ING Offering New Life Insurance Product
ING comes through again with a new, innovative and beneficial product for their customers. The ING Life Companies are looking to solve a common problem for employers with their new life insurance product. They plan to give employers a way to recruit top talent by helping their employees prepare better for retirement.
Their new concept is called Self-Owned and Retirement (SOLAR) Insurance Arrangements and it puts a life insurance policy in the hands of certain employees funded through employer contributions, after-tax employee contributions or both.
There are numerous benefits to this new life insurance product such as helping to reduce the risk to the employer and offering more flexibility for the employees. An important part of the new product is that the employee can borrow from a life insurance policy to assist in paying the employee's income taxes according to the press release from ING found on PR News Wire.
Kurt Fasen, senior vice president and head of Insurance Sales Support, ING says traditional plans are not meeting the needs of consumers in today's economic environment. Companies are looking to reduce or eliminate the complex plans out there and they want to give employees more control over their future finances for retirement.
SOLAR aims to be simpler and puts more power in the hands of the employee. It truly benefits both parties and is sure to be a well respected model for other life insurance providers going forward.