ING Revamps its Approach to Term Market
ING announced that it has revamped its approach to the term life insurance market. Among its initiatives, it has enhanced the pricing of its term products offered by its life companies to be consistently among the pricing leaders. In addition, the company introduced a new advertising campaign raising ING’s name in connection with term. ING also enhanced its tools for producers with a new quick calculator on its producer-focused web site.
“Term is a sizable segment of the life insurance marketplace. While we have always offered a term insurance, we haven’t emphasized that segment in a while,” said Jim Gelder, president of ING Life Distribution. “The message we’re sending is loud and clear. We’re back in the term market. Our term products are now so competitive, we not only moved forward, we took one giant leap to the front of the pack.”
ING’s advertising will feature individual customers and brokers who are “smiling” about ING term products. The ads about ING’s ultra competitive pricing and says that it is “poised to be among the leaders in the marketplace.” The ads will run in producer-focused trade publications and at conferences this fall.
ING’s term products, ING TermSmart and ING TermSmart*NY, are offered at 10, 15, 20 and 30-year terms. Other features include:
- Conversion options to select cash value policies issued by an ING life insurance company without evidence of insurability.
- Eligible for the table rating drop program after policy year 20
- Four different rate bands, including $3 million
- Five underwriting classes
ING TermSmart (policy form# 1177R), which is not available in N.Y., is issued by ReliaStar Life Insurance Company (not admitted in NY). ING TermSmart NY (policy form# 1177R NY), which is only available in New York, is issued by ReliaStar Life Insurance Company of New York. Both companies are members of the ING family of companies. Term products are available for distribution by independent insurance producers.
For more information about ING TermSmart and ING TermSmart*NY, life insurance producers should contact their ING representative or ING’s National Sales Support Team at 1-866-ING-SELL.
Phil Margolis, ING U.S. Financial Services 860-723-4783, firstname.lastname@example.org