ING Life Companies has introduced new no-lapse indexed universal life insurance products.
The first product ING Indexed Universal Life – Guaranteed Death Benefit is issued by Security Life of Denver Insurance Company.
The second product ING Indexed Universal Life – Guaranteed Death Benefit NY is issued by ReliaStar Life Insurance Company of New York.
The company said both products offer a guaranteed death benefit with the opportunity to earn an index credit linked, in part, to any increases in the S&P 500 1 (subject to a maximum index credit rate cap) while also providing protection from downside risk through a minimum interest guarantee.
According to the company, 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.
ING Life Distribution president Daniel Mulheran said their 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.
"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," added Mulheran.