ING introduces unique life product for employees

The policy also offers a select loan option, which allows the policyholder to take a loan — at a fixed interest rate of 6% per year — from the policy and use it to pay the income taxes owed on the compensation paid by the employer. The loan amount remains in the fixed or indexed strategy, so the cost of borrowing for taxes could eventually be partially or totally offset by the amount of interest credited to the account.

“Some traditional nonqualified plans simply aren’t getting the job done in today’s environment,” says Kurt Fasen, senior vice president and head of Insurance Sales Support at ING. “Employers want to get rid of the complexity associated with these plans and employees want more control over their retirement benefits. S.O.L.A.R. Insurance Arrangements are simpler for the employer, and it puts the insurance policy in the hands of the employee.”

For more information, www.ing.com/us.