By a News Reporter-Staff News Editor at Investment Weekly News -- Voya Financial, Inc. (NYSE: VOYA), announced 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 options(1). 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 Account(2) 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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