Guaranteed universal life (GUL) insurance offers the potential for flexible premiums and death benefit amounts up to specified limits, but the ability to accumulate cash value may be minimal. Penn Mutual’s guaranteed universal life insurance It does not offer the ability to convert from a term policy to a permanent policy. Protection Non-Convertible Term is similar but is available to buyers up to age 70. Converted policies come with Penn Mutual’s Chronic Illness Rider included in the first five years of the policy. You can convert all or part of your term life coverage amount. Policyholders have the option to convert this term policy into a permanent policy during the level premium period and before age 70.
The minimum face amount for this product is $250,000.
Penn Mutual’s Guaranteed Convertible Term life insurance is available in 10-, 15-, 20- and 30-year terms depending on your age (20 to 69) and tobacco use. Term life insurance does not build cash value. You can renew or buy a new policy after the level term expires, but you should prepare for a significant increase in premiums. For example, if you have 30 years left on your mortgage and want life insurance to cover it if you die, a 30-year term policy could be a good option. Term life insurance is life insurance for people seeking steady rates for a level term period.
