Instant-Issue Term Life Insurance from ING
ING has recently introduced ING Instant Term, term life insurance available for immediate issue. This will be sold through bank and credit unions. This offering is specially aimed at low and middle income customers. This insurance will be issued by ING’s ReliaStar Life Insurance Company and the entire transaction is expected to be quick and hassle free. The most important aspect of this offering is that the applicant does not have to go through any medical exams or lab tests. All they have to do is approach the designated staff in a participating financial institution and answer some quick questions about themselves and their medical history. The staff will take their word for it and after concluding that the request is genuine and conforms to the required criteria; issue the insurance cover document to the customer there and then.
The product is an answer to a need gap arrived at from a study conducted by LIMRA International. The report states that at least 26 percent of U.S. households with less than $75,000 of household income do not have life insurance coverage. In households where the household income is less than $35,000, the number of uninsured goes up to 50%.
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July 24th, 2006 at 6:42 am
I appreciate any attempt which targets the middle class and low income group and betters their life. This new insurance service is one of them and will make life insurance affordable and easier for the mentioned classes. They need to make money for old age and also supporting the family afterwards while moneymaking is not easy for them. So it is really a good effort.