Voya Financial Helps Customers Protect their Financial Security against Chronic Illness Costs
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.
- 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.
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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.
SOURCE Voya Financial, Inc.