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1. Why Life
InsuranceMyths
A new way
of looking
at life
First and
Center
approach
Life
Solutions
Your
Possibilities
The Complete Value
of Life Insurance
The information contained within this educational program is not to be considered specific financial, tax or legal advice. Depending on your individual situation,
products and strategies presented may not be appropriate. Not a guarantee of future performance of success. Life insurance and annuity contracts are subject
to certain terms, conditions and costs to maintain coverage. Always consult a qualified advisor regarding your individual circumstances.

2. Why Life
InsuranceMyths
A new way
of looking
at life
First and
Center
approach
Life
Solutions
Your
Possibilities

3. Life insurance is death
protection only.
Myth
Reality
choose one

4. Yes,
the reality is…
Along with the death benefit
protection, permanent life insurance
has living benefits.
Plus it builds cash value for
emergencies, college funding,
retirement, etc.
All guarantees are based on the claims paying ability of the issuer.
Policy loans and withdrawals will reduce the policy cash value and death benefit.

5. No,
the reality is…
Along with the death benefit
protection, permanent life insurance
has living benefits.
Plus it builds cash value for
emergencies, college funding,
retirement, etc.
All guarantees are based on the claims paying ability of the issuer.
Policy loans and withdrawals will reduce the policy cash value and death benefit.

6. You should buy life
insurance only after you
have started a family.
Myth
Reality
choose one

7. Yes,
the reality is…
Buying early helps lock in better rates
when you are younger and healthier.
The earlier you begin, your policy will
have greater cash value potential.

8. No,
the reality is…
Buying early helps lock in better rates
when you are younger and healthier.
The earlier you begin, your policy will
have greater cash value potential.

9. Buy it once and
you are all set
Myth
Reality
choose one

10. Yes,
the reality is…
As life evolves, so does your personal
and family’s financial needs.
Make sure your life insurance grows
with you.

11. No,
the reality is…
As life evolves, so does your personal
and family’s financial needs.
Make sure your life insurance grows
with you.

12. Why Life
InsuranceMyths
A new way
of looking
at life
First and
Center
approach
Life
Solutions
Your
Possibilities

13. are considered
underinsured
of U.S. households
or 35 million
LIMRA 2010 Study

14. households “at risk” for
retirement shortfalls
National Retirement Risk Index, Center for Retirement Research at Boston College

15. The Retirement Breach in Defined Contribution Plans, HelloWallet, 2013
took money out of their
401(k) before retirement

16. of Americans lack
emergency savings
Bankrate’s June 2011 Financial Security Index

17. above the inflation rate
over the past decade.
College education costs
have increased
5.6%
per year
The College Board, “Trends in College Pricing 2010”

18. The cost of healthcare
has increased
United States Department of Health and Human Services,
National Health Expenditures, 2013
over the past 20 years

19. And
much
more
A
comfortable
retirement
The start-up
of a new
business
A college
education
Many people are unaware of
how permanent life insurance
can help throughout their life.
It can be used to help people
achieve lifetime goals or with
unexpected emergencies.

20. Why Life
InsuranceMyths
A new way
of looking
at life
First and
Center
approach
Life
Solutions
Your
Possibilities

21. Living benefits build cash value to help achieve lifetime goals:
College education Starting a business Retirement Emergency funds
Permanent life insurance provides protection and possibilities
through death benefits and living benefits
All guarantees based on the claims paying ability of the issuer. Policy loans and withdrawals will reduce the policy cash value and death benefit.

22. Complete value of
permanent life Insurance
 Guaranteed protection
 Builds cash value
 Access cash value through
loan or withdrawals
 Creditor protected*
 Tax advantages
*May vary by state

23. Life insurance is a dynamic,
multi-purposed means of:
Providing the protection of a guaranteed
safety net for your loved ones.
Unlocking life’s possibilities and doing
more throughout your life.
Making an enduring impact that
transcends generations.

24. A sound financial plan puts life insurance first and center
Choose a solution
to learn more
Strengthens other financial
products
Helps fill in gaps with other
financial solutions if something
happens to you
Provides an alternative and
flexible option to access cash

25. Annuities
Supplement retirement income with
cash value from life insurance to
cover shortfalls or delay withdrawals.
Strengthens annuities by providing
flexibility on distribution options.
Strengthen all of your financial solutions.

26. Investments
Guaranteed protection and cash value
components of life insurance can help
allow one to take on more risk within
one’s investment portfolio.
Strengthens investments through the
added safety net of guaranteed protection
and cash value afforded through a life
insurance policy
Strengthen all of your financial solutions.
Investing involves risk, including loss of value of one’s investment.

27. Long-Term Care
Access the cash value or add a chronic
illness rider to life insurance to help
contain costs and ensure independence.
Strengthens long-term care with
added safety net for asset protection.
Strengthen all of your financial solutions.
The availability of access to benefit guarantees or values is not intended to provide long-term care insurance.
Life insurance benefit amounts are unrelated to the amount of charges incurred for the cost of care

28. Other Solutions
Access life insurance policy for
emergencies, cash shortages or
to supplement targeted goals,
such as retirement income.
Strengthens your 401(k) or
529 plans which are not easily
accessible.
Strengthen all of your financial solutions.

29. Disability Insurance
Access the cash value or add a
disability waiver to life insurance
to cover premiums and maintain
protection.
Strengthens disability benefits
to cover policy premiums so that
disability payments can be used
to meet other needs.
Strengthen all of your financial solutions.

30. Life Insurance First and Center:
Strengthens
a financial plan
Optimizes
other financial products
Enhances
a solution’s intended purpose
Permanent life insurance provides both death benefit
protection and possibilities through cash value.

31. Why Life
InsuranceMyths
A new way
of looking
at life
First and
Center
approach
Life
Solutions
Your
Possibilities

32. Term Life and
Permanent Life
“Term”
a time-based solution
similar to “renting”
“Permanent”
a lifetime solution
similar to “owning”

33. Term Life Permanent Life
Main Purpose
Coverage Duration
Builds Cash Value
Access to Cash Value
Cost
Short-term
Protection needs
Long-term protection plus cash
value accumulation to meet
financial needs and goals
Limited time — generally
5 to 20 years. Work
coverage typically ends
when employment does
Lifetime coverage as long as
premiums are paid
Not Applicable
Accumulates cash value
on a tax-deferred basis
Not Applicable Yes*
Lower in early ages,
increases with age, policy
length and health changes
Initially higher than term, but
becomes more cost effective
than term as you age
*Accessible through loans and withdrawals, certain limitations may apply to loans or withdrawals.
Policy loans or withdrawals will reduce the benefit and cash values and may be taxable .

34. Combine Term with Permanent Insurance for
Protection and Possibilities
 Supplement permanent life insurance with term
 Maximize protection for a specific time period
 Consider a term policy with conversion benefits
 Attain additional permanent insurance as needed

35. Consider permanent life insurance based on
your risk tolerance and growth potential
Risk Tolerance HighLow
Growth Potential Market-BasedGuaranteed
Whole Life
Universal Life
(UL)
Indexed Universal
Life (IUL)
Variable Universal
Life (VUL)
Policy guarantees are subject to the claims-paying ability of the insurer, and do not apply to the performance of variable life insurance underlying investment options.

36. Whole Life
“Keep it Safe”
 Guaranteed death
benefit and cash
value accumulation
 Maximum guarantees
and predictable
payments
 Long-term, low
risk tolerance
Risk Tolerance HighLow
Growth Potential Market-BasedGuaranteed

37. Growth Potential Market-BasedGuaranteed
Universal Life
(UL)
“Provide Flexibility”
 Lower cost potential
with flexible payments,
yet adjustable
 Protection guarantees
with cash value linked
to company’s current
interest rates*
 Low to medium
risk tolerance
Risk Tolerance HighLow
*Stated interest rates are subject to change.

38. Indexed Universal
Life (IUL)
“Add a Boost”
 Equal desire for
protection and cash
value accumulation
 Upside potential with
cash value linked to
market index*
 Strong downside
protection
 Medium risk tolerance
Growth Potential Market-BasedGuaranteed
Risk Tolerance HighLow
*Subject to participation and cap rates, including other limitations as defined within the contract. One cannot invest directly in an index.

39. Risk Tolerance HighLow
Growth Potential Market-BasedGuaranteed
Variable Universal
Life (VUL)
“Max My Upside”
 Strong desire for cash
value accumulation
 Upside potential with
cash value linked to
investment account
performance*
 Limited downside
protection
 Higher risk tolerance
*Variable investments are subject to market risk and may lose value.

40. Tips to Get Started in Life
 Starting with permanent and supplementing with
term
 The younger and healthier you are, the better the
rates and cash value opportunity
 Converting term life to permanent life over time
 Reviewing coverage and needs as life changes
 Staying on track with annual reviews

41. Why Life
InsuranceMyths
A new way
of looking
at life
First and
Center
approach
Life
Solutions
Your
Possibilities

42. Mary Smith: She chose Whole Life to “keep it safe”
Profile
Name: Mary Smith
Age: 45
Occupation: Attorney
Spouse: Michael, 41
Children: Lucas, 8 and
Cindy, 6
 Bought Flexible Choice
Whole Life at age 30 with
$500,000 death benefit
 $6,750 annual premium
Guaranteed Death Benefit
Guaranteed Cash Value
Age
45
Guaranteed
Cash Value
$109,000
Possible
emergency fund
Guaranteed
Death Benefit
$693,000
Age
50
Guaranteed
Cash Value
$161,000
Or for starting
a business
Guaranteed
Death Benefit
$739,000
Age
55
Guaranteed
Cash Value
$219,000
Or funding
college
Guaranteed
Death Benefit
$777,000
Age
60
Guaranteed
Cash Value
$283,000
Or for a
vacation home
Guaranteed
Death Benefit
$810,000
Age
65
Guaranteed
Cash Value
$354,000
Or supplementing
retirement
Guaranteed
Death Benefit
$838,000
Permanent Life Insurance Other Assets
Investments
Real Estate
401(k)
Savings
Age
30
The example above is for hypothetical illustrative purposes only and are not guarantees of future performance or success. Actual results will vary. Guaranteed cash value
assumptions are prior to making any loans or withdrawals. Policy loans and withdrawals may reduce the death benefit. The Penn Mutual Life Insurance Company offers
Flexible Choice Whole Life, which is shown above as Preferred Plus rate class; Premium with base and Supplemental Paid-Up Additions Rider. Products or features may
not be available in all states. Policy form numbers TL-08(S) and TL-08(U). Policy guarantees are based on the claims-paying ability of the insurer.

43. Janet Hall: She got started early in life and now has an advantage
Profile
Name: Janet Hall
Age: 40
Occupation: Nurse
Practitioner
 Started early in her career, buying
a whole life policy at age 25
 $300,000 guaranteed death benefit
 $2,106 annual premium payment
Guaranteed
Death Benefit
Guaranteed
Cash Value
Permanent Life Insurance
The example above is for hypothetical illustrative purposes only and are not guarantees of future performance or success. Actual results will vary. The
Penn Mutual Life Insurance Company offers Flexible Choice Whole Life, which is shown above as Preferred Plus rate class; Premium with base and
Supplemental Paid-Up Additions Rider. Products or features may not be available in all states. Policy form numbers TL-08(S) and TL-08(U).
Policy guarantees are based on the claims-paying ability of the insurer. Guaranteed values assumes no outstanding loans or withdrawals.
Profile
Name: Lisa Jones
Age: 40
Occupation: Account
Manager
 Bought whole life policy at age 40
 $161,500 guaranteed death benefit
 $2,106 annual premium payment
Guaranteed
Death Benefit
Guaranteed
Cash Value
$300,000
$218,100
Age
85
$120,600
Age
65
$43,500
Age
45
Age
25
$161,500
$112,245
Age
85
Permanent Life Insurance
$53,457
Age
65
$5,814
Age
45
Age
25

44. Ken Kline: Had term coverage through employer
Profile
Name: Ken Kline
Age: 41
Occupation: Regional Sales
Manager
Spouse: Carrie
Children: Emily, 5 and
Caiden,2
 Term insurance policy of
two times his salary
provided by his employer
 Recently downsized and
currently has no
insurance coverage
Age
45
Term Life Insurance
Age
25
The example above is for hypothetical illustrative purposes only and are not guarantees of future performance or success.
Actual results will vary.
Age
40
Age
30
Age
35
Death Benefit $185,000
Cash Value $0
Ken didn’t realize that
his term poliy ended
with his employment.

45. Investors should consider the investment objectives, risks,
charges, and expenses of a variable insurance product
carefully before investing. Please carefully read the
prospectuses for the relevant variable insurance product
and its underlying investment options, which contain this
and other information about the product. You can obtain a
prospectus from a Penn Mutual financial professional.
© 2013 The Penn Mutual Life Insurance Company, Philadelphia, PA 19172 www.pennmutual.com A3CD-0228-02E3