Voya Indexed Universal Life-Global and Voya Indexed Universal Life-Global Choice Frequently asked questions

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1 Voya Indexed Universal Life-Global and Voya Indexed Universal Life-Global Choice Frequently asked questions Understanding the indexed strategy What is indexed universal life insurance (IUL)? 2 What indexes are used to determine the index credit for the indexed strategies in the Voya IUL-Global and the Voya IUL-Global Choice products? 2 What is the index cap? 2 What is the participation rate? 2 Accessing cash value from your policy How do I access cash values from my policy? 3 How do I use withdrawals to access policy cash values? 3 What types of loans are available? 3 What are Traditional Loans? 3 How is loan interest charged on Traditional Loans? 3 What are Select Loans? 4 Can taking a Select Loan break an indexed strategy block and cause an 18-month hold on elections to the indexed strategy? 4 What are Net Loans? 4 Can you provide an example of how the Net Loan approach works? 4 Can I have both Traditional and Select Loans on my policy at the same time? 4 Can I switch from one type of loan to another? 4 How is loan interest charged on Select Loans? 5 How can policy loans be requested? 5 How will a policy loan affect my policy? 6 What is the Overloan Lapse Protection Rider (OLP)? 6 Is there a cost for the OLP? 6 Tax considerations Are premium payments tax deductible? 7 Does the inside build-up in a life insurance policy grow tax-deferred? 7 Can premiums paid into a policy be withdrawn without paying income taxes? 7 Are policy loans income tax free? 7 What are the tax consequences if a policy lapses or is surrendered with outstanding loans? 7 What about outstanding policy loans at death? 7 Is the death benefit income tax free? 7

2 Understanding the indexed strategy What is indexed universal life insurance? Indexed universal life insurance (IUL) is a type of universal life insurance policy that uses stock market indexes as part of the formula for determining the amount of interest to credit to the policy s cash value. IUL policies provide both death benefit protection and the potential to accumulate cash values. Policyholders may allocate premiums and cash value between a more traditional fixed strategy (which provides for a fixed interest rate set by the insurance carrier) and an indexed strategy (which has a crediting method based in part on the performance of a certain stock market index or indexes). Where a policyholder allocates premiums to an indexed strategy, the amount credited to the policy each year will depend upon several factors including the performance of the market index or indexes used, the index cap, the participation rate, and the frequency with which index changes are credited to the policy s cash value. An IUL policy is NOT an investment in the stock market and does not directly participate in any index fund stock or equity investment. An IUL policy is NOT a variable product or any type of investment contract. An IUL policy holder does NOT purchase or participate directly in the index or indexes used for the index crediting strategy. An IUL account value is NOT based upon the performance of a variable investment option, such as in the case with variable universal life insurance, selected by the policy holder. An IUL policy s account value is NOT based on dividends paid on the stocks represented by the market index or indexes. And an IUL policy is NOT meant to be used as an investment vehicle. What indexes are used to determine the index credit for the indexed strategies in the Voya IUL- Global and the Voya IUL-Global Choice products? Voya offers two indexed universal life products: Voya IUL- Global and Voya IUL-Global Choice. Voya IUL-Global offers two crediting alternatives a fixed strategy and an indexed strategy. The indexed strategy is a crediting strategy using three indexes (the S&P 500, the EURO STOXX 50 Index, and the Hang Seng Index) with a guaranteed minimum interest rate of 1% per year. In addition to the fixed strategy, Voya IUL-Global Choice offers three indexed strategies which calculate the policy s crediting rate based on the performance of one or more of three external indexes: the S&P 500, the EURO STOXX 50 Index, and the Hang Seng Index with a guaranteed minimum interest rate of 0% per year. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ( SPDJI ), and has been licensed for use by Security Life of Denver Insurance Company. Standard & Poor s, S&P and S&P 500 are registered trademarks of Standard & Poor s Financial Services LLC ( S&P ); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ( Dow Jones ); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Security Life of Denver Insurance Company. Security Life of Denver Insurance Company s Indexed Universal Life Insurance products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index. The EURO STOXX 50 Index is an index of 50 blue-chip stocks traded in the Eurozone. It does not reflect dividends payable on the underlying stocks. The EURO STOXX 50 is designed and licensed by STOXX Limited. The Hang Seng Index is an index of 45 of the largest companies of the Hong Kong stock market. It does not reflect dividends payable on the underlying stocks. The Hang Seng Index is published and compiled by Hang Seng Indexes Company Limited pursuant to a license from Hang Seng Data Services Limited. For a detailed explanation of how each of the indexed strategies works, see the Voya IUL-Global Product Guide and the Voya IUL-Global Choice Product Guide. What is the index cap? The index cap is a limit on the index change rate that will be used in calculating the index credit rate. For example, if an IUL policy s indexed strategy was based on the S&P 500 and the index cap was set at 12%, then in a year in which the S&P 500 experienced growth of 30%, only 12% would be used as the change rate for calculating the index credit. However, in a year in which the S&P 500 experienced growth of 6%, then 6% would be used as the change rate for calculating the index credit. Currently there is no index cap for the Voya IUL- Global Indexed Strategy or for the Voya IUL-Global Choice 2- or 5- year Global Indexed strategies (for the S&P year point to point strategy, there is a 11.5% cap). What is the participation rate? The participation rate is the percentage of the index change rate that will be used in calculating the index credit. For example, if an IUL policy s indexed strategy was based on the S&P 500, then for a year in which the index experienced growth of 30%, the full 30% would be used for calculating the index credit if the participation rate were 100%. If, however, the participation rate were 50%, then 15% would be used for calculating the index credit. Currently the participation rate for the Voya IUL-Global Indexed Strategy is 85%, the Voya IUL-Global Choice Global Indexed 5-year strategy is 90% and the Global Indexed 2-year strategy is 65% (there is a 100% participation rate for the S&P year point to point strategy). 2

3 Accessing cash value from your policy How do I access cash values from my policy? You may obtain tax-free income from your policy through a combination of policy loans and withdrawals. With more traditional universal life insurance policies, 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. Because of the unique nature of the Voya IUL-Global Choice policy s indexed strategies, you may find it more efficient to achieve tax-free distributions using policy loans only. Policy loans and withdrawals may reduce or eliminate index credits, generate an income tax liability, reduce available surrender value and reduce the death benefit, or cause the policy to lapse. For policies with the Early Cash Value Rider, policy loans and withdrawals may limit the benefits of the rider. Additionally, loans may limit your ability to make elections to the indexed strategy. If a Traditional 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 18 months following the loan. How do I use withdrawals to access policy cash values? On any monthly processing date after the first policy anniversary, you may take a partial withdrawal against your policy s net surrender value. Generally, the minimum partial withdrawal is $500 and the maximum is the total fixed strategy account value plus 10% of the indexed strategy account value per year, but in no event greater than an amount that would leave $500 as the net surrender value. A $10 fee is charged to the account value for each partial withdrawal. When a partial withdrawal request is processed, distributions are made first from amounts allocated to the policy s fixed strategy. If the requested withdrawal exceeds what is available from the fixed strategy, then distributions are made from amounts held in the indexed strategy. When a block matures, those funds will rollover to a new indexed strategy block unless there has been an election to allocate them to the fixed strategy. Partial withdrawals may reduce or eliminate index credits, generate an income tax liability, reduce available surrender value and reduce the death benefit, or cause the policy to lapse. For policies with the Early Cash Value Rider, policy loans and withdrawals may limit the benefits of the rider. What types of loans are available? While the Voya IUL-Global product features only Traditional Loans, Voya IUL-Global Choice policyholders may access cash values using either Traditional Loans or Select Loans. Both types of loans are available any time after the policy s first monthly processing date. Additionally, both types of loans may be used in conjunction with a premium payment using the Net Loan technique. The minimum amount that can be borrowed from a policy is $ (may vary by state) with the maximum available loan amount being 100% of the policy s net surrender value less three monthly deductions. Policy loans will reduce the policy s available net cash surrender value. If the insured dies while there is an outstanding loan, the loan amount will be deducted from the death proceeds. If loan interest is not paid in cash, it is added to the outstanding loan amount. The unpaid loan interest will then increase the amount borrowed, which will result in increased loan interest charges. If the loan amount exceeds the surrender value, the policy will enter into the grace period, except as provided in the special continuation period and minimum monthly premium provision of the policy. If the policy enters the grace period, additional premium will need to be paid to keep it from lapsing. Policy lapse may also be a taxable event. For this reason, the owner may want to consider paying the loan interest due each year. Loan interest charges are due in arrears on each policy anniversary. What are Traditional Loans? Traditional Loans are policy loans in which an amount equal to the loan or loan interest due is added to both the loan amount and the policy loan account. The amount is deducted from the fixed strategy until exhausted, and any excess amount is deducted from the blocks of the indexed strategy proportionately. If a Traditional Loan results in amounts being deducted from a block prior to its block maturity date, no election from the fixed strategy to the indexed strategy will be processed for a given period of months following the loan (36 months for Voya IUL-Global policies / 18 months for Voya IUL- Global Choice policies). However, when a block matures, those funds will rollover to a new indexed strategy block unless there has been an election to allocate them to the fixed strategy. How is loan interest charged on Traditional Loans? The current loan interest rate charged at issue is 2.75% per year, due and payable at the end of each policy year. The guaranteed maximum loan interest rate charged is 3.00% in policy years 1-10 and 2.15% thereafter. If loan interest is not paid when due, it is added to the loan amount. The guaranteed minimum interest rate credited to the policy loan account is 2.00%. For Traditional Loans the guaranteed maximum difference between the amount credited to the policy loan account and the interest charged on the loan amount each year is 1%. 3

4 What are Select Loans? Select Loans are policy loans in which an amount equal to the loan or loan interest due is added to the loan amount while remaining in the fixed strategy and/or indexed strategy as elected by you, the policy owner. No policy loan account is created for Select Loans and therefore the amount is not added to the policy loan account. Select Loans differ from Traditional Loans in that while the amount borrowed from the policy is considered a policy loan (and added to the loan amount against the policy), the loan does not reduce the amount that is allocated to the fixed and/or indexed strategy elected by you, the policy owner. Thus, Select Loans potentially offer the ability to reduce out of pocket costs while still enjoying the growth potential offered by Voya IUL-Global Choice. Using Select Loans may be particularly attractive for executives eligible for nonqualified employer funded retirement benefits but who do not want to reduce their current income to pay taxes. Can taking a Select Loan break an indexed strategy block and cause an 18-month hold on elections to the indexed strategy? No. Because Select Loans do not cause a deduction from the fixed or indexed strategies (no policy loan account is created the amount borrowed continues to be credited to the fixed or indexed strategy), no indexed strategy blocks will experience deductions as a result of taking a Select Loan. Select Loans do not impact the policyholder s ability to make new elections to the indexed strategy. What are Net Loans? Net Loans are a technique that can be used when paying policy premiums and may be executed as either Traditional Loans or Select Loans. The Net Loan allows you to request a loan that will be applied to the policy as a premium payment. This approach allows you to take a loan in conjunction with a premium payment, while crediting your policy with both the premium submitted and the new loan amount. Once the Net Loan is processed and is on the policy, it acts just like the Traditional or Select Loan. Executives eligible for non-qualified employer-funded retirement benefits may find Net Loans particularly effective when they receive bonuses and want to put the entire bonus amount into their policy, while taking a loan to pay taxes due with minimal administrative work. Can you provide an example of how the Net Loan approach works? An executive in a 40% tax bracket owns a Voya IUL-Global Choice policy and receives a $25,000 bonus from their employer. The employer withholds taxes while the executive sends in the after-tax amount of $15,000 and the Net Loan request for $10,000. A total gross premium of $25,000 is applied to the policy and the initial loan balance on the policy equals $10,000. Regular Loan Employer does not withhold taxes. (Executive will have to pay the tax on the bonus at end of the year.) Executive sends in $25,000 to be applied to the policy. Net Loan Employer withholds taxes. (Eliminates the need for the Executive to pay the tax on the bonus at the end of the year.) Executive sends in after-tax bonus of $15,000 and Net Loan request for $10,000 (via the Loan Request form). $25,000 is applied to the policy. $25,000 is applied to the policy and loan is processed. Executive requests loan for $10,000 to pay the year-end taxes. Loan is processed and $10,000 check is sent to the executive. Loan Balance on Policy = $10,000 Loan Balance on Policy = $10,000 Can I have both Traditional and Select Loans on my policy at the same time? No. There can only be one type of loan on your policy at any given time. Can I switch from one type of loan to another? Once you have chosen Traditional Loans, all future loans must be Traditional Loans and Select Loans will no longer be available. You may switch from Select Loans to Traditional Loans only one time during the life of the policy, but you may never change back to Select Loans. This change requires the policy owner to complete and sign the Loan Selection Request form before this change can be made. When Select Loans are changed to Traditional Loans, the loan amount at the time of the switch is deducted from the fixed strategy until exhausted, and any excess amount is deducted from the blocks of the indexed strategy proportionately. If the switch results in amounts being deducted from a block of the indexed strategy, no additional elections from the fixed strategy to the indexed strategy may be made in the 18 months following the switch. 4

5 How is loan interest charged on Select Loans? The guaranteed maximum loan interest charged on the loan amount is 6.00% per year, regardless of the index credits earned and/or the credited interest rates. If the index credits earned and/or the credited interest rates are less than 6.00%, the account value may be less than projected and the policy could lapse without additional premium or loan interest payments. Select Loans have the risk that policy performance may be lower than illustrated if the amount credited to the account value in the fixed strategy and/or indexed strategy is less than the fixed 6% interest charged on the policy loan. With Select Loans the result of having a policy loan varies depending on the index credits earned and/or credited interest rates and if you pay loan interest in cash or allow it to accrue. For example, if the account value grows over time at an annualized average of 9%, the cost of Select Loans is a net gain of 3% (9% earned rate less 6% charged rate). On the other hand, if the account value grows over time at an annual rate of 1%, the net cost of Select Loans is 5% (6% charged rate less 1% earned rate). This is a hypothetical example and not intended to represent the actual financial impact of Select Loans. From a historical perspective, here s a look at the hypothetical returns for Voya IUL-Global Choice and the 6% Select Loan Interest Rate: S&P Year Point to Point Indexed Strategy Historical Returns ending January 1985 through December 2017 and 6% select loan interest rate 16% 14% 11.5% Cap 12% 10% 8% 6% 4% 2% 6% Select Loan Interest Rate 0% Jan-85 Jan-88 Jan-91 Jan-94 Jan-97 Jan-00 Jan-04 Jan-07 Jan-10 Jan-13 Jan-15 Jan-18 For Select Loans the maximum difference between the amount credited to the account value and the interest charged on the policy loan each year is 6%. How can policy loans be requested? The Loan Selection Request form will be required under any of these scenarios: (1) the first time you request a policy loan, including any loan carryover from a prior policy, (2) each time you request Select Loans, (3) if you choose to change from Select Loans to Traditional Loans and (4) each time you elect the Net Loan approach. You, the policy owner, can request Traditional Loans up to $50,000 by calling the IMPACT team. Additionally, the first time you request Traditional Loans and any Traditional Loans requests in excess of $50,000 will require a Loan Selection Request form to be completed and signed by the policy owner. You can contact the IMPACT team at or your agent/distributor to request the Loan Selection Request form. 5

6 How will a policy loan affect my policy? Until the policy loan is repaid, it will affect the surrender value and death benefit of your policy. If the loan amount exceeds the surrender value, the policy will enter into the grace period, except as provided in the special continuation period and minimum monthly premium provision of your policy. If your policy enters the grace period, you will need to pay additional premium to keep it from lapsing. Policy lapse may also be a taxable event. For this reason, you may want to consider paying the loan interest due each year. In addition, if a loan exists when a death claim is submitted, the death benefit will be reduced by the outstanding loan amount. For both Select Loans and Traditional Loans, we charge you loan interest on the loan amount. Loan interest is due and payable at the end of each policy year, at which time we send a notice for the amount due. If loan interest is not paid when due, it is added to the loan amount. The unpaid loan interest will then increase the amount borrowed and, in turn, result in increased loan interest charges. What is the Overloan Lapse Protection Rider (OLP)? The Overloan Lapse Protection (OLP) Rider can help prevent policy lapse as a result of policy loan indebtedness. Policies that are heavily funded are often illustrated with considerable loan distributions later in life. Adverse policy performance and other factors can cause these types of policies to lapse. The OLP Rider is designed to keep policies in force and avoid triggering taxable events when loan balances approach 100% of the account value. It is available on guideline premium test policies only. This rider will have no impact on policy values since there is no charge unless and until it is exercised by policy owner request. The conditions that must be met before exercising the rider are as follows: The underlying policy must have been in force for at least 15 years. The insured must be at least 75 years of age. The total loan amount including accrued but unpaid loan interest must be equal to or greater than the stated death benefit (or target death benefit, or for policies with the Cash Value Flex Rider, the planned death benefit, whichever is greatest). The total loan amount excluding unearned loan interest can be no more than the account value less the rider charge. The exercise of the OLP Rider cannot cause the policy to become a modified endowment contract or violate the premium limits of the guideline premium test. We assess a one-time transaction charge of 3.5% of the policy value when the OLP Rider is exercised. If the policy includes an Overloan Lapse Protection Rider and it is exercised, any Select Loans will be converted to Traditional Loans, and Select Loans will no longer be available for the policy. Traditional Loans will continue to be available, and any existing Traditional Loans will continue. The Overloan Lapse Protection Rider may not be available in all states and may vary by state. Please see the OLP Rider, form #R /10, for more information about the terms and conditions associated with this rider benefit. Is there a cost for the OLP? There is no charge for the rider unless and until the policyholder exercises the rider. If the rider is exercised, a one-time charge equal to 3.5% of the account value is assessed. 6

7 Tax considerations Are premium payments tax deductible? Generally, premium payments on a life insurance policy are not a deductible expense. Internal Revenue Code (IRC) 264(a)(1) provides that no deductions are allowed for premiums on any life insurance policy if the taxpayer is directly or indirectly a beneficiary under the policy. However, if an employer pays premiums for a policy owned by an employee, the premium payments will be treated as compensation to the employee and may be deductible as an ordinary and necessary business expense under IRC 162. But compensation found to be excessive or unreasonable under all the circumstances will not be deductible. (IRC Reg ) Does the inside build-up in a life insurance policy grow tax-deferred? Yes. The tax court has determined that the cash values of a life insurance policy were not constructively received by taxpayers where they could not reach the values without surrendering the policy. Theodore H. Cohen v. Commissioner, 39 TC 1055 (1963). The Internal Revenue Service (IRS) has acquiesced to the holding in this case. ( CB 4) See also IRC 7702(g). Can premiums paid into a policy be withdrawn without paying income taxes? If policy cash values are large enough, the policy owner may usually withdraw premiums paid for the policy (cost basis) free of income taxes. The cost basis in the contract is withdrawn first and then any further withdrawals will be treated as withdrawal of gain and taxed as ordinary income (IRC 72(e)(5)(A)). If the policy is determined to be a modified endowment contract, distribution from the policy (by loan or withdrawal) will be taxable as ordinary income to the extent of gain in the policy, and may be subject to a 10% income tax penalty prior to age 59½. IRC 7702A and 72(e)(10). Are policy loans income tax free? Policy loans may be used to access the cash values in the policy. Policy loans are not treated as taxable distributions, provided the policy is not a modified endowment contract. IRC 7702A and 72(e)(5). However, there may be income tax consequences if a policy is allowed to lapse or is surrendered while there are outstanding loans. What are the tax consequences if a policy lapses or is surrendered with outstanding loans? If a policy is allowed to lapse or if it is surrendered, the outstanding loan will be repaid from policy values. If the loan exceeds the cost basis in the policy at the time of lapse or surrender, the excess will be taxed as ordinary income to the policy owner. What about outstanding policy loans at death? Outstanding policy loans are treated as an advance against future death benefits. At death, the loans are repaid from the death benefit, and the remainder is usually received income tax free. IRC 101(a). Is the death benefit income tax free? With a few exceptions (policies subject to a lifetime transfer for value or policies owned by an employer), life insurance proceeds paid on account of an insured s death are received by the beneficiaries income tax free. IRC 101(a). These death proceeds will usually be free from federal income tax; however, they may be subject to estate tax upon the death of the insured if the insured was the owner of the policy at death, or if the insured possessed any ownership rights in the policy within three years of death. 7

8 These materials are not intended to and cannot be used to avoid tax penalties and they were prepared to support the promotion or marketing of the matters addressed in this document. Each taxpayer should seek advice from an independent tax advisor. The Voya Life Companies and their agents and representatives do not give tax or legal advice. This information is general in nature and not comprehensive, the applicable laws change frequently and the strategies suggested may not be suitable for everyone. You should seek advice from your tax and legal advisors regarding your individual situation. Voya Indexed Universal Life - Global (Voya IUL-Global), policy form series # /09, and Voya Indexed Universal Life - Global Choice (Voya IUL-Global Choice), policy form series # /12 has an equity Indexed feature, varies by state and may not be available in every state. They are issued by Security Life of Denver Insurance Company (Denver, CO), a member of the Voya family of companies. Not available in New York. The Index Cap and Index Participation Rate are subject to change for new Index Blocks. All guarantees are based on the financial strength and claims paying ability of Security Life of Denver Insurance Company who is solely responsible for the obligations under its own policies. VOYA UNIVERSAL LIFE GLOBAL CHOICE (VOYA IUL GLOBAL CHOICE) AND VOYA INDEXED UNIVERSAL LIFE GLOBAL (VOYA IUL-GLOBAL) ARE FLEXIBLE PREMIUM, UNIVERSAL LIFE INSURANCE PRODUCTS DESIGNED TO PROVIDE A DEATH BENEFIT AND ALLOW FOR SURRENDER VALUES. WHILE THE POLICY VALUES MAY BE AFFECTED BY EXTERNAL INDEXES, THE POLICIES DO NOT DIRECTLY PARTICIPATE IN ANY INDEX FUND, STOCK OR EQUITY INVESTMENTS. THE PRODUCTS ARE NOT VARIABLE PRODUCTS OR ANY TYPE OF INVESTMENT CONTRACT. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ( SPDJI ), and has been licensed for use by Security Life of Denver Insurance Company ( Security Life ). 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 Security Life. 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. EURO STOXX 50 Index An index of blue-chip stocks that are represented by 50 stocks covering the largest sector leaders in the EURO STOXX 50 index. It does not reflect dividends payable on the underlying stocks. The EURO STOXX 50 index is the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland and/or its licensors ( Licensors ), which is used under license. The Voya Indexed Universal Life Global Choice insurance policy is based, in part, on the Index and is in no way sponsored, endorsed, sold or promoted by STOXX and its Licensors and neither of the Licensors shall have any liability with respect thereto. Hang Seng Index An index of the largest and most liquid stocks listed on the Stock Exchange of Hong Kong. It does not reflect dividends payable on the underlying stocks. The Hang Seng Index (the Index ) is published and compiled by Hang Seng Indexes Company Limited pursuant to a license from Hang Seng Data Services Limited. The mark and name Hang Seng Index are proprietary to Hang Seng Data Services Limited. Hang Seng Indexes Company Limited and Hang Seng Data Services Limited have agreed to the use of, and reference to, the Index by Security Life of Denver Insurance Company ( Security Life ) in connection with this indexed universal life insurance policy (the Policy ), BUT NEITHER HANG SENG INDEXES COMPANY LIMITED NOR HANG SENG DATA SERVICES LIMITED WARRANTS OR REPRESENTS OR GUARANTEES TO ANY BROKER OR HOLDER OF THE POLICY OR ANY OTHER PERSON (i) THE ACCURACY OR COMPLETENESS OF THE INDEX AND ITS COMPUTATION OR ANY INFORMATION RELATED THERETO; OR (ii) THE FITNESS OR SUITABILITY FOR ANY PURPOSE OF THE INDEX OR ANY COMPONENT OR DATA COMPRISED IN IT; OR (iii) THE RESULTS WHICH MAY BE OBTAINED BY ANY PERSON FROM THE USE OF THE INDEX OR ANY COMPONENT OR DATA COMPRISED IN IT FOR ANY PURPOSE, AND NO WARRANTY OR REPRESENTATION OR GUARANTEE OF ANY KIND WHATSOEVER RELATING TO THE INDEX IS GIVEN OR MAY BE IMPLIED. The process and basis of computation and compilation of the Index and any of the related formula or formulae, constituent stocks and factors may at any time be changed or altered by Hang Seng Indexes Company Limited without notice. TO THE EXTENT PERMITTED BY APPLICABLE LAW, NO RESPONSIBILITY OR LIABILITY IS ACCEPTED BY HANG SENG INDEXES COMPANY LIMITED OR HANG SENG DATA SERVICES LIMITED (i) IN RESPECT OF THE USE OF AND/OR REFERENCE TO THE INDEX BY SECURITY LIFE IN CONNECTION WITH THE POLICY; OR (ii) FOR ANY INACCURACIES, OMISSIONS, MISTAKES OR ERRORS OF HANG SENG INDEXES COMPANY LIMITED IN THE COMPUTATION OF THE INDEX; OR (iii) FOR ANY INACCURACIES, OMISSIONS, MISTAKES, ERRORS OR INCOMPLETENESS OF ANY INFORMATION USED IN CONNECTION WITH THE COMPUTATION OF THE INDEX WHICH IS SUPPLIED BY ANY OTHER PERSON; OR (iv) FOR ANY ECONOMIC OR OTHER LOSS WHICH MAY BE DIRECTLY OR INDIRECTLY SUSTAINED BY ANY BROKER OR HOLDER OF THE POLICY OR ANY OTHER PERSON DEALING WITH THE POLICY AS A RESULT OF ANY OF THE AFORESAID, AND NO CLAIMS, ACTIONS OR LEGAL PROCEEDINGS MAY BE BROUGHT AGAINST HANG SENG INDEXES COMPANY LIMITED AND/OR HANG SENG DATA SERVICES LIMITED IN CONNECTION WITH THE POLICY IN ANY MANNER WHATSOEVER BY ANY BROKER, HOLDER OR OTHER PERSON DEALING WITH THE POLICY. Any broker, holder or other person dealing with the Policy does so therefore in full knowledge of this disclaimer and can place no reliance whatsoever on Hang Seng Indexes Company Limited and Hang Seng Data Services Limited. For the avoidance of doubt, this disclaimer does not create any contractual or quasi-contractual relationship between any broker, holder or other person and Hang Seng Indexes Company Limited and/or Hang Seng Data Services Limited and must not be construed to have created such relationship. Not FDIC/NCUA Insured Not A Deposit Of A Bank Not Bank Guaranteed May Lose Value Not Insured By Any Federal Government Agency 2018 Voya Services Company. All rights reserved. CN /15/2018 Voya.com