Protect your loved ones’ future with life insurance at a price that meets your budget. Also get the opportunity to build money inside your policy called cash value with index crediting and borrow2 from your policy while you’re living.  

Key Features

  • Cost-effective, income tax-free death benefit1 protection
  • Fixed and Indexed strategies to help money grow inside your policy
  • Policy loans2 available so you can borrow from your policy
  • Indexed strategy, based on the performance of the S&P 500® Index, gives you greater potential to grow your account value. If or when the Index goes up, your potential Index Credit increases with it (subject to a cap)
  • 2% guaranteed minimum annual interest3 in the Fixed Strategy and 0% guaranteed minimum interest rate in the Indexed Strategy, even if the S&P 500® Index has negative performance
  • Ongoing elections can automatically spread allocations from the Fixed Strategy into the Indexed Strategy to help reduce the risk of allocating at “the wrong time”
  • Issued by ReliaStar Life Insurance Company of New York 

Suitable For

Individuals seeking:
  • Life insurance protection
  • Supplemental retirement income  
Business owners who want to:
  • Design a business continuation plan 
  • Retain and reward outstanding executives 

Eligibility

Ages

Ages 0-90 (varies depending on underwriting) 

Minimum Death Benefit

$50,000 

State Availability

Only available in New York

Fees & Charges

Monthly Charges
  • Policy Charge
    • $10 - $20 per month on a current basis (depends on death benefit amount)
    • Guaranteed to not exceed $30 per month
  • Administrative Charge
    Varies by issue age, gender, risk class, and segment year, and segment death benefit
  • Cost of Insurance (COI)
    Charge Varies by issue age, gender, risk class, and segment year, and segment death benefit  
Premium Expense Charge
  • Current charges are 7% in first policy year and 3% thereafter
  • Guaranteed not to exceed 15% in first policy year and 11% thereafter 
Policy Transaction Fees
  • Partial Withdrawals
    $10 for each partial withdrawal.
  • In-force Illustrations
    We reserve the right to charge $25 for each in-force illustration requested after the first in a policy year 
Surrender Charge

There will be a charge if you surrender your policy within the first 19 segment years. 

Rates

Guaranteed Minimum Interest Rate:

  • Fixed Strategy: 2% per year
  • Indexed Strategy: 0% per year
  • Alternate Guaranteed Account Value:  2% per year upon surrender or death 

Additional Details

Policy Loans

Two types of policy loans2 are available:

  1. Traditional Loans
    • Traditional loans are loans with fixed charged and credited rates
  2. Select Loans
    • Select loan rates will vary based on index credits earned and/or credited interest rates. Therefore the amount credited to the loan can be less than the amount your loan is charged
    • Select Loans allow you to borrow money and still continue index crediting potential, which is not possible with Traditional Loans

Riders available (some riders cost extra and are subject to state limitations and availability)

  • Accelerated Benefit Rider
    provides a portion of the death benefit while you’re living if you’re diagnosed with a qualifying condition
  • Adjustable Term Insurance Rider
    allows you to plan for future growth by scheduling an increase to your coverage by adding term insurance
  • Additional Insured Rider
    provides term coverage on the additionally insured spouse or children 
  • Chronic Illness Rider
    provides access to your death benefit to help pay expenses if you become chronically ill
  • Overloan Lapse Protection Rider
    can help prevent policy lapse as a result of policy loan indebtedness
  • Waiver of Cost of Insurance Rider
    can waive monthly cost of insurance and expense charges if diagnosed with a qualified disability
  • Waiver of Specified Premium Rider
    may credit a specified policy premium if diagnosed with a qualified disability 

This is a summary only. Please read the contract for complete details. 

1Proceeds from an insurance policy are generally income tax free and if properly structured, may also be free from estate tax.

2Policy loans and partial withdrawals may reduce or eliminate Index Credits, generate an income tax liability, result in surrender charges, reduce available surrender value and reduce the death benefit, or cause the policy to lapse. Additionally, loans may limit your ability to make Elections to the Indexed Strategy. If a loan results in amounts being deducted from a Block prior to its Block Maturity Date, no Elections from the Fixed Strategy to the Indexed Strategy will be processed in the 12 months following the loan. At our discretion, we may enforce a lockout period shorter than the guaranteed maximum 12 months.

Income tax free distributions are usually achieved by withdrawing to the cost basis (usually premiums paid), then using policy loans. This assumes the policy qualifies as life insurance, is not a modified endowment contract, is not lapsed or surrendered with an outstanding loan. Individual tax results may vary. You should consult your attorney or other tax advisor.

3All guarantees are based on the financial strength and claims paying ability of ReliaStar Life Insurance Company of New York who is solely responsible for the obligations under its own policies. 

Next Steps

Additional Resources

Voya Indexed Universal Life – Protector NY  (Voya IUL-Protector NY) is a flexible premium adjustable universal life insurance policy that offers a death benefit to the beneficiaries of the policy and may be purchased to meet life insurance needs. While the policy Surrender Values may be determined by reference to an Index-linked crediting strategy, such Surrender Values support the death benefit offered under the policy. The policy does not participate in any Index fund, stock or equity investments. The policy is not a variable contract or an investment contract.

Voya IUL-Protector NY, policy form series #3007-07/13 has an equity indexed feature and is issued by ReliaStar Life Insurance Company of New York (Woodbury, NY), a member of the Voya® family of companies. Only available in New York.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by ReliaStar Life Insurance Company of New York. Standard & Poor’s®, S&P®, and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by ReliaStar Life Insurance Company of New York. This indexed universal life insurance policy (this “Policy”) is not sponsored, endorsed, sold or promoted by SPDJI, S&P, or any of their respective affiliates and none of such parties make any representation regarding the advisability of paying premiums for the Policy nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.