ING Financial Solutions expands new solutions-based product suite

March 29, 2010 West Chester, PA. Share: Print Subscribe to Email Alerts

ING's U.S. operations, which merged its annuity and rollover businesses to form ING Financial Solutions last year, has added a simpler, lower-cost variable annuity to its new product suite. Earlier this year, the company introduced a multi-manager mutual-fund custodial account IRA program and a fixed annuity to the marketplace. The annuity products are issued by ING Life Insurance and Annuity Company.

"As the Boomer generation approaches retirement, there is no one-size-fits-all approach to planning a secure retirement income. How they get there and what it looks like will be quite different for each individual," said Lynne Ford, CEO of ING Financial Solutions. "With our new suite of annuity and non-annuity retirement products, we will offer financial professionals and their clients a broader range of retirement solutions to meet their varied needs."

This new product, called ING Select Opportunities Variable Annuity, offers many of the benefits and features of traditional variable annuities packaged together at a competitive price. The contract has one death benefit and a minimum guaranteed withdrawal benefit, both of which come standard with the product. With ING Select Opportunities, contract holders can get income for life that may never run out and may increase as they get older. Passive investment options utilizing Index-tracking portfolios rather than actively managed portfolios also help keep management costs lower for investors.

"Many Boomers want the upside of being in the market, but they also want some guarantees that they'll have money to last their lifetime," Ford said. "On the other hand, in today's market, many of the same individuals and their financial professionals are hesitant to pay 3.50 percent or more in expenses for the traditional variable annuities with complex benefits that have been offered on the market for years. ING Select Opportunities provides these investors and their financial professionals with a product that is easier understand and meets their need for some protection, without paying for some benefits that they may not need or want."

For more information, please contact your ING Financial Solutions wholesaler, the ING Financial Solutions Sales Team at (800) 344-6860, or ING Financial Advisers at (866) 201-3693.

Press inquiries

Philip Margolis, ING Americas, 580-580-2676 or phil.margolis@us.ing.com

About ING

ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in over 40 countries. With a diverse workforce of more than 110,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.

In the U.S., the ING (NYSE: ING) family of companies offers a comprehensive array of financial services to retail and institutional clients, which includes life insurance, retirement plans, mutual funds, managed accounts, alternative investments, direct banking, institutional investment management, annuities, employee benefits and financial planning. ING holds top-tier rankings in key U.S. markets and serves approximately 30 million customers across the nation. For more information, visit www.ing.com/US.

Clients should consider the investment objectives, risks and charges, and expenses of the variable annuity and its underlying variable annuity investment options carefully before investing. Clients should read the prospectuses for the variable annuity and underlying variable annuity investment options, which contain this and other information. Clients may obtain free prospectuses by calling their financial professional. Clients should read the prospectuses carefully before investing.

Variable insurance products are subject to investment risk, are not guaranteed and will fluctuate in value. In addition, there is no guarantee that any variable investment option will meet its stated objective. All guarantees are based on the financial strength and claims-paying ability of the issuing insurance company, who is solely responsible for all obligations under its policies.

Variable Annuity and registered fixed annuities are products are issued by ING Life Insurance and Annuity Company (Windsor, Conn.) and distributed by Directed Services LLC (West Chester, Pa.). ING Select Advantage IRA mutual fund retirement programs are distributed by ING Financial Advisers, LLC (member SIPC), One Orange Way, Windsor, Conn. 06095-4774, or other broker-dealers with which it has a wholesaling or selling agreement. ING Select Rate is a single premium deferred modified guaranteed annuity the offering of which is registered with the U.S. Securities and Exchange Commission. ING National Trust is the custodian for ING Select Advantage IRA Mutual Fund Custodial Accounts. All companies are members of the ING family of companies.

Variable annuities are long-term investments designed for retirement planning. They are a contract between you and an insurance company, under which the insurer agrees to make periodic payments to you. Additionally, variable annuities offer the opportunity to allocate premiums among fixed and variable investment options that have the potential to grow income tax-deferred, until an income stream begins. These payments, called annuity income, will begin either immediately or at a future date and a part of which may be the return of your premium or principal. This income is guaranteed by the issuing insurance company for a specified period of time or for the life of the annuitant.