calculation examples Values as of 07/28/2018 Voya ed Universal Life-Protector Issued by Security Life of Denver Insurance Company Required training! VFA Registered Representatives must review the Required Training Presentation prior to using this document. However all distributors can benefit from this helpful training to better understand Voya ed Universal Life-Protector. Page 1 of 9
Voya ed Universal Life-Protector (the Policy ) is a flexible premium adjustable universal life policy. Under the Policy, a policy owner may allocate funds to the Fixed Strategy, an ed Strategy, or any combination of the Strategies. This document provides examples of how interest credits are calculated under the ed Strategies. If an index block has not matured (open), no index credit is available. For these open s, this document performs the index calculations using the value(s) of the underlying index(es) as of 07/28/2018. These hypothetical returns do not represent actual index credits. There is no guarantee that your Policy will benefit from an index-crediting strategy. values do not reflect dividends payable on the underlying stocks. How is interest credited? There are 2 interest crediting strategies. Fixed Strategy S&P 500 1-Year Point-to-Point ed Strategy Your net premium payments are initially credited to the Fixed Strategy that earns a current credited rate of interest that can vary, but will never be less than the guaranteed minimum interest rate of 2.00% per year. Funds allocated to any of the ed Strategies may credit interest based in part on the performance of the S&P 500. These additional interest credits (called Credits ) are calculated and credited at the end of the index crediting period. Notably, funds allocated to an ed Strategy in a particular month are not eligible for an Credit until the end of the index crediting period. In general, the index crediting period commences on the 28 th day of the month following the transfer of the allocated funds. These funds become part of an created for funds allocated on this date. The maximum Credit that can be earned on a is based on the Cap and, which are subject to change for future s but which are guaranteed not to change once a is formed. The Credit is guaranteed never to be less than zero. How are the S&P 500 values determined? The values of the S&P 500 are determined as of the close of trading on the New York Stock Exchange (NYSE) on the 28 th day of each month if the NYSE is open for trading, except for days on which valuations are suspended by the Securities and Exchange Commission, or as may be required by law. If the NYSE is not open for trading on the 28 th day of a given month, the value of the will be determined as of the close of trading on the next day the NYSE is open for trading. The Strategies do not represent direct investment in the S&P 500. What can I expect to learn from this document? It is not possible to accurately predict the Credits that will be provided to an prior to maturity. However, to help Policy owners understand the method of calculating the Credits that might apply at the end of any index crediting period, we have provided examples for each possible of how the Credits would be calculated using values of the underlying index(es) at the start of each and as of 07/28/2018. This document provides index information and index calculation examples for the ed Strategies for all possible s that have been available for Voya ed Universal Life- Protector. A given Policy may or may not, have or have had, funds invested in a given. Important to read! This report is designed for Voya ed Universal Life-Protector. No index data and/or calculations can be used to accurately predict the Credits that will actually be credited to any Policy prior to the maturing. The actual index credits can only be determined as of the last day of the index crediting period for any. Your actual Policy results will likely not match the examples shown in this document. You should not make any decisions about your Policy in reliance on the information contained herein. The examples and index data herein are for informational purposes only, may reflect information as of a point-in-time that is before the end of the index crediting period and should not be used to predict future index values or index credits. You are not invested in the underlying index(es) and dividends on the underlying index(es) are not taken into account in the calculation of Credits. The Annual Effective that is provided in the examples is an annualized return of the calculated (Hypothetical) Credit, capped by maximum return limits where applicable. The Annual Effective shown is a months-based determination, and is shown for illustrative purposes only. For open blocks, the calculation reflects the number of months from the through the valuation date (07/28/2018), and the Annual Effective expresses the results to date as an equivalent annually compounded rate. The Credit is calculated based on index values as of 07/28/2018 instead of maturity. Actual policy values are determined daily, based on actual daily balances. Please consult with your agent if you have questions about this document or your Policy. Page 2 of 9
Voya ed Universal Life-Protector Matured and Open Annualized Returns for Available ed Strategies Open blocks are hypothetical based on index performance to date and will likely not equate to the realized index performance at the end of the block period. Returns shown are annual effective rates to both Matured and Open blocks. 07/28/2018 15 % 10 % 5 % 0 % 08/28/13 10/ 28/13 12/28/13 02/28/14 04/28/14 06/28/14 08/28/14 10/28/14 12/28/14 02/28/15 04/28/15 06/28/15 08/ 28/15 10/28/15 12/28/15 02/28/16 04/28/16 06/28/16 08/28/16 10/28/16 12/28/16 02/28/17 04/28/17 06/ 28/17 08/28/17 10/ 28/17 12/28/17 02/28/18 04/28/18 06/28/18 S&P 500 1-Year Point-to-Point ed Strategy (Matured) S&P 500 1-Year Point-to-Point ed Strategy (Open) Page 3 of 9
Voya ed Universal Life-Protector Examples These charts provide only a snapshot of the index values and provide no information relative to future index results. Your policy s performance will not match the examples or sample data shown in this document. You should not make any decision about your policy in reliance on the examples or sample data contained herein. The actual index credits can only be determined as of the last day of the index crediting period for any specific premium payment. S&P 500 1-Year Point-to-Point ed Strategy MATURED blocks starting 2013 ed Strategy Information Values Credit Cap (Guar Min and Aug-13 Aug-14 S&P 500 100 % 1,634.96 1,996.74 22.13 % Sep-13 Sep-14 S&P 500 100 % 1,681.55 1,977.80 17.62 % Oct-13 Oct-14 S&P 500 100 % 1,762.11 1,985.05 12.65 % Nov-13 Nov-14 S&P 500 100 % 1,805.81 2,067.56 14.49 % Dec-13 Dec-14 S&P 500 12.00 % 100 % 1,841.07 2,090.57 13.55 % 12.00 % 12.00 % S&P 500 1-Year Point-to-Point ed Strategy MATURED blocks starting 2014 ed Strategy Information Values Credit Cap (Guar Min and Jan-14 Jan-15 S&P 500 12.00 % 100 % 1,792.50 2,002.16 11.70 % 11.70 % 11.70 % Feb-14 Feb-15 S&P 500 12.00 % 100 % 1,859.45 2,117.39 13.87 % 12.00 % 12.00 % Mar-14 Mar-15 S&P 500 12.00 % 100 % 1,857.62 2,086.24 12.31 % 12.00 % 12.00 % Apr-14 Apr-15 S&P 500 12.00 % 100 % 1,869.43 2,114.76 13.12 % 12.00 % 12.00 % May-14 May-15 S&P 500 12.00 % 100 % 1,909.78 2,120.79 11.05 % 11.05 % 11.05 % Jun-14 Jun-15 S&P 500 12.00 % 100 % 1,960.23 2,057.64 4.97 % 4.97 % 4.97 % Jul-14 Jul-15 S&P 500 12.00 % 100 % 1,978.91 2,093.25 5.78 % 5.78 % 5.78 % Aug-14 Aug-15 S&P 500 12.00 % 100 % 1,996.74 1,988.87-0.39 % Page 4 of 9
S&P 500 1-Year Point-to-Point ed Strategy MATURED blocks starting 2014 ed Strategy Information Values Credit Cap (Guar Min and Sep-14 Sep-15 S&P 500 12.00 % 100 % 1,977.80 1,881.77-4.86 % Oct-14 Oct-15 S&P 500 12.00 % 100 % 1,985.05 2,090.35 5.30 % 5.30 % 5.30 % Nov-14 Nov-15 S&P 500 12.00 % 100 % 2,067.56 2,080.41 0.62 % 0.62 % 0.62 % Dec-14 Dec-15 S&P 500 12.00 % 100 % 2,090.57 2,056.50-1.63 % S&P 500 1-Year Point-to-Point ed Strategy MATURED blocks starting 2015 ed Strategy Information Values Credit Cap (Guar Min and Jan-15 Jan-16 S&P 500 12.00 % 100 % 2,002.16 1,893.36-5.43 % Feb-15 Feb-16 S&P 500 11.50 % 100 % 2,117.39 1,932.23-8.74 % Mar-15 Mar-16 S&P 500 11.50 % 100 % 2,086.24 2,037.05-2.36 % Apr-15 Apr-16 S&P 500 11.50 % 100 % 2,114.76 2,075.81-1.84 % May-15 May-16 S&P 500 11.50 % 100 % 2,120.79 2,096.96-1.12 % Jun-15 Jun-16 S&P 500 11.50 % 100 % 2,057.64 2,036.09-1.05 % Jul-15 Jul-16 S&P 500 11.50 % 100 % 2,093.25 2,170.06 3.67 % 3.67 % 3.67 % Aug-15 Aug-16 S&P 500 11.50 % 100 % 1,988.87 2,180.38 9.63 % 9.63 % 9.63 % Sep-15 Sep-16 S&P 500 11.50 % 100 % 1,881.77 2,171.37 15.39 % 11.50 % 11.50 % Oct-15 Oct-16 S&P 500 11.50 % 100 % 2,090.35 2,126.41 1.73 % 1.73 % 1.73 % Nov-15 Nov-16 S&P 500 11.50 % 100 % 2,080.41 2,201.72 5.83 % 5.83 % 5.83 % Dec-15 Dec-16 S&P 500 11.50 % 100 % 2,056.50 2,249.92 9.41 % 9.41 % 9.41 % Page 5 of 9
S&P 500 1-Year Point-to-Point ed Strategy MATURED blocks starting 2016 ed Strategy Information Values Credit Cap (Guar Min and Jan-16 Jan-17 S&P 500 11.50 % 100 % 1,893.36 2,280.90 20.47 % 11.50 % 11.50 % Feb-16 Feb-17 S&P 500 11.50 % 100 % 1,932.23 2,363.64 22.33 % 11.50 % 11.50 % Mar-16 Mar-17 S&P 500 100 % 2,037.05 2,358.57 15.78 % Apr-16 Apr-17 S&P 500 100 % 2,075.81 2,384.20 14.86 % May-16 May-17 S&P 500 100 % 2,096.96 2,412.91 15.07 % Jun-16 Jun-17 S&P 500 100 % 2,036.09 2,440.69 19.87 % Jul-16 Jul-17 S&P 500 100 % 2,170.06 2,472.10 13.92 % Aug-16 Aug-17 S&P 500 100 % 2,180.38 2,444.24 12.10 % Sep-16 Sep-17 S&P 500 100 % 2,171.37 2,510.06 15.60 % Oct-16 Oct-17 S&P 500 100 % 2,126.41 2,572.83 20.99 % Nov-16 Nov-17 S&P 500 100 % 2,201.72 2,627.04 19.32 % Dec-16 Dec-17 S&P 500 100 % 2,249.92 2,687.54 19.45 % S&P 500 1-Year Point-to-Point ed Strategy MATURED blocks starting 2017 ed Strategy Information Values Credit Cap (Guar Min and Jan-17 Jan-18 S&P 500 100 % 2,280.90 2,853.53 25.11 % Feb-17 Feb-18 S&P 500 100 % 2,363.64 2,713.83 14.82 % Mar-17 Mar-18 S&P 500 100 % 2,358.57 2,605.00 10.45 % 10.45 % 10.45 % Apr-17 Apr-18 S&P 500 100 % 2,384.20 2,648.05 11.07 % May-17 May-18 S&P 500 100 % 2,412.91 2,689.86 11.48 % Jun-17 Jun-18 S&P 500 100 % 2,440.69 2,716.31 11.29 % Page 6 of 9
S&P 500 1-Year Point-to-Point ed Strategy MATURED blocks starting 2017 ed Strategy Information Values Credit Cap (Guar Min and Jul-17 Jul-18 S&P 500 100 % 2,472.10 2,802.60 13.37 % Page 7 of 9
S&P 500 1-Year Point-to-Point ed Strategy OPEN blocks starting 2017 ed Strategy Information Values Hypothetical Credit Cap 07/28/2018 (Guar Min and Months to Annual Effective Aug-17 Aug-18 S&P 500 10.01 % 100 % 2,444.24 2,802.60 14.66 % 10.01 % 1 10.01 % 10.01 % Sep-17 Sep-18 S&P 500 10.01 % 100 % 2,510.06 2,802.60 11.65 % 10.01 % 2 10.01 % 10.01 % Oct-17 Oct-18 S&P 500 10.01 % 100 % 2,572.83 2,802.60 8.93 % 8.93 % 3 8.93 % 10.01 % Nov-17 Nov-18 S&P 500 10.01 % 100 % 2,627.04 2,802.60 6.68 % 6.68 % 4 6.68 % 10.01 % Dec-17 Dec-18 S&P 500 10.01 % 100 % 2,687.54 2,802.60 4.28 % 4.28 % 5 4.28 % 7.45 % S&P 500 1-Year Point-to-Point ed Strategy OPEN blocks starting 2018 ed Strategy Information Values Hypothetical Credit Cap 07/28/2018 (Guar Min and Months to Annual Effective Jan-18 Jan-19 S&P 500 10.01 % 100 % 2,853.53 2,802.60-1.78 % 6 Feb-18 Feb-19 S&P 500 10.01 % 100 % 2,713.83 2,802.60 3.27 % 3.27 % 7 3.27 % 8.03 % Mar-18 Mar-19 S&P 500 10.01 % 100 % 2,605.00 2,802.60 7.59 % 7.59 % 8 7.59 % 10.01 % Apr-18 Apr-19 S&P 500 10.01 % 100 % 2,648.05 2,802.60 5.84 % 5.84 % 9 5.84 % 10.01 % May-18 May-19 S&P 500 10.01 % 100 % 2,689.86 2,802.60 4.19 % 4.19 % 10 4.19 % 10.01 % Jun-18 Jun-19 S&P 500 10.01 % 100 % 2,716.31 2,802.60 3.18 % 3.18 % 11 3.18 % 10.01 % Page 8 of 9
Other important information While indexed universal life insurance policy values may be affected by an external index, your Policy: Is not an investment in the stock market and doesn t participate in any stock, equity or bond investments; Is not a variable product or any type of investment contract; Does not buy or participate directly in any external index or indexes; and Is not meant to be used as an investment vehicle. Notice regarding the impact of taking a policy loan or partial withdrawal from an index block before maturity Policy loans or partial withdrawals may reduce or eliminate Credits, generate an income tax liability, 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 ed Strategy. Voya ed Universal Life-Protector (the "Policy") 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. THIS POLICY DOES NOT PARTICIPATE IN ANY INDEX FUND, STOCK, OR EQUITY INVESTMENTS. THIS POLICY IS NOT A VARIABLE CONTRACT OR AN INVESTMENT CONTRACT. Voya ed Universal Life-Protector, policy form series #1189-07/13 has an equity ed feature, varies by state and may not be available in every state. It is issued by Security Life of Denver Insurance Company (Denver, CO), a member of the Voya family of companies. Not available in New York. The Cap and are subject to change for new s. 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. The S&P 500 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 ed 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. These unmanaged indexes are not intended to represent specific mutual funds. Investors cannot invest directly in an index. Individual results may vary due to management fees, transaction costs and taxes. Performance figures do not take into account the fees and expenses of the product. Past performance is not a guarantee of future results. Most of the capitalized terms used in this document are defined in the "Terms to Understand" section of your Policy. Please refer to that section for further explanation about these terms. 2017 Voya Services Company. All rights reserved. CN0706-35695-0818BT 169805 Page 9 of 9