ING Suspends Guaranteed Universal Life (UL)
On October 17th 2012, Reliastar ING announced its plans to suspend all universal life products it issues that have secondary guarantees.
ING suspended it’s 25 and 30 year term insurance earlier in the year.
Why are carriers suspending their guaranteed universal life (UL)?
ING cited difficult economic times, low interest rates and Actuarial Guideline 38 (AG38) as a key reasons for its decision to suspend these products.
This news comes as several carriers have either pulled back or suspended universal life product with secondary guarantees. However, this is the first announcement we are aware of that specifically mentions AG38 as a primary reason behind a company’s decision to end a secondary guarantee benefit. ING will accept applications for new business until Friday November 2, 2012. All underwriting requirements will need to be received by December 13, 2012 and all policies must be placed by December 31, 2012.
What if I own an ING Term Policy?
Do you need coverage beyond your current term guarantee? If yes, call us for a consultation to determine your options.