ING Adds Variable Annuity to New Product Suite

The new product, called ING Select Opportunities Variable Annuity, is designed to offer the benefits and features of traditional variable annuities packaged together at a competitive price, according to a press release. The contract has one death benefit and a minimum guaranteed withdrawal benefit, both of which come standard with the product.       

Earlier this year, the company introduced a multi-manager mutual-fund custodial account IRA program and a fixed annuity to the marketplace. The annuity products are issued by ING Life insurance and Annuity Company.      

With ING Select Opportunities, passive investment options utilizing Index-tracking portfolios rather than actively managed portfolios also help keep management costs lower for investors.       

“As the Boomer generation approaches retirement, there is no one-size-fits-all approach to planning a secure retirement income. How they get there and what it looks like will be quite different for each individual,” said Lynne Ford, CEO of ING Financial Solutions, in the announcement. “With our new suite of annuity and non-annuity retirement products, we will offer financial professionals and their clients a broader range of retirement solutions to meet their varied needs.”