The current economic environment with historically low interest rates continues to challenge our industry – particularly for carriers offering products with long-term guarantees. Another hurdle is the industry guideline that affects reserving requirements for these products (Actuarial Guideline 38).
In light of these challenges, and after careful consideration, the ING family of companies is suspending sales of all fixed and indexed universal life products that offer a no-lapse guarantee.
- ING Universal Life-Guaranteed Death Benefit (ING UL-GDB)
- ING Universal Life-Guaranteed Death Benefit NY (ING UL-GDB NY)
- ING Survivorship Universal Life-Guaranteed Death Benefit (ING SUL-GDB)
- ING Survivorship Universal Life-Guaranteed Death Benefit NY (ING SUL-GDB NY)
- ING Indexed Universal Life-Guaranteed Death Benefit (ING IUL-GDB)
- ING Indexed Universal Life-Guaranteed Death Benefit NY (ING IUL-GDB NY)
11/02/2012 – Deadline to receive formal applications at the Home Office for these products. This deadline also applies to applications that: (1) were previously submitted as informals; (2) are for term conversions to this product; (3) were previously closed; or (4) will be owned by trusts that are not yet established.
11/16/2012 – Deadline for receiving applications for New York replacements (Reg 60)
12/13/2012 – Deadline for receiving all administrative and underwriting requirements in the Home Office, including NY Reg 60.
- All policies must be placed by this deadline, including 1035 exchanges and New York Reg 60 cases.
- At least the Minimum Monthly Premium must be paid on 1035 exchanges by 12/31/2012, even if 1035 monies have not been received. Thereafter, at least the Minimum Monthly Premium must continue to be paid to keep the policy inforce until we receive 1035 monies.
- All 1035 monies received will be added to minimum premiums already paid. No previously paid premiums will be refunded.
Notes: Applications, requirements or premiums received after these deadlines will require an amended application and appropriate paperwork for a product currently offered by the ING family of companies.