MINNEAPOLIS, Dec. 17, 2014 /PRNewswire/ -- Voya Financial,
Inc. (NYSE: VOYA), formerly ING U.S., announced today that its
Insurance Solutions business has launched a new Chronic Illness
Rider that can offer policyholders an important benefit to the
company's indexed universal life insurance products. The rider can
provide customers with access to funds for various chronic
illnesses, and differs from many long-term care coverage products
in that the benefit does not require professional health care
services (i.e., there are no restrictions on the use of the funds
received).
"At a time when dollars are stretched and family financial
priorities are competing for attention, Americans require life
insurance products that serve more than one purpose in supporting
their insurance and retirement goals," said Michael Smith, CEO of Insurance Solutions, Voya
Financial. "As an optional benefit to one of Voya's indexed
universal life products, this new rider offers the ability to
provide death benefit coverage and protection against the potential
costs associated with chronic illnesses in one policy. In addition
to the death benefit and the chronic illness benefit, the indexed
universal life policy can also accumulate cash value that can be
used as supplemental retirement income."
The Chronic Illness Rider can be added to one of Voya's cash
accumulation life insurance products which include Voya Indexed
Universal Life (IUL) - Global Choice, Voya IUL Global or Voya IUL
Protector (except Orange Pass). These products offer death benefit
protection along with the opportunity to build money inside the
policy, based in part on the increases of market indexes. However,
if indexes dip, policyholders still receive a guaranteed* minimum
interest rate.
Examples of chronic illnesses include heart disease, Alzheimer's
or severe dementia, stroke, arthritis, cancer, diabetes or kidney
disease. In 2006, 84 percent of all health care spending supported
the 50 percent of the population who have one or more chronic
medical conditions.1 Chronic illnesses are the leading
cause of disabilities in the U.S. and will develop in nearly 50
percent of adults according to the Centers for Disease
Control.2
While there is a pressing need for products that address these
issues, many long-term care coverage policies only provide
reimbursement of care expenses, and carriers may require proof of
expenses for all claims. The benefits paid by Voya's Chronic
Illness Rider, however, may be used for any purpose.
"The financial burden of a chronic illness is often not limited
to health care costs," Smith continued. "Friends or family members
may miss work to care for a loved one, and could be unable to meet
regular expenses as a result. For this reason, we've designed a
benefit that can be used to reimburse caregivers for everyday costs
like groceries, rent or utilities."
The Insurance Solutions business of Voya Financial comprises two
segments. Individual Life offers life insurance protection and
wealth transfer opportunities through indexed universal, universal,
variable and term products. 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.
References:
- Centers for Disease Control, "Chronic Disease Prevention and
Health Promotion," updated 2014.
- Centers for Disease Control, "The Power of Prevention,"
2009.
*All guarantees are based on the financial strength and claims
paying ability of the issuing insurance company who is solely
responsible for the obligations under its own policies.
The Voya Life Companies' new Chronic Illness Rider can be added
to Voya Indexed Universal Life - Global Choice (Voya IUL Global
Choice), Voya Indexed Universal Life - Global (Voya IUL Global) or
Voya Indexed Universal Life - Protector (Voya IUL Protector, except
Orange Pass), issued by Security Life of Denver Insurance
Company.
Media Contact:
Nicole
Vasile
Voya Financial
Office: (860) 580-2690
Cell: (860) 839-1589
Nicole.vasile@voya.com
About Voya Financial
Voya Financial, Inc. (NYSE: VOYA), formerly 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 Company™ 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.
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SOURCE Voya Financial, Inc.