Discover What s Possible

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1 Discover What s Possible Guaranteed Choice SM Whole Life for Business Guaranteed Choice SM for Business Owners Whole Life

2 There is comfort in predictability There s a certain comfort that comes with knowing your vision for your business will be protected no matter what the future brings. Permanent life insurance, as the center of a sound financial plan, can provide guaranteed protection, guaranteed growth to help you reach business and personal goals and flexible options to fit your budget and needs. Guarantees to support your business goals

3 Guaranteed Choice SM Whole Life is a permanent life insurance policy that offers guaranteed protection and can help you attract and retain key employees, support retirement goals and grow your business.* Guaranteed death benefit protection for you and key employees helps safeguard your business interests and your family s financial security. Guaranteed premium payments based on the premium amount and number of payment years you choose at the start. Predictable, guaranteed growth can be accessed to support business objectives or provide a source of emergency funds.** Additional accumulation potential through non-guaranteed dividends can help you build more policy cash value.*** Options that can help you customize coverage to meet your evolving personal and business needs. The guaranteed protection, cash value accumulation and versatility of Guaranteed Choice Whole Life make it a dependable asset that can help strengthen your overall financial plan and create a world of possibilities for you and your business. Imagine the possibilities Advantages for Your Business Whole life insurance can help ensure the financial security and growth of your business by providing: A safety net for you, your business and your family Guaranteed premiums that stay the same over the years Guaranteed growth without market risk A cost-effective tool to attract and retain top talent A flexible solution to help ensure the continuity of your business A source of tax-advantaged funds for business expansion, expenses and emergencies.** * 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 Pursuing your business vision with certainty Guaranteed Choice Whole Life can help you meet your objectives at any stage of your business by providing guaranteed death benefit protection and predictable cash value accumulation you can use for various business needs. Plus, Guaranteed Choice Whole Life offers additional growth potential through dividend payments. In addition to guaranteed protection and growth to help you pursue your vision with certainty, Guaranteed Choice Whole Life offers an array of optional riders designed to provide business owners with the versatility and added security that can be vital to their long term success.* Financial security for your business Guaranteed Protection to Pursue Your Business Plans Guaranteed Choice Whole Life can provide the peace of mind that comes with knowing you are securing your business interests beyond your lifetime. 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 Business Needs and Budget Guaranteed Choice Whole Life can help you protect your business interests and manage your budget. You can choose the frequency and number of years you will pay premiums. Plus, you can take advantage of options that help you 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, your business 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. ** 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.

5 Unlocking the possibilities for your business Guaranteed Choice Whole Life can unlock possibilities for your business by providing guaranteed death benefit protection and cash value accumulation you can use to finance vital initiatives throughout your company s life cycle. Protecting Your Family The loss of income that results from the death of a business owner can spell disaster for the business and the owner s family. Guaranteed Choice Whole Life s guaranteed death benefit can help your family: Maintain their standard of living and manage and retain the business if you re not there Keep the business going until it can be sold for a fair price Provide an equitable benefit for family members who will not inherit or continue in the business. As a business owner, you may even be able to utilize strategies that allow you to use company dollars to pay for your personal life insurance. Ensuring the Continuity of Your Business The death benefit from a Guaranteed Choice Whole Life policy can be used to support the transition of responsibilities, leadership and business assets when a business owner dies. Should an owner, partner or key employee retire or become disabled, the policy cash value can also be used to help pay creditors, hire temporary employees, pay for professional services or buy out departing owners.* Guaranteed Choice Whole Life, as part of a smart succession plan, can also help preserve the roles and business interests of family members who are active in the business. * 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. 3

6 Providing Cash Flow for Business Expenses and Growth Over time, Guaranteed Choice Whole Life builds policy cash value that can help provide liquidity to support your business needs in the long-term. You can access funds from the policy and use the money for any purpose, such as covering emergency expenses, funding a business expansion, providing collateral for a loan or making a special purchase. You can also use your policy cash value as a safety net to tap into if you encounter a business interruption or financial hardship. And in most cases, the funds you take from your policy are income-tax-free.* Helping You and Your Employees Achieve Retirement Goals You can use policy cash value to support your or your employees retirement plans. The policy cash value can provide income-tax-free, supplemental retirement income. As an asset within the conservative growth portion of a retirement plan, Guaranteed Choice Whole Life can help ensure a comfortable retirement by filling retirement income gaps or providing funds for unexpected expenses that may arise during retirement. 4 * 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.

7 Supporting Employee Benefit and Key Employee Retention Programs Guaranteed Choice Whole Life can serve as a cost-effective employee benefit and retention tool. You can use policy cash value to reward and retain key employees through tax-advantaged programs that can be structured to provide select employees with significant incentives if they remain with the business until retirement, such as: Split dollar plans in which you and a key employee share the costs and benefits of a permanent life policy Executive bonus programs that can provide substantial rewards to key employees at a much lower cost than a traditional cash bonus plan Qualified plans and profit sharing plans that are partially funded by Guaranteed Choice Whole Life to reduce plan risk and provide a combination of guarantees and survivor protection. Added Versatility and Security for Your Business You can add even more versatility and security for your business through included and optional riders and business provisions that can help cover unexpected expenses and reduce financial strain on your business and your family. These riders include benefits that help protect your business in the event of personnel changes (Qualified Plan Surrender Privilege, Qualified Plan Change-of-Plan Provision, Supplemental Exchange Rider) and benefits that can help provide added security in the event the insured person is stricken with a chronic or terminal illness or total disability (Disability Waiver of Premium Rider, Enhanced Disability Waiver of Premium Rider, Accelerated Death Benefit Rider, Chronic Illness Accelerated Benefit Rider). For an overview of riders available with Guaranteed Choice Whole Life, see page 16. For more information, contact your financial professional. Guaranteed Choice Whole Life can be ideal if you: Need a guaranteed death benefit to help protect your business and family Want to meet particular long-term business objectives and timetables Own a family business and want to pass it on to your children Have one or more business partners and want to establish and fund a business succession plan Want to use the tax and growth advantages of permanent life insurance as part of your benefit package for yourself and key employees Depend on your income or assets to provide yourself and your dependents with a comfortable lifestyle. 5

8 Accumulation to support your business 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 financial security for your family and your business. Whether you are building or expanding your business, seeking supplemental retirement income for you and your key employees or planning to pass on your business to your children, 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. 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. 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. 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 Business Life Cycle Guaranteed Choice Whole Life can benefit you through every stage of your business 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 business 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 business and personal 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 business life cycle. It is always a good idea to consult your financial professional before accessing your policy cash value. Access to policy cash value for funding business goals, expenses such as qualified plans or ensuring business continuity Cash flow for to help with fluctuations in your business. 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 Business Plan Guaranteed Choice Whole Life offers coverage and payment options to tailor your policy to your business situation and goals. By discussing your policy design options with your financial professional, you can tailor your policy to fit your business 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 business objectives and timetables. 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 business and personal 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 for you or your key executives, buying out your business partners or passing on your business to your heirs. 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 business expansion in 10 years, you can choose a 10-year policy payment period. The shorter the payment period you choose, the greater the required premium will be for the same amount of coverage. However, a shorter Policy Payment Period can provide more certainty and more early policy cash value. * 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 You can gear your policy and premium payments to your cash flow and budget. 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. Choosing Your Payment Frequency You can pay premiums at a frequency that suits your cash flow and 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 business 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 business owners 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 and your business. * 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. 11

14 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. Ask your financial professional what s possible. 12

15 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 business 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 and your business 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. 13

16 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. 14 * 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 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.

17 Establishing a plan that s right for your business 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 business and personal 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 business goals (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 business and personal goals with greater certainty Preserving your life s work for successors or future 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 coverage to help meet your business needs Guaranteed Choice Whole Life delivers the guaranteed protection and growth you need to protect your business vision. It also supports business needs with automatically included and optional riders, including some designed specifically to meet your particular concerns as a business owner.* Business Versatility Qualified Plan Surrender Privilege lets you recuperate policy premiums you have paid if your covered employee is terminated within the first two years of employment. Qualified Plan Change-of-Plan Provision allows you to transfer the cash value from one whole life policy to another permanent policy without medical underwriting. Supplemental Exchange Rider permits you to replace one covered employee in a qualified or non-qualified plan with another employee, without having to purchase a new or additional policy. 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 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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