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ING to offer new indexed life insurance products

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According to the Insurance Business Review, ING Life Companies recently announced two new indexed life insurance products, both featuring guaranteed death benefits. The two products are virtually identical, though one is designed to operate exclusively in the state of New York. The larger product will be distributed by Security Life of Denver, and New York's version will come via the ReliaStar Insurance Company of New York.

With these new products, company officials say they offer the stability of a guaranteed death benefit while allowing policyholders to enjoy the high potential yield of indexed investments.

"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," said ING Life Distribution president Daniel Mulhernan.

The policies will be indexed in the S and P 500, and will feature both a minimum interest rate and a cap on gains. The minimum interest rate protection, officials say, make the policy attractive even in uncertain economic times, allowing investors to conservatively but accurately calculate a base level of income on their investment.

According to a 2011 LIMRA study, just one in three Americans owned an individual insurance policy in 2010, and the average value of an individual life insurance policy decreased by $12,000. 

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