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ING Makes VA Guarantee Feature More Flexible

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An insurer is letting purchasers of a variable annuity income rider put more of their contract value in stock funds.

ING U.S. Financial Services, West Chester, Pa., a unit of ING Groep N.V., Amsterdam, says new holders of many of its variable annuity minimum guaranteed income benefit riders now can invest all contract value in any investment options available through the contracts.

From August 2006 to April of this year, ING U.S. required MGIB rider purchasers to invest 20% of the contract value in a fixed fund, the company says.

The old fixed fund allocation requirement remains in effect for the company’s ING LifePay and ING Joint LifePay variable annuity contracts.