NEW YORK -- ITT Life Insurance Corp. Has announced plans to provide life insurance for banks to sell with individual retirement accounts (IRAs).
The program, dubbed the "IRA Builder Account," allows banks to offer IRA completion insurance, which guarantees retirement benefits to customers in the event of disability or death.
ITT Life, based in Minneapolis, Minn., will introduce the product during the American Bankers Association annual meeting here Oct. 20-24.
Robert Macdonald, ITT Life president and chief executive officer, said his firm will provide all marketing responsibilities; partners need only endorse the effort and manage the assets it brings in. …