Posted by (2019/01/14/ American Life Insurance Guide Online News) – Penn Mutual ( Pennsylvania Mutual Life) The latest whole life insurance products were released in early January 2019:Versatile Choice Whole Life.
American Life Insurance GuideThe reporter learned through USPTO,Penn Mutual Proposed on July 2018, 7Versatile Choice Whole Life The trademark application, and entered the final trademark opposition review period on January 2019, 1.At present, consumers can already buy this product in the US market.
The following isAmerican Life InsuranceGuide net forVersatile Choice Whole LifeIntroduction and evaluation.
Whole Life products that can be paid off in 5 years
Penn MutualOf thiswhole lifeThe product provides compensation for the death of the insured who survives 121 years old, and gives a guaranteed cash value income.
After the consumer has determined the insurance limit,Versatile Choice Whole Life Two payment periods are provided for policyholders to choose:
- Pay off in 5 years
- Pay off in any year between the age of 5 and the insured 100 years after the insured
Policy function evaluation
Penn Mutual'swhole lifeProducts, 13 models are providedadditional terms(Rider) For the insured person to match.These terms give individuals or business owners flexibility in choice, and through professional configuration, different financial or security goals can be achieved.
These onesadditional terms(Rider) Is divided into the following two parts:
- Three additional clauses (Rider) that come with the policy by default
- Optional additional terms (Rider)
Evaluation of additional terms that come with default
- Accelerated Death Benefit Rider: If the insured is diagnosed with terminal illness, he can pay part of the insured amount in advance.
- Chronic Illness Accelerated Benefit: If the insured is diagnosed with a chronic disease, he can pay part of the insured amount in advance.
- Supplemental Exchange Rider: This additional clause allows the employer to change the insured employee without having to purchase a new policy.
Optional additional terms
After carefully analyzing the product description documents of the insurance policy, the editor of American Life Insurance Guide has compiled the following table and briefly explained the application of different additional clauses (Rider) for consumers' reference before applying for insurance.
| If consumers consider | Corresponding to optional additional terms |
| Reduce premium costs | Flexible Protection Rider |
| Offset appeal Rider | Accelerated Permanent Paid-Up Additions Rider |
| Borrow from the policy and continue to insure | Overloan Protection Benefit Rider |
| Complete disability | Disability Waiver of Premium Rider |
| Partial disability | Enhanced Disability Waiver of Premium Rider |
| Accidental death | Accidental Death Benefit Rider |
| Increase the sum assured | Guaranteed Purchase Option Rider |
| Provide protection to children | Children's Term Insurance Rider |
| Key employee turnover loss | Surrender Value Enhancement Rider |
Comprehensive Evaluation of the American Life Insurance Guide©️
The Whole Life insurance product launched by Penn Mutual in 2019 is as flexible and diverse as the product name "Versatile Choice" refers to.The insurance policy provides consumers with a wealth of options for additional clauses that are suitable for different financial goals.
Through optional additional clauses, policyholders can independently adjust the cash value of the policy according to different stages of life, thus having more options.
At the same time, this product is an attractive choice for business owners who are looking to provide life insurance benefits for key employees.
(American Life Insurance Guide Network ©️ All rights reserved)
What is Whole Life?
Whole Life is a kind of whole life life insurance. It appeared in the 20s and can be used to provide protection for families after accidents, supplement retirement and pension planning, family education fund planning, and wealth inheritance of tax relief.On the American Life Insurance Guide websiteData statisticsIn the second quarter of 2018, Whole Life insurance accounted for 36% of the US personal life insurance market share.
Click here to learn more about Whole Life (savings insurance)
Disclaimer:
*WholeLifei's dividend (Dividend) is not guaranteed.It is up to the insurance company to unilaterally decide whether to pay dividends and how much it will pay based on the performance of the policy income.Dividend Interest Rate (DIR) is not the rate of return of the policy, the rate of return of the policy, or the rate of return of the cash value of the policy.Dividends withdrawn in cash may be taxable, please consult a professional tax officer.
*All kinds of Rider are limited by the state where the insured lives, the insurance conditions, and the type of insurance. Consumers should contact an agent broker or professional financial adviser to learn about their state and applicable conditions.
