Guaranteed Choice Whole Life

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1 Guaranteed Choice Whole Life Frequently Asked Questions and Product Information Guide Table of Contents I. Background and Introduction Background 1 Introduction 1 Product Highlights 1-2 II. Frequently Asked Questions Issue Age and Maturity Basics 2-3 Key Product Features 3 Policy Payment Period 3-4 Guaranteed Accumulation 4 Accessing Cash Value 4 Dividends 5-7 Automated Premium Offset Program 7-8 Flexibility Riders 9 Flexible Protection Rider 9-10 Accelerated and Enhanced Permanent Paid Up Additions Riders Illustrating Paid-Up Additions for Income Sales 14 Special Small Business Provisions and Riders 14 Product Commission Structure 15 III. General Product Information Product Specifications at a Glance 16 Highlights of Available Riders Riders for Added Flexibility 17 Riders for Added Security 18 Riders for Added Guarantees 19 Riders and Provisions for Business Versatility 20 For Producer Use Only. Not for use in sales situations.

2 Background and Introduction Background Whole Life insurance is a proven, essential permanent life insurance solution with broad appeal, rooted in guarantees. Strong death benefit guarantees Guaranteed premiums Predictable, guaranteed cash value growth Beyond its guarantees, a unique feature of whole life insurance is the opportunity for additional (non-guaranteed) cash value earnings through annual dividends that are paid when the company s claims, expenses and/or investment returns are more favorable than expected. Whole Life insurance can help provide peace of mind, strengthen your clients overall financial plans and create a world of possibilities for individuals, families and small businesses. In this guide, you will learn about Penn Mutual s Guaranteed Choice Whole Life offering a product that takes the basic whole life insurance of the past to the next level and provides you with the tools you need to tailor each client s policy to fit their unique needs and aspirations. Introduction The fastest growing type of life insurance in Penn Mutual s portfolio is whole life insurance. It s clear that more producers and their customers want insurance with the kind of lifetime guarantees and steady cash value growth that only whole life insurance provides. Guaranteed Choice Whole Life was developed to meet the need for additional paid up options other than just age 65 and 100. Rather than just adding 10-pay and 20-pay options, we decided that letting the policyholder choose their own paid up period would meet a broader spectrum of client needs. Guaranteed Choice Whole Life (GCWL) takes whole life insurance to another level by combining the premium, cash value and death benefit guarantees typically found in whole life insurance with the kind of flexibility and options usually found only in universal life policies. GCWL truly is a next generation whole life product. Product Highlights: Built for Flexibility and Control One of GCWL s key features is flexible Policy Payment Periods. At policy issue, you and your client can choose a Policy Payment Period anywhere between five years after policy issue and the insured s attained age 100. That means you can help your clients design a policy that truly meets their premium payment needs and can be fully paid up to coincide with important life events, such as: Retirement whether planned retirement is 58, 65, 70 or any other age Children starting college A planned small business expansion. At the end of the selected Policy Payment Period, the paid up policy may continue to earn dividends that will increase policy values. 1

3 In addition to Policy Payment Period flexibility, GCWL offers flexibility and planning options not commonly found in the marketplace, including: Riders with extremely flexible limits and generous catch-up provisions for the purchase of Paid-Up Additions (PUA) without additional underwriting An Automated Premium Offset Program that will automatically allocate dividends and PUA surrenders to fully offset premiums due (when possible) The ability to reduce the face amount of coverage in future years and lower the premium cost if protection needs change The option to select the Overloan Protection Rider at no extra cost to keep policies with large outstanding loans, that otherwise would have lapsed, in force A choice of two disability waiver of premium riders, including an enhanced version that features the longest own occupation definition of disability in the industry Chronic Illness and Terminal Illness Accelerated Benefit riders automatically included on eligible policies at no extra cost at issue. Guaranteed Choice Whole Life can provide a lifetime of guarantees, flexibility and possibilities for your clients and their families. II. Frequently Asked Questions Issue Age and Maturity Basics What are the minimum Face Amounts available for GCWL? The minimum face amounts are: Up to issue age 70: $50,000 Age 71 to 85 is $100,000. Will exceptions to the age and amount guidelines be granted? Exceptions can be made for exercises of old Guaranteed Purchase Option riders and term conversions. Pension plan exceptions to the $50,000 face amount limit are also possible ($10,000 minimum). What underwriting classes are available for juveniles? Guaranteed Choice Whole Life policies on insureds under the age of 20 are issued as a Standard (Juvenile) rate class. This rate class is different from the two Standard rate classes (Standard Non-Tobacco and Standard Tobacco) available for insureds over age 20 in that there is no distinction for tobacco use. Can a case that was written as a Standard rate class as a juvenile be re-underwritten after age 20 and changed to a preferred risk class? A juvenile policy will need to keep its standard rate class. Re-underwriting at a later date is not permitted. However, in most cases, the premium for the Standard rate class for a juvenile will be less than what the premium would be for a Preferred rate class when the insured reaches age 20. This is especially true the younger the insured is when the policy was written. Please note that post issue rate class changes are allowed, subject to underwriting approval, for insureds over age 20. 2

4 Are there any state restrictions on juvenile policies? No, juvenile policies will be permitted in all states, including New York. What is the maturity age for GCWL? The policy matures at age 121. Key Product Features Policy Payment Period What are the Policy Payment Periods for the policy? Any duration of payment is available from 5 years (minimum) up to the insured s attained age 100. At the end of the payment period the policy is guaranteed paid up and no further premiums or PUAs can be paid. Will policy values and death benefits continue to grow after the Policy Payment Period? The base policy cash value is guaranteed to endow at maturity (cash value equal to the face amount). Also, as dividends are declared, and depending on the dividend option selected by the owner, policy values and death benefits may increase with dividends. Loans and dividend surrenders will reduce values. How does a client select a Policy Payment Period and can it be changed or extended if needs change? The Policy Payment Period must be selected on the application at issue and it cannot be changed. If a client s needs or ability to pay premiums change after policy issue there are several options that can be considered. A reduced paid up policy may be requested. The client (if not already enrolled and if dividends and PUAs are sufficient) can enroll in the Automated Premium Offset program. The client may reduce the face amount of coverage after the first year. If a client cannot make a premium payment, the automatic premium loan default (if possible) can keep the policy in-force. Do short-pay Policy Payment Periods improve performance of the policy? Yes. Shorter Policy Payment Periods will result in higher guaranteed cash value and should improve the dividend opportunity which can further enhance short and long-term policy values. However, the shorter the Policy Payment Period, the greater the required premium payments will be. Can a single premium be used to fully pay up a policy? Not on a guaranteed basis. However, a client can enroll in the Automated Premium Offset Program to pay up the policy on a non-guaranteed basis if surrenders of dividends and PUAs will fully offset the premium after the first payment. Are short-pay Policy Payment Periods likely to be Modified Endowment Contracts (MEC)? Yes, payment periods of less than 10 years will most likely be MECs. 3

5 If a client misses a premium payment, does the policy lapse? If a whole life policy enters the grace period because of an overdue premium, an automatic premium loan from cash values (if available) will be the default to prevent lapse. If a premium loan is not possible, the policy will lapse and: The owner can surrender for the net cash value Keep the policy in force with reduced paid up insurance or extended term insurance based on the remaining cash value. Guaranteed Accumulation What is the difference between guaranteed and non-guaranteed cash value? As premiums are paid, guaranteed tabular cash value is added to the policy. Whole life guaranteed cash values increase each year and eventually create a pool of money that can be accessed through loans to meet future cash needs. Nonguaranteed values reflect dividends which can fluctuate from year to year, but once credited to the policy can increase guaranteed cash values and death benefits. What is the GCWL guaranteed interest rate? GCWL has a guaranteed interest rate of 4%. Does value in the guaranteed cash value compound at 4% per year? No. A formula determines guaranteed tabular cash value and 4% is the interest rate used in the formula. It is not a rate of return. For example, mortality is also a factor in tabular cash values. How will this product compare to other policies in the market for non-guaranteed cash value Internal Rate of Return over time? GCWL should be at or near the top for cash value IRR. Accessing Cash Value Can loans be taken from guaranteed values? Yes. What is the loan charge rate? The loan charge rate is a variable rate based on Moody s Corporate Bond Average Yield. The rate can change each calendar year and is currently (as of 2014) 5%. Is there a zero net cost loan in year 11+? No, there is a cost for loans because dividends are lower. 4

6 Is the loan margin the same before and after year ten? In the first 10 years, the loan margin is.65%. After year 10, the charge and credit for the interest portion of the dividend is the same. So in effect, there is no margin taken on the loan interest spread after year 10. This is referred to as a preferred loan. (Keep in mind that the interest portion of the dividend is just one of the elements of a dividend scale.) Dividends What are dividends? Whole life insurance policies offered by mutual companies are generally participating policies. This means the policy participates in the company s surplus. Over time, if investment results, mortality and expenses for the block of business are more favorable than what was initially (conservatively) established, the insurance company releases money from its surplus as a return of premium to its whole life policyholders. A dividend scale is the current expectation of dividends to be paid. Are dividends guaranteed? Dividends are not guaranteed, but once paid, dividends that remain in the policy to accumulate or purchase paid-up additions are guaranteed. Do all policyholders receive the same dividend amount? No. While the dividend scale would be the same for all policyholders, in general, the higher the level of base policy premium paid, the higher the actual dividend amount credited to the policy. Assuming both policyholders were of the same age and risk class; the dividend amount for the policyholder paying less base premium will generally be lower. In other words, all other things being equal, a policyholder who elected a short-pay would be credited a higher dividend amount than a policyholder who elected a paid-up at 100 Policy Payment Period. Can outstanding loans impact the dividend amount credited to a policy? Yes, loans can affect the amount of the dividend credited to a policy. Using a direct recognition methodology, Penn Mutual reduces the dividend amount credited to loaned policies by deducting a margin from the interest rate component of the dividend scale. What is direct recognition of loans and why does Penn Mutual use this approach? Direct recognition means that only policies with outstanding loans will receive a reduced dividend based on the amount of the loan. Non-direct recognition companies reduce dividends on all policies due to the loan activity on some policies. Penn Mutual uses the direct recognition approach because we believe it is in the best interest of the majority of our whole life policyholders. Only a small portion of our whole life policies have loans outstanding at a given time. Those loan amounts are placed in a policy loan account which limits Penn Mutual s ability to invest loaned amounts. Since we do not believe the customers without loans should have a reduced dividend, we only reduce the dividend amounts for policyholders with outstanding loans. 5

7 What dividend options can the client choose? There are six dividend options available to policyholders. They include: Paid-Up Additions Use of dividends to purchase additional paid-up whole life insurance to enhance policy cash value and death benefit or shorten the duration of the term-blend coverage under the Flexible Protection Rider. Premium Reduction Dividends can be used to offset the premium payment required to maintain death benefit protection. Cash Policyholders can choose to have dividends paid directly to them. 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 Policyholders may choose to apply dividends towards the repayment of any outstanding policy loans. Term Insurance Purchase Policyholders may use dividends to purchase one-year term insurance in an amount equal to the guaranteed policy cash value. If the dividend would purchase less than the guaranteed policy cash value amount, the policyholder may purchase the amount of term insurance the dividend will buy. Are there any rules or limitations with respect to the dividend options a policyholder can choose? Yes. 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 and/or the rider is dropped. If the Enhanced Permanent Paid-Up Additions Rider is selected, the Paid-Up Additions or Premium Reduction option must be selected. Can policyholders change their dividend option? Yes, policyholders may change their dividend option at any time, subject to the limitations outlined above. Are combinations of dividend options available? Yes, these include: Premium Reduction/Paid-Up Additions Premium Reduction/Loan Repayment Premium Reduction/Dividend Accumulation Loan Repayment/Premium Reduction Loan Repayment/Cash Loan Repayment/Paid-Up Additions Loan Repayment/Dividend Accumulation Additional combinations with the purchase of one year term insurance. Has Penn Mutual always paid a dividend on eligible policies? Yes. 6

8 Why doesn t Penn Mutual promote the dividend net interest rate like some other companies do? The interest component is an important part of the scale but it only represents a portion of the formula used to determine its scale. Mortality, expense and contribution to surplus on the block of business are also factors. We believe the size of the company s dividend payout is more indicative of a company s financial strength and commitment to whole life policyholders than marketing the interest component of its dividend scale. In addition, in early policy years there is generally no dividend credited, so promoting an interest rate on a policy that has no dividend means very little to someone considering purchasing a policy. Over the last 6 years, despite a very challenging interest rate environment, Penn Mutual has maintained its current scale. Much of this consistency is attributable to prudent investment management, but it can also be due to other factors that impact the scale, such as mortality improvements in the block of business. Why doesn t Penn Mutual promote its dividend history? Over a historical period of 10 or 20 years, Penn Mutual has offered a number of different whole life products. Each of these blocks of business may have been designed differently, in different interest rate environments, to meet different company and customer needs. Some were designed for low cost and may have low initial dividends that take longer to emerge, while others were interest sensitive or designed for higher earlier dividends and cash accumulation. As a result, these different designs can have different product margins, loan provisions (ex. direct and non-direct recognition loans) and even different mortality or claims experience. Those factors, along with issue age, gender and underwriting classification affect a dividend history. Lumping all of these different closed blocks of business together to get a sense of a company s 20-year dividend scale history doesn t tell you much about what the dividend will be 20 years from now on policies PML sells today. Automated Premium Offset Program What is the Automated Premium Offset Program? This is a new feature for Penn Mutual. When a client signs up for this feature, premium will be offset by surrenders of dividends and paid-up additions starting in the policy year requested on the application. Prior to the policy anniversary date, Penn Mutual will send a letter to the policyholder notifying them that the premium will be offset and no billing will be sent for as long as the premium can be fully offset. Can a client elect the Automated Premium Offset feature at issue and after issue? Yes. Whether elected at or after policy issue, assuming dividend and PUA surrenders are sufficient to offset premiums, Penn Mutual will suspend billing and automatically offset required premium payments beginning with the selected policy year. What premium payment modes are available with the Automated Premium Offset Program? Once the program is in effect, the premium mode will be switched to annual. If the program is terminated in the future, the client will be permitted to switch to semi-annual, quarterly or monthly payment modes. 7

9 Does this program guarantee that future premiums will not be needed? No. Since dividends are not guaranteed, this feature cannot guarantee that premiums will no longer be required until the end of the Policy Payment Period. What if the dividends and paid-up additions available for surrender are not sufficient to fully cover the required premium? In order to use this program, the dividends and paid-up additions available for surrender must be enough to fully offset the premium due. If the dividends and paid-up additions available for surrender are not sufficient to pay the entire premium, the Automated Premium Offset Program will terminate and the client will be billed for the full premium amount. If the program terminates due to insufficient dividends or PUAs, can the policyholder request the Automated Premium Offset program again in the future? Yes. The policyholder can apply for the program when there is a sufficient amount of dividend and PUA surrenders to fully offset the billed premium. An inforce illustration will be required at that time. Will a letter or some other notification be sent to the client when premium offset begins? Yes. Can the client change the dividend option to Premium Reduction and pay less than the full premium? The client can change the dividend option to Premium Reduction unless the Flexible Protection Rider or Accelerated Permanent Paid-Up Additions (APPUA) Rider is active on the policy. The dividend option for these riders must be Paid-up Additions. Can a policyholder change their mind about the timing of the Automated Premium Offset? Policyholders who have changed their mind about the Automated Premium Offset can terminate the program and continue to pay the billed amount if they choose. Is this program available with all Policy Payment Periods? Yes, as long as the dividend and PUA surrenders can fully offset the billed premium. Is this program available on other Penn Mutual inforce whole life policies? Yes, it is available for Flexible Choice Whole Life in addition to Guaranteed Choice Whole Life. 8

10 Flexibility Riders In all, there are 14 riders and special provisions either included with or offered as an optional add-on to Guaranteed Choice Whole Life. These riders and provisions, detailed on pages of this guide, are designed to add flexibility, enhance security and protection or provide additional guarantees. This wide array of riders can help you and your clients tailor the policy to specific needs and goals. There are, however, three optional riders that can have a particularly strong impact on how the policy works and performs. These are the: Flexible Protection Rider Accelerated Permanent Paid-Up Additions Rider (APPUA) Enhanced Permanent Paid Up Additions Rider (EPPUA) Flexible Protection Rider What is the Flexible Protection Rider? The Flexible Protection Rider enables clients to build a larger death benefit at a lower cost through a blend of term life insurance and whole life insurance. When this rider is selected, the premiums paid 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. What is the maximum amount of term coverage allowed relative to base policy face amount? For paid up at age 100 Policy Payment Periods, face amounts less than $500,000 have a maximum term to base ratio of 1:1. For face amounts of $500,000 or more, the ratio is 2:1. This is called the maximum blend of term to base face amount. For all other Policy Payment Periods, the maximum blend is 1:1. Are there age or issue limits for this rider? The rider must be elected at issue. It is available for insured s up to age 85 and for Policy Payment Periods of 15 years or greater. Can the rider extend beyond the Policy Payment Period? No premiums are allowed beyond the Policy Payment Period but the PUAs purchased from the rider will remain part of the policy. Once all of the term life insurance has been replaced, the rider can continue and any additional rider payments made will purchase PUAs and add to the policy s guaranteed values. Can the Flexible Protection Rider be used with a short Policy Payment Period? Yes, and you can add paid-up additions through the Accelerated Permanent Paid Up Additions Rider to convert the term coverage faster and add to cash values. Keep in mind, however, that the Flexible Protection Rider is only available with Policy Payment Periods of 15 years or longer. 9

11 Will the term portion always be fully replaced by PUAs at the end of the selected premium payment period? Because dividends are not guaranteed, Penn Mutual cannot guarantee replacement of the term portion of coverage. Nevertheless, the premium, which should purchase enough PUA face amount to replace the term portion, has been back-tested using a dividend scale that is lower than current scale. Will the rider be available for substandard risks? The Flexible Protection Rider will be available up to Table 4, which can become Standard in some cases with the Table Shave Program. Is the term amount convertible without evidence of insurability? The policyholder may choose, without penalty or evidence of insurability, to convert all of the term coverage under this rider to permanent insurance between years 3 and 11. Under Penn Mutual s current practice, the term amount can be converted to any permanent plan of insurance Penn Mutual is offering for sale at that time. What type of client may benefit from this rider? Because the Flexible Protection Rider offers access to whole life insurance coverage at a lower cost, it is best suited for individuals seeking a cost-effective way to maximize their death benefit protection in the early years of the policy. Does the dividend option have to be PUAs when the Flexible Protection Rider is elected? Dividends must be used to purchase Paid-Up Additions while the rider is on the policy. Are commissions reduced when this rider is elected? There is no percentage reduction of the base policy commission with this rider. The rider has its own target amount of commissionable first year and renewal premium. (For commission details please see commission information on pages 15 and 16 of this guide.) Will this rider impact policy performance? Because term insurance does not build cash value and any policy dividends must be used to replace the term insurance with permanent insurance a policy without the Flexible Protection Rider will build stronger cash values. However, the Flexible Protection Rider can be combined with the Enhanced Permanent Paid-Up Additions Rider or the Accelerated Permanent Paid-Up Additions Rider to potentially improve performance. The Enhanced Permanent Paid-Up Additions Rider (EPPUA) helps increase policy values through extra payments used to purchase additional, paid-up whole life insurance. The Accelerated Permanent Paid-Up Additions Rider (APPUA) allows clients to periodically pay extra premiums to help accelerate the replacement of term coverage. 10

12 Paid-Up Addition Riders What is the APPUA Rider? Available only in combination with the Flexible Protection Rider, the APPUA Rider helps replace the term coverage more quickly through the purchase of additional amounts of paid-up whole life insurance. Payments can be made each year up to an Annual Payment Limit and for a duration that is established at policy issue. Once the term portion of coverage has been replaced, the rider continues in the same manner as the EPPUA Rider. What is the EPPUA Rider? This rider gives the policy owner the ability to make additional payments, up to an Annual Payment Limit and for a duration that is established at policy issue, that buy additional participating paid-up life insurance. When can the policyholder add the APPUA and EPPUA Riders? The riders are available at issue (on application) and after issue, subject to medical evidence of insurability/underwriting. Once Paid-Up Additions (PUAs) are purchased, are they guaranteed? Yes. Once PUAs are purchased, they are guaranteed. Does the purchase of additional amounts of insurance require medical underwriting? Maybe. Underwriting is done at issue and, if the Annual Payment Limit established by the policy owner is exceeded, Penn Mutual will underwrite the maximum net amount of risk based on either the illustrated funding pattern or by assuming the maximum amount of PUAs will be paid each year until the rider end date. Is there a maximum Annual Payment Limit? Yes, it is the base 7-pay non-modified Endowment Contract (MEC) limit minus the amount of annual base policy premium and Flexible Protection Rider premium (if any). Can the Annual Payment Limit be changed after issue? No. Can payments exceed the Annual Payment Limit? Yes, however, payments in excess of the Annual Payment Limit after policy issue are subject to medical underwriting. Does the client need to declare a period or duration for making PUA payments? At the time of application, the client will be asked to set both the Annual Payment Limit and a period of years for making the payments. Payments can extend for the entire Policy Payment Period, but financial and medical underwriting may be easier if the amount and duration of payments is more limited. 11

13 Why must a period of years (duration) for submitting PUA rider deposits be declared on the application? The client will be underwritten as if they will pay the Annual Payment Limit each year over the entire Policy Payment Period. Declaring a shorter duration is a way to limit the maximum amount of insurance PML may be required to pay to a beneficiary, which in turn, may make it easier for clients to qualify for underwriting of the PUA rider. What is the maximum duration allowed for submitting PUA payments? Clients can request durations up to the full Policy Payment Period. Are PUA Riders available for single pays and 1035 Exchanges? Yes. But because Policy Payment Periods less than a ten-pay are generally MECs, the PUA riders may not be available for some short pays. Why can t the client pay more than the Annual Payment Limit amount without additional underwriting? This is because the financial underwriting at the time of application takes into consideration only the Annual Payment Limit over the requested duration. For this reason, the amount and duration should be carefully considered based on the client s anticipated goals and realistic ability to meet the required premium amounts. Are there minimum payment requirements for the PUA riders? There is a cumulative requirement over each 5-year period equal to 50% of the Annual Payment Limit. This amount must be paid to continue the rider for each 5 year period. This amount will be shown in the illustration and in the policy pages. A payment does not have to be made on each policy anniversary, however, if a payment is made, the minimum amount for each payment is $25. What will happen if the cumulative premium requirement is not met? If the cumulative contribution into the rider over a 5 year period does not meet the required minimum premium, the rider will be terminated. Can PUA payments be made after the end of the Policy Payment Period? No, the policy is fully paid-up at that time and no further payments can be made. Are catch-up payments permitted if a client skips a year or pays less than the annual payment amount? Yes. Beginning with year 3 until age 65 (or the end of the Policy Payment Period if earlier), if there is a shortfall between the total amount paid in prior year and the Annual Payment Limit, the short-fall plus the Annual Payment Limit amount can be paid without additional underwriting. 12

14 Are there any requirements or restrictions with respect to combining the Flexible Protection, APPUA and EPPUA Riders? Yes, the following rules apply: The Flexible Protection Rider may be elected, with or without the APPUA or EPPUA Rider. The APPUA Rider may be elected only in combination with Flexible Protection Rider. The EPPUA Rider may be elected alone or in combination with the Flexible Protection Rider. The APPUA Rider and EPPUA Riders may not be elected at the same time. Are there any special dividend option requirements with these riders? Yes. With the APPUA Rider the Paid-Up Additions dividend option must be selected. With the EPPUA rider, the dividend option can be Paid-Up Additions or Premium Reduction. When can PUA payments be made? Payments may be made on any annual policy anniversary date or on monthly anniversary dates. Charges vary based on the timing of payments. What are the charges on PUA payments? The charge depends on the timing of the payment. In the first policy year, the charge is 10% of the payments made at issue. If the payment is applied to the policy on a monthly anniversary date, there is an additional 2% charge. In subsequent years, the charge is 5% of payments on the anniversary with an additional charge of 2% if payment is applied on a monthly anniversary date other than the policy anniversary date. What is the commission on PUA payments? 3% in all years. Illustrating PUAs for Income Sales If a client wants to maximize long term performance for income, how can a solve for income be illustrated? Below are several examples of how to illustrate for an income sale. With each there are tradeoffs to consider. Elect a Policy Payment Period that ends prior to the time income is desired. For example, if the client expects to take income from the policy beginning at retirement age 67, a Policy Payment Period that ends prior to that time (ex. age 62, 65 or 66) can be requested. In this scenario required base premiums that would have been due with a longer Policy Payment Period will not have to be offset by dividend and PUA surrenders while taking income. And, because the Policy Payment Period is shorter, it s likely that policy values will be higher at the time income is taken. The tradeoff is that premiums are higher for shorter Policy Payment Periods. Use the Flexible Protection Rider to lower base policy premium and use the Accelerated or Enhanced PUA Rider to pay in more toward PUAs rather than base policy premium. PUA death benefit and cash values will be 13

15 guaranteed once PUA premium is paid, adding back in the guarantees lost in using the Flexible Protection Rider. The disadvantage of this method is that it lowers guaranteed values if the client does not continue to pay in PUA premium. Since future dividends are not guaranteed, there is the risk that dividends and PUA surrenders may not be sufficient to offset premium in years when the client needs more income. Use a Reduced Paid-Up policy at the time income is desired, but there will be a much lower death benefit at that time. Just take dividend and PUA surrenders up to basis and then loans. Utilize the Overloan Protection Benefit Rider to maximize the amount of loans without lapsing. In addition to any of the previous suggestions, try overfunding to the MEC limit using one of the PUA riders for best performance. The flexibility of Guaranteed Choice Whole Life enables producers to help provide long-term solutions for their clients. But with such flexibility, it is especially important to have detailed discussions with clients to understand their future needs and help them determine the Policy Payment Period, Rider Choices, Annual Payment Limit, PUA rider amounts and durations that will help support their long-term goals Small Business Provisions Are there any special provisions for small business owners or policies owned by a qualified plan trust? Yes, there are several small business riders/provisions available with GCWL, including administrative privileges for policies in a qualified retirement benefit plan. The riders and provisions geared specifically to offer small business versatility include the: Qualified Plan Surrender Privilege Qualified Plan Change-of-Plan Provision Supplemental Exchange Rider For information about these riders and provisions, please see page 20 of this document or Benefits and Rider Flyer PM6379. Commissions With all of the Policy Payment Periods, how will producer compensation be calculated? Rather than varying the percentage of premiums for each of the Policy Payment Periods, Guaranteed Choice Whole Life will base commissions on an amount up to a target premium for each of the payment periods. Any amount above target will be compensated similar to the PUA riders. The Target premium will equal the annualized monthly paid-up at age 100 premium. Target premiums will vary by face amount, gender, issue age and risk class and the existence of certain riders. Will the commission for paid-up at age 100 change because of this target premium approach? It will change slightly, but only because the premiums for paid-up at age 100 are changing. In effect, the paid-up at age 100 commission formula will not change and the percentage will still be 55% of premium (excluding any expense allowance). 14

16 What will PML pay on premium amounts that exceed the target premium? The same 3% that is paid on PUA rider payments through year 15. See the commission rate chart below. Is there a percentage reduction of 10% if the policy includes the Flexible Protection Rider? No, the Flexible Protection Rider premium is included in the target premium calculation for blended policies. Do certain riders add to the target premium? Yes, riders that have a cost will increase the target premium amount, except for the PUA riders. What are the commission rates for Guaranteed Choice Whole Life? Year(s) Year 1 Year 2-3 Year 4 Year 5-15 Year 16+ Percentage 55% of premium up to target and 3% on amounts over target 12.5% up to target and 3% over target 7.5% up to target and 3% over target 3% of premium, if paid 2% of premium, if paid Paid-Up Additions Riders: 3% An Expense Allowance is also payable in the first policy year. If policyholder surrenders cause the policy to lapse in the first policy year, is there any chargeback of commission? Yes, based on the schedule that follows: Months % % % % Percentage 15

17 III. General Product Information Guaranteed Choice Whole Life: Specifications at a Glance Issue Ages 0-85 $50,000 (ages 0-70) $100,000 (ages 71-85) Minimum Face Amount There are minimum face amount exceptions for pension cases ($10,000), children s term conversions ($25,000) and exercises of the Guaranteed Purchase Option Rider ($10,000) Preferred Plus Non-Tobacco, Preferred Non-Tobacco, Standard Non-Tobacco, Preferred Standard Risk Classes Tobacco, Standard Tobacco, Standard (Juvenile under issue age 20) Maturity Age 121 Minimum $250 Policy Loans Adjustable loan rate that can change every year Qualified Plan Provisions Available Riders Qualified Plan Surrender Privilege Employers with terminated employees during the first two years may surrender the policy and premiums (less the cost of term coverage for the period). Excess premium will be returned to the plan trustee. Commissions will be reversed. Change of Plan Provision Owners of the policy may request to change a policy to another policy without evidence of insurability, subject to policy provisions. The exchange period commences on the end of the third policy year and continues until the end of the seventh policy year. Accelerated Death Benefit Rider Accelerated Permanent Paid-Up Additions Rider Accidental Death Benefit Rider* Children s Term Insurance Rider* Chronic Illness Accelerated Benefit Rider** Disability Waiver of Premium Rider* Enhanced Disability Waiver of Premium Rider* Enhanced Permanent Paid-Up Additions Rider Flexible Protection Rider* Guaranteed Purchase Option Rider Overloan Protection Rider*** Supplemental Exchange Rider Qualification Test Dividend Options Cash Value Premium Frequency Premium *Policy Payment Period to elect these riders must be at least 10 years (15 years for FPR) **Long Term Care Illness Accelerated Benefit Rider in TX ***Not available if the policy is a MEC at issue. Cash Value Accumulation Test (CVAT) Paid-Up Additions Premium Reduction Cash Dividend Accumulations (guarantee minimum 1.5% interest rate) Loan Repayment Term Insurance Purchase Based on 2001 CSO Sex Distinct and Smoker Distinct Mortality Table (juveniles use the Composite Smoker Mortality Table). Guaranteed 4% minimum interest rate over the life of the policy. Annual, semi-annual, quarterly, monthly automatic Penn Check or salary allotment. Based on chosen Policy Payment Period, issue age, gender, rate class, size of the policy and selected benefits and riders. Unisex rates are available for qualified plans. 16

18 Available Riders and Provisions Guaranteed Choice Whole Life offers a plethora of riders to help you and your clients customize each policy based on the client s needs and objectives. There are a few notable changes to some of the whole life riders offered in the past including: Certain riders are not available for Policy Payment Periods less than 10 years (ex. Waiver of Premium, Enhanced Waiver of Premium, Accidental Death Benefit and Children s Term Insurance) or 15 years (Flexible Protection Rider). The Face Amount of coverage that can be added without medical evidence on a Guaranteed Purchase Option date or on an Alternate date has been increased. The new limit is the lesser of the Face Amount or $250,000. The following are overviews of the riders and special provisions available with Guaranteed Protection Whole Life. Riders for Added Flexibility Flexible Protection Rider Issue Ages: 15 days 85 Available at policy issue only The Flexible Protection Rider provides access to whole life insurance coverage at a lower cost. The premium goes toward purchasing a combination of term life insurance and additional permanent life insurance coverage (paid-up additions). The amount of term life coverage is subject to minimums and maximums and any dividends earned must be used to purchase paid-up additions. The minimum Policy Payment Period is 15 years. For additional information, please see Benefit and Rider Flyer PM6375. Accelerated Permanent Paid-Up Additions Rider Issue Ages: 15 days 85 Available at or after policy issue This benefit allows clients to periodically pay extra premiums to help replace the term coverage under the Flexible Protection Rider with paid-up, permanent life insurance faster. It is available only in combination with the Flexible Protection Rider. Availability after policy issue is subject to underwriting. Paid-up additions must be the selected dividend option. This rider is not available with the Enhanced Permanent Paid-Up Additions Rider and is not available for all Policy Payment Periods. Additional payments are subject to certain minimums and maximums. For additional information, please see Benefits and Rider Flyer PM6375. Enhanced Permanent Paid-Up Additions Rider Issue Ages: 15 days 85 Available at or after policy issue The extra payments under this rider increase the policy death benefit, help build policy cash value faster and can be surrendered in the future to provide income or pay premiums. Availability after policy issue is subject to underwriting. Paid-up additions or premium reduction must be the selected dividend option. Not available with the Accelerated Permanent Paid-Up Additions Rider or for all Policy Payment Periods. Additional payments are subject to certain minimums and maximums. For additional information, please see Benefits and Rider Flyer PM

19 Riders for Added Security Accelerated Death Benefit Rider Issue Ages: 15 days 85 Automatically included Clients can access a portion of their death benefit if the insured is diagnosed with a life expectancy of 12 months or less due to a terminal illness. Certain eligibility requirements, minimums and maximums apply. For additional information, please see Benefits and Rider Flyer PM6377. Chronic Illness Accelerated Benefit Rider Issue Ages: 15 days 85 Automatically included with your policy If the insured becomes chronically ill, the policyholder can access a portion of the policy death benefit. This rider is automatically included on most Penn Mutual permanent life insurance policies subject to certain eligibility requirements. Benefit eligibility requirements apply and state variations apply. In TX: Long-Term Care Illness Accelerated Benefit. For additional information, please see Benefits and Rider Flyer PM6377. Disability Waiver of Premium Rider Issue Ages: 5 55 Up to age 59 when converting from a Penn Mutual Term Life policy with a Waiver Rider 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 may continue to be waived subject to eligibility criteria. This rider is available for Policy Payment Periods of 10 years or more and is not available with the Enhanced Disability Waiver of Premium Rider. There is a four-month waiting period and the condition must meet the disability definition in the insurance contract. For additional information, please see Benefits and Rider Flyer PM6377. Enhanced Disability Waiver of Premium Rider Issue Ages: 5 55 Up to age 59 when converting from a Penn Mutual Term Life policy with a Waiver Rider 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 six years. If the insured is unable to work in any profession after six years, premiums may continue to be waived, subject to eligibility criteria. This rider is available for Policy Payment Periods of 10 years or more and is not available with the Enhanced Disability Waiver of Premium Rider. There is a four-month waiting period and the condition must meet the disability definition in the insurance contract. For additional information, please see Benefits and Rider Flyer PM

20 Overloan Protection Benefit Rider: Issue Ages: 15 days 85 Available at or after policy issue This rider will prevent a lapse of coverage that can result from loan activity. The policy will remain intact as a reduced paid-up policy if an outstanding loan exceeds 99 percent of the cash value. In order for the rider to take effect the insured must be at least 75 years old and the policy must be in effect for at least 15 years. In MA: Termination Protection Benefit Rider. Not available if the policy is a Modified Endowment Contract at issue. For additional information, please see Benefits and Rider Flyer PM6377. Riders for Added Guarantees Accidental Death Benefit Rider Issue Ages: 15 days 60 Available at or after policy issue Under this rider the beneficiaries will receive an additional death benefit if the insured dies as a result of an accident. Maximum accidental death benefit varies based on age and policy coverage. Not available for Policy Payment Periods less than 10 years. For additional information, please see Benefits and Rider Flyer PM6378. Children s Term Insurance Rider Issue Ages: 15 days 17 Available at or after policy issue This rider extends term insurance to all of the insured s eligible children up to age 23 for one charge. Each covered child may convert his or her coverage to a permanent cash-value life insurance policy on the policy anniversary nearest his or her 23rd birthday, without evidence of insurability. Minimum and maximum coverage amounts apply. Not available for Policy Payment Periods less than 10 years. For additional information, please see Benefits and Rider Flyer PM6378. Guaranteed Purchase Option Rider Issue Ages: 15 days 38 Available at policy issue only This rider allows the policyholder to increase the amount of total coverage on the insured at certain option dates, through the issue of an additional Whole Life policy without having to submit medical evidence of insurability. The maximum amount of each new policy is the policy coverage amount or $250,000, whichever is less. For additional information, please see Benefits and Rider Flyer PM

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