Guaranteed Whole Life offers clients options that support retirement income goals. For example, Penn Mutual is one of the only companies to offer an Overloan Protection Benefit Rider on its whole life product to ensure the policy will remain in force as a reduced paid-up policy should an outstanding loan cause the loan-to-surrender value to exceed 99%.* The presence of this rider can help your clients count on strong income throughout their retirement years.
The chart below provides a comparison of the illustrated income for Penn Mutual’s whole life product compared to key competitors. For each carrier their maximum income illustration uses the optimum policy design for supplemental retirement income of either a guaranteed 20-pay or paid-up at age 100 with reduced paid-up (RPU) in year 21.
Guaranteed Whole Life with the Overloan Protection Benefit Rider beats all major competitors.
Assumptions: Male and Female, Age 45, Preferred Non-Tobacco class; $25,000 Annual Premium for 20 years; Minimum Non-MEC Death Benefit; solve for the income on the current illustrated dividend scale for 20 years starting at age 66. Dividends used to purchase paid-up additions. Income numbers utilize a paid-up at 100 with PUA premiums. Income is based on dividend surrender to basis, with loans thereafter.
ADDITIONAL OPTIONS DESIGNED TO HELP SUPPORT EMERGENCY NEEDS OR INCOME GOALS
In addition the Overloan Protection Benefit Rider, Guaranteed Whole Life offers several other options that can help support your clients’ emergency cash needs or income goals, including:
·       Preferred Loan Provision: Beginning in year 11 or beyond, this provision allows clients to access cash value through loans at a lower cost.
·       Enhanced Permanent Paid-Up Additions Rider: Helps increase policy values for future income needs through extra payments used to purchase additional whole life insurance and help build cash value faster.
·       Chronic Illness Accelerated Benefit Rider**: Allows access to a portion of the death benefit if the insured is diagnosed with a chronic illness.
*To exercise the Overloan Protection Benefit Rider, the insured must be at least 75 years old and the policy must be in effect for at least 15 years.
**Subject to certain eligibility requirements. State variations apply.
Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.
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