Built-in enhancements to help with maximizing cash value accumulation potential.
* All Protection VUL policies will issue with the new IRC 7702 rates when the product launches July 19, 2021. The Accumulation Builder Select Universal Life insurance policy through Penn Mutual offers a number of key benefits, including: Guaranteed death benefit protection and options for added security. Thank you for your patience in waiting for this information. To help ensure a seamless transition and answer questions you may have, we prepared an IRC 7702 Implementation Guide with key new business and inforce policy dates and details. Inforce policies issued Januthrough Jwill be updated to reflect the new IRC 7702 rates by early September. New universal life policies issued Augor after will be issued with the new IRC 7702 rates.* Survivorship Plus Select Indexed Universal Life Updates to support the new IRC 7702 rates in our illustration and administration systems are near completion for the following currently offered universal life products:Īccumulation Builder Flex Indexed Universal Lifeĭiversified Advantage Variable Universal Life
The passage of the Consolidated Appropriations Act of 2021 reduced the minimum interest rate assumptions used to calculate premium limits under IRC sections 77A (IRC 7702), allowing for higher policy funding and higher premiums relative to the specified amount, without the risk of the policy losing its life insurance status or becoming a Modified Endowment Contract (MEC). Universal Life IRC Section 7702 Implementation Details Senior Vice President, Product Management and Underwriting
