Solution Offers Protection and Flexibility for Retirement Planning
MINNEAPOLIS, July 28, 2015 /PRNewswire/ — Voya Financial, Inc. (NYSE: VOYA), announced today that its Individual Life business has launched a new cash value life insurance solution that allows consumers to protect the financial future of their loved ones while building cash value that can be used to supplement retirement income.
Voya Indexed Universal Life–Accumulator (Voya IUL–Accumulator)1 provides consumers with a cash value life insurance product that is tied to the performance of the S&P 500® index.2 Qualifying clients can utilize Voya's Orange Pass capability, with the potential for some policies to be issued in as little as five business days without bloodwork or a medical exam.
"The launch of Voya IUL–Accumulator supports the Individual Life business's strategy to reach consumers at every age and life stage with solutions and services that can help them achieve their financial goals," said David Wilken, president of Voya's Individual Life business. "Younger consumers will appreciate this product's ability to offer long-term death benefit protection while building cash value that can be used later in life. Those nearing retirement will value its flexibility to access that money for any purpose including college tuition or unexpected medical expenses."
Cash value growth tied to market index
In a traditional universal life policy, part of a customer's premium can grow in an account, on a tax-deferred basis, and at a fixed interest rate. In an indexed universal life policy, like Voya IUL–Accumulator, the cash value in the customer's account grows at a rate based in part on the performance of a stock market index. In this case, Voya IUL–Accumulator features growth potential tied to the S&P 500®.
Because the policy has a floor, consumers will not lose cash value if the index goes down or has a negative performance. Voya IUL–Accumulator is the latest addition to the company's strong portfolio of indexed universal life products including Voya IUL–Global Choice and Voya IUL–Protector, which feature their own index options and policy objectives.
"Many Americans are unaware that life insurance can serve various purposes beyond death benefit protection," Wilken said. "By offering consumers a series of products that provide the potential to simultaneously build cash value for use later in life and protect their finances, we hope to better guide Americans on the path to a secure and enjoyable retirement."
The cash value in a policy like Voya IUL–Accumulator has the potential to grow over time and consumers have the option to borrow from their policy through a loan or withdrawal, for any purpose. Because the cash value of the account serves as collateral, borrowing rates tend to be relatively low and loans are not subject to credit checks or other lending restrictions.3
Voya Financial's Individual Life business offers customizable life insurance products to help consumers potentially grow cash value that can be used to supplement their retirement income – through indexed universal life and other cash value life insurance products – protect their loved ones through a policy's death benefit, and enjoy their financial future.
The business provides ongoing value to select distribution partners through a variety of tools and services including Voya Life Journey — an online, tablet-based selling system — and interactive, long-term Concierge Service for Voya IUL-Global Choice and Voya IUL-Accumulator policies, to help manage customer expectations and results.
As an industry leader and advocate for greater retirement readiness, Voya Financial is committed to delivering on its vision to be America's Retirement Company™ and its mission to make a secure financial future possible — one person, one family, one institution at a time.