ING introduces ROP term life insurance
ING has introduced ING Return of Premium Term life insurance. Issued by ReliaStar Life Insurance Company, ING Return of Premium Term offers individuals valuable death-benefit protection from term life insurance with the ability to get all of their premiums back at the end of the policy’s term (excluding flat extras).
“This type of term insurance appeals to people who are concerned about buying a product they think they may never need,” said Jim Gelder, president of ING Life Distribution. “At the end of the level term period, they get back what they’ve paid for the policy. For many people, it is like buying a home versus renting an apartment.”
Like traditional term life insurance, return of premium term life insurance offers a fixed death benefit with a level policy premium for a pre-determined period of time, typically 15, 20 or 30 years. Additionally, many term policies offer the ability to convert the policy to a cash-value life insurance policy without medical testing or other proof of insurability. Unlike traditional term, return of premium term policy holders build up a cash value, which will equal the full amount of insurance premiums paid should the policy holder keep the policy through the term length.
With two return of premium options, basic and enhanced, ING ROP Term offers a generous return of premium schedule should a client surrender the policy before the full term.
Other features of the ING ROP Term:
- Guaranteed level premium term for 15, 20 or 30 years.
- Conversion option to a cash-value policy up to the age of 80 without evidence of insurability.
- No policy fee.
- A loan feature, providing the ability to borrow from the cash value.
- Six underwriting classes including new “Select No Tobacco,” featuring minimum age of 0.
- Reduced paid-up benefits (not available in all states).
- Competitive age/amount requirements and criteria for “select preferred” and “super preferred” classes.
“In addition to the death benefit protection, return of premium term life insurance can serve as a vehicle for college financing, mortgage funding, business planning or a variety of other purposes,” said Gelder.
ING U.S. Financial Services
Phil Margolis, 860-723-4783
ING Group 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 15 million customers across the nation. For more information, visit www.ing.com.