NU Online News Service, July 21, 2003, 3:39 p.m. EDT – The Atlanta-based U.S. arm of ING Groep N.V., Amsterdam, has introduced the TermSmart-30, and TermSmart*NY-30 life insurance policies.
The policies guarantee that premiums will remain level for terms of 30 years. ING already issues similar term life policies with terms of five, 10, 15 and 20 years.
ING is writing the new policies through its Security-Connecticut Life Insurance Company and ReliaStar Life Insurance Company of New York units.
The new policies come with five underwriting classes and four rate bands, including a rate band for customers who buy more than $3 million in coverage.
Conversion options allow policyholders to convert to fixed or variable-universal life insurance policies without evidence of insurability.