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Depending on your income needs, you can choose one of three options including:
With Penn Mutual’s SPIA, you have the option of adding a Cost of Living Adjustment (COLA) to your contract which is designed to help offset the rising costs and impact inflation can have on your retirement income.
You also have the option of providing additional protection by guaranteeing that your beneficiaries will receive payments for a certain period of time, anywhere from 5 to 30 years. You can also choose your payments to continue until the amount of your initial premium has been paid out.