By a News Reporter-Staff News Editor at Insurance Weekly News -- Voya Financial, Inc. (NYSE: VOYA), formerly ING U.S., announced 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.
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