WEST CHESTER, Pa., June 14 /PRNewswire-FirstCall/ -- With the goal of expanding its available suite of solutions to help consumers better prepare for retirement, ING introduced two new registered fixed-index annuities to the marketplace today. ING Select Multi-Index 5 and ING Select Multi-Index 7, both modified single-premium deferred annuities issued by ING Life Insurance and Annuity Company, offer an alternative to traditional fixed annuities through an index strategy that can link a client's potential for annual growth to the performance of up to four well-known market indexes.
Investors who purchase ING Select Multi-Index 5 or ING Select Multi-Index 7 are given the choice to link their annual interest crediting, in part, to any combination of the S&P 500 Index®, S&P MidCap 400 Index®, Russell 2000 Index® and EURO STOXX 50 Index® as well as a fixed-rate strategy. Investors are not invested directly in these indexes.
"Now more than ever, baby boomers are being cautious with their retirement savings, but many want more upside potential than what they can earn from many traditional fixed investments without risking their principal," according to Lynne Ford, CEO of ING Financial Solutions, "ING Select Multi-Index 5 and ING Select Multi-Index 7 give both downside protection and some upside potential to benefit from market gains. With multiple indexes and the ability to choose the mix of how the money is allocated, these products can fit well with a variety of retirement portfolios," she added.
In late 2009, ING's U.S. operations merged its annuity and rollover businesses into a new business unit called ING Financial Solutions. ING Select Multi-Index 5 and ING Select Multi-Index 7 were developed as part of a suite of simpler retirement solutions began rolling out earlier this year. Since then, several new solutions-oriented products, including a multi-manager mutual fund custodial IRA account, a registered fixed annuity, and a lower-cost variable annuity, have been introduced.
ING will still continue to offer non-registered fixed index annuities issued by ING USA Annuity and Life Insurance Company and ReliaStar Life Insurance Company of New York. According to Ford, the new products complement the company's current fixed-index offering. "The expertise we have gained in the non-registered fixed-index market has allowed us to identify new opportunities for our registered products where our non-registered products are not being sold. Offering registered fixed-index annuities gives us products that we can make available to many banks and full-service brokerage firms, which are looking for more conservative solutions for their clients in this challenging environment."
For more information, please contact an ING Financial Solutions wholesaler, the ING Financial Solutions Sales Team at (800) 344-6860, or ING Financial Advisers at (866) 201-3693.
ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in more than 40 countries. With a diverse workforce of about 107,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.
ING has announced that it will move towards a complete separation of its banking and insurance operations. This will be achieved by the end of 2013 by a divestment of all Insurance operations (including Investment Management).
In the U.S., the ING (NYSE: ING) family of companies offer a comprehensive array of financial services to retail and institutional clients, which includes life insurance, retirement plans, mutual funds, managed accounts, alternative investments, direct banking, institutional investment management, annuities, employee benefits and financial planning. ING holds top-tier rankings in key U.S. markets and serves nearly 30 million customers across the nation. For more information, visit www.ing.com/us.
ING National Trust is the custodian for ING Select Advantage IRA Mutual Fund Custodial Accounts. ING Select Advantage IRA mutual fund retirement programs are distributed by ING Financial Advisers, LLC (member SIPC), One Orange Way, Windsor, CT 06095-4774, or other broker-dealers with which it has a wholesaling or selling agreement. Annuities are issued by ING Life Insurance and Annuity Company (ILIAC) (Windsor, CT), ING USA Annuity and Life Insurance Company (Des Moines, IA) and ReliaStar Life Insurance Company of New York (RLNY) (Woodbury, NY). Within New York, only ILIAC and RLNY are admitted and their products offered. Registered annuities are distributed by Directed Services LLC (DSL). Other securities are offered through DSL. All are members of the ING family of companies.
ING Select Multi-Index 5 and ING Select Multi-Index 7 (contract form series IU-IA-3089 and IU-IA-3090) are modified single premium deferred annuities, the offering of which is registered with the U.S. Securities and Exchange Commission. Read the contract for complete details. The products and their features may not be available in all states and are subject to change.
Investments are subject to market risk, are not guaranteed and will fluctuate in value. All guarantees are based upon the financial strength and claims-paying ability of the issuing company, which is solely responsible for all obligations under its contracts.
Fixed-index annuities are long-term investments designed for retirement planning. They are a contract between an individual and an insurance company, under which the insurer agrees to make periodic payments to you. Fixed-index annuities offer a minimum guaranteed contract value and the option to select one or more fixed or index-linked interest-crediting strategies.
IRAs and other qualified plans already provide tax-deferral like that provided by an annuity. Additional features and benefits such as contract guarantees, death benefits and the ability to receive a lifetime income are contained within the annuity for a cost. Please be sure the features other than tax-deferral and costs of the annuity are right for you when considering the purchase of the annuity for IRAs or other qualified plans.
Investors should consider the investment objectives, risks and charges, and expenses of registered annuities or other securities offered by prospectus carefully before investing. The prospectuses for these products contain this and other information. Investors may obtain free prospectuses by calling a financial professional. Investors should read the prospectuses carefully before investing.
"Standard & Poor's®," "S&P®," "S&P MidCap 400®," "S&P 500®," "Standard & Poor's MidCap 400™" and "Standard & Poor's 500™" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ING Life Insurance and Annuity Company. The contracts are not sponsored, endorsed, sold or promoted by S&P and S&P makes no representation regarding the advisability of investing in the contracts.
The Russell 2000® Index is a trademark of Russell Investments and has been licensed for use by ING Life Insurance and Annuity Company. The contracts are not sponsored, endorsed, sold or promoted by Russell Investments and Russell Investments makes no representation regarding the advisability of investing in the contracts.
The EURO STOXX 50® Index is the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland, and/or its licensors (the "Licensors"), which is used under license. The securities based on the Index are in no way sponsored, endorsed, sold or promoted by STOXX and its Licensors and neither of the Licensors shall have any liability with respect thereto.