To help the 8,000 baby boomers the Census Bureau says will turn 60 each day this year, Penn Mutual Life Insurance Co. in Horsham, Pa., said Monday, it has added a rider to its Cornerstone Variable Universal Life IV insurance policy, offering policyholders supplemental income for retirement.
The introduction of its guaranteed withdrawal benefit optional living benefit rider is Penn Mutual's answer to a marketplace that is rapidly redefining how people consider life insurance and financial planning as they prepare for a retirement that may last longer than they assumed.
The Penn Mutual guaranteed withdrawal benefit can guarantee a minimum amount of supplemental retirement income in addition to death benefit protection. Traditional life insurance policies, lacking living benefit riders, typically only pay at the policyholder's death, the company said.
Penn Mutual also offers a living benefit rider for three variable annuity products, Penn Freedom, Pennant Select, and Enhanced Credit Variable Annuities.
