Many people think about protecting their loved ones with a death benefit when they discuss life insurance.
However, there is a shift toward viewing life insurance as not just a safety net but also a tool for financial growth.
This trend is picked up by insurers like Penn Mutual, who introduce products like Accumulation Whole Life insurance.
Accumulation in life insurance refers to the potential for cash value growth over time. It is a feature that sets policies like Accumulation Whole Life apart.
These policies offer policyholders the chance to build wealth while they maintain the guaranteed protection of a traditional life insurance policy.
The growth potential of such policies can provide additional financial security. This makes it a dual-purpose investment.
What makes this life insurance policy stand out?
One of the standout features of Penn Mutual’s Accumulation Whole Life policy is its flexibility. Policyholders can choose from a range of payment periods.
These payment periods range from as short as five years to up to age 100. This flexibility allows for customized solutions that fit individual financial goals.
The product provides multiple options, whether someone wants to maximize their cash value accumulation in a shorter timeframe or prefers a more gradual approach.
In addition to flexible payment terms, the policy offers 13 different riders, including Overloan Protection and paid-up additions riders.
This allows policyholders to enhance their coverage without compromising on growth. This flexibility helps tailor the policy to meet diverse financial needs.
It thereby offers both security and wealth growth.
How can accumulation whole life insurance help build wealth?
Accumulation Whole Life policies stand out in the life insurance market due to their ability to build cash value alongside offering a death benefit.
With Penn Mutual’s offering, the long-term cash value and death benefit internal rates of return (IRR) are competitive. This allows policyholders to see tangible growth in their investment.
Additionally, policyholders are eligible for annual dividends. Even though this is not guaranteed, these dividends have been paid consistently by Penn Mutual for over 175 years.
This steady track record provides peace of mind to policyholders. They know their investment has the potential for both growth and stability.
As financial landscapes evolve, policies like Accumulation Whole Life continue to prove valuable. It offers both wealth-building opportunities and financial protection for families.