Product Changes & General FAQ

Life Product & Underwriting Updates | Annuity Product Updates

COVID-19 FAQs

We want to assure you that we continue to closely monitor local and global COVID-19 developments and feel confident we have the appropriate plans in place to successfully operate in a fluid and changing environment. Here are several financial professional and policyholder-focused FAQs that should serve as a resource for any questions you may receive. We will continue to update this resource as more questions arise. If you have any questions or concerns, please reach out to your field office.
 

Recent FAQs and Updates


June 8, 2020

As the impact of the COVID-19 pandemic continues to develop, we are pleased to announce the following changes to our temporary underwriting and new business guidelines. Effective immediately:

  • We will be able to make offers to applicants ages 70 – 85 who are assessed at a Standard Rating or better, up to our retention limit of $5 million for individuals and $7.5 million for survivorship policies.
  • We have reinstated our Wellness Credit Program on permanent products for applicants ages 20 – 75 up to our retention limits described above.
  • We will accept funds from external replacements up to a maximum of $1 million (Note that the $1 million first-year premium limit we instituted remains in place.)


Please note that the following temporary guidelines remain in place:

  • Applications from individuals ages 70 – 85 with ratings worse than Standard, or individuals under age 70 with ratings worse than Table 4, will continue to be postponed.
  • Our Survivorship One-Class Upgrade and Table Shave programs remain suspended.

May 5, 2020

Penn Mutual E-delivery of Non-ACE Paper Cases
In our continuous efforts to leverage technology to enrich the Penn Mutual service experience, we are working with all financial professionals to promptly deliver non-ACE cases and annuity contracts electronically. This is a particularly valuable offering during times like these and will help streamline the process:

 
Include the email addresses of:
  1. Financial professional
  2. Insured
  3. Contract owner
In addition, please remember to follow up with your clients after delivering the contract for signature. Upon delivery of the contract to the financial professional, the E-Signature link will remain open for 15 days. Please have your clients sign and submit before the link expires.
 

April 29, 2020

Penn Mutual Premium Payment Grace Period Update
Penn Mutual will continue to offer grace periods, for premium payments, of no less than 90 days from the initial due date of your next life insurance premium payment.*
 
*For individual and survivorship guaranteed UL products, we will apply the same grace period to ensure that the current length of the guarantee period on the contract does not change.
 
If you haven’t already done so, please visit www.pennmutual.com to register for the Penn Mutual Client Portal. This portal gives you 24/7 access to contract information, and allows you to make online premium payments on most of our life insurance products. If you have questions or need further assistance, please call Client Services at 1-800-523-0650, Monday through Friday, from 8:30 AM to 6:00 PM, Eastern Time.
 
For New York Policyholders
Penn Mutual will continue to offer grace periods, for premium payments, of no less than 90 days from the initial due date of your next life insurance premium payment.* Penn Mutual will not report any missed payments to the credit bureaus, will not charge you a late fee, and will give you 12 months to pay any premiums missed.
 
Policyholders may be eligible to pay any missed premium, over a 12 month period, if they attest that they did not make timely premium payments due to financial hardship as a result of the COVID-19 pandemic and that they continue to have financial hardship as result of the COVID-19 pandemic. This opportunity is available even if we sent you a nonpayment cancellation notice prior to March 29, 2020.
 
If you haven’t already done so, please visit www.pennmutual.com to register for the Penn Mutual Client Portal. This portal gives you 24/7 access to contract information, and allows you to make online premium payments on most of our life insurance products. If you have questions or need further assistance, please call Client Services at 1-800-523-0650, Monday through Friday, from 8:30 AM to 6:00 PM, Eastern Time.


Click here to view more pertinent information about New York state regulatory requirements for financial professionals.
 
*For individual and survivorship guaranteed UL products, we will apply the same grace period to ensure that the current length of the guarantee period on the contract does not change.
 

April 12, 2020

$1 Million First Year Annual Premium Limit for All Life Products 
We will be establishing a limit of $1 million on first-year premiums and new funds into the premium deposit account. This limit will apply on all life insurance applications received on or after Tuesday, April 14, 2020. First-year premiums include paid-up addition deposits, lump sums, regular premiums and exchanges. Note that the $250,000 limit on external replacements we announced last week continues to apply.
 

The $1 million premium limit applies per owner or per payor. The illustration system will include this limit in our May 1 release.


April 12, 2020

Sales of Variable Annuities with Living Benefit Riders Temporarily Suspended
As we continue to evaluate the impacts of the rapidly evolving pandemic, we remain committed to providing products, and making adjustments as warranted, that support our financial strength. 


Effective Thursday, April 9, 2020, we are temporarily suspending new sales of Smart Foundation Variable Annuities with the following living benefit riders:

  • Guaranteed Growth and Income Benefit Rider
  • Inflation Protector Withdrawal Benefit Rider
Please note the following submission requirements:
  • Applications must be submitted to the Home Office by or before 9:00 p.m., eastern time on Thursday, April 9, 2020 to be eligible for processing.
  • Applications received on or before April 9 must be in Good Order (including suitability) by 5:00 p.m., eastern time on Wednesday, April 15, 2020.
  • Funding at or above the product minimum must be received within 60 days of the Good Order date.

Sales of Smart Foundation Variable Annuities with living benefit riders are expected to resume May 1, 2020, with updated rider withdrawal rates. 


April 2, 2020

Effective Thursday, April 2, 2020, we implemented the following temporary changes to our life insurance underwriting and new business guidelines for all cases not already approved or issued as noted on InSight.

  • Postponing any applications on individuals with an insurance age 70 and older
  • Postponing any applications on individuals of any age rated worse than a Table Four
  • Suspending acceptance of funds from external replacements in excess of $250,000 gross cash value
  • Suspending the following programs until we have clarity on the pandemic’s impact:
    • Table Four to Standard Fold In Program
    • Survivorship Whole Life Rate Class Upgrade 
    • Lifestyle Credit Program

We are making these changes after careful consideration of the potential business disruption. We expect to re-visit these and other changes as we gain better insight into the impact of the COVID-19 pandemic. More details


March 30, 2020
Life Insurance Processing

How can a financial professional deliver a paper policy (non-ACE) to clients? 
Please include the preferred email addresses for the Financial Professional as well as the owner and insured (if different) with the Issue Instructions. Policy contracts will be delivered by DocuSign to the Financial Professional for review and/or signature. Once the Financial Professional has completed their part, the document will be routed to the owner and insured (if different) for signature. If we need additional information, your home office account manager will contact you. Click here for detailed instructions.

How can I collect the initial premium from my client for paper policy delivery?
For term insurance contracts, the policy owner will be directed to the Client Portal registration. To register for their Client Portal account, your client will need to enter their policy number, which appears on the front of the policy pages. After they register successfully, they can pay their initial premium via e-pay. 

For clients who do not have access to e-pay or for life products not currently available for e-pay, physical checks for life insurance contracts may be mailed directly to these addresses: 

REGULAR MAIL:    
Penn Mutual Life
Payment Processing Center
PO BOX 7460
Philadelphia, PA  19101

OVERNIGHT MAIL:
The Penn Mutual Life Company
Lockbox # 7460
525 Fellowship Road, Suite 330
Mt. Laurel, NJ  08054-3415

Do we have an electronic method to have a policy owner complete our Penn Check agreement form?
Yes, we are making the fillable form available via our DocuSign workflow. The financial professional or field office may email this form to the policy owner.  We will not require that a voided check be attached. Please contact your home office account manager or Client Services at 800-523-0650.

What if the Financial Professional still wants a paper contract for wet signature delivery?
As a result of ongoing developments, effective immediately, we are sending policy packages for all paper policies via e-delivery. Please begin to include the email addresses for the Financial Professional as well as any other signature parties (insured, owner, payor, etc.) when submitting issue instructions. For cases where issue instructions have already been submitted, we will reach out to obtain the correct email addresses prior to policy mailing. If the Financial Professional prefers, you may print locally from InSight and hand deliver it to your client for wet signature. All signed delivery requirements should be returned to the home office using the following address:

Penn Mutual
Life New Business Processing
PO BOX 178
Philadelphia, PA 19105

What if my client needs to stop their Penn Check draft? 
Please have your client call our Client Service line at 800-523-0650 and we can assist with the payment change. The Financial Professional can see an alert for any late payments and can view any correspondence that may have been triggered to the client.

What if my client’s Penn Check draft is returned for insufficient funds?
Penn Mutual is notified whenever a draft errors for insufficient funds. We notify the client by letter and we update the billing mode from automatic draft to a quarterly mode. We will be extending grace periods by a minimum of 60 days to allow our policy owners more payment flexibility. Financial professionals receive an alert for this activity and can view the related correspondence on InSight. 

Annuity Contracts
How does a Financial Professional deliver an annuity contract to clients?

We use the same DocuSign workflow for our life paper policies and our annuity contract delivery. Please include the preferred email address for the Financial Professional as well as the owner and annuitant (if different) with the application submission. Contracts will be delivered via DocuSign to the Financial Professional for review and/or signature. Once the Financial Professional has completed their part, the document will be routed to the owner and annuitant (if different) for signature. If we need additional information, your home office annuity new business team will reach out to you. 

Please submit Annuity payments to:
Penn Mutual Life Insurance Company
Payment Processing Center
PO Box 9773
Providence, RI 02940-9773 Penn Mutual Life Insurance Company

Please direct all overnight mail for Annuity contracts:
The Penn Mutual Life Insurance Company
4400 Computer Drive
Westborough, MA 01581

FAQs and Resources

Financial Professional and Policyholder-focused FAQs
 

Updated April 2, 2020

Is COVID-19 affecting Penn Mutual’s underwriting guidelines?

Effective Thursday, April 2, 2020, we implemented the following temporary changes to our life insurance underwriting and new business guidelines for all cases not already approved or issued as noted on InSight.

  • Postponing any applications on individuals with an insurance age 70 and older
  • Postponing any applications on individuals of any age rated worse than a Table Four
  • Suspending acceptance of funds from external replacements in excess of $250,000 gross cash value
  • Suspending the following programs until we have clarity on the pandemic’s impact:
    • Table Four to Standard Fold In Program
    • Survivorship Whole Life Rate Class Upgrade 
    • Lifestyle Credit Program

We are making these changes after careful consideration of the potential business disruption. We expect to re-visit these and other changes as we gain better insight into the impact of the COVID-19 pandemic. More details.
 

I am an existing Penn Mutual policyholder and I have been directly impacted by COVID-19. May I pay my premium late? How do I find out if I can take a loan from my policy to cover COVID-19-related medical expenses?
We will work with those directly impacted by COVID-19 to assist with due dates of any and all policy provisions or other requirements including the submission of a claim or proof of loss, reporting of information, interest charges, or payment of funds. You can explore loan provisions for your particular policy by contacting our life and annuity service team. For information or other assistance, please call us at 1-800-523-0650, Monday through Friday, from 8:30 AM to 6:00 PM, Eastern Time.

Will Penn Mutual pay death claims on policyholders impacted by COVID-19?
Yes. Penn Mutual life policies do not exclude death due to a pandemic.

Can I be confident in Penn Mutual’s ability to pay all death claims they receive?
Yes. Penn Mutual has been keeping its promises for 173 years. We have an outstanding record of strong financial performance, high quality products and a reputation for standing behind our policies.

Questions about COVID-19’s impact on markets and the economy?
Penn Mutual Asset Management (PMAM) is your best source for timely perspectives on the economy, markets, and investing. Last week’s blog post, COVID-19, Extreme Volatility, Fed Emergency Rate Cut, reached thousands of subscribers with insightful historical context, relevant observations and compelling takeaways. We encourage you to subscribe to PMAM publications.


 

Updated March 30, 2020

Life Insurance Processing

How can a financial professional deliver a paper policy (non-ACE) to clients? 
Please include the preferred email addresses for the Financial Professional as well as the owner and insured (if different) with the Issue Instructions. Policy contracts will be delivered by DocuSign to the Financial Professional for review and/or signature. Once the Financial Professional has completed their part, the document will be routed to the owner and insured (if different) for signature. If we need additional information, your home office account manager will contact you. Click here for detailed instructions.

How can I collect the initial premium from my client for paper policy delivery?
For term insurance contracts, the policy owner will be directed to the Client Portal registration. To register for their Client Portal account, your client will need to enter their policy number, which appears on the front of the policy pages. After they register successfully, they can pay their initial premium via e-pay. 

For clients who do not have access to e-pay or for life products not currently available for e-pay, physical checks for life insurance contracts may be mailed directly to these addresses: 

REGULAR MAIL:    
Penn Mutual Life
Payment Processing Center
PO BOX 7460
Philadelphia, PA  19101

OVERNIGHT MAIL:
The Penn Mutual Life Company
Lockbox # 7460
525 Fellowship Road, Suite 330
Mt. Laurel, NJ  08054-3415

Do we have an electronic method to have a policy owner complete our Penn Check agreement form?
Yes, we are making the fillable form available via our DocuSign workflow. The financial professional or field office may email this form to the policy owner.  We will not require that a voided check be attached. Please contact your home office account manager or Client Services at 800-523-0650.

What if the Financial Professional still wants a paper contract for wet signature delivery?
As a result of ongoing developments, effective immediately, we are sending policy packages for all paper policies via e-delivery. Please begin to include the email addresses for the Financial Professional as well as any other signature parties (insured, owner, payor, etc.) when submitting issue instructions. For cases where issue instructions have already been submitted, we will reach out to obtain the correct email addresses prior to policy mailing. If the Financial Professional prefers, you may print locally from InSight and hand deliver it to your client for wet signature. All signed delivery requirements should be returned to the home office using the following address:

Penn Mutual
Life New Business Processing
PO BOX 178
Philadelphia, PA 19105

What if my client needs to stop their Penn Check draft? 
Please have your client call our Client Service line at 800-523-0650 and we can assist with the payment change. The Financial Professional can see an alert for any late payments and can view any correspondence that may have been triggered to the client.

What if my client’s Penn Check draft is returned for insufficient funds?
Penn Mutual is notified whenever a draft errors for insufficient funds. We notify the client by letter and we update the billing mode from automatic draft to a quarterly mode. We will be extending grace periods by a minimum of 60 days to allow our policy owners more payment flexibility. Financial professionals receive an alert for this activity and can view the related correspondence on InSight. 


Annuity Contracts

How does a Financial Professional deliver an annuity contract to clients?

We use the same DocuSign workflow for our life paper policies and our annuity contract delivery. Please include the preferred email address for the Financial Professional as well as the owner and annuitant (if different) with the application submission. Contracts will be delivered via DocuSign to the Financial Professional for review and/or signature. Once the Financial Professional has completed their part, the document will be routed to the owner and annuitant (if different) for signature. If we need additional information, your home office annuity new business team will reach out to you. 
 

Please submit Annuity payments to:
Penn Mutual Life Insurance Company
Payment Processing Center
PO Box 9773
Providence, RI 02940-9773 Penn Mutual Life Insurance Company

Please direct all overnight mail for Annuity contracts:
The Penn Mutual Life Insurance Company
4400 Computer Drive
Westborough, MA 01581


Updated March 23, 2020

Suspension of Fixed Annuity Sales Effective March 23, 2020
Due to the unprecedented economic environment, Penn Mutual indefinitely suspended new sales of the following fixed annuity products effective Monday, March 23. Click here for more information on this annuity product update


HTK and Client-focused FAQs

 

How is HTK supporting financial professionals and clients? 
Our service model allows us to support the operations of our financial professionals and clients remotely when and if needed. In addition, we are actively reviewing updates and contingency plans from our technology and service partners, including our core platform providers, BNY Mellon’s Pershing and Envestnet.

As always, HTK is available if you have trading, account or business processing questions. Please feel free to call us at 800-873-7637.

Are there investment-related resources available? 
We understand that market volatility in the wake of COVID-19 can be unsettling. HTK has resources available from our product sponsors and investment partners for you to share with your clients.

What do I need to know about processing business with HTK during this time?
HTK continues to remain fully operational. In order to ensure prompt processing of HTK business during this time, HTK strongly encourages you to use ACHs, federal fund wire transfers or mobile check deposits in lieu of mailing payments. If you must mail payments, please mail checks to Pershing (for accounts held at Pershing) or to the product sponsor (if held directly). Please do not mail checks to the HTK home office in Horsham, PA until further notice. Please reference this guide for more information on processing business with HTK during the COVID-19 pandemic.


We are here to support you, your office and your clients. If you have any questions or need assistance, please contact htkfieldservice@htk.com or 800-873-7637.