ING Annuity Product Training ING USA Annuity and Life Insurance Company

Transcription

1 ING Annuity Product Training ING USA Annuity and Life Insurance Company For questions contact the ING Annuity and Asset Sales Desk at ING Guarantee Choice Annuity, Single Premium Deferred Annuity

2 ING Annuity Product Training Welcome and thank you for participating in ING USA s product training! This training is designed to provide you with an overview of the ING Guarantee Choice and Single Premium Immediate Annuity products and to prepare you to offer these products as a possible financial solution to your clients. You cannot solicit business for any one of these products until you attest that you have reviewed this material. In order to complete this session you must read each slide before advancing to the next. Once you have completed this course, you will be asked to attest that you have reviewed the product training materials. Once ING USA receives this notification, you will be able to solicit the ING Guarantee Choice and Single Premium Immediate annuities. ING USA will NOT be able to process and issue business until we receive this notification of training completion. Thank you for choosing ING USA! 2

3 Disclosure Annuities are long-term investments designed for retirement planning. They are a contract between you and an insurance company, under which the insurer agrees to make periodic payments to you. These payments, called annuity income, will begin either immediately or at a future date and a part of which may be the return of your premium or principal. This income is guaranteed by the issuing insurance company for a specified period of time or for the life of the annuitant. IRAs and other qualified plans already provide tax deferral like that provided by an annuity. For a cost, annuities provide other features and benefits such as contract guarantees, death benefits or lifetime income. If other options are available, clients should not purchase a qualified annuity unless they want these additional features and benefits taking into account their cost. All guarantees are based on the financial strength and claims paying ability of ING USA Annuity and Life Insurance Company, who is solely responsible for all obligations under its policies. Annuities are products of the insurance industry. They are not deposits in, obligations of, or guaranteed by a bank or any other financial institution and are not insured by the FDIC. 3

4 ING Guarantee Choice Annuity Product Concept Single premium fixed deferred annuity providing a guaranteed interest rate for up to 10 years. Issue Ages: 0-80 Premium: $15,000 minimum $1,000,000 maximum without prior Home Office approval Premium Banding: Low: $15,000-$74,999 High: $75,000+ Interest Rate Guarantee Period: 3, 5, 7 and 10 years. (Availability of guarantee periods may vary by state and with current market conditions) Market Value Adjustment: Yes Death Benefit: Contract Accumulation Value 4

5 ING Guarantee Choice Annuity Free Withdrawals: 1 st year: interest only; after 1 st year: up to 10% of accumulation value Payment Plans: Years 1-9: cash surrender value; after 9 th year: accumulation value Nursing Home/Terminal Illness Waiver: 45 days confinement during any 60-day period; terminal illness (<12 months life expectancy) Surrender Charges: Contract Year Percentage The surrender charge is a percentage of the accumulation value. Charges may differ for ages 56+. The surrender charge is waived for 30 days following the end of an interest rate guarantee period. If the contract is renewed within 30 days of the interest rate guarantee period expiration, the surrender charge will continue, but will not reset. 5

6 ING Single Premium Immediate Annuity Product Concept Single premium fixed annuity providing an immediate stream of income to the owner. Issue Ages: Owners aged may choose a Life Only or Life with Period Certain payout option Premium: $15,000 minimum $2,000,000 maximum without prior Home Office approval Payment Plan options: Can provide a guaranteed payment plan for life, or for a specified number of years 6

7 ING Single Premium Immediate Annuity Payout Options: Issue Ages 35-80: Life Payment Plan Life Payment Plan with Period Certain Life Payment Plan with Cash Refund Life Payment Plan with Joint Survivor Life Payment Plan with Joint Survivor with Period Certain Joint and Last Survivor Joint and Last Survivor with Period Certain Increasing Payment Option Note: Once the client chooses a payout option, they will receive guaranteed payments for the amount and duration as described in their payout option. Not all payout options are available at all times or in all states. Please contact the Fixed Annuities Sales Desk for information for your state

8 ING Company Suitability and Business Guidelines

9 ING Business Guidelines and Code of Conduct As a producer for ING USA Annuity and Life Insurance Company, you must follow guidelines on market conduct. producers/companies held to high standard by public Companies value relationships with producers and clients Seeking high-quality sales force and long-term relationships Relationships of trust, conducting yourself honestly and ethically Summary only. As required in your agent contract, you must read in their entirety and comply with the ING Business Guidelines located at the ING For Professionals website

10 Fixed Annuity Suitability ING is committed to making sure that every fixed annuity we issue is suitable for our clients. There is no one-size-fits-all solution for suitable financial strategies. Each client has his or her own unique situation, and suitability must be determined on the totality of your client s circumstances. Every recommendation you make must be suitable for your client. A decision to recommend a fixed annuity should be based on a careful analysis of the information you gather from your client. This means that, before recommending the purchase or replacement of an annuity, you must first obtain a full and accurate picture of your client s individual needs, financial status and financial objectives. ING s Suitability Profile Form and Fixed Annuity Needs Analysis Form will help you do this. Points to Consider Age Marital Status Occupation Number and age of Dependents Number of years until retirement Investment Experience Financial Goals Annual Income Personal and Retirement Savings Risk Tolerance Annual Expenses Total Net Worth Tax Status Withdrawal Needs Liquid Net Worth

11 Advertising Defined Advertising includes: Printed & audiovisual material Websites & s Descriptive literature of insurer or producer used in Direct mail Newspaper Magazines Radio & TV Billboards Descriptive literature and sales aids Materials used for recruitment, training and education of annuity and insurance producers Prepared sales talks & presentations (seminars)

12 General Advertising Rules All advertising & marketing materials must be approved by ING USA s Advertising Compliance team before it is used Prior approval by all companies producer is licensed with (even if ING isn t referenced) Full legal name of company (ING USA Annuity and Life Insurance Company) or (ReliaStar Insurance Company of New York) must be clearly defined. The company name can be abbreviated thereafter ( ING USA ) or ( RLNY ). Must meet branding guidelines set forth by ING Titles and designations Please review ING s Business Guidelines for approved titles and designations.

13 Lead Generating Materials Examples of lead generating devices Response cards Website contact forms General rules: Needs to be designed and written to ensure compliance with state regulations and ING company policies Response cards should not reference seniors, and must be clear that annuities are being sold and an agent will be contacting persons who return the cards. Should not appear official in nature (IRS, FINRA, etc.) No phrases promoting hasty responses, such as: Important Probate Information Your Retirement Assets Could Be in Jeopardy Follow Federal and State do not call rules, and FCC Telemarketing Sales Rules

14 One more step You re almost finished IMPORTANT! To complete the final step for this training, you must close this window and return to the Course Home page (see below), click on right arrow at the top of the page, and complete the course attestation. Click on right arrow