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
Annuity and Life Insurance Company (ING
) 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
, 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
, 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."
, Allstate plans to begin offering the following ING
- 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.
Allstate offers its customers a wide range of other retirement savings options, including annuity products from several leading providers. As previously announced, sales of Allstate Growth and Income Protector
annuities will cease as of year-end 2013. For more information, contact the financial professional at your local Allstate agency. Retirement information can be found at
ING U.S. (NYSE: VOYA), which plans to rebrand in the future as Voya Financial, is a premier retirement, investment and insurance company serving the financial needs of approximately 13 million individual and institutional customers in
the United States
. The company's vision is to be America's Retirement Company and its guiding principle is centered on solving the most daunting financial challenge facing Americans today – retirement readiness. Working directly with clients and through a broad group of financial intermediaries, independent producers, affiliated advisors and dedicated sales specialists, ING U.S. provides a comprehensive portfolio of asset accumulation, asset protection and asset distribution products and services. With a dedicated workforce of approximately 7,000 employees, ING U.S. is grounded in a clear mission to make a secure financial future possible – one person, one family and one institution at a time. For more information, visit
The Allstate Corporation
(NYSE: ALL) is the nation's largest publicly held personal lines insurer, serving approximately 16 million households through its Allstate, Encompass, Esurance and Answer Financial brand names and Allstate Financial business segment. Allstate branded insurance products (auto, home, life and retirement) and services are offered through Allstate agencies, independent agencies, and Allstate exclusive financial representatives, as well as via
and 1-800 Allstate
, and are widely known through the slogan "You're In Good Hands With Allstate
." As part of
to strengthen local communities, The Allstate Foundation, Allstate employees, agency owners and the corporation provided
in 2012 to thousands of nonprofit organizations and important causes across
the United States
Annuities are issued by ING USA Annuity and Life Insurance Company ( Des Moines, IA), member of the ING U.S. family of companies.
All guarantees are based upon the financial strength and claims-paying ability of the issuing company, which is solely responsible for all obligations under its contracts. Products and features may not be available in all states and are subject to change.
Withdrawals are subject to Federal/State income tax and, if taken prior to age 59 1⁄2, an additional 10% Federal penalty tax unless an exception applies. Withdrawals do not participate in credits of benchmark, index, or interest. A withdrawal includes any partial surrender. The contract does not directly participate in any stock or equity products. For premium elected to the index or benchmark strategies, no amount is credited in the current contract year if the contract is annuitized, surrendered or re-elected prior to the end of the contract year. The interest rate, index cap, monthly cap, participation rate, index spread, participation multipliers and credit caps are set at the beginning of the period, are guaranteed for the first period and may change for future periods