November 15, 2016
To achieve our vision to be America’s Retirement Company, Voya must continually evolve our strategy in response to changing, and often challenging, market conditions. The insurance industry continues to face strong headwinds, including historically low interest rates, heightened market volatility and regulatory changes.
In response to these conditions and as part of our evolution as a company there will be a number of changes to our product offering.
Effective December 30, 2016, Voya will suspend Voya Indexed Universal Life-Guaranteed Death Benefit (IUL-GDB) and all level-term insurance sales while continuing to offer cash value life insurance products. Suspended products include:
Voya IUL-GDB – Security Life of Denver Insurance Company – 1185-09/11
Voya TermSmart – ReliaStar Life Insurance Company – 1315-02/10
Voya TermSmart NY – ReliaStar Life Insurance Company of New York – 3314-02/10
Voya ROP Endowment Term – ReliaStar Life Insurance Company – 1314-12/09
Voya ROP Endowment Term NY – ReliaStar Life Insurance Company of New York 3313-12/09
*All issuing companies are members of the Voya® family of companies.
Voya is committed to the insurance business, and to the sale of life insurance and annuities. We continue to offer competitive product solutions to help our clients to and through retirement. We remain confident that cash value products play an integral role in Voya’s mission to help Americans plan, invest and protect their savings to get ready to retire better.
We are confident in our individual life business, and our expectation is to continue delivering top-quality solutions and value to our customers and shareholders.
The following contains some key dates and activities regarding the suspension of Voya’s level-term and IUL-GDB products.
Key Dates and Actions:
12/14/16 • Last day to illustrate level-term products and IUL-GDB on Presents and other illustration software
12/28/16 • Last day KAFL will accept Voya formal applications
02/17/17 • Last day to issue / reissue policies – Last day to initiate 1035 exchanges with replacement companies – All underwriting and administrative requirements to issue the policy must be received by Voya.
For more information, contact your KAFL Brokerage Manager.