An updated life insurance policy with investment and disability options consumers want.HORSHAM, Pa.--(BUSINESS WIRE)--June 16, 1995--With changing economic conditions and increasing demands prompting people to take a different approach to investment and insurance planning, Penn Mutual Penn Mutual traces its beginning to 1847 when it became the seventh mutual life insurance company chartered in the United States. At the time of its organization there was a general distrust of stockholder-owned corporations so it was established as a mutual owned by its Insurance introduces a new version of a popular life insurance product -- Cornerstone VUL VUL Variable Universal Life VUL Vulnerability (unit) VUL Vulgar (Variable Universal Life) II. After conducting extensive consumer research nationwide, Penn Mutual learned that people want more from a life insurance product than death-benefit coverage and some cash-value accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. . They do want that, plus the opportunity to choose exactly how their money is invested in a life insurance plan. And they want options for certain types of protection like disability coverage and features which keep the policy in force if they're unable to pay premiums at some point. So Cornerstone VUL II was fashioned precisely according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. market demands. "By designing Cornerstone VUL II according to specific consumer preferences, we were able to formulate a life insurance product which was exactly what people requested," said Rick Feinstein, Product Manager for Cornerstone VUL II. The Cornerstone VUL II Advantage; top investment options Three Fidelity Investors funds were added to the investment selection based on strong consumer recognition, and its reputation for extensive investment research and fund-management expertise. Penn Mutual's research also indicated that clients prefer the use of `outside' fund managers, as well as an array of strong investment choices. (Other fund-advisor choices within Cornerstone VUL II include: T. Rowe Price T. Rowe Price (NASDAQ: TROW) is an independent global investment management firm and mutual fund manager based in Baltimore, Maryland. It was founded in 1937 by Thomas Rowe Price, Jr.. T. Associates Inc.; Neuberger & Berman Management Inc.; Twentieth Century; Vontobel, USA; Independence Capital Management Inc.; and Quest for Verb 1. quest for - go in search of or hunt for; "pursue a hobby" quest after, go after, pursue look for, search, seek - try to locate or discover, or try to establish the existence of; "The police are searching for clues"; "They are searching for the Value Advisors (a subsidiary of Oppenheimer Capital)). Consumers also showed a desire for disability protection as part of their life-insurance program, according to Penn Mutual's research. Cornerstone's Disability Completion Benefit (DCB DCB Dichlorobenzene DCB David Crowder Band DCB Dictionary of Canadian Biography DCB Device Control Block DCB Double Cantilever Beam DCB Disk Coprocessor Board DCB Dependent Care Benefits DCB Data Control Block DCB Direct Copper Bonding ) option is tailored to that need, so in event of disability, it waives all monthly policy expenses after a four-month disability waiting period. It also makes an ongoing monthly deposit to the policy value. "The Disability Completion Benefit is a self-completion feature that no policy should be without," said Feinstein. "At almost all ages, the chances of being disabled exceed the chances of dying in the next year. The DCB assures clients that their insurance program will be intact in the event of a major disability." The Waiver The voluntary surrender of a known right; conduct supporting an inference that a particular right has been relinquished. The term waiver is used in many legal contexts. of Monthly Deductions (WMD WMD white muscle disease. ) option provides for continuation of life insurance protection if the person becomes disabled. After a four-month waiting period, WMD waives: all monthly deductions for cost-of-insurance charges, all charges for policy riders and options, and all policy expenses. Investment-approach options -- which work to spread and minimize investment risk -- are also offered through Cornerstone. Dollar-Cost-Averaging (which specifies that certain dollar amounts be systematically invested among selected investments over time) and Automatic Asset Rebalancing Rebalancing The process of realigning the weightings of one's portfolio of assets. Notes: For example, if your portfolio's proportion of stock has grown too large for your intended assets weightings and risk tolerance, you might rebalance by selling some stock and putting (for periodically `rebalancing' dollar-percentage allocations within a portfolio) are also available through Cornerstone VUL II. Other protection options unique to Cornerstone VUL II Cornerstone VUL II contains an assortment of other client-requested options and investment strategies. Policyholders can opt for additional term insurance, children's term insurance, guaranteed benefit-amount increases, and accidental-death benefits. CONTACT: Penn Mutual Life Insurance Co., Philadelphia Eva Frantz, 215/956-8760 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion