The ING Life Companies have introduced a new life insurance product, Self-Owned Life and Retirement — or S.O.L.A.R. — Insurance Arrangements.
The product provides life insurance for key employees and is funded through employer contributions, after-tax employee contributions or a combination of both. The benefit is employee-owned, which can reduce risk for the employer, and can be used to supplement the employee’s retirement income in the future.
The insurance arrangements are backed by ING’s new Indexed Universal Life-Global Plus policy. Policyholders have death benefit protection and can choose between a fixed or indexed strategy. The indexed strategy credits interest based on a formula that uses a portion of the two better-performing of three indexes, the S&P 500, the EuroSTOXX 50 and the Hang Seng, looking back over a five-year period.