Penn Mutual has good news for their clients and potential clients according to company press release “The Penn Mutual Life Insurance Company Enhances Living Benefit Rider for Annuity Product.” They have improved their Growth and Income Advantage Benefit (GIAB). The GIAB is a living benefit rider that is offered with Penn Mutual’s variable annuities. The changes help clients increase their accumulation potential and manage their risk better at the same time that they help secure retirement savings during changing economic conditions. The GIAB guarantees income growth and offers two different options for withdrawals.
The following changes highlight why Penn Mutual believes it has one of the best annuities available to its clients. The guaranteed accumulation rate has increased to 6% from 4% for the withdrawal benefit base. Also, the guaranteed withdrawal percentage has gone up to 5% from 4% for the lifetime income option. Perhaps most exciting for Penn Mutual’s clients is that they will not be paying more for these enhancements to the Growth and Income Advantage Benefit rider. They will still maintain all of the other benefits offered with their annuity, they’ll get these enhanced benefits, and they will pay the same fees.
