The Penn Mutual Life Insurance Co. has introduced recent changes to its Guaranteed Term 10-15-20 product, offering guaranteed protection for a specific time period and flexibility to convert coverage, in whole or in part, to permanent life insurance, the company said.

The company, headquartered in Horsham, Pa., said with level premiums for periods of 10, 15 and 20 years, the product is a “cost-effective solution for individuals, families and businesses in need of life insurance protection.” The conversion flexibility, Penn Mutual said, gives policyholders “guaranteed protection to address current and future needs.”

Guaranteed Term 10-15-20 allows for conversion to any of the company’s permanent life insurance policies available at the time of conversion. When converting, policyholders have the option of choosing to convert in increments or in full, allowing them to maintain two different kinds of coverage, either simultaneously or in sequence, as needs and financial circumstances change. In addition, this product offers conversion credits on 12-month term base policy premiums, excluding policy fee.

Guaranteed Term 10-15-20 also offers other options and riders. The Children’s Term Rider allows policyholders to extend the term coverage to every child in their immediate family, while the Accidental Death Benefit Rider provides additional protection for beneficiaries if death occurs as a result of an accident. Additionally, the Disability Waiver of Premium Rider assures policyholders that their life insurance will be secure should they become disabled, the company said.