Penn Mutual Life Insurance Company has introduced the Guaranteed Term 10-15-20 policy to its product list.

The term life policy is designed so that holders can convert to permanent coverage from term coverage in gradual increments, according to Penn Mutual, Horsham, Pa.

Holders can convert to whole life, universal life or variable universal life coverage over time, Penn Mutual says.

Penn Mutual will apply a dollar-for-dollar credit for the last 12 months of the term policy’s premium payments to the first year of the new permanent life premiums for the amount converted; Penn Mutual says.