WINDSOR, Conn., July 28, 2014 /PRNewswire/ -- Voya
Financial, Inc. (NYSE: VOYA), formerly ING U.S., announced today
that its Insurance Solutions business has launched a faster and
more convenient process for use with its Indexed Universal
Life-Protector (IUL-Protector*) product, which provides the death
benefit protection of life insurance with the potential to build
cash value that can be used for any purpose, such as supplemental
retirement income.
The new capability, which is being marketed as Orange
Pass, allows certain customers to buy a life insurance policy
without the inconvenience and time required to take and analyze
bloodwork or medical exams. The combination of an expedited
underwriting process and a shorter application can help shave weeks
off the fulfillment process, with the potential for policies to be
issued in as little as 5 business days.
"Many Americans are stressed out and overscheduled. They don't
have time to fill out a lengthy life insurance application or
schedule a medical exam," said Michael
Smith, CEO of Insurance Solutions, Voya Financial. "However,
in delaying the purchase of life insurance, they could be putting
their retirement savings at risk – that's why we've created
Orange Pass. By simplifying the purchasing process,
customers are able to more easily obtain a life insurance product
that provides death benefit protection, helps accumulates wealth
and allows them to distribute that wealth during retirement."
IUL-Protector policies ranging from $50,000 to $500,000 are available to applicants
who are aged 50 or younger. Customers nearing or in retirement may
appreciate the product's death benefit protection, as well as its
ability to provide supplemental retirement income through policy
loans and withdrawals. Customers at all stages of their retirement
readiness planning may appreciate the potential for cash value
accumulation.
The Insurance Solutions business of Voya Financial, which plans
to complete its rebranding from ING to Voya on September 1, 2014, comprises two segments.
Individual Life offers life insurance protection and wealth
transfer opportunities through indexed universal, universal,
variable and term products; and Employee Benefits offers stop loss,
group life, voluntary employee-paid and disability income products
to large businesses covering 4.4 million individuals.
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:
Nicole
Vasile
Voya
Financial
Office: (860)
580-2690
Cell: (860)
839-1589
Nicole.vasile@us.ing.com
About Voya Financial
Voya Financial, Inc. (NYSE:
VOYA), which has rebranded from ING U.S., is composed of premier
retirement, investment and insurance companies serving the
financial needs of approximately 13 million individual and
institutional customers in the United States. The company's
vision is to be America's Retirement CompanyTM and its
guiding principle is centered on solving the most daunting
financial challenge facing Americans today — retirement readiness.
Working directly with clients and through a broad group of
financial intermediaries, independent producers, affiliated
advisors and dedicated sales specialists, Voya provides a
comprehensive portfolio of asset accumulation, asset protection and
asset distribution products and services. With a dedicated
workforce of approximately 7,000 employees, Voya is grounded in a
clear mission to make a secure financial future possible — one
person, one family, one institution at a time. For more
information, visit http://voya.com or view our Voya Financial
Interactive Company Profile. Follow Voya Financial on
Facebook and Twitter @Voya.
*IUL-Protector, policy form #1189, is issued by Security Life
of Denver Insurance Company (Denver,
CO), a member of the VoyaTM family of
companies.
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SOURCE Voya Financial, Inc.