WINDSOR, Conn., July 14, 2015 /PRNewswire/ -- Voya Financial, Inc. (NYSE :VOYA ), announced today that it has added a new flexible premium deferred variable annuity to its suite of retail retirement solutions. Voya Preferred Advantage offers customers a lower-cost product with tax-deferred growth potential and the freedom to choose from a number of diverse investment options tailored to their individual needs. The new product is issued by Voya Insurance and Annuity Company, a member of the Voya Financial family of companies.
"One of the biggest financial challenges Americans face today is the risk of outliving their savings, and many are looking for strategies that can help them diversify their investments while meeting their income needs in retirement," said Carolyn Johnson, president of Annuities and Tax-Exempt Markets for Retirement at Voya Financial. "In addition to its attractive, lower cost structure, our Voya Preferred Advantage product is a flexible retirement solution that offers choice, convenience and control — helping customers grow and protect their assets so they can generate reliable retirement income for the future."
One of the main features of the Voya Preferred Advantage annuity is the breadth of choice it offers — customers have the freedom to select from over 75 fund options1. This provides individuals with access to well-known fund managers in the industry and the opportunity to create a diversified mix of management styles. This new product was developed to complement Voya's Select Advantage IRA Mutual Fund Custodial Account2 by providing investors with a non-qualified solution. Additionally, customers are free to change their investment options whenever they like, with no transaction charges. At the same time, the lower cost structure helps them maximize the potential of their investment.
Another distinctive feature is its flexibility. Although designed with a view toward long-term retirement savings, the Voya Preferred Advantage annuity allows customers access to their money if they need it, so individuals will never have to pay a surrender charge if their investment goals change in the future. Dollar cost averaging and auto-rebalancing features are available at no additional cost. In addition, flexible contribution amounts make this product accessible to Americans preparing for retirement at every life stage and income level.
The Voya Preferred Advantage annuity complements and diversifies Voya's comprehensive suite of annuity product solutions. 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.
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About Voya Financial®
Voya Financial, Inc. (NYSE :VOYA ), is a premier retirement, investment and insurance company serving the financial needs of approximately 13 million individual and institutional customers in the United States. A Fortune 500 company, Voya had $11 billion in revenue in 2014. The company had $486 billion in total assets under management and administration as of March 31, 2015. 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 committed to conducting business in a way that is socially, environmentally, economically and ethically responsible — Voya has been recognized as one of the 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 or view the company's 2014 annual report. Follow Voya Financial on Facebook and Twitter @Voya.
1) An annual Asset-based Administration fee of 0.60% — as well as fund operating expenses — applies to these contracts.
2) Voya Institutional Trust Company is the custodian for Voya Select Advantage IRA Mutual Fund Custodial Accounts. Distributed by Voya Financial Partners LLC (member SIPC), One Orange Way, Windsor, CT 06095-4774 or other broker-dealers with which it has a wholesaling or selling agreement.
A variable annuity is a long-term investment designed for retirement planning. It is a contract between you and an insurance company, under which the insurer agrees to make periodic payments to you. Additionally, variable annuities offer the opportunity to allocate premiums among fixed and variable investment options that have the potential to grow income tax-deferred, until an income stream begins. These payments, called annuity income, will begin either immediately or at a future date and a part of which may be the return of your premium or principal. This income is guaranteed by the issuing insurance company for a specified period of time or for the life of the annuitant.
You should consider the investment objectives, risks and charges, and expenses of the variable annuity and its underlying investment options carefully before investing. The prospectuses for the variable annuity and underlying investment options contain this and other information. You may obtain free prospectuses by calling you or 8888545950 and should read the prospectuses carefully before investing.
Variable annuity products are subject to investment risk, are not guaranteed and will fluctuate in value. In addition, there is no guarantee that any investment option will meet its stated objective.
Voya Preferred Advantage variable annuity is issued by Voya Insurance and Annuity Company (Des Moines, IA) and distributed by Directed Services LLC. Both are members of the Voya family of companies. Contract form number ICC15 VI-IA-4046 and Contract Series VI-IA-4046 which varies by state, and may not be available in all states.
SOURCE Voya Financial, Inc.