ING Releases New Annuity Product

October 3, 2005 (PLANSPONSOR.com) - ING has unveiled a new variable annuity, which the company said is designed to meet consumer demand.

An ING news release said it is introducing ING Simplicity through its retail annuities business group.

According to the announcement, the new product offers:

  • integrated living and death benefit
  • simplified investment options: four asset allocation fund-of-funds with built-in diversification and upside potential that are tailored to risk tolerance
  • streamlined benefits means a streamlined prospectus and single-page¬†application.

“ING Simplicity was designed to appeal to investors who are interested in risk protection and savings growth in a convenient, straight-forward package,” said Ann Cutts, senior vice president and head of business development for ING Retail Annuities Business Group, in the news release.

Financial professionals interested in more information should call: 888-4ING123

Annuity Survey

Meanwhile, a new ING study of American investing habits and goals shows that nearly half of Baby Boomers earning at least $50,000 a year like the benefits offered by annuities, but 42% of respondents say they are intimidated by the products.

The study, conducted along with research firm Roper Public Affairs, found that Baby Boomer women are particularly interested in the benefits of annuities. Nearly six in 10 Boomer women surveyed agree with the statement “protecting my retirement savings from loss is important, but I also want to be able to grow my savings.” Four in 10 men agreed.

The study also showed that nearly 70% of respondents believe annuities can provide a reliable savings source for income in retirement, though 46% say they do not know enough about the products to decide whether or not they are a good investment.

The results highlighted in this report are based on telephone interviews conducted from September 16 to 20, among a nationally representative sample of 500 Baby Boomers (adults age 40-59) with an annual household income of $50,000 or more in the contiguous United States.

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