HORSHAM, PA — The Penn Mutual Life Insurance Company, a Fortune 1000 firm, is expanding its annuity portfolio with the introduction of the Deferred Variable Annuity (DVA) product. Issued through its wholly-owned subsidiary, The Penn Insurance and Annuity Company, the DVA features a range of lower-fee investment options managed by Vanguard, one of America’s leading investment management companies.
“DVA offers a diversified mix of lower-fee Vanguard investment options spanning asset classes and risk tolerances, allowing clients to create a customized portfolio that precisely addresses their needs,” explained Jacqueline Fallon, Vice President of Product Management at Penn Mutual. “Moreover, DVA provides the lifetime income that clients seek, along with add-on options that offer robust guarantees and premium protection. This makes it an especially attractive option for those wary of market volatility as they approach retirement.”
Key benefits of the DVA include lower-cost Vanguard variable investment options offering unlimited growth potential, four optional riders including two competitive income riders, and no surrender charges on annual withdrawals up to 10% of the client’s premium payments.
This latest addition to Penn Mutual’s annuity portfolio comes at a time when Americans are increasingly looking for reliable income streams to support their retirement. As life expectancy rises, so too does the need for products like annuities that can provide a steady income over a longer period.
Penn Mutual’s partnership with Vanguard, renowned for its low-cost investment strategies, adds a layer of credibility to the DVA product. This collaboration combines Penn Mutual’s insurance expertise with Vanguard’s investment prowess, offering clients a compelling retirement solution.
For investors, this development signals Penn Mutual’s commitment to innovation and adaptability in meeting the evolving needs of its clients. As the company continues to diversify its annuity offerings, it further solidifies its role as a significant player in the retirement planning landscape.
As Penn Mutual expands its annuity portfolio, it is poised to attract a broader range of clients seeking diverse retirement solutions. This strategic move could potentially drive the company’s growth and offer attractive prospects for investors keeping an eye on the insurance sector.
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