ING U.S. Introduces New Flagship Indexed Universal Life Insurance Product
ING U.S. announced today that its Insurance operations has launched a new “all-in-one” indexed universal life (IUL) product that includes potential for long-term accumulation and death benefit coverage for individuals and businesses. ING Indexed Universal Life – Global Choice (ING IUL-Global Choice), issued by Security Life of Denver Insurance Company, emphasizes choice and flexibility. Policyholders have four different crediting strategies available to them as well as the ability to allocate their premiums across the strategies. Also available are new options that hold particular appeal for executive benefit and premium financing programs.
“ING IUL-Global Choice is a versatile life insurance policy with cash-value accumulation potential designed to help individuals, executives and employers achieve their financial goals” said Daniel Mulheran, president of ING Life Distribution. “In this protracted and chronic low interest-rate environment, a product like this appeals to those who are seeking death benefit coverage and tax-advantaged cash-value accumulation. We know there’s a growing interest in the market for indexed products, and we believe the ING IUL-Global Choice policy uniquely addresses the needs of our distribution partners and their clients.”
Indexed universal life has emerged as one of the fastest-growing product segments of the insurance industry. Sales were up 29 percent during the first half of 2012 and represented just over 25 percent of all universal life (UL) sales, according to LIMRA industry data. Indexed life insurance products — which provide upside crediting potential if markets perform well along with protection against market downturns — are attractive to clients needing life insurance in today’s low interest rate environment and unsettled markets.
Another emerging trend driving IUL growth is the increasing popularity of self-owned life insurance as a way for employers to reward and retain key employees. ING IUL-Global Choice is a life insurance policy providing death benefits that may also help meet the retirement planning needs of executives. The product includes a rider, available for an additional charge, which allows policyholders early access to the cash value of the policy. This is an important feature for Self-Owned Life and Retirement (S.O.L.A.R.) insurance arrangements. In addition to providing death benefit coverage, S.O.L.A.R. insurance arrangements may also provide employees with supplemental retirement income through a cash-value life insurance policy. Employers are increasingly adding S.O.L.A.R. insurance arrangements to executives’ compensation packages. ING U.S. has seen a marked increase in the use of S.O.L.A.R. insurance arrangements in the past year.
The ING IUL-Global Choice policy provides three different indexed crediting strategies — the S&P 500® 1 1-year Point to Point Indexed Strategy, as well as 2- and 5-year Global Indexed Strategies. A Fixed Strategy is also available based upon a set interest rate. The Fixed Strategy rate is never less than the guaranteed minimum interest rate of 2 percent per year — set annually on the policy anniversary. The S&P 500® indexed crediting strategy measures the increases, if any, in the S&P 500® over a one-year time period. The Global Indexed Strategies credit interest based upon a formula that uses a portion of the two better-performing of three indexes looking back over a two- or five-year period.
As an added benefit, ING IUL-Global Choice customers have access to the ING Global Life Concierge Program that launched in March 2012 to support agents and their clients with policy questions, specifically those involving access to policy values. This high-touch service model helps ensure that customers are taking full advantage of the benefits available through ING IUL products.
“The Concierge Program helps our customers tap the full potential of ING IUL-Global Choice,” added Mulheran. “Since its launch seven months ago, this program has been embraced by our distribution partners and their clients for its hands-on customer support.”
ING IUL-Global Choice also offers the ability to take partial withdrawals and loans, and features optional riders such as accelerated benefit, early cash value, coverage for spouses and/or children, and disability waiver. These additional options further enhance the flexibility and choice that is available with the product.
For more information on ING IUL-Global Choice, contact ING U.S. at 866-464-7355 and select option 6.
ING IUL-Global Choice is a flexible premium adjustable universal life insurance policy that offers a death benefit to the beneficiaries of the policy and should be purchased to meet life insurance needs, while the policy cash values may be determined by reference to index-linked crediting strategies, such cash values support the death benefit offered under the policy. The policy is not a variable contract or an investment contract.
ING IUL-Global Choice contains index-linked crediting strategies whose calculations are based on external indexes. While policy values may be affected by the external indexes, the policy does not participate in any stock or equity investments.
This document is not intended to be a complete explanation of the policy, which must be consulted for restrictions, definitions and details.
ING IUL-Global Choice, policy form series #1186-09/12 has an equity-indexed feature, varies by state and may not be available in every state. It is issued by Security Life of Denver Insurance Company (Denver, CO), a member of the ING family of companies. Not available in New York. The policy contains index cap and index participation rates which are subject to change. All guarantees are based on the financial strength and claims paying ability of Security Life of Denver Insurance Company which is solely responsible for the obligations under its own policies.
1 The S&P 500® Index is an Index of the stock performance of 500 publicly traded companies that does not reflect the dividends payable on the underlying stocks. “Standard & Poor’s®,” “S&P®,” “S&P 500®” are registered trademarks of Standard & Poor’s Financial Services LLC and have been licensed for use by Security Life of Denver Insurance Company. The Policy is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the Policy.
ING U.S. constitutes the U.S.-based retirement, investment and insurance operations of Netherlands-based ING Groep N.V. (NYSE: ING). In the U.S., the ING family of companies offers a comprehensive array of financial services to retail and institutional clients, including retirement plans, IRA rollovers and transfers, stable value, institutional investment management, mutual funds, alternative investments, life insurance, employee benefits, fixed and indexed annuities and financial planning. ING U.S. holds top-tier rankings in key U.S. markets and serves approximately 13 million customers across the nation. For more information, visit http://ing.us.
The ING Life Companies and their agents do not give tax, legal, accounting or lending advice. This information is general in nature and you should seek advice from your tax and legal advisors regarding your individual situation.