MINNEAPOLIS - ING has unveiled ING Instant Term to make it easier for low- and middle-income customers to buy life insurance.
According to a study by LIMRA International, 26% of U.S. households with less than $75,000 of household income have no life insurance coverage at all. That figure rises to almost 50% for households that make less than $35,000.
Here is how it works. Individuals interested in a policy see designated branch staff at a participating financial institution and answer a series of quick questions about themselves and their medical history. No medical exams or lab tests are required. Customers who qualify will leave their financial institution's branch with their policy in-hand.
"As a nation, our population is underinsured, with just two-thirds of individuals owning a life insurance policy," said Alan S. Lurty, head of commodity products for ING's U.S. Life Business Group. "The ING Instant Term product makes it easier for a person to walk into a branch uninsured or underinsured, and if they qualify, walk out with a policy that can help protect a family's financial security."
ING Instant Term life insurance policies, are issued by ReliaStar Life Insurance Company, and will also soon be available in New York and be issued by ReliaStar Life Insurance Company of New York, members of the ING family of companies. The policies may vary by state, and may not be available in every state.