Your Guide to ING Indexed Universal Life CV

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1 Early retirement. Financial security. Expanding your business. Oh, the possibilities. Your Guide to ING Indexed Universal Life CV Issued by Security Life of Denver Insurance Company LIFE Your future. Made easier. SM

2 Work Hard Now Play Hard Later Like most Americans, you re working as hard as you can today to enjoy the retirement you deserve tomorrow. A retirement filled with traveling to far off places. Or simply to visit the grandkids a few extra times a year. A retirement involving a dream home near the ninth tee. A retirement where you can help finance your child s or grandchild s college education. Or finance your own reading collection for afternoons on the hammock. Although everyone s mental picture of his or her retirement years is different, most would agree on one thing. That if you work hard now, you should be able to enjoy the fruits of your labor later.

3 Financing Your Retirement Wish List. In these ever-changing times, affording your dreams can be challenging to say the least. In the old days, you could rely on the three-pronged approach to retirement planning: Social Security Employer-Sponsored Plans Personal Assets But times have changed. Social Security is no longer the ironclad program it once was and its future is in question. Employers are cutting back on their retirement benefits, if they even offer them at all. This leaves one s personal assets to now shoulder a greater share of the retirement challenge. Consider this. John Anderson, a 50 year old marketing professional, is married with two teenage boys, ages 13 and 16. He has minimal life insurance coverage through his employer and maximizes his contributions to his company s retirement plan annually. However, after meeting with a financial professional, he realizes he still may not have enough assets to generate the required amount of income needed in his retirement years. He can manage to save an additional $15,000 per year to help supplement his existing retirement plan, but he s not sure what other conservative alternatives he should consider to get the most bang for his buck. [ ] Have you maximized your company s retirement plan and are now wondering what the next step should be? That s where ING Indexed Universal Life-CV can help. Because ING Indexed Universal Life-CV has no contribution limits like his company s retirement plan, he is able to contribute the additional $15,000, or more, per year. Through policy withdrawals and loans, he is able to tap into the policy s cash values to generate an annual tax-free income stream above and beyond the income he would receive from his company s retirement plan. While interest accumulated in other financial vehicles may be fully taxable when either earned or withdrawn, money accessed via policy loans and withdrawals* until it exceeds the premiums paid is 100% income tax and penalty free. And with a family to think about, he is immediately covered with insurance protection that can be used to help finance whatever needs his family has (i.e. paying off the mortgage, college funding, etc.) in the event of his premature death. * Loans and withdrawals may limit your ability to make elections to the Indexed Strategy, reduce or eliminate index credits, generate an income tax liability, reduce available cash value and reduce the death benefit, or cause the policy to lapse. 1

4 The Value of ING Indexed Universal Life-CV Long-term Growth Potential ING Indexed Universal Life-CV is a life insurance product that offers valuable death benefit protection, as well as the potential for long-term surrender value accumulation. That s money that you can access through policy loans and withdrawals income tax-free. 1 Yes, income tax-free. With the help of this policy you may be able to: Supplement your retirement income Help fund college costs Pay for long term care or other unexpected medical expenses As a business owner, attract and retain your key employees Valuable Death Benefit Protection With three death benefit options, you have the flexibility to choose what best suits your life insurance needs and financial objectives. You select which death benefit option best meets your goals now, and in the future. Since financial goals can change, you can change the death benefit option after the first year. This means that within certain limits you can increase or decrease the policy death benefit to meet your changing needs. (The death benefit is not subject to the index adjustment.) Premium Financing for Life Insurance Buying life insurance presents a unique challenge for individuals of high net worth. The desire for a valuable death benefit is often met with the reluctance of diverting funds from potentially profitable investments to buy a policy. Fortunately, ING Indexed Universal Life-CV can be used in premium financing for life insurance. Essentially, premium financing means borrowing money to pay life insurance premiums. The concept is simple, but the actual transaction is very complex. For this reason, it is absolutely critical to involve your own tax and legal advisors in the process. ING Indexed Universal Life-CV is a strong product to use in traditional premium financing for life insurance cases in part because of the Waiver of Surrender Charge Rider (state restrictions may apply). This rider, available only on traditional premium financing cases, waives surrender charges when a qualifying event occurs. It may also allow you to post less outside collateral (such as a letter of credit) because it may provide the lending institution access to the full policy net account value under the conditions set forth in the rider. A premium financing arrangement can be useful in estate planning for those who qualify. There is the potential for a gift tax savings when the policy is owned by an irrevocable life insurance trust. For more information, contact your personal tax and legal advisors. 1 Income tax free distributions are achieved by withdrawing to the cost basis then using policy loans. Withdrawals and loans may limit your ability to make elections to the Indexed Strategy, reduce or eliminate index credits, generate an income tax liability, reduce available cash value, reduce the death benefit or cause the policy to lapse. 2

5 Businesses Can Also Benefit From Potential Surrender Value Build-Up. Surrender value accumulation is not only beneficial for personal goals, but for business goals as well. Businesses can use ING Indexed Universal Life-CV to help: Manage cash flow problems. Expand their business into a new building or buy new equipment. Provide extra retirement benefits to a valued employee. Buy out an older partner. And so much more. 3

6 Indexed universal life and the opportunity it brings Indexed universal life insurance is virtually the same as more traditional universal life insurance with one very important difference: the crediting rate is linked, in part to increases, if any, in a designated market index. Meaning, changes in a market index are taken into account as part of the formula that determines the amount credited to the policy. Benefits Traditional UL Indexed UL Valuable death benefit protection Flexible premium payment options Amount credited to the policy * Rate declared by company X X Based on the insurance company s portfolio rate* With indexed universal life there is an opportunity for more upside potential than with a more traditional universal life policy. At the same time, the downside risk, is limited through a guaranteed minimum interest rate* unlike a variable universal life policy. * 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 its policies. X X Linked in part to increases, if any, in a market index Enhanced Crediting Potential What indexed universal life insurance IS NOT IT IS NOT an investment in the stock market and does not participate in any stock, equity or bond investment. You DO NOT buy or participate directly in the index. The index is simply a measuring tool that s one component used to determine the amount the company will credit to the policy. IT IS NOT a policy where cash value is based upon performance of a variable investment option, such as in the case with variable universal life insurance. Flexibility. Universal life insurance allows you to pay premiums at any time, in virtually any amount, subject to certain minimums and maximums. Plus, you can pay premiums in advance, even skip payments, subject to certain limitations. And, because your financial needs are ever changing, you decide how much life insurance you need at any particular time. Universal life insurance allows you, within limits, to reduce or increase the death benefit to keep pace with your needs. IT IS NOT meant to be used as a short-term investment vehicle. 4

7 Is an indexed universal life product right for me? Indexed universal life is a life insurance product with greater cash value protection against market decline than variable universal life, and more crediting potential than with more traditional universal life. Traditional Universal Life Indexed Universal Life Variable Universal Life More Conservative More Aggressive Determine your risk comfort level by asking yourself the following questions: Am I interested in a variable universal life insurance policy with the potential for higher returns because there is no cap on earnings but also potential for greater loss because there is no minimum rate guarantee? Is a guaranteed interest rate important to me? Or, am I somewhere in between the two extremes above and willing to take some risks, but looking for guarantees also? If you re like many who fall somewhere in the middle, you probably answered yes to the last question. You want security, but know that the price of security often means slower accumulation. The recent volatility of the market may be fresh in your mind. If you re looking for that middle ground in a life insurance product, indexed universal life may be the answer. 5

8 Here are some questions you should ask your agent to really gain a better understanding of indexed universal life insurance What is the guaranteed minimum interest rate? How is the rate credited to my policy determined? What is the participation rate? For how long is the participation rate guaranteed? What is the point to point? What is the cap? What are the administrative fees? What are the surrender charges or penalties if I want to end my contract early? Note: Some companies refer to this as the floor Note: Companies may use one or a combination of the following crediting methods: participation rate rate spreads or asset fees caps Participation Rate Percentage that determines how much of the index s increase is reflected in the indexed interest acts as one factor in determining a ceiling on the crediting rate of the policy Point to Point Time period over which the index is being measured Cap The upper limit of index increase that can be applied to the policy; may be changed by the company What are the charges associated with partial withdrawals and loans? Important Considerations As with any insurance product, you must carefully consider your own personal situation, financial objectives and goals. Compare similar policies from different companies to find which one is likely to give you the best value for your money. Keep in mind that it may be misleading to compare one life insurance policy to another unless you compare all the features of each policy. Then you can decide what combination of features makes the most sense for you. 6

9 Enhanced Crediting Potential So now let s look at that big differentiating factor between ING Indexed Universal Life-CV and a more traditional universal life insurance product... enhanced crediting potential based in part on the movements of a market index. How Interest Crediting Works There are 2 types of interest crediting strategies: Fixed and Indexed. Fixed Strategy Your premium payments, minus any premium expense charges (the net premiums), are initially credited to the Fixed Strategy that earns a current interest rate. This rate may vary, but will not be less than the guaranteed minimum interest rate of 3% per year. At each policy anniversary, a new current credited interest rate is guaranteed for the next 12 months. The cost of insurance, administrative, and rider charges are also deducted from the Fixed Strategy. If the Fixed Strategy amount is depleted, the remainder will be deducted proportionately from the Indexed Strategy blocks. Indexed Strategy The Indexed Strategy has a guaranteed minimum interest rate of 1% per year and also receives an index credit, linked in part to increases, if any, in the S&P (subject to a maximum index credit rate cap). Even if the S&P 500 goes down, or has negative performance, your policy will still be credited with the guaranteed minimum interest rate of 1% per year on the amounts you have elected to the Indexed Strategy. Remember, you are not directly investing in the stocks of the S&P 500, or in the index itself. The maximum index credit rate is based on the index cap and is subject to change at any time. Please see the Disclosure Supplement to Application and the policy for details on the calculation of the index credit. If desired, you may choose to automatically have a percentage of each of your net premiums elected to the Indexed Strategy. On the 28th of each month (given at least three business days prior notification), you may also elect an additional amount from the Fixed Strategy to the Indexed Strategy. The money elected in a particular month to the Indexed Strategy belongs to that month s block. When each block and you can have as many as 12 blocks in a year matures 12 months from its election date, the appropriate index credit is applied to your block. You may then elect some or all of the matured block value to the Fixed Strategy, or allow it to automatically start a new Indexed Strategy block. Please see your Disclosure Supplement to Application and policy for details on election restrictions. See how it works. You make a Premium Payment. We deduct the premium expense charge. Net premium is credited to the Fixed Strategy. Indexed Strategy Comprised of blocks, with each block earning index credits linked in part to increases, if any, in the S&P 500 (subject to a maximum index credit rate cap), plus a guaranteed minimum interest rate of 1%. Elections may be made monthly, creating a new block with each election. Elections may occur on the block's maturity date. Fixed Strategy Earns an interest rate no less than 3% per year. Remaining charges are deducted at this time as provided in the policy. 7

10 Why the S&P 500 Index? The Standard & Poor s 500 Composite Stock Price Index (S&P 500 ) is used as the index for ING Indexed Universal Life-CV. The widely recognized S&P 500 is currently the most commonly used index for indexed universal life. It represents about 75% of the total US equity market 2. The graph to the right is a hypothetical example of how the fluctuation in the S&P 500 Index would have impacted the calculation of the index credit for ING Indexed Universal Life-CV. 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% -30% -35% -40% 1 The S&P 500 (Standard & Poor s 500 Composite Stock Price Index) is an index of the stock performance of 500 publicly traded companies that does not reflect the dividends payable on the underlying stocks. If the S&P 500 is discontinued, becomes unavailable to us or if calculation of the index is substantially changed, we will substitute a successor index of our choosing (subject to the approval of the state insurance authorities), and communicate the change to you in writing. Standard & Poor s, S&P, S&P 500, Standard & Poor s 500, and 500 are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Security Life of Denver Insurance Company. This Product is not sponsored, endorsed, sold or promoted by Standard & Poor s and Standard & Poor s makes no representation regarding the advisability of purchasing this Product. 2 Source: Standard & Poor s 8

11 9

12 How to Determine Index Credits for the Indexed Strategy This is an illustrative depiction of the calculation provided in the policy and Disclosure Supplement to Application. On the block maturity date: 10

13 So let s look at hypothetical examples using the steps outlined to the left All values and rates in the following examples (unless otherwise guaranteed) are hypothetical and do not attempt to predict or reflect actual figures. Additionally, the examples use an index cap that may be more or less than the actual cap on the index credit rate for any particular block. Please contact your agent or go to to access updated cap information. 11

14 Access to Policy Cash Values through Loans and Withdrawals You now know your policy can accumulate cash value and may be wondering, How do I access it if I need it? Tax Free Income You may obtain tax-free income through a combination of policy loans and withdrawals. Income tax free distributions are achieved by withdrawing to the cost basis (premiums paid), then using policy loans. This assumes the policy qualifies as life insurance, is not a modified endowment contract, and does not lapse with an outstanding loan. With ING Indexed UL-CV, policy loans are available anytime on or after the first monthly processing date. Policy loans after the 10th policy year can be taken at zero net-interest cost on a current basis. This means that although a current annual interest rate of 3% (guaranteed not to exceed 3.15%) is charged on policy loans, the company also credits a guaranteed minimum annual interest rate of 3% to the loaned value, resulting in a zero net-interest cost loan. In policy years 1-10, there is a 4% maximum guaranteed annual interest rate charged on policy loans. 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 net surrender value of the policy minus $500. A $10 fee is charged to the account value for each partial withdrawal. Loans and withdrawals may limit your ability to make elections to the Indexed Strategy, reduce or eliminate index credits, generate an income tax liability, reduce available cash value and reduce the death benefit, or cause the policy to lapse. Riders To customize your policy even further, you can add other benefits called riders. Some of the benefits of the following riders include using term insurance to provide planned increases or decreases in death benefits as well as special benefits if the insured becomes disabled or terminally ill. Adjustable Term Insurance Rider Accelerated Benefit Rider Additional Insured Rider Overloan Lapse Protection Rider Waiver of Cost of Insurance Rider Waiver of Specified Premium Rider Waiver of Surrender Charge Rider (Traditional Premium Finance cases only) These riders are subject to state availability, additional charges and certain limitations, and may not be available with all versions of the product. 12

15 Final Points to Consider 1. Review your own life insurance needs and circumstances. Choose the kind of policy with benefits that most closely fit your needs and premium payments that match your budget. 2. Indexed universal life insurance policies are not designed to be short-term investment vehicles, rather they provide valuable death benefit protection. 3. Read your policy carefully. Ask your agent about anything that is not clear to you. 4. Review your life insurance with your agent every few years to keep up with your changing income and needs.

16 Security Life of Denver Insurance Company 1290 Broadway Denver, CO Neither ING nor its affiliated companies and representatives offer legal or tax advice. You should consult tax and legal advisors regarding your individual situation. This document is not intended to be a complete explanation of your policy, which must be consulted for restrictions, definitions and details. ING Indexed Universal Life-CV, policy form series #1178, with an equity indexed feature, varies by state and may not be available in every state. It is issued by Security Life of Denver Insurance Company, a member of the ING family of companies. Not available in New York. 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 ING Indexed Universal Life-CV product may not be used in a "Funded ERISA Plan" that includes the following types of employee pension and benefit plans and arrangements: tax qualified plans (i.e., I.R.C. 401(a) profit sharing, defined benefit and defined contribution plans) and funded welfare benefit plans (i.e., I.R.C. 419 and I.R.C. 419A plans, VEBAs, and plans that hold the policy in a secular trust) ING North America Insurance Corporation cn ING, A Global Leader When you choose to do business with the ING family of life insurance companies, you are choosing to do business with a global leader. ING Groep N.V. (ING), the parent company of Security Life of Denver Insurance Company, is a global financial services company of Dutch origin with over 150 years experience and now one of the top 20 largest financial institutions in the world (based on market capitalization), featuring:* More than 85 million private, corporate and institutional clients; over 15 million in the U.S. Over 130,000 employees Over $950 billion of assets under management More than $2.2 trillion in total global assets Operations and subsidiaries in over 50 countries You promise to help protect your financial future with one of the ING family of life insurance companies -- and we promise to be here when you need us. *As of 06/30/08. The assets and client base of ING have no impact on Security Life of Denver Insurance Company s ability to meet its obligations or upon the performance of its products. Insurance product obligations are the sole responsibility of Security Life of Denver Insurance Company /09/2009

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