The Penn Mutual Life Insurance Company has introduced its latest term life insurance products: guaranteed convertible term and protection non-convertible term.
In a statement, Penn Mutual explained that guaranteed convertible term offers guaranteed death benefit protection for 10-, 15-, 20- or 30-year terms, with conversion available during the term period (up to 20 years or age 70). This product “includes strong, contractual conversion guarantees that give policyholders a clear path to permanent life insurance, without proof of insurability.”
The company added that protection non-convertible term was designed to provide policyholders with affordable temporary death benefit protection. It offers a choice of 10-, 15-, 20- or 30-year terms.
Both products offer policyholders the opportunity to customize their coverage with optional riders that can extend coverage to children or provide added security in the event of disability or accidental death.
Andrew Martin, vice president of product management at Penn Mutual, said, “Adding protection non-convertible term to our life product portfolio allows us to better serve individuals seeking an affordable short-term protection solution. Our new convertible term life product, guaranteed convertible term, continues Penn Mutual's tradition of offering some of the industry's strongest contractual conversion guarantees. For example, guaranteed convertible term provides policyholders with a contractual guarantee that allows them to convert to any permanent product offered by Penn Mutual at the time of conversion.” Mr. Martin added, “That's a powerful guarantee when you consider Penn Mutual's permanent life product portfolio spans every major product category.”
Learn more: www.pennmutual.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].