Penn Mutual Adds Two Term Life Products
One can be converted into permanent coverage. The other can't.
The Penn Mutual Life Insurance Company announced that it’s adding two new term life insurance products: the Guaranteed Convertible Term policy and the Protection Non-Convertible Term policy.
(Related: M Financial Makes Penn Mutual Its Primary Whole Life Supplier)
The convertible term policy offers level-premium terms of 10, 15, 20 or 30 year terms.
The policyholder can convert the policy to permanent life insurance, without providing proof of insurability, during any term period up to 20 years long, and up to age 70.
The non-convertible policy also comes with level-premium terms of 10, 15, 20 or 30 years.
Purchasers can use riders to cover their children and add extra protection against deaths resulting from accidents.
A form for the product submitted to insurance regulators in the District of Columbia shows that the version of the policy available for sale there has a minimum issue age, for the main policy, of 20, for all terms.
The maximum issue age is 70 for the 10-year level term, 65 for the 15-year and 20-year level terms, and 55, for nonsmokers, for the 30-year level term.
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