ING introduces instant-issue term life insurance to be sold at banks and credit unions
ING today announced that it has introduced ING Instant Term, term life insurance available for immediate issue that will be sold through bank and credit unions. The company says it aims to create an easier way for low- and middle-income customers to buy life insurance. According to a study by LIMRA International1, 26 percent of U.S. households with less than $75,000 of household income have no life insurance coverage at all. That figure rises to almost 50 percent for households that make less than $35,000.
With ING Instant Term life insurance, which is issued by ING’s ReliaStar Life Insurance Company, individuals interested in a policy see designated branch staff at a participating financial institution and answer a series of quick questions about themselves and their medical history. No medical exams or lab tests are required. Customers who qualify will leave their financial institution’s branch with their policy in-hand.
“As a nation, our population is underinsured, with just two-thirds1 of individuals owning a life insurance policy,” said Alan S. Lurty, head of commodity products for ING’s U.S. Life Business Group. “The ING Instant Term product makes it easier for a person to walk into a branch uninsured or underinsured, and if they qualify, walk out with a policy that can help protect a family’s financial security.”
Many Americans procrastinate buying life insurance
LIMRA’s study suggests that easier access might help insurance ownership given that procrastination is a leading cause of a lack of coverage. According to the report, for those who said that they might buy life insurance in the near future, 60 percent of respondents said that they simply “haven’t gotten around to it.” Thirty-four percent replied that they had never been approached to purchase life insurance1.
Lurty commented, “The simplicity and speed of the process will make it easier for banks and credit unions to offer insurance to their customers. In turn, that makes it that much easier for the average American to obtain a policy.”
Available for periods of 10, 15, 20 or 30 years, ING Instant Term life insurance has premiums that are guaranteed to remain level during that period*. After the level term period, coverage can continue until age 95 with annually increasing premiums. Customers can choose coverage of up to $250,000 (certain restrictions apply to applicants over 50 years old).
ING Instant Term life insurance policies, form# 1178R, are issued by ReliaStar Life Insurance Company, and will also soon be available in New York and be issued by ReliaStar Life Insurance Company of New York, members of the ING family of companies. The policies may vary by state, and may not be available in every state.
Individuals wanting to learn more information about life insurance, including a life insurance needs calculator, may visit ing.com/us/lifeinsurance.
Financial institutions interested in offering ING Instant Term can contact Al Lurty at 610-425-
3868, or firstname.lastname@example.org.
* All guarantees are based on the financial strength and claims paying ability of ReliaStar Life Insurance Company or ReliaStar Life Insurance Company of New York, who are solely responsible for all obligations under their policies. Nor are policies insured by any federal government agency.
Philip Margolis, 860-723-4783, email@example.com
ING Groep N.V. is a global financial institution of Dutch origin offering banking, insurance and asset management to more than 60 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of more than 113,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.
In the U.S., the ING family of companies offers a comprehensive array of financial services to retail and institutional clients, which include life insurance, retirement plans, mutual funds, managed accounts, alternative investments, direct banking, institutional investment management, annuities, employee benefits, financial planning and reinsurance. ING holds top-tier rankings in key U.S. markets and serves more than 14 million customers across the nation. For more information, visit www.ing.com
1 LIMRA's U.S. Life Insurance Ownership Study measures trends in life insurance ownership and adequacy of coverage for the U.S. population. In the study released in 2005, 2,143 households comprising a total of 5,128 persons were interviewed about the types and amounts of life insurance owned by each household member.