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ING Unit Product Returns Premiums

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ReliaStar Life Insurance Company is adding to the buzz in the market for term life products that can return premiums when the level-premium terms are up.

ReliaStar, Minneapolis, a unit of ING Groep N.V., Amsterdam, says its new ING Return of Premium Term life product comes with a rider that can help purchasers get their premiums back after terms of 15, 20 or 30 years.

Purchasers also can get cash back if they surrender policies before the end of the full term, and they also can borrow against the term policy cash value, ING says.

There is no policy fee, and holders have an option to convert to a traditional cash-value policy up to the age of 80 without evidence of insurability, ING says.

ReliaStar will use 6 underwriting classes, including a “Select No Tobacco” class, and the minimum issue age is 0, ING says.

Another insurer, Fidelity Life Association, Oak Brook, Ill., announced earlier this week that it would be selling a return-of-premium term life product of its own.