Premier Foundation Flex
The Penn Mutual Life Insurance Company, first founded in 1847, has become a pivotal player within the life insurance and annuities market. Their key objectives reside in creating tailored life insurance policies for clientele rather than taking on a one-size-fits-all approach. Essentially, Penn Mutual strives to help customers find confidence in their financial future through product offerings that include a variety of life insurances (whole, term, and universal), as well as a range of annuity types (traditional and market-linked). Since its inception, Penn Mutual has consistently held high financial strength ratings from top-drawer rating agencies like A.M. Best, Moody’s, or even Standard & Poor’s. Holding a rating of “A” or higher for nearly the last 100 years, Penn Mutual is one of the leading life insurance companies on the planet.
Premier Foundation Flex
Ratings:
- A.M. Best A+
- Fitch AA-
- S&P A+
- Moody's Aa3
- Comdex 93
About Product
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 5-Year Fixed Account |
Fixed
|
3.4%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
6.6%
Cap
|
| 1-Year S&P Global Broad Market PTP Cap |
Point to Point
Annual
|
6.2%
Cap
|
| 5-Year Fixed Account |
Fixed
|
3.6%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
7.1%
Cap
|
| 1-Year S&P Global Broad Market PTP Cap |
Point to Point
Annual
|
6.7%
Cap
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Penalty | 8% | 8% | 7% | 6% | 5% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Guaranteed Growth Withdrawal Benefit Rider | No | 0.90% annually (2.00% max) |
| Inflation Security Withdrawal Benefit Rider | No | 1.05% annually (2.00% max) |
Waivers
Terminal Illness
Waiver of surrender charge on withdrawals after first contract anniversary if diagnosed with fatal injury or illness. Subject to state availability, contract must be issued prior to 75th birthday. Maximum amount of withdrawal under waiver $500,000 (per contract owner).
Disability
Waiver of surrender charge on withdrawals after first contract anniversary if disabled as defined in section 72 (m)(7) of the Internal Revenue Code. Subject to state availability, contract must be issued prior to 75th birthday. Maximum amount of withdrawal under waiver $500,000 (per contract owner).
Confinement
Waiver of surrender charge on withdrawals after first contract anniversary if confined to medical facility (prescribed by physician). Subject to state availability, contract must be issued prior to 75th birthday. Maximum amount of withdrawal under waiver $500,000 (per contract owner).
Premium Notes
- Minimum Initial Payment: $25,000
- Minimum Subsequent Payment: $1,000
- Subsequent payments allowed within the first 45 calendar days and must be listed on application.
- Maximum Payment: $5M cumulative limit across all annuity contracts
Withdrawal Provisions
Free withdrawal up to 10% of contract value as of the latest anniversary without surrender charge (available starting the first day of second contract year)
Partial withdrawals
Minimum withdrawal is the lesser of $500, RMD, and annual free withdrawal, if available
Systemic withdrawals
- Monthly
- Quarterly
- Semi-annually
- Annually (minimum withdrawal $50)
- May elect if annual free withdrawal or living benefit withdrawal available
- Life
- Life with Period Certain
- Joint and Survivor Life
- Certain Only
- Full annuitization available after one contract year
- Monthly
- Quarterly
- Semi-annually
- Annually
- Annuitize at least $5,000 up to 50% of contract value after 3rd contract year
- Must wait 1 year before next partial annuitization election
- No more than 3 partial annuitizations allowed
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