Penn Mutual Introduces Guaranteed Minimum Funding Rider II
HORSHAM, Pa., Nov. 17, 2021 /PRNewswire/ — Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, recently introduced the Guaranteed Minimum Accumulation II (GMAB II) Rider as an optional benefit for its Smart Foundation Variable Annuity Products. This new rider offers downside protection in a variable product and guarantees at 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 diverse variable funds with no allocation restrictions. Policyholders can lock in market gains with an offer of multiple accumulation benefit periods. They can also reset or change periods annually.
“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 underwriting. “The Optional Rider meets customers’ needs with flexible options that can protect up to 100% of their initial premium payment and allow them to lock in growth at different durations.”
About Penn Mutual Life Insurance Company
Penn Mutual helps people get stronger. Our expertly designed life insurance is essential for long-term financial health and empowers people to enjoy every day. Working with our trusted network of finance professionals, we take a long-term view and craft customized 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, Member FINRA/SIPC. Visit Penn Mutual at www.pennmutual.com.
©2021 Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044
All warranties are based on the issuer’s claims-paying ability.
The guarantees are not linked to the performance of the variable investment options. A variable annuity is a long-term retirement financial vehicle, subject to market fluctuations. It may lose value, including potential loss of principal, and is subject to certain fees and expenses not normally associated with other investment vehicles. Withdrawals are subject to the terms of the contract and will reduce the contract value and the accrued benefit base, the amount used to calculate withdrawal or income payments and death benefit amounts. Withdrawals may be subject to income taxes and redemption fees; and, when taken before age 59.5, may be subject to an additional 10% penalty tax.
Clients should consult their trusted financial professionals before receiving income or other withdrawals. If the annuity contract is held in a qualified account or plan, such as an IRA, the tax deferral feature provides no additional benefit beyond that provided by the qualified account or plan.
Product and/or features may not be available in all states. Policy form number: ICC11-VA-C. Amendment form number: ICC21-GMAB minimum capitalization guarantee. Form numbers may vary by product and condition. Optional runners incur additional cost and may not be available in some combinations.
Penn Mutual variable products are primarily offered by Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Investors should carefully consider fund objectives, risks, charges and fees before investing. This information, together with other information, is contained in the prospectuses of the products and the underlying funds, which should be read carefully before investing.
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SOURCE Penn Mutual Life Insurance Company