value, including the potential loss of capital, and is subject to certain fees and expenses that are not normally associated with other investment vehicles. Withdrawals are subject to the terms of the contract and will reduce the contract value and the basis of the accumulation benefit, the amount used to calculate the withdrawal or income payments and the amounts of the death benefit. Withdrawals may be subject to income taxes and redemption fees; and, when taken before the age of 59 and a half, may be subject to an additional 10 percent tax penalty.
Clients should consult their trusted financial professionals before withdrawing income or other withdrawals. If the annuity contract is held in a qualified account or plan, such as an IRA, the tax deferral feature does not provide any additional benefit beyond that provided by the qualified account or plan.
Product and / or features may not be available in all states. Police form number: ICC11-VA-C. Rider number: Benefit with guaranteed minimum capitalization ICC21-GMAB. Form numbers may vary by product and condition. Optional endorsements incur additional charges and may not be available in some combinations.
Penn Mutual’s variable products are primarily offered by Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA / SIPC, 600 Dresher Road, Horsham, Pennsylvania 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Investors should carefully consider the objectives, risks, costs and expenses of funds before investing. This and other information is contained in the prospectuses of the underlying products and funds, which should be read carefully before investing.
SOURCE Penn Mutual Life Insurance Company