Voya Financial announced that it has expanded its suite of fixed index annuity products by introducing a new family of solutions aimed at helping individuals grow and protect their savings — while generating guaranteed retirement income.
The new Voya Quest series of annuities includes the Voya Quest 5 Index Annuity, Voya Quest 7 Index Annuity and Voya Quest Plus Index Annuity. These products are issued by Voya Insurance and Annuity Company, a member of Voya Financial family of companies.
"Historically low interest rates and unpredictable market swings make navigating the retirement landscape more challenging than ever. Americans need to have a sound strategy for their future income needs," said Carolyn Johnson, president of Annuities at Voya Financial.
"Voya’s Quest family of annuities can give individuals the confidence of knowing their hard-earned savings will keep growing and be there when they need it most — especially as they cope with living longer in retirement and manage rising health care expenses."
The Voya Quest series of annuities allows individuals to grow their assets based on potential earnings linked to the performance of an index or benchmark, specifically the S&P 500® Index1. Gains are locked in annually through multiple interest-crediting strategies — including both capped and spread strategies — allowing individuals to diversify and maximize their tax-deferred accumulation.
A floor offers protection against negative index performance, ensuring an individual will never lose the value of their original premium payment or credited gains when the market declines. If the selected index goes up, an individual’s contract value could increase up to a predetermined maximum amount.
The Voya Quest series of annuities provides individuals the flexibility to select from a five-, seven- or 10-year contract surrender schedule. Each product provides individuals with the protection and growth potential that are inherent features of a fixed indexed annuity. Those who select the Voya Quest Plus Index Annuity will receive an added 6% premium bonus at the start of the annuity contract2.
Introducing the Voya myIncome Withdrawal Benefit
A Guaranteed Living Withdrawal Benefit (GLWB) is another key feature of the new suite of products, which can be purchased for an additional cost at the time of the annuity contract. This GLWB, known as the Voya myIncome Withdrawal Benefit, is designed to help individuals generate a steady stream of lifetime income in retirement.
Specifically, individuals receive a guaranteed 6.5% compounding roll-up rate applied annually to their withdrawal benefit base for up to 10 years. Plus, the income stream can be turned on and off as needed. Individuals can also make annual withdrawals up to 10% without activating the benefit. This enables the income benefit base to continue growing, while providing the flexibility to access the funds.
"The Voya myIncome Withdrawal Benefit is designed to give Americans peace of mind so they can grow, protect and enjoy their retirement savings, which we fondly refer to as Orange Money," said Johnson.
"For example, a contract holder has the freedom to add their spouse to the benefit — protecting their family’s long-term financial security by providing a guaranteed stream of income for life."
The Voya Quest series of annuities complements Voya’s wide array 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.