Voya to exit individual life sales at end of the year

[Brian Anderson]

Brian Anderson submitted a new article

Voya to exit individual life sales at end of the year

Chairman and CEO says decision aligns with plans to focus on its higher-growth, higher-return, capital-light businesses: Retirement, investment management and employee benefits.

Continue reading the Original Article.

 

[Mattschmidt]

Heard this rumor awhile ago. Another one bites the dust

 

[DHK]

Voya exits individual life sales while Ohio National exits annuity sales.

Who's next? Will Genworth exit long term care?

 

[Mattschmidt]

Voya exits individual life sales while Ohio National exits annuity sales.

Who's next? Will Genworth exit long term care?

Lots of changes. But like all the retired insurance agents said

"Change is inevitable "

 

[scagnt83]

If a tree falls in the forest and nothing hears it, did it even make a sound?

Voya has been on the path to obscurity even before the insane name change to Voya... but especially after.

 

[Mattschmidt]

If a tree falls in the forest and nothing hears it, did it even make a sound?

Voya has been on the path to obscurity even before the insane name change to Voya... but especially after.

Good point. Never got their strategy ever since branding to Voya

 

[ATM]

Voya exits individual life sales while Ohio National exits annuity sales.

Who's next? Will Genworth exit long term care?

I can't believe they still sell it.

 

[scagnt83]

I have a ROP term with Voya at perferred best, if I don’t convert it now, will I lose my chance forever?

No. But your choices to convert to are likely to become more and more limited as time goes on. I would convert what you can now if feasible.

 

[scagnt83]

Thanks,

Do they usually keep 1 product open for conversations? And close everything for new business?

It depends on the carrier. But that is exactly what Jackson National did. I know a few others have done similar things.

Jackson now just has a Level DB non-participating Whole Life policy to convert to. No cash value to speak of. After about 30 years the client would have paid as much in Premium as the DB was. Basically a FE policy.

Thats no guarantee the same will happen with Voya. But what incentive do they have to keep decent UL or WL products on the books if they no longer sell those products? Its a HUGE expense to maintain them. Conversions alone are not going to create profits on that expense.

Im not saying its morally just to the clients... Im just saying thats business. It is what it is.

 

[WinoBlues]

It depends on the carrier. But that is exactly what Jackson National did. I know a few others have done similar things.

Jackson now just has a Level DB non-participating Whole Life policy to convert to. No cash value to speak of. After about 30 years the client would have paid as much in Premium as the DB was. Basically a FE policy.

Thats no guarantee the same will happen with Voya. But what incentive do they have to keep decent UL or WL products on the books if they no longer sell those products? Its a HUGE expense to maintain them. Conversions alone are not going to create profits on that expense.

Im not saying its morally just to the clients... Im just saying thats business. It is what it is.

Agreed.

I have not looked into the JNL options recently. They also no longer pay comp on the conversion.

Most companies will have horrible opinions. Genworth has a poorly performing UL. CNA Valley Forge has a very high cost Non Par WL.

The companies understand adverse selection.