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.
The rider can guarantee growth, death benefits and income withdrawals, Penn Mutual says.
Purchasers can choose between single protection or joint protection for spouses.
Penn Mutual is responsible for backing the product guarantees.