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 while continuing to offer cash value life insurance products. Suspended products include:
|Product name||Issuing company*||Policy form number|
|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 Americas 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.