1. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 1 Life Insurance as an Asset Class

2. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 2  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.  Life insurance products are issued by ReliaStar Life Insurance Company (Minneapolis, MN), ReliaStar Life Insurance Company of New York (Woodbury, NY) and Security Life of Denver Insurance Company (Denver, CO). Within the state of New York, only ReliaStar Life Insurance Company of New York is admitted and its products issued. All are members of the Voya™ family of companies.  All guarantees are based on the financial strength and claims paying ability of Security Life of Denver Insurance Company who is solely responsible for all obligations under their policies. Disclosures

3. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 3  Voya Indexed Universal Life - Guaranteed Death Benefit (Voya IUL-GDB), policy form series # 1185-09/11, with an index-linked crediting strategy, varies by state and may not be available in all states (not available in New York), is issued by Security Life of Denver Insurance Company (Denver, CO) a member of Voya™ family of companies.  The hypothetical accumulation values shown in the presentation are for illustrative purposes only and should not be deemed a representation of past or future results. Actual results will vary. Values shown were calculated using current, non-guaranteed policy charges and interest rates listed on the slide where shown. If guaranteed fees, charges and interest rates were used, performance would be significantly lower.  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 do not give tax, legal, accounting or lending advice.  Voya IUL-GDB 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. These policies do not participate in any Index fund, stock or equity investments. The policy is not a variable contract or an investment contract. Disclosures

4. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 4 Most of us have a “Patchwork of Assets” we’ve acquired one at a time over many years. We acquired them to make our own lives better without worrying about passing them on at death.

5. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 5 Someday, however, we will die and our assets will be transferred to other family members. As they are transferred, these assets will be subjected to different taxes and costs; part of their value may be lost.

6. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 6 Wealth Transfer Planning: Intentionally passing on our assets An effective plan avoids losses and maximizes what we pass on to our loved ones

7. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 7 Wealth Transfer Planning Isn’t Something We Do for Ourselves; It’s An Act of Love for Those We Care About It is also one of the responsibilities of being a family leader

8. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 8 Deciding Which Assets To Pass On Can Be Difficult Each Asset Is Different—Each Has Different Strengths and Weaknesses

9. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 9  Some assets are more efficient in transferring their value than others.  Some assets lose value because transferring them triggers additional taxes, costs, commissions and fees.  Other assets may not have a stable value; their values may fluctuate over time with market performance. Transferring assets efficiently is difficult

10. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 10 Good Wealth Transfer Plans Consider All Your Assets Decide which to keep, which to consume and which to reposition into more efficient assets

11. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 11 The Goal Is To Pass On Your Wealth As Efficiently As Possible Maximize Value & Minimize Loss

12. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 12 What are some of the features “efficient” assets have?  Predictable Value - Asset value at death is known in advance with relative certainty.

13. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 13 What are some of the features “efficient” assets have?  Predictable Value  Value Not Directly Linked to Market Performance

14. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 14 What are some of the features “efficient” assets have?  Predictable Value  Value Not Directly Linked to Market Performance  Liquid - Asset is easily converted into cash at death and is not reduced by commissions, taxes, transfer cost or fees.

15. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 15 What are some of the features “efficient” assets have?  Predictable Value  Value Not Directly Linked to Market Performance  Liquid  Growth / Leverage - Asset’s date of death value will likely exceed the costs of acquiring and maintaining it.

16. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 16 What are some of the features “efficient” assets have?  Predictable Value  Value Not Directly Linked to Market Performance  Liquid  Growth / Leverage  Growth Is Income Tax Free - Asset growth is income tax free when distributed at death.

17. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 17 What are some of the features “efficient” assets have?  Predictable Value  Value Not Directly Linked to Market Performance  Liquid  Growth / Leverage  Growth Is Income Tax Free  May Avoid Estate Taxes - Asset can be owned to avoid estate taxes.

18. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 18 What are some of the features “efficient” assets have?  Predictable Value  Value Not Directly Linked to Market Performance  Liquid  Growth / Leverage  Growth Is Income Tax Free  May Avoid Estate Taxes  Avoids Probate - Asset can be immediately delivered to those entitled to receive it without the costs and delays of probate.

19. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 19 What are some of the features “efficient” assets have?  They complement other assets to create an integrated, workable plan  They are flexible and may help accomplish multiple objectives

20. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 20 How Many of Your Assets Have These Features? Review your assets to see if some of them need to be repositioned.

21. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 21 One Asset That Delivers Many of These Features Is Often Overlooked

22. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 22 One Asset That Delivers Many of These Features Is Often Overlooked Life Insurance

23. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 23 Life Insurance has these Wealth Transfer Features  Predictable Value - Policy can be structured to pay a known death benefit amount when the insured dies.

24. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 24 Life Insurance has these Wealth Transfer Features  Predictable Value  Value Not Directly Linked to Market Performance - Policy may be structured so that the death benefit may not directly depend on market performance.

25. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 25 Life Insurance has these Wealth Transfer Features  Predictable Value  Value Not Directly Linked to Market Performance  Liquidity - Death benefits are paid in cash when the insured dies; generally no taxes, costs, commissions or fees are subtracted.

26. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 26 Life Insurance has these Wealth Transfer Features  Predictable Value  Value Not Directly Linked to Market Performance  Liquidity  Growth / Leverage - Premiums paid for death benefit protection may provide a competitive rate of return through life expectancy.

27. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 27 2 Life Insurance has these Wealth Transfer Features  Predictable Value  Value Not Directly Linked to Market Performance  Liquidity  Growth / Leverage  Income Tax Free Payment - Policy death benefits (including amount in excess of premiums) are generally income tax free under IRC 101.

28. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 28 Life Insurance has these Wealth Transfer Features  Predictable Value  Value Not Directly Linked to Market Performance  Liquidity  Growth / Leverage  Income Tax Free Payment  May Avoid Estate Taxes - Ownership of the policy may be structured to avoid federal estate taxes.

29. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 29  Predictable Value  Value Not Directly Linked to Market Performance  Liquidity  Growth / Leverage  Income Tax Free Payment  May Avoid Estate Taxes  Avoids Probate - Death benefits may be structured to be paid directly to the beneficiaries without the costs and delays that often impact assets distributed through probate. Life Insurance has these Wealth Transfer Features

30. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 30 Life Insurance has many uses  Improve a surviving spouse’s financial security  Create funds to retire debts / loans or pay the estate’s tax liabilities  Equalize the inheritances of different family members  Provide educational funds for children and grandchildren

31. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 31 Does Life Insurance Make Financial Sense? Is paying premiums a good use of your funds? Is it financially efficient?

32. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 32 Internal Rate of Return on Death Benefits  One way commonly used to measure financial efficiency is to calculate the policy’s Internal Rate of Return (IRR).  IRR is the interest rate the premiums paid into the policy would have to earn in order to grow into the death benefit.

33. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 33 Internal Rate of Return on Death Benefits  Income Tax-Adjusted IRR is the annual rate the premium outlay would need to compound each year after income taxes at a stated percentage tax rate to generate the death benefit shown; it assumes the life insurance death benefits are received income tax free.

34. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 34 Internal Rate of Return depends on several factors  Amount of the policy death benefit  Number of years before the insured’s death  Total premium payments made before the insured’s death  Number of years over which premiums are paid

35. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 35 Internal Rate of Return on Death Benefits The insured’s date of death is uncertain, so IRR should be calculated annually:  IRRs are generally high early in the early years and decrease over time.  Key Question: What are the IRR and Income Tax-Adjusted IRR near the insured’s life expectancy?

36. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 36 Hypothetical Example James Smith (age 65) $1,000,000 of Coverage

37. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 37 Internal Rate of Return Analysis  James Smith (age 65, Preferred No Tobacco health) is considering a $1,000,000 Voya Indexed Universal Life-Guaranteed Death Benefit (Voya IUL-GDB) policy  The annual premium is $22,525.79*  Assuming premiums are paid and the policy stays in force, what would be the internal rate of return on the death benefit in a given year? * Assuming guaranteed crediting rate of 1.0% and guaranteed policy charges (as of 12/16/2013), policy is guaranteed to stay inforce for the insured’s lifetime.

38. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 38 Internal Rate of Return Analysis  James Smith (age 65, Preferred No Tobacco health) is considering a $1,000,000 Voya Indexed Universal Life-Guaranteed Death Benefit policy issued by Security Life of Denver Insurance Company (policy form #1185-09/11); $22,525.79 annual premium  IRRs at five year intervals: Age 70 Age 75 Age 80 Age 85 Age 90 84.40% 26.14% 12.68% 7.10% 4.17%

39. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 39 Internal Rate of Return Analysis  James Smith (age 65, Preferred No Tobacco health) is considering a $1,000,000 Voya Indexed Universal Life-Guaranteed Death Benefit policy issued by Security Life of Denver Insurance Company (policy form #1185-09/11); $22,525.79 annual premium  IRRs And Tax-Adjusted IRRs at five year intervals, assuming a 28% income tax bracket: Age 70 Age 75 Age 80 Age 85 Age 90 IRR 84.40% 26.14% 12.68% 7.10% 4.17% Tax-Adjusted IRR 117.22% 36.31% 17.62% 9.86% 5.79%

40. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 40 James Smith’s Life Expectancy is 85 IRR is 7.10%; Income Tax Adjusted IRR is 9.86%

41. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 41 Is Life Insurance Financially Efficient? The answer depends on the policy, the premiums paid and how long the insured lives

42. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 42 There may be another way to evaluate a policy’s financial efficiency Compare it to a different asset

43. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 43 Suppose the funds for premiums were invested in a generic asset The asset would grow in value each year with annual contributions and after-tax earnings

44. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 44 Compare the generic asset’s after-tax value with the life insurance death benefit Eventually, the asset’s after-tax value will exceed the life insurance death benefit

45. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 45 Is the cross-over year before or after the insured’s life expectancy? If the cross-over year occurs after life expectancy, then life insurance might be the more efficient alternative.

46. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 46 The James Smith Case  Suppose James Smith wants to compare the projected life insurance death benefit with the value that could build up in a generic asset  $1,000,0000 life insurance death benefit vs. a contribution to the generic asset of $22,525.79 annually  Smith is in the 28% income tax bracket  The asset grows at 6% gross (4.32% net after taxes)  Smith’s life expectancy is age 85

47. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 47 The James Smith Case Life Insurance Death Benefit vs. Investment growing at 6% Gross (4.32% after taxes) The hypothetical investment results are for illustrative purposes only and should not be deemed a representation of past or future results. This example does not represent any specific product, nor does it reflect sales charges or other expenses that may be required for some investments.

48. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 48 Life insurance offers a potentially powerful combination of benefits, protections and advantages. It may help you pass on more of your hard-earned assets to people you care about.

49. Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN1218-14443-0116 49 Ask your Financial Professional if life insurance could improve your wealth transfer plan. You want the best for those you love