These products include: ING Indexed Universal Life – Guaranteed Death Benefit, issued by Security Life of Denver Insurance Company and ING Indexed Universal Life – Guaranteed Death Benefit NY, issued by ReliaStar Life Insurance Company of New York.
Both offer a guaranteed death benefit with the opportunity to earn an index credit linked, in part, to any increases in the S&P 500 (subject to a maximum index credit rate cap), while also providing protection from downside risk through a minimum interest guarantee.
With indexed universal life insurance, the guaranteed minimum interest rates feature provides downside protection for poor market performance, while the indexed strategy offers an upside crediting potential if markets perform well, a press release explained.
“Our new indexed life products can work well for clients who seek both strong growth potential to meet long-term financial needs as well as a death benefit guarantee,” said Daniel Mulheran, President of ING Life Distribution, in the announcement. “This product supercharges the potential for stronger long-term surrender values, giving clients financial flexibility to help meet future expenses such as college costs or retirement. The upside potential is paired with a death benefit guarantee, making these products a compelling solution for clients with a longer time horizon.”
Features of ING’s new indexed universal life insurance products include:
• Up to a lifetime (age 121) death benefit guarantee;
• Minimum death benefit of $50,000;
• Fixed and Indexed crediting strategies;
• Protection from downside risk through a minimum interest guarantee (2% for the Fixed Strategy and 1% for the Indexed Strategy);
• A one-year Point-to-Point S&P 500 Indexed Strategy with a 12% cap;
• Surrender charge period of 14 years;
• Select loans that may reduce out of pocket costs; and
• A range of riders, including accelerated benefit rider, additional insured rider, over loan lapse protection rider and waiver of specified premium rider.
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