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  • Voya Financial Adds New Series of Fixed Indexed Annuities to its Broad Suite of Retirement Solutions

    June 14, 2016 by Voya

    MONDAY, JUNE 13, 2016

    WINDSOR, Conn., June 13, 2016 /PRNewswire/ — Voya Financial, Inc. (NYSE: VOYA) announced today it has expanded its suite of fixed index annuity products by introducing a new family of solutions aimed at helping individuals grow and protect their savings — while generating guaranteed retirement income. The new Voya Quest series of annuities includes the Voya Quest 5 Index Annuity, Voya Quest 7 Index Annuity and Voya Quest Plus Index Annuity. These products are issued by Voya Insurance and Annuity Company, a member of Voya Financial family of companies.

    “Historically low interest rates and unpredictable market swings make navigating the retirement landscape more challenging than ever. Americans need to have a sound strategy for their future income needs,” said Carolyn Johnson, president of Annuities at Voya Financial. “Voya’s Quest family of annuities can give individuals the confidence of knowing their hard-earned savings will keep growing and be there when they need it most — especially as they cope with living longer in retirement and manage rising health care expenses.”

    The Voya Quest series of annuities allows individuals to grow their assets based on potential earnings linked to the performance of an index or benchmark, specifically the S&P 500® Index1. Gains are locked in annually through multiple interest-crediting strategies — including both capped and spread strategies — allowing individuals to diversify and maximize their tax-deferred accumulation. A floor offers protection against negative index performance, ensuring an individual will never lose the value of their original premium payment or credited gains when the market declines. If the selected index goes up, an individual’s contract value could increase up to a predetermined maximum amount.

    The Voya Quest series of annuities provides individuals the flexibility to select from a five-, seven- or 10-year contract surrender schedule. Each product provides individuals with the protection and growth potential that are inherent features of a fixed indexed annuity. Those who select the Voya Quest Plus Index Annuity will receive an added 6% premium bonus at the start of the annuity contract2.

    Introducing the Voya myIncome Withdrawal Benefit

    A Guaranteed Living Withdrawal Benefit (GLWB) is another key feature of the new suite of products, which can be purchased for an additional cost at the time of the annuity contract. This GLWB, known as the Voya myIncome Withdrawal Benefit, is designed to help individuals generate a steady stream of lifetime income in retirement. Specifically, individuals receive a guaranteed 6.5% compounding roll-up rate applied annually to their withdrawal benefit base for up to 10 years. Plus, the income stream can be turned on and off as needed. Individuals can also make annual withdrawals up to 10% without activating the benefit. This enables the income benefit base to continue growing, while providing the flexibility to access the funds.

    “The Voya myIncome Withdrawal Benefit is designed to give Americans peace of mind so they can grow, protect and enjoy their retirement savings, which we fondly refer to as Orange Money,” said Johnson. “For example, a contract holder has the freedom to add their spouse to the benefit — protecting their family’s long-term financial security by providing a guaranteed stream of income for life.”

    The Voya Quest series of annuities complements Voya’s wide array 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. 

    Media Contact:
    Bill Sutton

    Voya Financial
    Office:  (860) 580-2626
    Cell:  (315) 373-9685
    William.Sutton@voya.com                                 

    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 Facebookand Twitter @Voya.

    1) The S&P 500® Index is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by Voya Insurance and Annuity Company (VIAC). Standard & Poor’s®, S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by VIAC. VIAC’s Voya Quest series of annuities is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500® Index.

    2) Products offering a bonus may offer lower credited interest rates, participation rates, index caps, monthly caps, and/or higher index spreads than products not offering a bonus.

    Annuities are issued by Voya Insurance and Annuity Company, (Des Moines, IA), member of the Voya® family of companies. All guarantees are based upon the financial strength and claims-paying ability of Voya Insurance and Annuity Company, which is solely responsible for all obligations under its contracts. Contract Form Series VI-IA-3147(2015) with Contract Schedule VI-IA-3147(2015) (5SC) VI-IA-3147(2015) (7SC) VI-IA-3148(2015) (10SC). Rider Form Series: VI-RA-3162(2016) & VI-RA-3163(2016)

    SOURCE Voya Financial, Inc.

    Originally Posted at Voya on June 13, 2016 by Voya.

    Categories: Industry Articles
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