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ING Unveils Financial Institution Term Product

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An insurer is trying to boost sales of life insurance through banks and credit unions.

The Minneapolis-based U.S. arm of ING Groep N.V., Amsterdam, has introduced the ING Instant Term policy.

ING’s ReliaStar Life Insurance Company unit will sell the policies through designated branch employees, ING says.

Eligible customers get coverage on the spot, without undergoing medical exams or lab tests, by going through a simplified underwriting process at the branch, ING says.

Customers can choose level-premium terms of 10, 15, 20 or 30 years.

The policies can provide up to $250,000 in coverage.