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Smart Foundation Variable Annuities from Penn Mutual

The Times Union published a press release from Penn Mutual about their new line of variable annuities.  “Penn Mutual’s New Smart Foundation Variable Annuities Aim to Grow and Protect Retirement Funds from the Threat of Longevity and Market Volatility.”  The Smart Foundation Variable Annuities offer three different products from which to choose as well as multiple benefits that can be added as optional riders.  Penn Mutual has been around for 165 years and has a long commitment to annuities and the financial strength to back them up.  They believe these new variable annuities will help alleviate stress in retirement by protecting their clients’ savings against longevity risk and market fluctuations.

The basic features, fees, deposit minimums, and surrender schedules are the same with all three variable annuities.  However, the Smart Foundation Variable Annuity is the most basic.  It is good for clients who are beginning their retirement funding and don’t need immediate access to the money.  The Smart Foundation Flex Variable Annuity is meant for those who are retiring soon and will need their money right away.  If you are looking to rollover a large account, such as a 401k, into your annuity or consolidate more than one account, the Smart Foundation Plus Variable Annuity may be right for you.  All of the deposits in this third option get a purchase payment enhancement, giving you a greater opportunity for accumulation.

Based on your own need for income, tolerance of risk, and other needs, you can add optional riders to any of the new variable annuities.  There is a Guaranteed Growth and Income Benefit to ensure your account grows in value.  You can also opt for a Guaranteed Minimum Accumulation Benefit to protect your deposit against a volatile market.  If you’d like your heirs to receive a death benefit annuity, you can add the optional Enhanced Death Benefit.  Clients can customize their own portfolio or use one of Penn Mutual’s Lifestyle Asset Allocation funds.  There are some great new variable annuity choices out there from Penn Mutual.

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