Products October 4, 2011

ING Introduces Indexed Universal Life Insurance Products

ING Life Companies introduced two new no-lapse indexed universal life insurance products.
Reported by

These products include: ING Indexed Universal Life – Guaranteed Death Benefit, issued by Security Life of Denver Insurance Company, and ING Indexed Universal Life – Guaranteed Death Benefit NY, issued by ReliaStar Life Insurance Company of New York.

Both offer a guaranteed death benefit with the opportunity to earn an index credit linked, in part, to any increases in the S&P 500 (subject to a maximum index credit rate cap), while also providing protection from downside risk through a minimum interest guarantee.

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

With indexed universal life insurance, the guaranteed minimum interest rates feature provides downside protection for poor market performance, while the indexed strategy offers an upside crediting potential if markets perform well, a press release explained.  

“Our new indexed life products can work well for clients who seek both strong growth potential to meet long-term financial needs as well as a death benefit guarantee,” said Daniel Mulheran, President of ING Life Distribution. “This product supercharges the potential for stronger long-term surrender values, giving clients financial flexibility to help meet future expenses such as college costs or retirement.  The upside potential is paired with a death benefit guarantee, making these products a compelling solution for clients with a longer time horizon.”

Features of ING's new indexed universal life insurance products include:

•  Up to a lifetime (age 121) death benefit guarantee;

•  Minimum death benefit of $50,000;

•  Fixed and Indexed crediting strategies;

•  Protection from downside risk through a minimum interest guarantee (2% for the Fixed Strategy and 1% for the Indexed Strategy);

•  A one-year Point-to-Point S&P 500 Indexed Strategy with a 12% cap;

•  Surrender charge period of 14 years;

•  Select loans that may reduce out of pocket costs; and 

•  A range of riders, including accelerated benefit rider, additional insured rider, over loan lapse protection rider and waiver of specified premium rider.

Products October 4, 2011

Touchstone to Acquire Mutual Fund Assets from Old Mutual

Touchstone Advisors, Inc. has entered into a definitive agreement with Old Mutual Asset Management (OMAM) to acquire select assets of OMAM’s U.S. mutual fund business. 
Reported by

The acquisition will increase Touchstone’s assets under management to nearly $10 billion and add several new sub-advisers to its current roster of fund managers. Terms of the agreement were not disclosed.

The transaction is subject to certain conditions and approvals, and is expected to be completed early in the second quarter of 2012. Upon the completion of the transaction, 17 Old Mutual funds will be reorganized into Touchstone Funds with OMAM’s affiliated investment managers continuing as sub-advisers to a majority of those funds.    

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

“The addition of Old Mutual’s affiliated investment managers will increase the range of funds we offer and fills the gaps in our current lineup with boutique managers who have strong, long-term performance records,” said Steven M. Graziano, President of Touchstone Investments. 

Following the closing of the transaction, it is expected that there will be no material changes in the investment strategies employed by the reorganized Old Mutual funds, though it is anticipated that many of the funds will be marketed under the Touchstone brand. 

«