NORTHBROOK, Ill. and NEW YORK, Dec. 9, 2013 /PRNewswire/ -- The Allstate Corporation (NYSE: ALL) and ING U.S. (NYSE: VOYA) today announced a strategic alliance that will enable Allstate to offer a full suite of fixed annuity product offerings issued by ING Companies to Allstate customers. The fixed annuity products are issued by ING USA Annuity and Life Insurance Company (ING USA) and ING Life Insurance and Annuity Company.
"When Allstate Financial announced in July that we would no longer issue fixed annuities after 2013, we began searching for other companies to help us continue supporting Allstate customers with these retirement products," said Don Civgin, president and chief executive officer of Allstate Financial. "ING U.S. is our first strategic alliance since the announcement. We chose ING U.S. because of its financial and brand strength, leadership in the annuity industry, and fixed annuity solutions that complement our life, retirement, savings, long-term care and disability products that are Allstate-branded or issued by other leading insurers. We look forward to bringing ING U.S. fixed annuities to Allstate customers."
"Working with Allstate will help expand our growing footprint in the fixed annuity marketplace," said Chad Tope, president of ING U.S. annuity and asset sales. "By marrying the product expertise of ING U.S. and the extensive consumer reach of Allstate, we bring new product options and support to educate consumers and help more Americans secure their future retirements. Building a sound, lifetime income strategy is one of the most important aspects of financial planning today, and a key to improving the overall retirement readiness of individuals and families. This is the foundation of our mission at ING U.S."As of January 2014, Allstate plans to begin offering the following ING USA fixed annuities:
- ING Single Premium Immediate Annuity ( ING SPIA) turns a customer's lump-sum premium into an immediate stream of income for lifetime or a specified period. ING SPIA is designed to address retirees' common concern about outliving their retirement money. There are a variety of payout options available for additional security, including a minimum payout period and survivor guaranteed payments to help a surviving spouse.
- ING Secure Index fixed index annuity product series provide customers with principal protection and the potential for interest crediting and guaranteed income if the contract is annuitized. The series includes several accumulation strategies that can be used in combination and adjusted annually. A fixed rate strategy provides accumulation potential based on a fixed rate determined annually by ING U.S. This strategy appeals to individuals who want the security of knowing in advance how much interest will be credited to their contracts each year. Another accumulation strategy credits interest based, in part, on increases, if any, in the S&P 500 ® Index with an assurance that the interest can never be less than zero. The various accumulation strategies can be combined with each other and can be adjusted each contract year based on an individual's needs and market conditions.
- ING Lifetime Income deferred fixed annuity with an indexed minimum guaranteed withdrawal benefit providing income benefits to help individuals plan for their retirement. The income benefits have the potential to grow the longer income is delayed. This offering provides owners with an incentive to defer the start of income payments, while still giving them flexibility for times when they might need to access their contract's value.