ING updates ING TermSmart to Make it Easier for Consumers and Producers
ING lowers pricing, eases underwriting requirements, and enhances product features
PRNewswire
MINNEAPOLIS
Jun 28, 2006
ING today announced that it has made significant improvements to its ING TermSmart products, including lowering its pricing, adding an underwriting class, and liberalizing certain underwriting guidelines. ING TermSmart and ING TermSmart*NY are issued by ReliaStar Life Insurance Company and ReliaStar Life Insurance Company of New York.
"Our re-entrance into the term market is picking up steam and our competitors are paying attention," said Alan S. Lurty, senior vice president of commodity markets for ING's Life Business Group. "Our new pricing along with other improvements to the ING TermSmart products will unquestionably make these among the most competitive term life insurance products on the market."
Late in 2005, ING announced that it was looking to significantly increase its term life insurance business with more competitive pricing and the introduction of new products. The company recently announced that it introduced a new instant-issue product through banks and credit unions, and it indicated it will roll out additional term offerings later this year.
Among the changes to ING TermSmart and ING TermSmart*NY are: - Reduced rates in most ages and classes - Added a Select No Tobacco underwriting class making the product more flexible - Policy fee for $100,000-$199,999 face amounts of $60 is now commissionable - Decreased non-commissionable policy fee to $50 at $200,000+ face amounts - Liberalized our age and amount criteria - Eliminated cancer deaths and deaths of siblings as criteria for Super - Preferred and Preferred No Tobacco classes - Increased weight maximums, especially for women - Increased maximum cholesterol limit and now allow treated cholesterol for Super Preferred No Tobacco
ING TermSmart and ING TermSmart*NY, are offered at 10, 15, 20 and 30-year terms. The product can be converted to select cash-value policies issued by an ING life insurance company without evidence of insurability.
ING TermSmart (policy form# 1177R), which is not available in New York, is issued by ReliaStar Life Insurance Company (not admitted in NY). ING TermSmart*NY (policy form# 1177R NY), which is only available in New York, is issued by ReliaStar Life Insurance Company of New York. Both companies are members of the ING family of companies. Term products are available for distribution by independent insurance producers.
For more information about ING TermSmart and ING TermSmart*NY, life insurance producers should contact their ING representative or ING's National Sales Support Team at 866-ING-SELL.
* All guarantees are based on the financial strength and claims-paying ability of ReliaStar Life Insurance Company or ReliaStar Life Insurance Company of New York, who are solely responsible for all obligations under their policies. Nor are policies insured by any federal government agency.
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 over 50 countries. With a diverse workforce of about 115,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.
In the U.S. (NYSE: ING), the ING family of companies offer a comprehensive array of financial services to retail and institutional clients, which includes 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 15 million customers across the nation. For more information, visit http://www.ing.com/.
Press inquiries: ING U.S. Financial Services
Philip Margolis, 860-723-4783, phil.margolis@us.ing.com
SOURCE: ING U.S. Financial Services
CONTACT: Philip Margolis of ING U.S. Financial Services, +1-860-723-4783,
or phil.margolis@us.ing.com
Web site: http://www.ing.com/us