Guaranteed Foundation
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.
Guaranteed Foundation
Ratings:
- A.M. Best A+
- Fitch AA-
- S&P A+
- Moody's Aa3
- Comdex 93
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 3.75% |
| 4 years | 3.75% |
| 5 years | 4.05% |
| 6 years | 4.05% |
| 7 years | 4.05% |
| 8 years | 4.1% |
| 9 years | 4.1% |
| 10 years | 4.1% |
Traditional Fixed Annuity Interest Rates
| Surrender Years | First Year Yield | Term Guaranteed Yield | Term Current Yield |
|---|---|---|---|
| 1 | 3.25% | 3.25% | 3.25% |
Basics
- Issue Ages: 0-85 (based on nearest age at issue)
- Payment Type: Single payment only
- Minimum Initial Payment: $10,000
- Maximum Payment: $5M cumulative limit across all annuity contracts
- Non-Qualified
- Spousal and Non-Spousal Non-Qualified Stretch Annuity
- Spousal and Non-Spousal Stretch IRA
- IRA Rollovers
- IRA Transfers
- Roth IRA
Inherited/Beneficiary IRA - spousal only.
We take TSP as a rollover to IRA.
- Calculated as a percent of contract value, minus any free withdrawal
- In the 30 day period prior the end of the guarantee period, the owner may take withdrawals (full and partial) free of surrender charges.
- One-year renewal guarantee period is available without surrender charges in FL only if issued 65 or older.
- Free withdrawal up to 10% of contract value (as of the latest contract anniversary) without surrender charge (available starting the second contract year)
- Minimum withdrawal amount: Lesser of $500, required minimum distributions (RMD) and annual free withdrawal amount, if available
- Minimum withdrawal is the lesser of $500, RMD, and free withdrawal, if available
- Monthly
- Quarterly
- Semi-annually
- Annually (minimum withdrawal $50)
- May be elected if there is still free withdrawal available in the contract year
Death Benefit Options
- Lump sum
- Annuitization
- 5-year deferral for non-designated beneficiaries
- Non-Qualified Stretch
- Surviving owner will be considered primary beneficiary before any other named beneficiaries on the contract
- The spouse (defined by federal law), as primary beneficiary may continue the contract or use the death benefit to purchase a new contract.
Riders
No Riders for Guaranteed Foundation annuity.
Waivers
Terminal Illness
Waiver of Surrender Charge on withdrawals after the first contract anniversary if diagnosed with a fatal injury or illness.
Surrender Window
In the 30 day period prior the end of the guarantee period, the owner may take withdrawals (full and partial) free of surrender charges.
Disability
Waiver of Surrender Charge on withdrawals after the 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.
Confinement
Waiver of Surrender Charge on withdrawals after the first contract anniversary if confined to medical facility (prescribed by physician).
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