Security Life of Denver Insurance Company has started selling a universal life insurance policy with a no-lapse death benefit guarantee.
ING U.S. Financial Services, Minneapolis, the parent of Security Life, says the new ING Guaranteed Death Benefit Universal Life policy gives purchasers the ability to customize the duration of a no-lapse death benefit guarantee period.
The period is available for all issue ages and can extend to the end of the purchaser’s life, according to ING U.S., which is a unit of ING Groep N.V., Amsterdam.
ING U.S. is offering a select no tobacco underwriting class and full compensation for ING term conversions to the new UL policy during the first 5 policy years.
No UL policy premiums will be due after age 100, and all monthly deductions will cease at age 121, according to ING U.S.
Security Life is responsible for backing the product guarantees.