NU Online News Service, Feb. 18, 2:26 p.m. – The U.S. arm of the ING Groep N.V., Amsterdam is responding to customers’ worries about investment risk by introducing a new universal life insurance policy, the ING Guaranteed Premium Universal Life policy.

The new ING UL policy, which has a minimum face amount of only $100,000, includes a conversion option. A purchaser can use the option to exchange the UL policy for a variable-universal life policy without evidence of insurability.

Holders of UL policies let the insurers that write the policies manage the investments.

Holders of VUL policies can participate in the ups and downs of the stock and bond markets by putting policy assets in portfolios that resemble mutual funds.

VUL policies were hot in the 1990s, when the U.S. stock market was booming, but now consumers seem to be more interested in the stability that UL policies can provide, ING says.

ING is selling the new UL policy through independent insurance agents and writing it through its ReliaStar Life Insurance Company subsidiary.