![]() Whole life Insurance is a form of permanent life insurance that is active for the policyholder’s lifetime - as long as you pay your premiums. One-Year Term policies renew annually at a higher rate each year, but you can convert your coverage to any Penn Mutual permanent product until you turn age 84.These are the most affordable policies Penn Mutual offers. Protection Non-Convertible Term policies have terms of 10, 15, 20 and 30 years without the option to convert to permanent coverage.Guaranteed Convertible Term policies offer 10-, 15-, 20- or 30-year terms with an option to convert to permanent coverage before the age of 70, or during the first 20 years of a 30-year term.Penn Mutual sells the following term life policies: Many companies offer term insurance policies with varying coverage amounts. When your term ends, the policy is no longer in force. If the insured person passes away during the policy term, Penn Mutual will pay a predetermined amount to the policyholder’s named beneficiaries. However, Penn Mutual offers some term life insurance policies for up to 35 years. Term life insurance provides coverage for a specific period, generally between 10 and 30 years. Penn Mutual offers three types of life insurance policies: term life, whole life and universal life. ![]()
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