Penn Mutual Life Insurance Co. has launched a variable universal life product.

The Diversified Growth VUL "is designed to maximize accumulation potential and ensure protection from significant financial risk, key considerations in today's economy," Penn Mutual said Tuesday.

The Horsham, Pa., company also said it has strengthened its other variable annuity products with enhanced optional riders designed to help maximize retirement income and protect income against inflation.

The variable annuities also offer more investment options.

Penn Mutual is the nation's second-oldest mutual life insurer.

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