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.

Penn Mutual Life Insurance Company
15 customer reviews
Premier Foundation Flex-brochure Premier Foundation Flex-brochure

Premier Foundation Flex

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Ratings:

  • A.M. Best A+
  • Fitch AA-
  • S&P A+
  • Moody's Aa3
  • Comdex 93

About Product

Type
Fixed Index
Purpose
Lifetime Income
Term
5 Years
Surrender schedule
8%8%7%6%5%
Fee withdrawal:
10%
Market Value Adjustment
No x
Return Of Premium
No x
Minimum Contribution
$25,000
Maximum Contribution
$5,000,000
Max Age Qualified
85
Types Of Funds
Non-Qualified, IRA, IRA-Roth, Stretch IRA, and NQ Stretch
A Premier Foundation Flex Indexed Annuity is a financial vehicle that can be a key part of a well-designed retirement strategy, providing a guaranteed stream of income that will last your entire lifetime. It may be a great fit for your retirement plan — especially if you’ll need to access or move your funds in the near future. 
Available in states: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY

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

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

Annual Free Withdrawal
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
Annuity Options
  • Life
  • Life with Period Certain
  • Joint and Survivor Life
  • Certain Only
  • Full annuitization available after one contract year 
Payment Frequency
  • Monthly
  • Quarterly
  • Semi-annually
  • Annually
Partial Annuitization
  • 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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