Penn Mutual to Exit New York Market

Penn Mutual to Suspend Offering Life and Annuity Products in the State of New York

 Acting in the long-term best interests of all of its policyholders, Penn Mutual has made the business decision to suspend accepting applications for life and annuity insurance products in the state of New York. They remain committed to continuing to provide the highest level of service to existing New York customers. Product offerings in all other states are not impacted by this decision.

This decision will be implemented in two phases:

  1. After August 30, we will no longer accept any annuity applications in New York. Fixed and variable annuity contracts must be issued by the close of business on August 30, 2019, including 1035 exchanges.
  2. After December 31, we will no longer accept any life insurance applications in New York. Life insurance policies must be issued by the close of business on December 31, 2019, including 1035 exchanges.

Please don’t hesitate to contact our office at 631-473-7244 with any questions.

Posted in Uncategorized