FOR IMMEDIATE RELEASE  

New Penn Mutual product combines whole life guarantees with flexibility and term-life affordability

Horsham, PA – March 31, 2008 –The Penn Mutual Life Insurance Company is pleased to announce the introduction of Flexible Choice^SM Whole Life, a new whole life product designed to provide permanent, guaranteed life insurance coverage with the flexibility to tailor that coverage for specific current and future needs.

Flexible Choice^SM Whole Life, like all permanent insurance policies, offers guarantees that make it a solid choice as the foundation for any financial plan:  guaranteed death benefit, guaranteed level premiums, and guaranteed cash value accumulation.  

What makes Flexible Choice^SM Whole Life stand out, however, is the array of choices it offers to tailor coverage precisely to a client’s needs.  One option, the Flexible Protection Rider, gives clients the opportunity to pair a whole life policy with term insurance that is gradually replaced with additional permanent, paid-up life coverage, allowing the client to purchase a larger death benefit at a lower total cost.  Other attractive features include a choice of paid-up dates (at age 100 or at age 65), and the choice of making additional premium payments through either a supplemental or accelerated paid-up additions rider.

Flexible Choice^SM Whole Life also offers a choice of two different disability waiver of premium riders.  The new enhanced disability rider waives the policy premium if the disability is such that the insured can no longer work at his or her primary occupation only.

Because of the product’s wider array of features and options, Flexible Choice^SM Whole Life is like having multiple products in one.  The product can be structured to meet a client’s needs, whether it’s permanent protection, affordability, or growth and income for retirement, as well as enhancement for use in business applications.

According to Robert E. Chappell, Penn Mutual’s chairman, president and chief executive officer, “Whole life insurance remains the most popular form of permanent coverage sold in the U.S., and we believe our new Flexible Choice Whole Life^SM stands out from the crowd because of its flexible features.  Because many younger consumers cannot afford the higher fixed premiums associated with traditional whole life polices, we believe that this product, along with the term-blend rider, will appeal to a broader market, particularly those ages 35 to 55.” 

“This new product, combined with Penn Mutual’s proven financial strength and reputation, allows us to provide more customized protection and accumulation plans for our clients, and become an even stronger competitor in today’s changing market,” Chappell asserted.

For more information about Flexible Choice^SM Whole Life  please visit www.PennMutual.com.

All guarantees are based on the claim paying ability of the issuer.

About The Penn Mutual Life Insurance Company
The Penn Mutual Life Insurance Company is the nation’s second oldest mutual life insurer.  Founded in 1847, the company provides life insurance and annuities through a national network of financial professionals who help clients meet their financial needs with confidence.  Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc., Registered Investment Advisor and wholly owned subsidiary.  Visit Penn Mutual on the Internet at http://www.pennmutual.com. 

2008 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA  19044

Contact:
Emily Murray, Alta Communications, (215) 790-7847, emily@alta247.com               
Keith Bratz, Penn Mutual, (215) 956-7907, bratz.keith@pennmutual.com

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