Penn Mutual has launched two new universal life products- the Accumulation Builder Flex Index Universal Life (IUL) and Diversified Advantage Variable Universal Life (VUL).

The introduction of two products further bolsters its product portfolio and will offer policyholders will flexible allocation options.

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The Accumulation Builder Flex IUL is a flexible death benefit solution. It offers tax benefits, guaranteed downside protection and a minimum of 1% interest growth.

Customers can choose from five diverse indexed account options designed for different market scenarios.

The other product, The Diversified Advantage VUL, is designed to offer more diversification and flexibility to the customers enabling them to allocate to multiple investment options.

Penn Mutual vice-president of product development and pricing Heather Yonosh said: “By innovating these two products, we are providing our advisers with a suite of offerings that can help them better serve clients.

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“The needs of clients across different demographics and risk tolerances are constantly changing.

“It’s incumbent upon our business – and industry – to arm our adviser force with strategies that ultimately bolster a client’s financial objectives, can provide retirement planning benefits, and leave behind a legacy for future generations.”

Based in Pennsylvania, Penn Mutual offers its products and services to individuals, families and businesses through a network of advisers.

It also has a subsidiary- Hornor, Townsend & Kent, which supports advisers with retirement and investment services.