Life Insurance & Annuities

Life Insurance to Protect What Matters Most

Life is unpredictable, but protecting your family shouldn't be. That's why we offer two types of life insurance: term life and permanent life.

Term Life Insurance

Term life insurance provides guaranteed death benefit protection for a set number of years at a competitive rate that won’t increase during your term period. Plus, when you have a convertible term policy, you have the option to upgrade to a permanent life insurance policy for lifetime protection — generally without having to answer any health questions.

Permanent Life Insurance

Permanent life insurance can provide death benefit protection for life. Additionally, your policy can grow cash value that you can access at any time, for any reason.*

For both term and permanent life insurance, the death benefit is paid to your beneficiaries income-tax-free. To understand the differences, see the chart below.

	Term	Permanent
Main Purpose	Short-term protection	Long-term protection plus cash value accumulation to meet financial needs and goals
Coverage Duration	Limited time — generally 5 to 30 years; term coverage through work typically ends when you leave your job	Lifetime coverage as long as you continue to make payments on your policy
Builds Cash Value	Not applicable	Accumulates cash value on a tax-deferred basis*
Access to Cash Value	Not applicable	Yes**
Cost	Lower when you buy at a younger age, but higher when you buy at an older age or when it comes time to renew or purchase a new policy	Initially higher than term, but becomes more cost-effective than term as you age

*Any reference to the taxation of the products in this material is based on the company’s understanding of current tax laws. Penn Mutual, its subsidiaries and its representatives do not provide tax or legal advice. You should consult your tax advisors regarding your personal situation.

**Accessing cash value will reduce your policy death benefit and values, may result in certain fees and charges and may require additional premium payments to maintain coverage. Ask your financial professional for details on accessing your cash value, including how it might impact the coverage guarantees and situations when the values you access could be taxable. Always consult your tax advisor before accessing a policy’s cash value.

Annuities for a Confident Retirement

Annuities are financial products that provide guaranteed retirement income, enabling you to achieve your goals and enjoy your retirement years.

Variable Annuities

Variable annuities offer a wide array of investment options you can choose from to meet your specific needs and risk tolerance. You can even opt for additional protection to safeguard against inflation and market volatility. While variable annuities are a long-term financial retirement vehicle that offer the greatest growth potential, it’s important to keep in mind that the account values of a variable annuity are subject to market fluctuations and may lose value.

Fixed Annuities

Fixed annuities offer account value growth in the form of a fixed interest rate or performance tied to a market index (fixed indexed annuities). Fixed annuities are long-term financial retirement vehicles that offer moderate growth potential and account values will not be reduced due to negative market returns.

Immediate Annuities

Immediate annuities provide reliable, guaranteed income — either for life or a set period — with options that can include your spouse.

All guarantees are based on the claims-paying ability of the issuer. You should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. Please read the prospectuses for the relevant variable insurance product and its underlying investment options, which contain this and other information about the product.

Who's Penn Mutual?

We're Penn Mutual, a leader in life insurance, placing protection solutions at the center of stronger financial futures, since 1847.

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