ING recently introduced its new no-lapse indexed life insurance products, the ING Indexed Universal Life Guaranteed Death Benefit and the Death Benefit New York, which offer consumers a guaranteed death benefit with the opportunity to earn an index credit associated with increases in the Standard and Poor's 500. The products will also provide protection from downside risks through a minimum interest guarantee.
The products can protect policyholders from poor market performance as well as offer upside crediting potential if the market's performance improves. The products include a lifetime death benefit guarantee of up to 121 years, a minimum death benefit of $50,000 and a full range of riders, including accelerated benefit rider and an additional insured rider.
Similarly, Minnesota Life Insurance Company was recently chosen by the Employees Retirement System of Texas to provide life insurance coverage to its participants. The contract will cover 301,000 employees and retirees, as well as 120,000 dependents. Minnesota Life Insurance currently provides coverage for state employees in many other states, such as Arkansas, Colorado, Michigan and Wyoming. The insurer has provided group life coverage for more than 90 years, with more than $682 billion worth of policies currently active.