ING Financial Solutions is marketing a new variable annuity that has one death benefit and a minimum guaranteed withdrawal benefit as standard features.
Called ING Select Opportunities Variable Annuity, the policy is issued by ING Life Insurance and Annuity Company, Windsor, Conn.
The insurer is a company of ING U.S., a subsidiary of ING Groep N.V., Amsterdam. ING Financial Solutions handles the company’s annuity and rollover business in the United States.
The policy offers passive investment options which the company says use index-tracking portfolios rather than actively managed portfolios, the company says. These options help keep management costs lower for investors, the insurer adds.
In addition, contract holders can get income for life that may never run out and may increase as they get older, the company says.
The policy is designed with baby boomers in mind, according to Lynne Ford, chief executive officer of ING Financial Solutions. Many boomers want upside potential plus some guarantees that they will have some money to last their lifetime, she explains, but they also hesitate to pay 3.5% or more in expenses for traditional VAs that have complex benefits.
All guarantees are based on the financial strength and claims-paying ability of the issuing insurance company, which is solely responsible for all obligations under its policies, the company says.