MINNEAPOLIS, June 16, 2016 /PRNewswire/ -- Voya Financial, Inc. (NYSE: VOYA), announced today that its Individual Life business will now offer a popular cash value life insurance product to New York consumers. Voya Indexed Universal Life–Global Choice NY (Voya IUL–Global Choice NY)* gives individuals and families the opportunity to protect the financial future of their loved ones while building cash value that can be used to supplement retirement income.
"Life insurance has been called the cornerstone to sound financial planning," said Dave Wilken, president of Voya Financial's Individual Life business. "This product provides consumers with a death benefit to safeguard their personal or business assets, along with the ability to build cash value that can be used for any purpose, including retirement or education expenses. We're excited to offer Voya IUL–Global Choice NY to New York residents."
In an indexed universal life policy, like Voya IUL–Global Choice NY, the cash value in an account grows based on the performance of an index strategy, which is chosen by the customer. Because of the policy's guaranteed minimum interest rate, customers will not lose cash value if the chosen strategy has a negative performance. Voya's indexed universal life customers also have access to the dedicated Voya IMPACT customer service team, who can answer questions regarding premiums, loans or illustrations.
"Everyone has different financial goals and circumstances," Wilken added. "Voya IUL–Global Choice NY was designed to give our customers options — allowing them to customize a life insurance policy that fits into their retirement strategy and is tailored to meet their needs."
Voya Financial's Individual Life business offers customizable life insurance products, including indexed universal life insurance, to help consumers build cash value, 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 the Voya IMPACT customer service team to help manage expectations and results.
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 13 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $11 billion in revenue in 2015. The company had $458 billion in total assets under management and administration as of March 31, 2016. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya's vision is to be America's Retirement Company™. The company is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible — Voya has been recognized as one of the 2016 World's Most Ethical Companies® by the Ethisphere Institute, and as one of the Top Green Companies in the U.S., by Newsweek magazine. For more information, visit voya.com. Follow Voya Financial on Facebook and Twitter @Voya.
*Voya IUL–Global Choice NY, policy form series #3010 4/16, has an equity Indexed feature and is issued by ReliaStar Life Insurance Company of New York (Woodbury, NY), a member of the Voya® family of companies. All guarantees are based on the financial strength and claims paying ability of ReliaStar Life Insurance Company of New York who is solely responsible for the obligations under its own policies.
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SOURCE Voya Financial, Inc.