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Permanent life insurance products are designed to provide protection while building cash value. Borrowing from the cash value gives you the opportunity to help meet future goals. When permanent life insurance is the central part of a sound financial plan, it provides protection plus cash value that can help people do more throughout their lives. Read below to learn more about these possibilities of permanent life insurance.
Permanent life insurance can build cash value to help you and your family achieve a world of possibilities. For instance, you could use your policy to:
As you discover what’s possible, here are a few things you may be surprised to learn about permanent life insurance:
If you were to die early or suffer from a long-term illness or disability, it could spell financial disaster for your family. Permanent life guarantees an income-tax-free payment to the beneficiary(ies) of the insured person after the death. In addition to being income-tax-free, if properly structured in a trust, permanent life insurance may also be free from federal estate tax.
The bottom line on permanent life insurance is that it can provide for life's possibilities while protecting your loved ones against life's realities. We believe it’s the most responsible and rewarding financial action a person can take.
Next: Learn to Choose the Right Product.
Contact a Penn Mutual Financial Professional who can help you determine your needs and choose the right products for you.
*Accessing cash values may result in surrender fees and charges, may require additional premium payments to maintain coverage, and will reduce the death benefit and policy values. Policy loans are income tax free as long as Policy is not a “Modified Endowment Contract” (MEC) and policy must not be surrendered, lapsed, or otherwise terminated during the lifetime of the insured. Any reference to the taxation of life insurance products in this material is based on Penn Mutual’s understanding of current tax laws. You should consult a qualified tax advisor regarding your personal situation.
All guarantees are based on the claims paying ability of the issuer.