Popular ING annuity withdrawal feature expands to match married couples' retirement income needs

August 31, 2006 Atlanta Share: Print Subscribe to Email Alerts

ING has announced it has added a spousal withdrawal benefit to the family of ING Variable Annuities. The new ING Joint LifePay withdrawal feature offers a guaranteed lifetime benefit for married couples, and it further expands the highly successful ING LifePay withdrawal feature for individuals that was introduced in November 2005. Both ING LifePay and ING Joint LifePay provide guaranteed minimum withdrawal benefits for life (GMWB-for-life) and are designed to convert savings into a reliable income stream for retirement years or other immediate income needs.

“As many married couples approach their retirement years, they’re searching for dependable income to support them through retirement, regardless of how long they both live—the new ING Joint LifePay feature accomplishes that,” explains Mike Buchholz, Senior Vice President & National Sales Manager—Independent Channel, ING Annuities. Buchholz said the ING LifePay is ING Annuities’ most successful product feature of recent years, reflecting its popularity as a solution to the much-cited Baby Boomer shift from saving and accumulation to creating dependable retirement income.

The flexibility that distributors and their clients enjoy with ING LifePay extends to ING Joint LifePay as well, according to Buchholz. For example, ING Joint LifePay provides a wide range of diverse investment choices within the annuity, allowing clients investment flexibility not typically available through most annuities. Unlike other GMWB-for-life options currently available, ING Joint LifePay annuity owners lock in increases in guaranteed income amount based on account value once each quarter before withdrawals begin, should the owner expect to continue saving before beginning withdrawals. Buchholz added that once a couple begins taking income from their ING Joint LifePay feature, the guaranteed income amount can be reset on an annual basis if the couple wishes, which provides further flexibility.
The new ING Joint LifePay feature further supports ING Annuities continuing focus on Solving America's Income Challenge, ING's approach to helping financial professionals and their clients identify realistic income solutions for retirement. ING Annuities has established itself as the premier provider of income solutions that financial professionals evaluate with their clients, identifying benefits and possible financial risks, all in the context of transitioning from retirement savings and accumulation to a dependable retirement income stream.

Press inquiries

Chuck Eudy, 770.980.5209, or, 770.490.6420 (mobile), or, chuck.eudy@us.ing.com

About ING U.S. Retail Annuities Group

ING’s U.S. Retail Annuities Group, a Top-10 seller of both fixed and variable annuities through financial professionals, strives to develop a broad range of innovative annuity products and services to serve the retirement and long-term financial needs of Americans. ING Annuities’ mission is to provide financial advisors the products, information and resources to help their clients build a solid foundation for their long-term financial goals, particularly retirement.

About ING

ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of over 119,000 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 over 14 million customers across the nation. For more information, visit www.ing.com.