Voya 2013 Annual Report Download - page 33

to aggressive stock and bond investments managed by respected investment management firms in the industry or
from diverse asset allocation solutions designed to match a customer’s risk tolerance.
No-Lapse Guarantee UL. No-lapse guarantee universal life products utilize a secondary guarantee to
continue to offer a lifetime death benefit guarantee even if the account value has turned negative. Cash
accumulation is minimized in these products. We suspended sale of these products in 2012.
Term Life. Term life insurance provides basic, economical life insurance for consumers and we market term
life insurance primarily on competitive pricing and service models. Our term products, basic life and return-of-
premium offer flexible coverage for periods spanning ten to thirty years. Our term model provides us with added
scale for expense coverage and opportunity for mortality profit.
The following chart presents data on our in-force face amount and total gross premiums and deposits
received for the key life insurance products that we offer:
($ in millions)
In-Force Face
Amount
Total gross premiums
and deposits
Individual Life Product
As of
December 31, 2013
Year Ended
December 31, 2013
Term Life ........................ $498,212 $901.2
Universal Life ..................... $ 78,581 $888.2
Variable Universal Life ............. $ 28,198 $207.6
Markets and Distribution
Our Individual Life segment has a broad, multi-channel independent distribution reach that is designed to
allow us to penetrate markets that range from the middle-market through affluent market. Our distribution
organization boasts a comprehensive sales support, sales technology, marketing support and illustration system.
We also offer an Internet-based sales solution that is based on educational selling at INGForLife.com. We offer
service solutions to meet the diverse and changing requirements of our customers and distribution partners. The
success of our customer service programs is measured through our employee, customer and distributor
satisfaction scores, which rank at the top among our benchmark competitors based on the 2012 Life Producer Net
Promoter rankings.
We primarily use three different channels to market and sell our Individual Life products. Our largest
channel works through over 2,200 independent general agents and has the breadth to engage with the vast
majority of licensed independent life insurance agents in the United States. Through this channel, we have access
to over 96,000 independent producers as of December 31, 2013. We also use a strategic distribution channel,
with approximately 35 independent managing directors supporting approximately 7,200 producers (as of
December 31, 2013) who engage with our broker-dealer. These producers, while independent, use our brand and
sell a wide range of our products, including life, annuity and mutual funds. Finally, we employ a specialty
markets channel to focus on alternative distribution. This includes life insurance quote agencies, internet direct
marketers, and other forms of non-traditional distribution.
The following table presents a breakdown of Individual Life sales by distribution channel.
($ in millions) Sales % of Sales
Channel
Year Ended
December 31, 2013
Year Ended
December 31, 2013
Independent Life Sales ................ $62.6 62.7%
Strategic Distribution ................. $21.7 21.8%
Specialty/Alternative Markets .......... $15.4 15.5%
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