Discover What s Possible

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1 Discover What s Possible Guaranteed Choice SM Whole Life Guaranteed Choice SM Whole Life for Individuals and Families

2 There is comfort in predictability There s a certain comfort that comes with knowing your family is protected no matter what the future brings. Permanent life insurance, as the center of a sound financial plan, can help provide guaranteed protection, guaranteed growth to help you achieve goals during your lifetime and flexible options to fit your budget and needs. I want to know what to expect and when.

3 Guaranteed Choice SM Whole Life is permanent life insurance that offers strong death benefit guarantees, choices that let you tailor your policy to your plans for the future and the opportunity to anchor your financial plan with predictable cash value growth.* Guaranteed Choice Whole Life provides: Guaranteed death benefit protection to ensure your family s security beyond your lifetime Guaranteed premium payments based on the premium amount and number of payment years you choose at the start Opportunity to help meet specific financial objectives during your lifetime via optional benefits Guaranteed long-term cash value accumulation to help support goals such as building retirement income and funding education or for emergency needs** Additional accumulation potential through dividends.*** Guaranteed Choice Whole Life can help provide peace of mind, strengthen your overall financial plan and create a world of possibilities for you and your family. Imagine the possibilities Key Advantages Whole life insurance can provide the guaranteed protection you need while helping you achieve your goals and dreams. It provides: Guaranteed death benefit to protect your family Guaranteed premiums that stay the same over the years Guaranteed growth without market risk Ability to customize your policy to your needs and budget Source of tax-advantaged income for long-term goals or emergencies** Benefits and riders that could help you if you become disabled or chronically ill. * All guarantees are based on the claims paying ability of the issuer. The death benefit is guaranteed up to age 121 as long as all required premiums have been paid. ** Loans and other policy withdrawals will reduce the death benefit amount and policy values. Loans or withdrawals may be taxable under certain circumstances. See page 8 for additional information. *** Policy dividends are a partial return of premiums paid when the company s claims, expenses and/or investment returns are more favorable than expected and are not guaranteed. 1

4 Protection you can count on Guaranteed Choice Whole Life helps support your life s goals by providing guaranteed death benefit protection, guaranteed cash value accumulation and additional growth potential through dividend payments. It also offers an array of optional benefits and riders that provide added flexibility, security and protection guarantees so you can customize your policy to meet your unique needs.* Guaranteed Protection for Your Whole Life Guaranteed Choice Whole Life can provide the peace of mind that comes with knowing you are securing your family s lifestyle and wellbeing. The policy death benefit will generally be income-tax-free for your beneficiaries. And, because whole life offers the highest level of guarantees of all permanent life insurance policies, it can be an excellent choice for the center of a sound financial plan. Protection that Fits Your Needs and Budget Guaranteed Choice Whole Life s guaranteed premiums and payment options can make it easier to protect your loved ones and manage your budget. Plus, Guaranteed Choice Whole Life offers options that can make it easier to balance your protection needs and finances. For example, the optional Flexible Protection Rider can help you maximize your protection and minimize your costs during the early years of the policy by blending term life coverage with whole life coverage for added affordability. (See pages for additional information.) Guaranteed Choice Whole Life s combination of valuable protection guarantees and flexibility can help to ensure a world of possibilities for you and your family. 2 * All guarantees are based on the claims paying ability of the issuer. Optional benefits and riders may be subject to eligibility and underwriting requirements and, in some cases, additional premiums. Dividends are not guaranteed.

5 Who Can Benefit from Guaranteed Choice Whole Life? Guaranteed Choice Whole Life can suit a variety of needs and life stages. It can benefit you if you: Have a younger family and want protection and long-term guarantees Seek a vehicle for the predictable accumulation portion of your portfolio Are nearing retirement and want guaranteed protection and accumulation not tied to market risk Are a parent or grandparent who wants to help ensure the financial security of your children or grandchildren by purchasing a policy early, or gifting a policy. 3

6 Added security during your lifetime Guaranteed Choice Whole Life offers riders that provide living benefits if the insured becomes chronically ill or totally disabled. These riders can help provide a valuable financial safety net you can count on during your lifetime. Chronic Illness Accelerated Benefit Rider (CIAB)* Issue Ages: 15 days 85 (Automatically included with your policy)** The Chronic Illness Accelerated Benefit Rider allows you access to a portion of the policy death benefit to use as desired if the insured is diagnosed with a chronic illness. This rider can help ease the financial burden and emotional toll that a chronic illness can cause. There is no charge for this protection when your policy is issued and no impact on your policy unless the benefit is used. Exercising this benefit will reduce your policy death benefit and value, but it can provide financial support your family needs if a chronic illness occurs. While it does not replace the need for long term care insurance, the Chronic Illness Accelerated Benefit Rider can help reduce out-of-pocket expenses and shift the burden of care away from loved ones providing protection and peace of mind. Benefits can be used to pay medical bills, caregiver costs, equipment or other expenses not covered by health insurance. After a waiting period, a portion of the policy death benefit may be paid if a US licensed physician who is not the policy owner, insured, beneficiary or a relative thereof, has certified in the last 12 months that the insured is unable to perform at least two of the six Activities of Daily Living (bathing, continence, dressing, eating, toileting, and transferring) or suffers from a severe cognitive impairment and the condition has lasted for at least 90 consecutive days. 4 * In TX: Long-Term Care Illness Accelerated Benefit ** This benefit is automatically included on most Penn Mutual permanent life insurance policies subject to certain eligibility requirements. State variations apply. Not available in CA, MD and WA.

7 Disability Waiver of Premium Rider Issue Ages: 5 55 Up to age 59 when converting from a Penn Mutual Term Life policy (Available at or after policy issue)* If the insured cannot work in their primary occupation due to a total disability, policy premiums will be waived for up to two years.** If the insured is unable to work in any profession after two years, premiums will continue to be waived, subject to the following conditions: If the disability begins before age 60 premiums will be waived until the disability ends or as long as the policy remains in force, whichever is sooner. If the disability begins after age 60, premiums will be waived until the disability ends or the later of age 65 or two years after the disability began, whichever is sooner. Premiums are charged until age 60 or the end of the Policy Payment Period if earlier. This rider terminates at age 65. * Not available with the Enhanced Disability Waiver of Premium Rider or for Policy Payment Periods less than 10 years. ** Waiver begins after a four-month waiting period. Condition must meet the disability definition in the insurance contract. Enhanced Disability Waiver of Premium Rider Issue Ages: 5 55 Up to age 59 when converting from a Penn Mutual Term Life policy (Available at or after policy issue)* If a total disability prevents the insured from working in their primary occupation, this optional rider waives all premiums for up to six years.** If, after six years, the insured is unable to work in any occupation, premiums will continue to be waived: If the insured is unable to work in any occupation and disability begins before age 60, premiums will be waived until the disability ends or as long as the policy remains in force, whichever is earlier. If the insured is unable to work in any occupation and disability begins between ages 60 and 64, premiums will be waived until the disability ends or the later of age 65 or two years after the disability begins, whichever is sooner. Premiums are charged until age 60 or the end of the Policy Payment Period if earlier. This rider terminates at age 65. * Not available with the Disability Waiver of Premium Rider or for Policy Payment Periods less than 10 years. ** Waiver begins after a four-month waiting period. Condition must meet the disability definition in the insurance contract. 5

8 Accumulation to support your goals As an accumulation vehicle, a permanent life insurance policy can be more predictable than other choices. It can provide benefits and potential returns similar to other fixed alternatives while providing more guarantees and protection for your family. Whether you are starting a family, thinking about putting your children through college, planning for a secure retirement, or planning to gift a policy to your children or grandchildren, Guaranteed Choice Whole Life can provide predictable long-term cash value accumulation you can access when you need it.* It can also provide additional growth potential through non-guaranteed dividends and paid-up additions. Guaranteed Growth Regardless of Market Conditions** Guaranteed Choice Whole Life provides cash value accumulation without market risk, so you can count on guaranteed policy growth regardless of market performance. This makes Guaranteed Choice Whole Life an excellent choice for the predictable portion of your portfolio. And because of its guaranteed growth, the policy may allow you the freedom to be more aggressive and flexible with other parts of your financial plan. Tax-Deferred Growth Your policy cash value will grow tax-deferred. And because increases in values are tax-deferred, your cash value can grow more rapidly. The earlier you start, the more time your cash value has to grow on a tax-deferred basis. 6 * Accessing cash values will reduce the death benefit and policy values. ** All guarantees are based on the claims paying ability of the issuer.

9 Higher Growth Potential through Dividends Guaranteed Choice Whole Life offers a potential for additional (non-guaranteed) cash value accumulation through policy dividends. Dividends are a partial return of premiums paid when the company s claims, expenses and/or investment returns are more favorable than expected. The opportunity for additional cash value earnings through annual dividends is a unique feature of whole life insurance. There are several ways to benefit from dividends. You can choose any of the following dividend options and switch between them to support your evolving protection and funding needs.* Paid-Up Additions Use dividends to purchase additional paid-up whole life insurance to enhance your policy cash value and death benefit or shorten the duration of the term-blend coverage under the Flexible Protection Rider. (See pages for details). Premium Reduction Dividends can be used to offset the premium payment required to maintain your death benefit protection. Cash You can choose to have dividends paid directly to you. Dividend Accumulations Dividends may be left in the policy to accumulate at an annual interest rate determined by Penn Mutual each year and guaranteed not to be less than 1.5%. Loan Repayment You may choose to apply dividends towards the repayment of any outstanding policy loans. Term Insurance Purchase You may use dividends to purchase one-year term insurance in an amount equal to the guaranteed policy cash value. If the dividend is less than the guaranteed policy cash value amount, you may purchase the amount of term insurance the dividend will buy. Guaranteed Choice Whole Life is backed by Penn Mutual s financial strength and stability. While dividends are not guaranteed, Penn Mutual has a solid track record of awarding dividends to eligible policyholders. The potential to earn dividends is one of the distinct advantages of Guaranteed Choice Whole Life. But regardless of whether or not dividends are paid, your Guaranteed Choice Whole Life offers you guaranteed cash value accumulation and opportunities to enhance your cash value potential. * If the Flexible Protection Rider is selected, the Paid-Up Additions option must be selected until the term life portion of the coverage is completely replaced by whole life insurance. If the Enhanced Permanent Paid-Up Additions Rider is selected, the Paid-Up Additions or Premium Reduction options must be selected. See pages for additional details. 7

10 Choices During Your Lifetime Guaranteed Choice Whole Life can benefit you through every stage of life by helping to provide: An excellent option for the predictable portion of an investment portfolio Access to Your Cash Value* You can access your policy cash value for any reason or simply have peace of mind knowing it will be there when you and your family need it. You can surrender dividends and borrow funds from policy cash values, and in most cases, the funds you take from your policy are income-tax-free.** Policy loans charge an adjustable loan interest rate, announced by Penn Mutual on the first day of each calendar year.*** Guaranteed Choice Whole Life is designed to provide guaranteed death benefit protection and help you accumulate cash value to support your long-term objectives. Since distributions can reduce your death benefit and policy values, you may want to limit access to your policy funds and re-pay loans when you can to provide for other opportunities during your lifetime. It is always a good idea to consult your financial professional before accessing your policy cash value. Access to policy cash value for important financial goals and needs such as tax-advantaged retirement income or college funding A source of funds for emergencies. Discover the possibilities 8 * Accessing cash values will reduce the death benefit and policy values. Making loan repayments can help protect the policy death benefit and values. Loans are income-tax-free as long as the policy is not a Modified Endowment Contract (MEC) and the policy remains in effect until death. Dividend surrenders are generally income-tax-free up to the basis in the contract, subject to other rules that apply in the first 15 policy years. ** The minimum loan is $250; however, a loan to pay a premium will not be subject to the minimum. *** The rate will become effective on the date it is determined and the determined rate will immediately apply to any new or outstanding loans.

11 Payment and coverage flexibility Tailoring Your Policy to Your Life Plan Guaranteed Choice Whole Life offers coverage and payment options to tailor your policy to your situation and savings goals. By discussing your policy design options with your financial professional, you can tailor your policy to your life plan. Payment Flexibility Choosing Your Policy Payment Period The ability to choose your Policy Payment Period (policy payment duration) lets you tailor your coverage and premium payments to your specific situation and goals. Your Policy Payment Period determines the number of years your premium will be due, after which your policy will be fully guaranteed/paid up. You need to choose the Policy Payment Period at policy issue and set its duration based on your goals. Different Policy Payment Periods meet different needs and can extend over as few as 5 years up to the insured s age of 100 and with any of these dates, your coverage is guaranteed until age 121.* You can tie the Policy Payment Period to events such as retirement, children starting college and other important events. This way your policy will be paid up by the time you want to access cash value. For example, if you are age 50 and want to access your policy cash value when you retire at age 65, you can choose a 15-year policy payment period. If you are 30 years old and want to fund college education for your kids in 18 years, you can choose an 18-year paid-up option. The shorter the payment period you choose, the greater the required premium will be for the same amount of coverage, but the policy can also have more cash value, especially in early policy years. * The Policy Payment Period cannot be changed after issue, and payments into the policy cannot be made after the paid-up period. Coverage is guaranteed as long as all required premiums have been paid. 9

12 Option to Use Potential Dividends to Pay Premiums* Regardless of the Policy Payment Period you choose, you can have dividend and Paid-Up Addition surrenders offset future premiums by electing the Automated Premium Offset Program.** If the available dividends are not sufficient to meet the premium requirement, you will be billed for the full premiums for the duration of the Policy Payment Period. You can elect or terminate participation in the Automated Premium Offset Program at any time during your Policy Payment Period. You can gear your policy and premium payments to your specific situation, goals and budget. Choosing Your Payment Frequency You can pay premiums at a frequency that suits your budget by selecting from 4 payment frequency options: monthly, quarterly, semi-annual and annual. If you choose to pay premiums monthly, you would need to enroll in our automatic, monthly direct debit payment plan, Penn Check. Coverage Flexibility Guaranteed Choice Whole Life was designed with flexible options to meet a variety of needs and budgets. The policy offers three optional riders that can help you maximize your protection, minimize your early costs and build cash value. These riders are the Flexible Protection Rider, a rider that blends term and whole life for added affordability, and a choice of two Paid-Up Additions riders one that works with the Flexible Protection Rider to help pay off the term life insurance faster, and another that enables you to purchase additional, paid-up whole life insurance to help you build your policy cash value and death benefit more rapidly. Guaranteed Choice Whole Life also offers coverage flexibility to help you adjust your protection based on your evolving needs. If your needs change and you don t need as much protection, you can change your dividend option, elect reduced paid-up status, or lower your death benefit at any time after the first policy year. If the insured is age 38 or younger at the time your policy is issued, you can choose the Guaranteed Purchase Option Rider which allows you to increase the amount of coverage you have on designated dates, up to age 40 of the insured, through the issue of a new permanent policy without medical evidence of insurability. 10 * Using dividends to pay premiums is optional unless required by the provisions of riders in force. The premium payment frequency must be changed to annual mode in order to use the Automated Premium Offset Program. ** See pages for information about Paid-Up Additions.

13 Flexible Protection Rider Issue Ages: 15 days 85 (Available at policy issue only)* The Flexible Protection Rider enables you to build a larger death benefit at a lower cost by allowing you to blend term life insurance with (permanent) whole life insurance. When you select this rider, the premiums you pay go toward the purchase of a combination of term life insurance and additional permanent life insurance coverage (paid-up additions).** Additionally, any dividends earned must be used to purchase paid-up additions. Over time, the term coverage is replaced with permanent paid-up life insurance coverage.*** Once all of the term life insurance has been replaced, the rider can continue and any additional rider payments you make will add to your guaranteed values. You may choose, without penalty, to convert all of the term coverage under this rider to permanent insurance between years 3 and 11. Because term insurance does not build cash value and any policy dividends must be used to replace the term insurance with permanent insurance whole life coverage that is not combined with term life insurance will result in stronger cash values. However, the Flexible Protection Rider offers access to whole life insurance coverage at a lower cost and may be a good option for individuals seeking a cost-effective way to maximize their death benefit protection in the early years of the policy. Your financial professional can help you decide if the Flexible Protection Rider is right for you. * Available for Policy Payment Periods of 15 years or more. ** The amount of term life coverage is subject to minimums and maximums. Ask your financial professional for details. *** Because dividends are not guaranteed there is no guarantee the term insurance portion of the death benefit will be fully replaced by whole life coverage by the end of the Policy Payment Period. Accelerated Permanent Paid-Up Additions Rider (APPUA) Issue Ages: 15 days 85 (Available at or after policy issue)* Available only in combination with the Flexible Protection Rider, the APPUA Rider allows you to periodically pay extra premiums to help replace the term life portion of your coverage with paid-up, permanent life insurance faster. Paid-up additions must be the selected dividend option. You may pay up to an Annual Payment Limit which is established at the time of application.** To help accommodate year-to-year fluctuations in your finances, the rider includes a catch-up provision starting in policy year three, through the policy year the insured reaches age 65. If you pay less than the maximum amount in a given year, you may make up the difference (catch up) the following year. You can choose the duration of the APPUA Rider at issue. * Not available with the Enhanced Permanent Paid-Up Additions Rider. Available after policy issue subject to underwriting. The rider cannot extend beyond the Policy Payment Period. ** Additional underwriting will be required for premiums that exceed the Annual Payment Limit. The rider may be terminated if the cumulative contribution into the rider over a 5 year period does not meet the required minimum premium. 11

14 Understanding the Flexible Protection Rider and the Value of the Accelerated Permanent Paid-Up Additions Rider The Flexible Protection Rider can help you afford more death benefit protection early on by blending term life protection with permanent life insurance protection. By adding the Accelerated Paid-Up Additions Rider you can make additional payments to replace the term coverage with permanent coverage more rapidly and build even more permanent death benefit protection. Once all of the term coverage has been replaced with permanent coverage, the rider will continue and any additional payments will help you build more guaranteed policy cash value and death benefit to support your long-term goals. Guaranteed Choice Whole Life with the Flexible Protection Rider In this hypothetical example, half of the total death benefit is term life insurance purchased through the Flexible Protection Rider. Over time, the term life protection is replaced by permanent protection until 100% of the death benefit is permanent protection. Guaranteed Choice Whole Life with the Flexible Protection and Accelerated Permanent Paid-Up Additions Riders In this hypothetical example, the Accelerated Permanent Paid-Up Additions (APPUA) Rider is added and the additional payments can help replace the term life protection with permanent protection more rapidly. $1,500,000 $1,500,000 $1,000,000 $1,000,000 $500,000 $500,000 $0 Year 1 Year 5 Year 15 Year 20 Year 27 Year 35 $0 Year 1 Year 5 Year 15 Year 20 Year 27 Year 35 Permanent Coverage Term Coverage Permanent Coverage Term Coverage The hypothetical examples above are intended to provide a general understanding of how the Flexible Protection and APPUA riders work and are not based on actual policy values. The rate at which the Term Life protection is converted to permanent Whole Life protection will vary based on your age, underwriting class, policy payment period, dividends (which are not guaranteed), and the amount and frequency of APPUA payments. Your financial professional can provide you with an illustration that demonstrates how the Flexible Protection Rider and the APPUA Rider may work for you based on your coverage needs and payment expectations. You cannot pay premium into the APPUA Rider after the end of the Policy Payment Period or APPUA Rider period you elected on your policy. The rider may be terminated if the cumulative contribution into the rider over a 5 year period does not meet the required minimum. The Flexible Protection Rider is available for Policy Payment Periods of 15 years or longer. 12

15 Enhanced Permanent Paid-Up Additions Rider (EPPUA) Issue Ages: 15 days 85 (Available at or after policy issue)* This rider helps increase policy values for future income needs through extra payments used to purchase additional, paid-up whole life insurance. These extra payments increase your policy s death benefit, help build policy cash value faster and can be surrendered in the future to provide income or pay premiums. Paid-up additions or premium reduction must be the selected dividend option. You may pay up to an Annual Payment Limit which is established at the time of application.** To help accommodate year-to-year fluctuations in your finances, the rider includes a catch-up provision starting in policy year three, through the policy year the insured reaches age 65. If you pay less than the maximum amount in a given year, you may make up the difference (catch up) the following year. You can choose the duration of the EPPUA Rider at issue. Guaranteed Choice Whole Life with Enhanced Permanent Paid-Up Additions Rider The hypothetical example below shows how the Enhanced Permanent Paid-Up Additions Rider can help increase the Guaranteed Death Benefit. Payments into this rider will also increase your guaranteed cash value. $1,400,000 $1,300,000 $1,200,000 EPPUA Rider Guaranteed Death Benefit $1,100,000 $1,000,000 $900,000 Base Policy Guaranteed Death Benefit $800,000 $700,000 Year 1 Year 5 Year 15 Year 20 Year 27 Year 30 Total Guaranteed Death Benefit The hypothetical example above is intended to provide a general understanding of how the EPPUA Rider works and is not based on actual policy values. The rate at which the guaranteed death benefit will increase will vary based on your age, underwriting class and the amount and frequency of EPPUA payments. Your financial professional can provide you with an illustration, based on your situation, that demonstrates how the rider may work for you based on your coverage needs and payment expectations. * Not available with the Accelerated Permanent Paid-Up Additions Rider. Available after policy issue subject to underwriting. The rider cannot extend beyond the Policy Payment Period. ** Additional underwriting will be required for premiums that exceed the Annual Payment Limit. Option cannot be exercised if premiums are being waived under any disability waiver of premium rider. The rider may be terminated if the cumulative contribution into the rider over a 5 year period does not meet the required minimum premium. 13

16 Guaranteed Purchase Option Rider Issue Ages: 15 days 38 (Available at policy issue only) This benefit allows you to increase the total amount of coverage you have through the issue of a new permanent policy. You may exercise this benefit on certain option dates, without having to submit medical evidence of insurability, up to the insured s age 40. Should the insured s health and/or insurability change for any reason coverage can still be increased to help meet your personal or business needs. These options can be exercised at policy anniversaries nearest to when the insured reaches ages 22, 25, 28, 31, 34, 37 and 40, or during alternate option dates, which include marriage, childbirth or legal adoption of a child under 18 years of age. If you exercise an alternate increase option, it will reduce the next available regular increase amount. The maximum amount of each new policy is the policy coverage amount or $250,000, whichever is less. As this rider terminates at age 40, the premium for this rider is charged to the earlier of Policy Payment Period and age 40. Ask your financial professional what s possible. 14

17 Establishing a plan that s right for you Discussing Policy Design with Your Financial Professional Decisions about the death benefit, policy funding, Policy Payment Period and paid-up additions made at policy issue will impact policy performance and dividend opportunity throughout the life of your policy. It is critical that you carefully consider your objectives and discuss your options and potential outcomes with your financial professional at the time of application, prior to policy issue. At a minimum, prior to policy issue, you should consider: The Policy Payment Period that fits your needs (higher payments into the policy will support potentially higher dividends, especially in the earlier years of the policy)* When or if you plan on taking income from the policy Rider coverage that provides added protection or benefits you may want to include Whether the Automated Premium Offset Program is right for you (whether having dividends offset premiums supports your particular protection and accumulation goals). Apart from policy choices that need to be made at issue, Guaranteed Choice Whole Life provides other choices that can be made after policy issue. So, after your policy is issued, it is important to schedule an annual life insurance review with your financial professional to reevaluate your evolving needs and make any necessary adjustments. Advantages of Starting Now Lock in coverage and rates Opportunity to build more cash value over a longer time Ability to pursue your long-term goals with greater certainty Making an enduring impact that transcends generations * You should consult your financial professional and tax advisor for guidance on funding. Paying too much into a life insurance policy can cause it to become a Modified Endowment Contract (MEC) and cause loans, loan interest and dividend surrenders to become taxable. MEC distributions prior to age 59 ½ may also be subject to a 10% penalty tax unless an exception applies. 15

18 Customize to meet your needs Guaranteed Choice Whole Life delivers the guaranteed protection and growth you need. It also offers automatically included and optional riders that give you added flexibility, security and guarantees so that you can customize your policy to meet your unique needs.* Flexibility Flexible Protection Rider blends term insurance with your whole life policy to help lower the cost of coverage and help you build a larger death benefit. Accelerated Permanent Paid-Up Additions Rider periodically pays extra premiums to help you replace the term insurance of the Flexible Protection Rider faster. Enhanced Permanent Paid-Up Additions Rider lets you increase your death benefit and build cash value more rapidly by purchasing additional paid-up whole life insurance. Security Chronic Illness Accelerated Benefit Rider** allows access to a portion of the death benefit if the insured is diagnosed with a chronic illness. Disability Waiver of Premium Rider preserves coverage if the insured cannot work in their occupation for two years, or in any occupation after two years. Enhanced Disability Waiver of Premium Rider keeps your policy in force for six years if the insured cannot work in their occupation longer if they can t work at all. Accelerated Death Benefit Rider allows access to a portion of the death benefit if a terminal illness is diagnosed. Overloan Protection Benefit Rider keeps your policy in force despite outstanding loans. Guarantees* Accidental Death Benefit Rider guarantees an additional death benefit if death results from an accident. Children s Term Insurance Rider covers all of your eligible children and guarantees each child the opportunity to convert their child coverage to a permanent policy when they reach age 23. Guaranteed Purchase Option Rider allows coverage increases through the issue of a new permanent policy. 16 * All guarantees are based on the claims paying ability of the issuer. Optional riders and benefits may be subject to eligibility and underwriting requirements, additional premium requirements and/or minimum or maximum coverage amounts, and certain limitations and restrictions. Availability and rider provisions may vary by state. For additional information, ask your financial professional. ** In TX: Long-Term Care Illness Accelerated Benefit. Not available in CA, MD and WA.

19 Why Penn Mutual? At Penn Mutual, we are singularly committed to helping individuals, families and small business owners unlock the possibilities of life through our life insurance and annuity solutions. Unlock the possibilities We have never failed to meet an obligation to a policyholder. With our financial strength and stability standing behind our guarantees, we are committed to the brighter futures and best interests of all of our policyholders.

20 Our Noble Purpose Since 1847, Penn Mutual has been driven by our noble purpose to create a world of possibilities, one individual, one family and one small business at a time. As an original pioneer of mutual life insurance in America, we believe that purchasing life insurance is the most protective, responsible and rewarding action a person can take to build a solid foundation today and create a brighter future for generations to come. All guarantees are based on the claims-paying ability of the issuer. Guaranteed Choice SM Whole Life is a permanent life insurance policy offered by The Penn Mutual Life Insurance Company. Product or features may not be available in all states. Policy form numbers ICC13-TL and TL 13. (Policy form numbers may vary by state.) Any reference to the taxation of life insurance products in this material is based on Penn Mutual s understanding of current tax laws. You should consult a qualified tax advisor regarding your personal situation. Accessing cash values will reduce the death benefit and policy values. For more information on coverage, please write or call your financial professional The Penn Mutual Life Insurance Company, Philadelphia, PA 19172, PM /14 A4YK E3

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