VOYA Suspending Sales of All Long-Term Guarantee Products
- By Reade Milner
- November 21, 2016
Going forward, all products will be non-guaranteed until further notice.
According to an official statement by Voya:
To achieve our vision to be America’s Retirement Company, Voya must continually evolve our strategy in response to changing, and often challenging, market conditions.
The insurance industry continues to face strong headwinds, including historically low interest rates, heightened market volatility,and regulatory changes.
In response to these conditions and as part of our evolution as a company, there will be a number of changes to our product offering.
The following products will be suspended:
The following contains some key dates and activities regarding the suspension of Voya’s level-term and IUL-GDB products.
- 12/14/16: Last day to illustrate level-term products and IUL-GDB on Presents and other illustration software
- 12/30/16: Last day Voya will accept formal applications
- 12/30/16: Last day to issue / reissue policies
- 12/30/16: Last day to initiate 1035 exchanges with replacement companies
- 02/17/17: All underwriting and administrative requirements to issue the policy must be received by Voya
Contact us if you have any questions about how this may affect you and your clients.
(800) 926-9206 or firstname.lastname@example.org