Advisors Blog

Below is the full text of the recent Penn Mutual memo. 

Acting in the long-term best interests of all of its policyholders, Penn Mutual has made the business decision to no longer accept applications for the following life insurance products from New York state effective April 1, 2018:

• Accumulation Builder Advantage Indexed Universal Life
• Guaranteed Protection Universal Life
• Survivorship Plus Indexed Universal Life
• Protection Guard Universal Life

This decision is aligned with our 2017 CSO product portfolio strategy in New York state.

Formal applications In Good Order for these products must be received in the Home Office no later than Friday, March 30, 2018.  The policies that result from these applications must be issued and paid for by Thursday, May 31, 2018.

In accordance with existing policies' terms, advisers may continue to service all inforce policies in New York.

Products Still Available in New York

The following life insurance products will continue to be available in New York state:

• Guaranteed Choice Whole Life
• Diversified Growth Variable Universal Life
• Guaranteed Term 10-15-20
• One Year Term

Please note, there will be no change in the annuity products available in New York state.