Life insurance is an important component of most any overall financial plan. One reason for this is because this type of coverage can help you to protect those you love and care about from financial hardship in case of the unexpected. Before you purchase a life insurance policy, it is important to have a good understanding of the type and the amount of coverage that you need. That way, you can better ensure that various financial needs will be met. Look into our post on understanding different types of life insurance policies to help you further in this process! In addition to finding the right policy, it is equally important to review the insurance company that you are considering purchasing coverage through. This is because you want to know if the underlying insurance carrier is strong and stable from a financial standpoint and that it also has a good reputation for paying out its policyholders' claims. One insurer that meets these criteria is ING Reliastar.
About ING Reliastar
ING Reliastar Life Insurance Company is a subsidiary of Voya Financial / Voya Holdings, Inc. The company was founded in 1885, so it has been offering financial protection products to its customers for more than 130 years. Today, ING Global Network SCRO further operates as a subsidiary of Reliastar Life Insurance Company and Nationale-Nederlanden Levensverzekering Maatschappij N.V. and is headquartered in Belgium, with regional offices located in The Netherlands, Singapore, and the United States. (The company's U.S. office is located in Minneapolis, Minnesota). Products and services from this company are offered primarily via more than 200,000 financial professionals. In the United States along, ING holds a top ten ranking, and it services more than 14 million U.S. customers. Reliastar Life Insurance Company of New York, an offshoot company of Reliastar Life Insurance Company, was founded in 1917 and has been in operating in the insurance industry for more than a century.
Types of Life Insurance Policies Offered Through ING Reliastar
This company offers primarily term life insurance. This type of coverage offers death benefit only protection, without any cash value or investment build up. Because there aren't a lot of "bells and whistles" on term life insurance coverage, the premium cost for these policies will typically be less than that of a comparable permanent life insurance policy - with all other factors being equal.
A Closer Look at ING Reliastar Life Insurance Policies
ING Reliastar offers TermSmart term life insurance. There are several of these plans to choose from, including the following options:
Term Smart 10 - With the Term Smart 10 product, the policy's premiums are guaranteed to stay level for ten years. If the policy holder wishes to continue coverage with this plan, the premium will increase annually after that. The Term Smart plans are convertible, meaning that the insured may convert the term coverage over to a permanent life insurance policy, without the need to provide evidence of insurability. With the Term Smart 10 plan, conversion can occur during the 10-year policy duration, provided that the insured is not over the age of 75. Issue age for this plan is between 18 and 75.
Term Smart 15 - The Term Smart 15 life insurance option offers premiums that are guaranteed to stay level for 15 years and increase annually after that. This policy is also convertible through the entire 15-year period, as long as the age of the insured is not over 75. The issue age for the Term Smart 15 runs between age 18 and age 70 at the time of policy application.
Term Smart 20 - Likewise, with the Term Smart 20 coverage from ING Reliastar, the premiums are guaranteed to remain level for twenty years, and then they will increase annually thereafter if the insured remains covered by this policy. The conversion period with the Term Smart 20 plan will run throughout the entire 20 years of the policy's duration, as long as the insured is not over the age of 75. Applicants who are between the age of 18 and 65 are considered for the Term Smart 20 option.
Term Smart 30 - The Term Smart 30 insurance option provides guaranteed premium amounts for 30 years, and then the amount of the premium will go up after that time period. This policy also offers a conversion feature. This runs for the entire 30-year level policy duration, provided that the insured is not over age 75. Eligible applicants for this policy are between the ages of 18 and 50. However, for those who are smokers, the highest age at application is 45.
With the Term Smart life insurance coverage through ING Reliastar, there are different coverage bands. The band in which an applicant falls can determine the minimum and the maximum amount of death benefit coverage offered. These coverage bands are as follows:
The Term Smart term insurance policies that are offered via ING Reliastar can also be further "customized" by adding various policy riders. The available riders include:
Accidental Death Benefit Rider - The accidental death benefit rider can provide additional coverage - up to the face amount of the base policy (with a maximum of $300,000) - if the insured dies as the result of a covered accident (and within a certain period following the accident). This rider will expire on the policy anniversary that falls nearest to the insured's 60th birthday.
Waiver of Premium Rider - The waiver of premium rider can help an insured to know that their life insurance will still remain in force if he or she suffers a covered disability and is not able to pay the policy's premium. This rider also expires on the policy anniversary that is closest to the insured's 60th birthday.
Children's Term Insurance Rider - This rider will add life insurance for the insured's qualified, covered children. A child can be added to the policy between his or her age of 15 days and 18 years, and age 18 to 60 for the covered parent. The children's coverage is purchased in units, and the additional cost of this rider will vary, depending on the amount of insurance that is chosen for the child(ren).
Living Benefit Rider - This policy rider is automatically included, where approved, at no additional premium cost with eligible policies. The owner of the insurance policy can request payment of up to $250,000 of the death benefit proceeds if he or she has been diagnosed with a covered terminal illness. (It is important to note that the total amount of living benefits received cannot exceed the lesser of the total face amount of the policy, or 25 percent of the total death benefit that is in force with Reliastar Life on policies that have the same owner and insured).
There are several different underwriting classes that are used by ReliaStar. The underwriting class can have an effect on the amount of premium that is charged for the coverage. Reliastar's underwriting classes include the following:
Super Preferred No Tobacco - This rate class includes an individual who has not used tobacco or nicotine products in any form within the past five years, and who is also considered to be in excellent health. For this particular policy rate class, an individual will typically need to also have no current or prior blood pressure reading that is in excess of 140 / 85 if between the ages of 0 and 60, or of 150 / 90 if age 61 or over (as well as no history of treatment for hypertension). It is also required for qualification in the super preferred no tobacco category that the applicant have cholesterol levels - either treated or non-treated - of 220 max (with a ratio not greater than 5.0) or 240 max (with a ratio of not greater than 4.5) if between the ages of 0 and 70, or a cholesterol max of 280 (with a ratio that is not greater than 6.5) if age 71 or older at the time of policy application. There are also other criteria that are reviewed, which may include the individual's driving record, their personal medical history, any history of alcohol and / or drug abuse, and various "risky" hobbies and / or occupation that the applicant may have (such as piloting an airplane, skydiving, rock climbing and/or scuba diving).
Preferred No Tobacco - An applicant who is rated as a preferred no tobacco is someone who has not used tobacco or nicotine products in any form within the past three years, and who also meets the health-related criteria.
Select No Tobacco - An applicant who meets the select no tobacco rating class is someone who has not used tobacco or nicotine products in any form within the past two years (as well as who meets the health-related criteria).
Standard No Tobacco - The standard no tobacco class is for those who are considered to be a non-smoker, who also does not qualify for Preferred No Tobacco and who does not have a ratable impairment. For this rating class, the applicant must also not have used any tobacco or nicotine products in any form within the past one year.
Preferred Tobacco - Someone who may meet the preferred tobacco rate class with ING Reliastar is a person who is a user of tobacco (meaning that they use less than two packs of cigarettes per day), or other nicotine within the past three years, and who also meets the other health-related criteria for a preferred no tobacco.
Standard Tobacco - A standard tobacco rating can be obtained by someone who is a tobacco and/or other nicotine user who does not qualify for preferred tobacco rates, and who also does not have any ratable impairments.
Other Insurance Products Provided By ING Reliastar
In addition to life insurance coverage, ING Group provides a number of other financial and insurance related products and services to its more than 60 million clients in 50+ countries around the globe. These include banking, as well as asset management, for both individual consumers and companies.
Where to Find the Best Premium Quotes on ING Reliastar Life Insurance Coverage
If you're looking for the best premium quotes on life insurance coverage from ING Reliastar - or from any life insurance carrier - we can help. We are an independent life insurance brokerage, and we work with many of today's top-rated life insurance companies. Because of this, we aren't tied exclusively to just one insurance company's products or premium rates, so you have the benefit of being able to compare - quickly and easily - from a list of different options that could work for you. From there, you can move forward with your life insurance policy decision, knowing that you're getting the best deal. If you're ready to be the process, then all you have to do is just simply take a brief moment to fill in the needed information on the quote form on this page. If you still have any additional questions or concerns about life insurance policies or quotes, please feel free to contact us directly. Our experts can be reached by phone, toll-free, by dialing 877-235-9299. We will be happy to walk you through how the life insurance application and purchase process works, as well as to provide you with affordable premium quotes from today's best life insurance providers. When it comes to the purchase of life insurance coverage, the task can seem a bit overwhelming. There are many key variables that you need to keep in mind - while at the same time ensuring that you don't pay too much for this protection. The good news is that this process can be made so much easier when you have an expert and an ally on your side. So, don't put the financial security of your loved ones at risk any longer. Contact us today - we're here to help.