11/12/2009 - Ing ROP Term Change Coming

ING ROP Term Rate Change Coming

Current Rates Available Until 12/31/09t

s

 

Based on LIMRA sales data from the second quarter of 2009, ING ROP Term and ING ROP Term NY, issued by ReliaStar Life Insurance Company and ReliaStar Life Insurance Company of New York, combined to become the nation’s best selling return of premium term life insurance product. The ING Life Companies plan to remain competitive in this market, but new regulations require that all issuers of ROP term products change rates at the end of this year. The new NAIC Actuarial Guideline 45 (also known as CCC) becomes effective on 1/1/10 and will generally result in higher ROP term premiums. We will not be able to issue policies with current rates after 12/31/09.

 

The next few weeks will be your last opportunity to get today’s lower ING ROP Term and

ING ROP Term NY rates for your customers!

 

 

Note the key dates and information in the table below.

When?

What?

11/23/09 ING Presents illustration software available with new* and old rates.

12/18/09 Applications and final underwriting requirements must be received by this date to qualify for current, lower premiums. You must consider this when determining whether to quote old or new rates*

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12/19/09 All applications received on and after this date will be processed with new rates for the new ING ROP Endowment Term products*.

12/31/09 Last day for policies to be issued with current rates.

01/01/10 All policies will be issued with new rates. If a state has not yet approved ING ROP Endowment Term, we will contact the agent for further instruction because we will not be able to issue the policy with the old rates.