ING Annouces Term Rate Changes
06-26-2009
New ING TermSmart & ING TermSmart*NY Rates
Change is Good!
Although economic changes occur daily, one thing is certain – the ING Life Companies plan to remain a leader in the term life insurance market. So they are changing their term rates to be more competitive.
Effective July 11, 2009, improved rates will be available for all term periods at many ages.
Many rates will remain unchanged, but the improvements come at key ages. In some cases, they have increased rates slightly.
Important Transition Information
7/10/09
• Last day to receive formal applications for the old rates at the Minot Service Center.
• Informal applications that are formalized by this date and put inforce by 8/20/09 will be processed with the old rates.
7/11/09
• Applications received will be processed with the new rates.
• Pending applications received before this date will be processed as applied for.
• Applications received on/after this date with a request for a backdated issue date to save age will receive the new rates.
• All pending informal applications that become formalized and paid on and after this date will be processed with the new rates.
Commission Change Reminder for 20 and 30 Year ING TermSmart and ING TermSmart*NY
Several other carriers recently reduced term commissions to remain competitive. ING also recently announced that first-year base commissions on 20 and 30-year ING TermSmart will be reduced 5%, and second-year commissions on ING TermSmart*NY policies will be reduced 5%. The change applies to all applications dated 7/11/09 and after. Commissions on applications dated before 7/11 and received at the ING Service Center by 8/31/09 will be based on the old rates.
For more information contact your Brokerage Consultant @ 800-792-6795.
