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ING Insurance is a worldwide financial institution with headquarters in Amsterdam, Netherlands. It provides service to over 85 million customers in more than 50 countries around the world. It specializes in life insurance, banking, retirement products and investments. ING’s clients range from individuals, to corporations and institutions. Founded in 1991, ING is a product of a merger between NMB Postbank Group and Nationale Nederlanden, forming Internationale Nederlanden Groep ‘I-N-G’. The lion in the logo is drawn from different logos of forerunner companies. Over 50 labels have been used as trademark of ING as its global brand awareness and reputation increasingly grew. At present, ING is one of the largest companies in the world, and part of the top 20 biggest financial institutions globally.
ING aspires to provide its financial products and services with ease, excellence and at reasonable prices. This mirrors its mission statement which is to set the standard in helping its customers manage their financial future. The key people in ING insurance include Jan Hommen as chief executive officer, Patrick Flynn as chief financial officer, and Peter Elverding as chairman of the supervisory board. For the United States operations, its chairman and CEO is Tom McInerney. As of 2009, the company has a total of 107,173 employees.
ING has revenue of €48.19 billion and profit of €935 million in the year 2009, with total assets of €1,164 billion and total equity of €39,778 million. In U.S. insurance operations alone, its 2006 premiums already reached €24.1 billion. It is rated “A” by S&P as of Oct 29, 2010, “A1” by Moody’s as of April 2, 2010 and “A” by Fitch as of Sept 29, 2010.
Although ING is a relative newcomer in the sphere of insurance, it already falls fifth in the list of largest companies that provide retirement and life insurance plans in the U.S., being licensed to sell insurance in all states. One of ING’s life insurance products is Return of Premium (ROP) Term Life Insurance. Under this policy, the insured can receive all the premiums he/she had paid over the years if the insured outlives his or her insurance policy. If the insurance buyer were to purchase a policy for a specific number of years, payment for fixed premium is required. If, for example, the insured still lives within the specified number of years, the contract ends. The ROP term life insurance policy returns the money paid for the premiums at the end of the specified number of years even if it was not paid during the term. No tax is inferred on the premium money given back to the insured.
ING life insurance offers both basic and enhanced ROP policies. Under the basic scheme, the buyer has to pay a lesser rate for life insurance compared with the enhanced policy. If the policy is surrendered early, the return of investment will be less, as well. For instance, the insured has an ING’s ROP policy for a 15-year term but he/she surrenders it in 10 years, the insured would receive only 30 percent of his or her premiums. However, if the insured purchased the enhanced ROP policy, he or she could get back 60 percent of the premiums. ING life insurance also offers other various policies for the benefit of its clients.