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Insurer Adds UL Policy And VA Guarantee Option

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Penn Mutual Life Insurance Company has introduced the Estate Protection UL universal life product and a new version of its Growth & Income Protector Benefit rider.

The Estate Protection UL policy is a flexible-premium, fixed-interest survivorship universal life policy that covers both spouses in a couple up to age 121, according to Penn Mutual, Horsham, Pa.

The new rider is a product that can come with Penn Mutual’s Penn Freedom, Pennant Select and Enhanced Credit Variable Annuity contracts.

The cost of the rider is 0.65% of the contract value in the subaccount for a single contract and 0.85% for a joint contract, according to Penn Mutual.