Convenience
You have immediate access to your proceeds, which start earning interest from the day your account is established. No fees are charged for maintaining your account, or for writing or reordering drafts.
Communications
You will receive a statement for each month that you have activity in your account other than credited interest. Otherwise, you will receive a quarterly statement if you do not have any other activity in your account. As an extra benefit, we provide a complimentary newsletter with your quarterly statement which features articles on a variety of timely topics and current news.
Interest Rate
Your account earns a guaranteed interest rate* from the date it is established. Interest is compounded daily and credited to your account once a month. Interest is paid from the day of deposit to the day of withdrawal. The rate of interest is subject to change no more than twice in any twelve-month period and any decrease in the interest rate will not occur less than one year since the last change.
Security
Your account is backed by the financial stability of the insurance company that issued the policy or contract. Funds held in a Personal Transition Account are not FDIC insured, but may be covered by your state's Insurance Guaranty Fund.
Time
You do not need to make immediate decisions. We encourage you to take the time you need to make informed financial decisions, knowing your account proceeds are secure. However, over time we do recommend that you consider how to use your proceeds long-term.
Resources
As part of this program, you have professional resources available to you at no charge. Please consider taking advantage of our Financial Guidance Service provided by Voya Financial Advisors, Inc., if you don't already have a financial professional. Additionally, we provide a Personal Transition Guide (PDF) to help you consider other professionals and sources of information that may be helpful.
The insurance company that issued the policy from which the lump sum is paid guarantees that the Voya Personal Transition Account balance will earn at least the minimum guaranteed annual interest rate shown in your Supplemental Contract from the date your account is established. The interest rate guarantee is based on the claims-paying ability of the insurance company. The current credited rate and the guaranteed minimum interest rate are each expressed as an annual percentage yield based on daily compounding. Each day the account accrues an amount of interest that is credited to principal. When annualized, those daily accruals will yield the credited interest rate.