ING's U.S. Insurance division has introduced a new service -- the ING Global Life Concierge Program -- to help agents, employers and policy-holders navigate the details of the ING Indexed Universal Life-Global Plus as well as Self-Owned Life and Retirement (S.O.L.A.R.) insurance arrangements.
ING IUL-Global Plus is a life insurance product designed to fit the needs of employers with a S.O.L.A.R. insurance arrangement. S.O.L.A.R. insurance arrangements have gained popularity in recent years. These arrangements provide employees with supplemental retirement income through a cash-value life insurance policy, in addition to providing death benefit coverage. Employers are increasingly adding them to compensation packages as a way to reward and retain valued talent. These benefits differ from corporate-owned life insurance (COLI) arrangements in that an employee, as opposed to the employer, owns the policy.
In times of tax uncertainly, a benefit that provides tax advantages can have great appeal. With S.O.L.A.R. insurance arrangements, an employer can pay for all or some of the annual premiums, which may be tax-deductible for the business. In addition, these arrangements may provide employees with tax-deferred wealth accumulation and supplemental retirement income and death benefits. There is growing evidence that spending, especially for executives, will not be much lower in retirement than it is in their working years. Given this, the potential for supplemental retirement income can be a highly valued benefit for key executives.
To enhance the experience for ING IUL-Global Plus and S.O.L.A.R. insurance arrangement customers, ING's Global Life Concierge Program was designed to support agents and their clients with ING IUL-Global Plus policy questions, specifically those involving retirement income distributions and tax considerations.
"The goal of our new Global Life Concierge Program is to deliver a 'white glove' experience by guiding customers through the more nuanced aspects of ING IUL-Global Plus," said Daniel Mulheran, president of retail life distribution, ING U.S. Insurance. "Agents and their clients will appreciate the personalized support that comes with this service, while employers can leverage it as an added benefit for their most valued employees. The program is another example of how ING examines the needs in the market and develops solutions that set a higher standard."
The Global Life Concierge Program offers access to a dedicated, trained service team that can help agents and their clients plan for retirement income distributions while considering relevant tax consequences. The team, which does not provide financial advice, will provide customized distribution calculations, addressing questions on premiums, loans, illustrations and how to maximize distribution income. Support also involves annual policy reviews, illustrations and assistance in establishing and monitoring the distribution process.
The ING Global Life Concierge Program is available to customers of ING's Indexed Universal Life-Global Plus (ING IUL-Global Plus) issued by Security Life of Denver Insurance Company.
For more information on ING executive benefits, (S.O.L.A.R.) insurance arrangements or the ING Global Life Concierge Program, please call (866) 464-7355 and select option 4.
ING IUL-Global Plus, policy form series #1182-12/10 with an equity indexed feature, varies by state and may not be available in every state. It is issued by Security Life of Denver Insurance Company (Denver, CO), a member of the ING family of companies.