self-owned life and retirement (s.o.l.a.r.) insurance ... · a self-owned life and retirement...

Self-Owned Life and Retirement (S.O.L.A.R.) Insurance Arrangement

Voya Indexed Universal Life-Global Choice

A Flexible Premium Adjustable Life Insurance Policy(Standard Form #1186-09/12; may vary by state) SLR-74

Security Life of Denver Insurance Company

Designed for:

Valued Client

Presented by:

Unassigned Agent

Security Life of Denver Insurance Company

8055 East Tufts Avenue, Suite 710

Denver, CO 80237

This analysis is for illustration purposes and is not guaranteed. It is not a

financial plan and does not address all areas of financial concern. This

analysis is based upon information provided by the client. The Voya Life

Companies and their agents and representatives do not give tax or legal

advice. Please consult with your attorney, accountant, or tax advisor for

additional information.

Using Voya Indexed Universal Life-Global Choice withSelf-Owned Life and Retirement (S.O.L.A.R) Insurance Arrangement

The Voya Indexed Universal Life-Global Choice product is a flexible premium,universal life insurance product designed to provide a death benefit and allow for cashvalues. It includes an Indexed Strategy with 3 different crediting options where indexcredits are linked in part to increases, if any, in outside indexes. The S&P 500® 1 YearPoint to Point Index Strategy is subject to an annual minimum and maximum indexcredit rate. The 2 and 5 Year Global Indexed Strategies are linked to weighted changesin three indexes – the S&P 500® Index, the EURO STOXX 50® Index, and the HangSeng Index - and calculates an index credit under a formula employing a look backstrategy where a portion of the better performing two out of three indexes is used, and issubject to a Guaranteed Minimum Interest Rate.

While the policy values may be affected by external indexes, the policy does not directlyparticipate in any index fund, stock or equity investments, and all policy guarantees arebased solely on the financial strength and claims-paying ability of Security Life ofDenver Insurance Company. The product is not a variable product or any type ofinvestment contract. See IMPORTANT INDEX DISCLAIMERS for moreinformation about each index.

05/11/2016 02:02 PMPage 2 of 76

This presentation is not valid without an accompanying personalized policy illustration.Version P2 M3 2016.04.01, Released 05/02/2016aa859d03-e8a5-4cf9-b208-3a856459f239-23

A Self-Owned Life And Retirement (S.O.L.A.R.) Insurance Arrangement is an arrangement where anexecutive purchases a cash value life insurance policy to provide death benefit protection and to helpaccumulate funds for retirement. The arrangement can be funded through employer contributions as IRC § 162bonuses, through after-tax contributions from the executive, or a combination of both. While premiumpayments must be treated as ordinary income, the executive can borrow money from the Voya IUL-GlobalChoice life insurance policy to pay income taxes. The executive can use the policy as a potential source ofsupplemental retirement income, as a source of survivorship benefits for his or her family, or both.

Key Considerations - Potential Advantages and Disadvantages

For the Executive For the Employer

· Supplemental Retirement Income 1-- Bonuses areused to purchase a life insurance policy whichaccumulates cash values.

· Reduce "Out-of-Pocket Costs" 1-- By taking a policyloan to pay income taxes, the S.O.L.A.R. InsuranceArrangement can reduce the current costs to theexecutive.

· Tax-Deferred Growth -- No income tax is payablewhile money is accumulating inside the life insurancepolicy.

· Tax-Free Income 1-- Provided the life insurancepolicy is not structured as a modified endowmentcontract (“MEC”), the executive will be able to attaintax-free income through a combination of policywithdrawals and loans.

· Income Tax-Free Death Benefit 2-- The lifeinsurance policy provides protection for theexecutive's family in the event of death.

· No IRS Distribution Requirements or Penalties --Policy distributions from a S.O.L.A.R. InsuranceArrangement can occur before age 59 ½ without apremature distribution penalty from the IRS, and thereare no required minimum distributions at age 70 ½ orthereafter.

· Immediate Taxation -- Bonus payments made by theemployer are taxable income to the executive underIRC § 61.

· Immediate Tax Deduction -- Bonus payments made by theemployer are income tax deductible under I.R.C. § 162 (solong as the executive’s total compensation is consideredreasonable).

· Flexible Contributions -- There is no required schedule forcontributions to a S.O.L.A.R. Insurance Arrangement.Premiums can be designed to meet the changing needs ofthe employer.

· Selective Benefit -- A S.O.L.A.R. Insurance Arrangementcan be offered on a selective basis. Unlike qualifiedretirement plans, there is no requirement that the benefit beavailable on a nondiscriminatory basis.

· Simple Administration -- Some nonqualified benefits canrequire significant plan administration (maybe evenrequiring a third-party administrator). A S.O.L.A.R.Insurance Arrangement is a potentially simple arrangementrequiring little or no plan administration.

· No “Golden Handcuffs” -- Although the bonus may be anincentive for the executive to remain with the company, theexecutive may choose to keep the policy after terminationof employment.

· No Cost Recovery to the Employer -- The employer hasno rights to policy values or death benefits asreimbursement for the after-tax cost of the bonus.

05/11/2016 02:02 PMS.O.L.A.R. Insurance Arrangements Page 3 of 76


Valued Client Age: 45Retirement Age: 65Policy Loan Type: Select Loans Switching to Traditional Loans in policy year 21

Summary of Values

A Self-Owned Life And Retirement (S.O.L.A.R.) Insurance Arrangement allows your employer toprovide you with death benefit protection for your family and a potential source of supplementalretirement income 1 by paying premiums into an IUL-Global Choice life insurance policy that you own.The premium payments by your employer are treated as taxable bonuses. However, you may borrowfunds from the IUL-Global Choice policy to pay the income tax associated with these bonuses.Furthermore, cash values may grow inside the policy tax-deferred, and cash value accumulation canprovide you a source of tax-free income through a combination of policy withdrawals and loans. 1

BENEFITS AT RETIREMENT

Based on the current assumptions used in the accompanying

illustration, your S.O.L.A.R. Insurance Arrangement is projected to

provide total supplemental retirement benefits of : $733,845

TOTAL OUT-OF-POCKET COSTS

Based on the current assumptions used in the accompanying

illustration, your net out-of-pocket costs for this benefit is projected

to be:

$0

DEATH BENEFIT

In addition, if you die at or before your projected retirement age

your family would be protected in the event of your premature death

with death benefits of at least: $627,724



Summary of Values, continued

You should also keep in mind that the S.O.L.A.R. Insurance Arrangement is your policy. You are theowner of the life insurance policy at all times and you can choose when to take distributions from thepolicy's cash values. There are no IRS requirements that you leave cash in the policy until retirement ageor that you begin taking policy distributions at any particular time. The policy distribution scheduleillustrated here is just a sample of what might happen. When and whether you take distributions from thepolicy is entirely up to you.

COST TO EMPLOYER

Premium Bonuses Paid Over 15 Years: $300,000

Tax Savings (34% Tax):** $102,000

Net Cost to Employer: $198,000

COST TO YOU

Premiums Paid Over 15 Years: $300,000

Less Premium Bonuses Received from Employer: $300,000

Plus Tax Incurred on Premium Bonuses (35% Tax): $105,000

Less Policy Loans To Pay Tax: $105,000

Plus Interest on Loans Paid in Cash: $0

Net Cost to You: $0

SUPPLEMENTAL RETIREMENTBENEFITS FROM POLICY DISTRIBUTIONS

Age to Start Cash Value Distribution*: 65

Available Net Surrender Value at Age 65: $323,704

Annual Cash Value Distributions for 35 years: $20,967

Total Cash Value Distributions: $733,845

Cash Value at Age 121: $100,526

DEATH BENEFIT

Year 1 Net Death Benefit: $627,724

Available Net Death Benefit at Age 65: $815,501

Available Net Death Benefit at Age 121: $100,526

The values illustrated are not guaranteed. They assume that the illustrated non-guaranteed elements of the policy will continue unchanged forall years shown. This is not likely to occur, and actual results may be more or less favorable than those shown. This page must beaccompanied by the accompanying personalized policy illustration, which includes the guaranteed elements of the policy and other importantinformation.

*The policyowner must request all policy distributions from the company.



Select Loans have the risk that the amount credited to the account value could be less than the annual interest charged on the policy loan.Detailed additional information about policy loans is located in the accompanying personalized policy illustration.

**IRC § 162 states a bonus paid to an employee is generally deductible in the year paid if the employee's total compensation (including thebonus) is reasonable and is paid for personal services actually rendered. Compensation is regarded as "reasonable" if it is an amount as wouldordinarily be paid for like services by like enterprises under like circumstances. The amount of compensation a public-held corporation maydeduct for reasonable compensation paid to a covered employees is limited to $1,000,000.

The tax rates illustrated are assumptions based on information furnished by the employer and executive about their respective federal (andstate, if included) income tax rates. The actual tax rates experienced at any time may be more or less than those illustrated.



A Self-Owned Life And Retirement (S.O.L.A.R.)Insurance Arrangement can be used by anemployer for the executive's purchase of lifeinsurance. It is a simple and straightforwardmethod of rewarding an executive over andabove the traditional salary and other benefits.A S.O.L.A.R. Insurance Arrangement fundedwith a Voya IUL-Global Choice policy can be avaluable selective benefit. It is selectivebecause the business can legally offer it to someemployees but not to others.

How it Works

1. The company and the executive agree that personal life insurance protection and the related cash value accumulation areimportant components of the executive's overall compensation package. Depending on the relationship between theparties, this understanding may be formalized through an optional employment agreement.

2. The Executive acquires a Voya IUL-Global Choice policy insuring his or her life.

3. The company makes the premium payments on this policy, which are taxed as additional compensation to theexecutive and create a current deduction for the employer. Optionally, the company may provide an additional cashbonus to the executive to cover the income tax associated with the premium payment.

4. The executive pays income taxes on the bonused premium payments either by having the taxes due withheld bypayroll deduction or by borrowing money from the Voya IUL-Global Choice policy utilizing Select Loans. SelectLoans have the risk that the amount credited to the account value could be less than the annual interest charged on thepolicy loan. 1 The executive who receives a bonus through payroll with taxes withheld may choose to take a Net Loanto replace the premium amount equal to the taxes paid. The Net Loan allows the executive to apply the loan proceedsdirectly to their policy as an additional premium payment. Once the net loan is processed and is on the policy, it actsjust like the current Traditional or Select Loan.

5. The policy cash values are available to supplement the executive's retirement income through withdrawals and loans. 1The policy death benefit will be paid income tax free to the executive's beneficiaries. 2



Employer Objectives

A Self-Owned Life And Retirement (S.O.L.A.R.) Insurance Arrangement is a simple tool employers can use to reward their mostvalued employees. The S.O.L.A.R. Insurance Arrangement can be offered selectively as a benefit to encourage the retention ofexecutives the business can't afford to lose.

Tool to Recruit, Reward and Retain Key Executives

Employers today are faced with increased competition for talented key executives. In the past, employers attracted, motivated andretained their more talented executives by offering a combination of salary, incentive bonus, and qualified retirement benefits.Unfortunately, these traditional compensation strategies fail to address several important issues:

· The cost of replacing key executives is getting higher;

· Salary increases and bonuses have short-lived impacton long-term job satisfaction and loyalty to thebusiness.

· Salary increases and bonuses force executives to paytaxes on income now even though the funds may not beneeded until later; and

· ERISA makes it difficult to single out and rewardhighly-compensated executives using qualifiedretirement plans.

Key Considerations

Potential Advantages Potential Disadvantages

· Immediate Tax Deduction -- Bonus payments madeby the employer are income tax deductible under IRC §162 (so long as the executive's total compensation isconsidered reasonable.)

· Flexible Contributions -- There is no requiredschedule for contributions to a S.O.L.A.R. InsuranceArrangement. Premiums can be designed to meet thechanging needs of the employer.

· Selective Benefit -- A S.O.L.A.R. InsuranceArrangement can be offered on a selective basis.Unlike qualified retirement plans, there is norequirement that the benefit be available on anondiscriminatory basis.

· Simple Administration -- Some nonqualified benefitscan require significant plan administration (maybe evenrequiring a third-party administrator). A S.O.L.A.R.Insurance Arrangement is a simple arrangementrequiring little or no plan administration.

· No "Golden Handcuffs" -- The policy is owned andcontrolled by the executive. Although the employerpremium bonus may be an incentive for the executiveto remain with the company, the executive may chooseto keep the policy after termination of employment.

· No Cost Recovery to the Employer -- The employerhas no rights to policy values or death benefits toreimburse for the after-tax cost of the bonus.



Executive Retirement Needs

A Self-Owned Life And Retirement (S.O.L.A.R.) Insurance Arrangement offers today's executive asolution to one of life's most intimidating challenges: preparing adequately for retirement. Americanprofessionals expect to spend up to one-third of their lives in retirement.* Longer retirements can beattributed to two major factors:

1. People are generally living longer; and

2. People are retiring earlier to enjoy the fruits of their labor.

In addition to living longer, there are several other challenges for executives who want to preparefor a comfortable retirement:

· Social Security Shortfall -- As more and more "baby boomers" reach retirement age and withfewer workers available to pay Social Security taxes, government projections indicate theresources of the system will shrink and reductions in benefits may be necessary.

· Premature Death -- Retirement security means protecting both the executive and his or her familyduring working and retirement years. If the executive dies prematurely, his or her loved ones maybe left without resources needed to cover expenses now or during retirement. A comprehensiveretirement strategy will include protection for premature death.

· Reverse Discrimination -- Qualified retirement plans may offer the best savings opportunity forretirement-- contributions are not taxed to employees until withdrawn from the plan and employercontributions are tax deductible. But there is a limit to how much a participant can contribute to aqualified plan ($18,000 annually for 401(k), 403(b), and 457(b) plans in 2016). The effect of thislimitation is to discriminate against highly paid executives.

Example: A highly paid executive who participates in a qualified retirement plan fails to receive the sameratio of before-to-after retirement income as the average worker. For example, an employee making$50,000 a year can contribute up to 36.00% of his or her income to a qualified plan whereas an executivemaking $200,000 can only contribute 9.00% of income.

Salary Maximum Pre-Tax Deferral Percentage

$50,000 36.00%

$100,000 18.00%

$150,000 12.00%

$200,000 9.00%

$250,000 7.20%

$300,000 6.00%



A S.O.L.A.R. Insurance Arrangement provides a potential source of supplemental retirement income thatis not affected by qualified plan contribution limits and which also provides protection for an executive'sloved ones in the event of premature death.

*Voya Retirement Readiness & Middle America Survey, 2004.



Key Considerations for the Executive

Potential Advantages Potential Disadvantages

· Supplemental Retirement Income 1 -- Bonuses are used to purchase a life insurancepolicy which accumulates cash values.

· Reduce "Out-of-Pocket Costs" 1 -- By takinga policy loan to pay income taxes, theS.O.L.A.R. Insurance Arrangement canreduce the current costs to the executive.

· Tax-Deferred Growth -- No income tax ispayable while money is accumulating insidethe life insurance policy.

· Tax-Free Income 1 -- Provided the lifeinsurance policy is not structured as amodified endownment contract ("MEC"), thebusiness owner will be able to attain tax-freeincome through a combination of policywithdrawals and loans.

· Income Tax-Free Death Benefit 2 -- The lifeinsurance policy provides protection for theexecutive's family in the event of death.

· No IRS Distribution Requirements orPenalties -- Policy distributions from aS.O.L.A.R. Insurance Arrangement can occurbefore age 59 ½ without a prematuredistribution penalty from the IRS, and thereare no required minimum distributions at age70 ½ or thereafter.

· Immediate Taxation to Executive -- Bonuspayments made by the employer are taxableincome to the executive under IRC § 61.

1 A portion of the policy’s surrender value may be available as a source of supplemental retirement income through policy loans andwithdrawals. Income tax free policy distributions may be achieved by policy loans or withdrawing to the cost basis (usually premiums paid).This assumes the policy qualifies as life insurance, is not a modified endowment contract and is not lapsed or surrendered with an outstandingloan. Policy loans and withdrawals may reduce or eliminate index credits, generate an income tax liability, reduce available surrender valueand reduce the death benefit, or cause the policy to lapse. Additionally, loans may limit your ability to make elections to the IndexedStrategy; if a loan results in amounts being deducted from a block prior to its block maturity date, no elections from the Fixed Strategy to theIndexed Strategy will be processed in the 18 months following the loan. Select Loans have the risk that the amount credited to the accountvalue could be less than the annual interest charged on the policy loan. Detailed additional information about policy loans is located in theaccompanying personal policy illustration.

2 Death benefit proceeds from a life insurance policy are generally income tax-free, and if properly structured, may be free from estate tax.



The Voya Life Companies and their agents and representatives do not give tax or legal advice. This information is general in nature and notcomprehensive; the applicable laws change frequently and the strategies suggested may not be suitable for everyone. You should seek advicefrom your tax and legal advisors regarding your individual situation.

These materials are not intended to and cannot be used to avoid tax penalties; and they were prepared to support the promotion or marketingof the matter addressed in this document. Each taxpayer should seek advice from an independent tax advisor.



SELF-OWNED LIFE AND RETIREMENT INSURANCE ARRANGEMENT - COMBINED VALUESSingle Bonus

The purpose of this supplemental illustration is to show a Voya Indexed Universal Life-Global Choice policy using the Single BonusPlan and the corresponding affect on cash value and death benefit. The values illustrated are not guaranteed. An asterisk indicates theyear the policy would lapse assuming that since policy issue the minimum guaranteed interest was credited and the maximumguaranteed costs were deducted.

Prepared for:

Employer Tax Rate: 34%

Valued Client Male 45 Preferred No Tobacco Tax Rate: 35%State of Issue: California

Initial Total Face Amount: $621,000Initial Death Benefit Option: 2 (Increasing)Initial Annual Premium: $20,000.00Premium Election:

HypotheticalAllocation Illustrated Index

Strategy Type Percentage Credit/Interest RateS&P 500® 1 Year Point to Point Indexed Strategy 25% 7.28%2 Year Global Indexed Strategy 50% 7.28%5 Year Global Indexed Strategy 25% 7.28%

Policy Loan Type: Select Loans Switching to Traditional Loans in policy year 21

EMPLOYER COSTS EXECUTIVE COSTS EXECUTIVE BENEFITS

End Total Bonus After-Tax Executive Net Net Netof Yr Policy to Cost Of Premium Tax on Annual Retirement Surrender Death

Yr Age Premium Executive Bonus Outlay Bonus Outlay Benefits Value Benefit

1 46 20,000 20,000 13,200 0 7,000 0 0 489 627,7242 47 20,000 20,000 13,200 0 7,000 0 0 8,731 635,9663 48 20,000 20,000 13,200 0 7,000 0 0 16,775 644,0104 49 20,000 20,000 13,200 0 7,000 0 0 25,702 652,7515 50 20,000 20,000 13,200 0 7,000 0 0 35,820 662,627

100,000 100,000 66,000 0 35,000 0 0

6 51 20,000 20,000 13,200 0 7,000 0 0 47,018 673,5337 52 20,000 20,000 13,200 0 7,000 0 0 61,826 687,9568 53 20,000 20,000 13,200 0 7,000 0 0 79,064 703,4989 54 20,000 20,000 13,200 0 7,000 0 0 96,633 719,354

10 55 20,000 20,000 13,200 0 7,000 0 0 116,987 737,987 200,000 200,000 132,000 0 70,000 0 0

VOYA INDEXED UNIVERSAL LIFE-GLOBAL CHOICEA Flexible Premium Adjustable Life Insurance Policy 05/11/2016 02:02 PM

Designed for Valued Client Page 13 of 76

This illustration is not valid without all pages.Version P2 M3 2016.04.01, Released 05/02/2016, 7P-29,892 TP-11,178 MP-6,452aa859d03-e8a5-4cf9-b208-3a856459f239-23




11 56 20,000 20,000 13,200 0 7,000 0 0 136,535 757,53512 57 20,000 20,000 13,200 0 7,000 0 0 157,740 778,740

* 13 58 20,000 20,000 13,200 0 7,000 0 0 179,513 800,51314 59 20,000 20,000 13,200 0 7,000 0 0 203,111 824,11115 60 20,000 20,000 13,200 0 7,000 0 0 229,282 850,282

300,000 300,000 198,000 0 105,000 0 0

16 61 0 0 0 0 0 0 0 246,370 839,92017 62 0 0 0 0 0 0 0 263,094 828,93618 63 0 0 0 0 0 0 0 282,403 817,29219 64 0 0 0 0 0 0 0 301,236 804,95020 65 0 0 0 0 0 0 0 323,704 815,501

300,000 300,000 198,000 0 105,000 0 0

21 66 0 0 0 0 0 -20,967 20,967 329,852 803,76522 67 0 0 0 0 0 -20,967 20,967 332,213 785,60923 68 0 0 0 0 0 -20,967 20,967 332,985 765,26424 69 0 0 0 0 0 -20,967 20,967 332,931 744,10825 70 0 0 0 0 0 -20,967 20,967 331,396 721,122

300,000 300,000 198,000 0 105,000 -104,835 104,835

26 71 0 0 0 0 0 -20,967 20,967 331,448 701,35027 72 0 0 0 0 0 -20,967 20,967 330,425 680,45228 73 0 0 0 0 0 -20,967 20,967 329,126 659,78629 74 0 0 0 0 0 -20,967 20,967 326,489 638,01930 75 0 0 0 0 0 -20,967 20,967 323,877 617,182

300,000 300,000 198,000 0 105,000 -209,670 209,670

31 76 0 0 0 0 0 -20,967 20,967 321,883 598,00932 77 0 0 0 0 0 -20,967 20,967 319,701 579,28633 78 0 0 0 0 0 -20,967 20,967 316,184 559,36534 79 0 0 0 0 0 -20,967 20,967 312,139 539,50435 80 0 0 0 0 0 -20,967 20,967 307,001 524,121

300,000 300,000 198,000 0 105,000 -314,505 314,505

36 81 0 0 0 0 0 -20,967 20,967 303,096 512,82237 82 0 0 0 0 0 -20,967 20,967 297,610 499,51238 83 0 0 0 0 0 -20,967 20,967 291,253 485,29239 84 0 0 0 0 0 -20,967 20,967 283,017 468,84440 85 0 0 0 0 0 -20,967 20,967 274,150 451,794

300,000 300,000 198,000 0 105,000 -419,340 419,340







41 86 0 0 0 0 0 -20,967 20,967 265,224 434,89142 87 0 0 0 0 0 -20,967 20,967 255,433 417,25743 88 0 0 0 0 0 -20,967 20,967 243,525 397,49444 89 0 0 0 0 0 -20,967 20,967 230,495 376,89745 90 0 0 0 0 0 -20,967 20,967 215,520 354,531

300,000 300,000 198,000 0 105,000 -524,175 524,175

46 91 0 0 0 0 0 -20,967 20,967 200,935 333,12947 92 0 0 0 0 0 -20,967 20,967 184,009 309,47348 93 0 0 0 0 0 -20,967 20,967 166,335 285,04149 94 0 0 0 0 0 -20,967 20,967 147,345 259,04150 95 0 0 0 0 0 -20,967 20,967 127,804 232,116

300,000 300,000 198,000 0 105,000 -629,010 629,010

51 96 0 0 0 0 0 -20,967 20,967 108,200 204,47452 97 0 0 0 0 0 -20,967 20,967 87,867 174,82453 98 0 0 0 0 0 -20,967 20,967 66,685 141,78854 99 0 0 0 0 0 -20,967 20,967 45,235 104,38955 100 0 0 0 0 0 -20,967 20,967 24,137 60,599

300,000 300,000 198,000 0 105,000 -733,845 733,845

56 101 0 0 0 0 0 0 0 26,581 26,58157 102 0 0 0 0 0 0 0 28,665 28,66558 103 0 0 0 0 0 0 0 30,543 30,54359 104 0 0 0 0 0 0 0 32,417 32,41760 105 0 0 0 0 0 0 0 34,654 34,654

300,000 300,000 198,000 0 105,000 -733,845 733,845

61 106 0 0 0 0 0 0 0 37,129 37,12962 107 0 0 0 0 0 0 0 39,573 39,57363 108 0 0 0 0 0 0 0 42,072 42,07264 109 0 0 0 0 0 0 0 44,720 44,72065 110 0 0 0 0 0 0 0 47,904 47,904

300,000 300,000 198,000 0 105,000 -733,845 733,845

66 111 0 0 0 0 0 0 0 51,403 51,40367 112 0 0 0 0 0 0 0 54,889 54,88968 113 0 0 0 0 0 0 0 58,433 58,43369 114 0 0 0 0 0 0 0 62,215 62,21570 115 0 0 0 0 0 0 0 66,721 66,721

300,000 300,000 198,000 0 105,000 -733,845 733,845







71 116 0 0 0 0 0 0 0 71,701 71,70172 117 0 0 0 0 0 0 0 76,638 76,63873 118 0 0 0 0 0 0 0 81,698 81,69874 119 0 0 0 0 0 0 0 87,058 87,05875 120 0 0 0 0 0 0 0 93,478 93,478

300,000 300,000 198,000 0 105,000 -733,845 733,845

76 121 0 0 0 0 0 0 0 100,526 100,52677 122 0 0 0 0 0 0 0 107,810 107,81078 123 0 0 0 0 0 0 0 115,235 115,23579 124 0 0 0 0 0 0 0 123,155 123,15580 125 0 0 0 0 0 0 0 132,538 132,538

300,000 300,000 198,000 0 105,000 -733,845 733,845

* Year 13, Month 10Based on the maximum guaranteed costs, the assumed premium election, and the guaranteed minimum interest credit rate of0.00% credited to the Indexed Strategy, and no index credit, the policy would lapse and cannot be illustrated beyond the yearshown. Additional premiums would be required to continue the coverage.

The employer pays a bonus to the executive equal to the employer paid portion of the illustrated policy premium. The bonus istax deductible to the employer and results in taxable income to the executive.

The tax rates illustrated are assumptions based on information furnished by the employer and executive about their respectivefederal (and state, if included) income tax rates. The actual tax rates experienced at any time may be more or less than thoseillustrated.

The Total Policy Premium illustrated is the amount of premium which will be billed to the policyowner. It also includes loaninterest paid by the policyowner, if any.

The Executive Premium Outlay is the amount of policy premium paid by the executive and is not included in any bonus fromthe employer.

The Retirement Benefits represent the amount of cash distributed to the executive from the policy. It could include withdrawalsand policy loans. Policy loans and partial withdrawals may vary by state, reduce available surrender value and death benefit orcause the policy to lapse. Generally, policy loans and partial withdrawals will not be income taxable if there is a withdrawal tothe cost basis (usually premiums paid), followed by policy loans (but only if the policy qualifies as life insurance, is not amodified endowment contract and is not lapsed or surrendered).

The values illustrated are based on the illustrated policy interest rate, index credit rate and current cost assumptions.

The values illustrated are not guaranteed. They assume that the illustrated non-guaranteed elements of the policy will continueunchanged for all years shown. This is not likely to occur, and actual results may be more or less favorable than those shown.This page must be accompanied by the basic Policy Illustration, which includes the guaranteed elements of the policy and otherimportant information.




Select Loans have the risk that the amount credited to the account value could be less than the annual interest charged on thepolicy loan. Detailed additional information about policy loans is located in the accompanying personalized policy illustration.

The net death benefit will generally be received income tax free. The net death benefit will be subject to estate tax at the deathof the insured, if the insured was the owner of the policy at death, or if the insured possessed any ownership rights in the policywithin three years of death. Loans and withdrawals will reduce the policy's death benefit and available cash values.

The Voya Life Companies and their agents and representatives do not give tax or legal advice. This information is general innature and not comprehensive; the applicable laws change frequently and the strategies suggested may not be suitable foreveryone. You should seek advice from your tax and legal advisors regarding your individual situation.

These materials are not intended to and cannot be used to avoid tax penalties; and they were prepared to support the promotionor marketing of the matter addressed in this document. Each taxpayer should seek advice from an independent tax advisor.




EMPLOYER LEDGERSingle Bonus

The purpose of this supplemental illustration is to show a Voya Indexed Universal Life-Global Choice policy using the Single BonusPlan and the corresponding affect to the Employer.

Prepared for:


Valued Client Tax Rate: 35%State of Issue: California

End Total Afterof Yr Policy Bonus Tax Tax

Yr Age Premiums Paid Savings Cost

1 46 20,000 20,000 6,800 13,2002 47 20,000 20,000 6,800 13,2003 48 20,000 20,000 6,800 13,2004 49 20,000 20,000 6,800 13,2005 50 20,000 20,000 6,800 13,200

100,000 100,000 34,000 66,000

6 51 20,000 20,000 6,800 13,2007 52 20,000 20,000 6,800 13,2008 53 20,000 20,000 6,800 13,2009 54 20,000 20,000 6,800 13,200

10 55 20,000 20,000 6,800 13,200 200,000 200,000 68,000 132,000

11 56 20,000 20,000 6,800 13,20012 57 20,000 20,000 6,800 13,20013 58 20,000 20,000 6,800 13,20014 59 20,000 20,000 6,800 13,20015 60 20,000 20,000 6,800 13,200

300,000 300,000 102,000 198,000

16 61 0 0 0 017 62 0 0 0 018 63 0 0 0 019 64 0 0 0 020 65 0 0 0 0

300,000 300,000 102,000 198,000






21 66 0 0 0 022 67 0 0 0 023 68 0 0 0 024 69 0 0 0 025 70 0 0 0 0

300,000 300,000 102,000 198,000

26 71 0 0 0 027 72 0 0 0 028 73 0 0 0 029 74 0 0 0 030 75 0 0 0 0

300,000 300,000 102,000 198,000

31 76 0 0 0 032 77 0 0 0 033 78 0 0 0 034 79 0 0 0 035 80 0 0 0 0

300,000 300,000 102,000 198,000

36 81 0 0 0 037 82 0 0 0 038 83 0 0 0 039 84 0 0 0 040 85 0 0 0 0

300,000 300,000 102,000 198,000

41 86 0 0 0 042 87 0 0 0 043 88 0 0 0 044 89 0 0 0 045 90 0 0 0 0

300,000 300,000 102,000 198,000

46 91 0 0 0 047 92 0 0 0 048 93 0 0 0 049 94 0 0 0 050 95 0 0 0 0

300,000 300,000 102,000 198,000






51 96 0 0 0 052 97 0 0 0 053 98 0 0 0 054 99 0 0 0 055 100 0 0 0 0

300,000 300,000 102,000 198,000

56 101 0 0 0 057 102 0 0 0 058 103 0 0 0 059 104 0 0 0 060 105 0 0 0 0

300,000 300,000 102,000 198,000

61 106 0 0 0 062 107 0 0 0 063 108 0 0 0 064 109 0 0 0 065 110 0 0 0 0

300,000 300,000 102,000 198,000

66 111 0 0 0 067 112 0 0 0 068 113 0 0 0 069 114 0 0 0 070 115 0 0 0 0

300,000 300,000 102,000 198,000

71 116 0 0 0 072 117 0 0 0 073 118 0 0 0 074 119 0 0 0 075 120 0 0 0 0

300,000 300,000 102,000 198,000

76 121 0 0 0 077 122 0 0 0 078 123 0 0 0 079 124 0 0 0 080 125 0 0 0 0

300,000 300,000 102,000 198,000

The employer pays a bonus to the executive equal to the employer paid portion of the illustrated policy premium. The bonus is taxdeductible to the employer and results in taxable income to the executive.

The tax rates illustrated are assumptions based on information furnished by the employer and executive about their respective federal(and state, if included) income tax rates. The actual tax rates experienced at any time may be more or less than those illustrated.




The Voya Life Companies and their agents and representatives do not give tax or legal advice. This information is general in nature andnot comprehensive; the applicable laws change frequently and the strategies suggested may not be suitable for everyone. You shouldseek advice from your tax and legal advisors regarding your individual situation.

These materials are not intended to and cannot be used to avoid tax penalties; and they were prepared to support the promotion ormarketing of the matter addressed in this document. Each taxpayer should seek advice from an independent tax advisor.




EXECUTIVE LEDGERSingle Bonus

The purpose of this supplemental illustration is to show a Voya Indexed Universal Life-Global Choice policy using the Single BonusPlan and the corresponding affect on cash value and death benefit.

Prepared for:


Valued Client Male 45 Preferred No Tobacco Tax Rate: 35%State of Issue: California

Initial Total Face Amount: $621,000Initial Death Benefit Option: 2 (Increasing)Initial Annual Premium: $20,000.00Premium Election:




EmployerEnd Total Bonus Policy Net Net

of Yr Policy to Tax on Value Net Annual Surrender DeathYr Age Premium Executive Bonus Distributed Outlay Value Benefit

1 46 20,000 20,000 7,000 7,000 0 489 627,7242 47 20,000 20,000 7,000 7,000 0 8,731 635,9663 48 20,000 20,000 7,000 7,000 0 16,775 644,0104 49 20,000 20,000 7,000 7,000 0 25,702 652,7515 50 20,000 20,000 7,000 7,000 0 35,820 662,627

100,000 100,000 35,000 35,000 0

6 51 20,000 20,000 7,000 7,000 0 47,018 673,5337 52 20,000 20,000 7,000 7,000 0 61,826 687,9568 53 20,000 20,000 7,000 7,000 0 79,064 703,4989 54 20,000 20,000 7,000 7,000 0 96,633 719,354

10 55 20,000 20,000 7,000 7,000 0 116,987 737,987 200,000 200,000 70,000 70,000 0






11 56 20,000 20,000 7,000 7,000 0 136,535 757,53512 57 20,000 20,000 7,000 7,000 0 157,740 778,74013 58 20,000 20,000 7,000 7,000 0 179,513 800,51314 59 20,000 20,000 7,000 7,000 0 203,111 824,11115 60 20,000 20,000 7,000 7,000 0 229,282 850,282

300,000 300,000 105,000 105,000 0

16 61 0 0 0 0 0 246,370 839,92017 62 0 0 0 0 0 263,094 828,93618 63 0 0 0 0 0 282,403 817,29219 64 0 0 0 0 0 301,236 804,95020 65 0 0 0 0 0 323,704 815,501

300,000 300,000 105,000 105,000 0

21 66 0 0 0 20,967 -20,967 329,852 803,76522 67 0 0 0 20,967 -20,967 332,213 785,60923 68 0 0 0 20,967 -20,967 332,985 765,26424 69 0 0 0 20,967 -20,967 332,931 744,10825 70 0 0 0 20,967 -20,967 331,396 721,122

300,000 300,000 105,000 209,835 -104,835

26 71 0 0 0 20,967 -20,967 331,448 701,35027 72 0 0 0 20,967 -20,967 330,425 680,45228 73 0 0 0 20,967 -20,967 329,126 659,78629 74 0 0 0 20,967 -20,967 326,489 638,01930 75 0 0 0 20,967 -20,967 323,877 617,182

300,000 300,000 105,000 314,670 -209,670

31 76 0 0 0 20,967 -20,967 321,883 598,00932 77 0 0 0 20,967 -20,967 319,701 579,28633 78 0 0 0 20,967 -20,967 316,184 559,36534 79 0 0 0 20,967 -20,967 312,139 539,50435 80 0 0 0 20,967 -20,967 307,001 524,121

300,000 300,000 105,000 419,505 -314,505

36 81 0 0 0 20,967 -20,967 303,096 512,82237 82 0 0 0 20,967 -20,967 297,610 499,51238 83 0 0 0 20,967 -20,967 291,253 485,29239 84 0 0 0 20,967 -20,967 283,017 468,84440 85 0 0 0 20,967 -20,967 274,150 451,794

300,000 300,000 105,000 524,340 -419,340






41 86 0 0 0 20,967 -20,967 265,224 434,89142 87 0 0 0 20,967 -20,967 255,433 417,25743 88 0 0 0 20,967 -20,967 243,525 397,49444 89 0 0 0 20,967 -20,967 230,495 376,89745 90 0 0 0 20,967 -20,967 215,520 354,531

300,000 300,000 105,000 629,175 -524,175

46 91 0 0 0 20,967 -20,967 200,935 333,12947 92 0 0 0 20,967 -20,967 184,009 309,47348 93 0 0 0 20,967 -20,967 166,335 285,04149 94 0 0 0 20,967 -20,967 147,345 259,04150 95 0 0 0 20,967 -20,967 127,804 232,116

300,000 300,000 105,000 734,010 -629,010

51 96 0 0 0 20,967 -20,967 108,200 204,47452 97 0 0 0 20,967 -20,967 87,867 174,82453 98 0 0 0 20,967 -20,967 66,685 141,78854 99 0 0 0 20,967 -20,967 45,235 104,38955 100 0 0 0 20,967 -20,967 24,137 60,599

300,000 300,000 105,000 838,845 -733,845

56 101 0 0 0 0 0 26,581 26,58157 102 0 0 0 0 0 28,665 28,66558 103 0 0 0 0 0 30,543 30,54359 104 0 0 0 0 0 32,417 32,41760 105 0 0 0 0 0 34,654 34,654

300,000 300,000 105,000 838,845 -733,845

61 106 0 0 0 0 0 37,129 37,12962 107 0 0 0 0 0 39,573 39,57363 108 0 0 0 0 0 42,072 42,07264 109 0 0 0 0 0 44,720 44,72065 110 0 0 0 0 0 47,904 47,904

300,000 300,000 105,000 838,845 -733,845

66 111 0 0 0 0 0 51,403 51,40367 112 0 0 0 0 0 54,889 54,88968 113 0 0 0 0 0 58,433 58,43369 114 0 0 0 0 0 62,215 62,21570 115 0 0 0 0 0 66,721 66,721

300,000 300,000 105,000 838,845 -733,845






71 116 0 0 0 0 0 71,701 71,70172 117 0 0 0 0 0 76,638 76,63873 118 0 0 0 0 0 81,698 81,69874 119 0 0 0 0 0 87,058 87,05875 120 0 0 0 0 0 93,478 93,478

300,000 300,000 105,000 838,845 -733,845

76 121 0 0 0 0 0 100,526 100,52677 122 0 0 0 0 0 107,810 107,81078 123 0 0 0 0 0 115,235 115,23579 124 0 0 0 0 0 123,155 123,15580 125 0 0 0 0 0 132,538 132,538

300,000 300,000 105,000 838,845 -733,845

The employer pays a bonus to the executive equal to the employer paid portion of the illustrated policy premium. The bonus is taxdeductible to the employer and results in taxable income to the executive.

The tax rates illustrated are assumptions based on information furnished by the employer and executive about their respective federal(and state, if included) income tax rates. The actual tax rates experienced at any time may be more or less than those illustrated.

The Total Policy Premium illustrated is the amount of premium which will be billed to the policyowner. It also includes loan interestpaid by the policyowner, if any.

The Policy Value Distributed represents the amount of cash distributed to the executive from the policy. It could include withdrawalsand policy loans. Policy loans and partial withdrawals may vary by state, reduce available surrender value and death benefit or cause thepolicy to lapse. Generally, policy loans and partial withdrawals will not be income taxable if there is a withdrawal to the cost basis(usually premiums paid), followed by policy loans (but only if the policy qualifies as life insurance, is not a modified endowmentcontract and is not lapsed or surrendered).


The values illustrated are not guaranteed. They assume that the illustrated non-guaranteed elements of the policy will continueunchanged for all years shown. This is not likely to occur, and actual results may be more or less favorable than those shown. This pagemust be accompanied by the basic Policy Illustration, which includes the guaranteed elements of the policy and other importantinformation.

Select Loans have the risk that the amount credited to the account value could be less than the annual interest charged on the policy loan.Detailed additional information about policy loans is located in the accompanying personalized policy illustration.

The net death benefit will generally be received income tax free. The net death benefit will be subject to estate tax at the death of theinsured, if the insured was the owner of the policy at death, or if the insured possessed any ownership rights in the policy within threeyears of death. Loans and withdrawals will reduce the policy's death benefit and available cash values.

The Voya Life Companies and their agents and representatives do not give tax or legal advice. This information is general in nature andnot comprehensive; the applicable laws change frequently and the strategies suggested may not be suitable for everyone. You shouldseek advice from your tax and legal advisors regarding your individual situation.




These materials are not intended to and cannot be used to avoid tax penalties; and they were prepared to support the promotion ormarketing of the matter addressed in this document. Each taxpayer should seek advice from an independent tax advisor.




You choose with Voya Indexed Universal Life-Global Choice!

The power of Voya Indexed Universal Life-Global Choice is the valuable death benefit protection supported by policy cash valuescalculated under a Fixed Strategy and your choice of three Indexed Strategies. You have the option to choose any of these strategies or acombination of them to accumulate cash values and provide the protection you need.

Fixed Strategy · Current fixed interest rate is 4.25% effective for 12 months. · At each policy anniversary, the rate may be adjusted for the next year. · Interest rate credited will never be less than 2.00%

Indexed Strategies

S&P 500® 1 Year Point to Point Indexed Strategy · Simple strategy with a short time horizon · Annual reset so index credits, if any, are locked in every year · Based on a U. S. index that is easily tracked · 100% current participation rate (Guaranteed Minimum!); 13% current cap

2 Year Global Indexed Strategy · Built in global diversification by using three indexes from around the world · Only the best two-out-of-three indexes are used in interest crediting · Benefit of a multi-index strategy, but with ability to lock in index credits, if any, every two years vs. five years · 65% current participation rate and no current cap on index credits

5 Year Global Indexed Strategy · Built in global diversification by using three indexes from around the world · Only the best two-out-of-three indexes are used in interest crediting · Has potential to produce higher returns over long time horizon · 90% current participation rate and no current cap on index credits

No matter what strategy or combination of strategies you select, you can choose with confidence knowing that all of them have a 0%Guaranteed Minimum Interest Rate. Meaning even if the Indexes have negative performance the resulting Index Credit Rate will neverbe less than 0%.

Experience the Power of Choice 05/11/2016 02:02 PMLife insurance offered by Security Life of Denver Insurance Company Page 27 of 76


Global Index Strategies

The Global Index Strategies are based on the finishing positions of the following three indexes:

S&P 500® Index (S&P 500®) - An index of stock performance of 500 publicly traded companies. It does not reflectdividends payable on the underlying stocks.

EURO STOXX 50® Index (EURO STOXX 50®) - An index of blue-chip stocks that are represented by 50 stocks coveringthe largest sector leaders in the EURO STOXX 50® Index. It does not reflect dividends payable on the underlying stocks.

Hang Seng Index - An index of the largest and most liquid stocks listed on the Stock Exchange of Hong Kong. It does notreflect dividends payable on the underlying stocks.

See the Explanation of Policy Illustration to learn more about how the Indexed Strategy works and the IMPORTANT INDEXDISCLAIMERS for more information about each index.

The Value of Hindsight

Hindsight, as they say, is 20/20 and quite valuable. Voya Indexed Universal Life-Global Choice with both a two-year and a five yearlook-back period is designed to provide the benefit of this hindsight. It calculates the index credit under a formula using a weightedportion of each index change rate, where the weighting favors the two better performing of three indexes, as follows:

· 75% of the highest index change rate, plus · 25% of the next highest index change rate, plus · 0% of the lowest index change rate

In essence, at the end of each two or five-year period, the index change rate for each index is determined and then weighted, with theresult subject to an index cap and a minimum of 0%. Please refer to the Indexed Strategy section for more information on how the indexchange rate is determined. This means that a portion of the top two indexes are used in the calculation and the index with the lowestchange rate is not used. There is no need to try and predict the better performing indexes in the beginning. The result of this calculationis subject to a participation rate. Accordingly, once the index change rates are determined for each of the three indexes, the index creditcan then be calculated for that block. This continues for each 2 or 5 year block as long as the policy remains in force. For each block,the participation rate and the index cap are set on a block’s start date and are guaranteed not to change for that block. The policy must bein force when a block matures to receive any index credit.

Please Note: While policy values may be affected by external indexes, this policy is not an investment in the stock market and does notparticipate in any index fund, stock or equity investments. Voya Indexed Universal Life-Global Choice is not a variable product orany type of investment contract.

The Effect of Using Three Indexes 05/11/2016 02:02 PMLife insurance offered by Security Life of Denver Insurance Company Page 28 of 76


Stock indices can be volatile. The graphs below show the number of times each of the Indexes has finished 1st, 2nd and 3rd forhypothetical two-year and five-year blocks maturing during the period indicated. The 2 Year and 5 Year Global Indexed Strategiesattempt to minimize that volatility by using three indexes under a weighted formula.

These unmanaged indexes are not intended to represent specific investments. This product is not a variable contract or any type of investment contractwhere cash value is based upon performance of client selected variable investment options. While your policy values may be affected by externalindexes, your policy is not an investment in the stock market and does not directly participate in any index fund, stock or equity investment. Past indexperformance does not represent future performance of these indexes. The finishing positions for each index were determined based on the changes inthe value of each hypothetical index block between the block maturity date and the same date two or five years earlier. The percentages shown reflectthe number of times that each index had the highest (1st place), second highest (2nd place), and lowest (3rd place) 2-year or 5-year index change rateduring the period. The data provided provides only a comparison of the indexes to each other and provides no information relative to the performanceof the indexes during the period shown.

The Effect of Using Three Indexes 05/11/2016 02:02 PMLife insurance offered by Security Life of Denver Insurance Company Page 29 of 76


Strategy Results - Block Maturity Historical ReturnsThe following graphs were developed using historical index data and current non-guaranteed index parameters that are reflected belowfor three indexed strategies and the hindsight index crediting methodology used in the Voya Indexed Universal Life-Global Choicepolicy. The uneven line reflects what the annualized index credit rate could have been for each index strategy based on the blockmaturity date shown and the indexed strategy assumptions listed below.

S&P 500® 1 Year Point to Point

Simple Strategy - Blocks Mature Annually

Guaranteed Minimum Interest Rate: 0%

Current Index Cap: 13%

Current Participation Rate: 100%

2 Year Global

Diversification – Blocks Mature Every Two Years


Current Index Cap: Unlimited


5 Year Global

Diversification – Blocks Mature Every Five Years


Current Index Cap: Unlimited


Historical Returns and Percentiles 05/11/2016 02:02 PMLife insurance offered by Security Life of Denver Insurance Company Page 30 of 76


Long term strategy results – 20 Year Historical ReturnsThe following graphs show the hypothetical annualized returns over 20 years periods ending in the month and year shown assumingsequential hypothetical index blocks for each indexed strategy. Percentiles are used to give some idea of the variability of historicalindex returns when measured in 20 year segments within a 35 year overall timeframe. For example, the line drawn at the 80th percentileon each graph shows the point at which approximately 80% of the 20 year segment results calculated over this 35 year period equaled orexceeded that annualized rate over the period shown. Note that due to the significant overlap in measurement periods used indeveloping 20 year returns, historical percentile returns should not be used to provide any confidence concerning the stability orlevel of future index crediting rates. Nor does the percentile information reflect the higher volatility returns likely to beexperienced on individual blocks.

Historical Percentile

100th

90th

80th

70th

60th

50th

Average

Rate

6.67%

7.43%

7.64%

7.81%

7.97%

8.11%

8.11%


100th

90th

80th

70th

60th

50th

Average

Rate

7.72%

9.52%

10.59%

11.13%

11.62%

12.09%

12.20%


100th

90th

80th

70th

60th

50th

Average

Rate

7.62%

9.35%

10.14%

10.87%

12.08%

12.81%

12.58%

These rates are based on historical information and should not be used as an indication of future performance.

Historical Returns and Percentiles 05/11/2016 02:02 PMLife insurance offered by Security Life of Denver Insurance Company Page 31 of 76


LEDGER ILLUSTRATION

Premiums are paid at the beginning of the year. The Cash Value and Death Benefit are shown as of the end of each policy year.

Prepared for:

Valued Client Male 45 Preferred No TobaccoState of Issue: CaliforniaAssumed Policy Date: 05/11/2016

Initial Stated Death Benefit: $621,000Initial Death Benefit Option: 2 (Increasing)Initial Annual Premium: $20,000.00Premium Election:




Rider Benefits Included:

Accelerated Benefit Rider

NON-GUARANTEED ILLUSTRATED

End Total Net Netof Yr Annual Annual Annual Loan Net Account Surrender Death

Yr Age Premium Withdrawal Loan Interest Outlay Value Value Benefit

1 46 20,000 0 -7,000 0 13,000 14,144 489 627,7242 47 20,000 0 -7,420 420 13,000 30,251 8,731 635,9663 48 20,000 0 -7,865 865 13,000 46,632 16,775 644,0104 49 20,000 0 -8,337 1,337 13,000 64,210 25,702 652,7515 50 20,000 0 -8,837 1,837 13,000 83,454 35,820 662,627

100,000 0 -39,460 4,460 65,000

6 51 20,000 0 -9,368 2,368 13,000 104,290 47,018 673,5337 52 20,000 0 -9,930 2,930 13,000 129,238 61,826 687,9568 53 20,000 0 -10,525 3,525 13,000 155,937 79,064 703,4989 54 20,000 0 -11,157 4,157 13,000 183,619 96,633 719,354

10 55 20,000 0 -11,826 4,826 13,000 214,788 116,987 737,987 200,000 0 -92,266 22,266 130,000

11 56 20,000 0 -12,536 5,536 13,000 247,624 136,535 757,53512 57 20,000 0 -13,288 6,288 13,000 282,915 157,740 778,74013 58 20,000 0 -14,085 7,085 13,000 319,619 179,513 800,51314 59 20,000 0 -14,931 7,931 13,000 359,043 203,111 824,11115 60 20,000 0 -15,826 8,826 13,000 401,990 229,282 850,282

300,000 0 -162,932 57,932 195,000







16 61 0 0 -9,776 9,776 0 429,440 246,370 839,92017 62 0 0 -10,362 10,362 0 457,148 263,094 828,93618 63 0 0 -10,984 10,984 0 488,101 282,403 817,29219 64 0 0 -11,643 11,643 0 519,275 301,236 804,95020 65 0 0 -12,342 12,342 0 554,826 323,704 815,501

300,000 0 -218,040 113,040 195,000

21 66 0 -20,967 -13,082 13,082 -20,967 565,596 329,852 803,76522 67 0 -20,967 -4,622 4,622 -20,967 572,672 332,213 785,60923 68 0 -20,967 -4,715 4,715 -20,967 578,253 332,985 765,26424 69 0 -20,967 -4,809 4,809 -20,967 583,105 332,931 744,10825 70 0 -20,967 -4,905 4,905 -20,967 586,574 331,396 721,122

300,000 -104,835 -250,174 145,174 90,165

26 71 0 -20,967 -5,004 5,004 -20,967 591,729 331,448 701,35027 72 0 -20,967 -5,104 5,104 -20,967 595,912 330,425 680,45228 73 0 -20,967 -5,206 5,206 -20,967 599,923 329,126 659,78629 74 0 -20,967 -5,310 5,310 -20,967 602,701 326,489 638,01930 75 0 -20,967 -5,416 5,416 -20,967 605,614 323,877 617,182

300,000 -209,670 -276,213 171,213 -14,670

31 76 0 -20,967 -5,524 5,524 -20,967 609,254 321,883 598,00932 77 0 -20,967 -5,635 5,635 -20,967 612,820 319,701 579,28633 78 0 -20,967 -5,747 5,747 -20,967 615,165 316,184 559,36534 79 0 -20,967 -5,862 5,862 -20,967 617,100 312,139 539,50435 80 0 -6,462 -20,485 5,980 -20,967 632,856 307,001 524,121

300,000 -300,000 -319,466 199,961 -119,505

36 81 0 0 -27,356 6,389 -20,967 656,854 303,096 512,82237 82 0 0 -27,903 6,936 -20,967 679,830 297,610 499,51238 83 0 0 -28,461 7,494 -20,967 702,504 291,253 485,29239 84 0 0 -29,031 8,064 -20,967 723,879 283,017 468,84440 85 0 0 -29,611 8,644 -20,967 745,216 274,150 451,794

300,000 -300,000 -461,829 237,489 -224,340

41 86 0 0 -30,204 9,237 -20,967 767,098 265,224 434,89142 87 0 0 -30,808 9,841 -20,967 788,730 255,433 417,25743 88 0 0 -31,424 10,457 -20,967 808,874 243,525 397,49444 89 0 0 -32,052 11,085 -20,967 828,537 230,495 376,89745 90 0 0 -32,693 11,726 -20,967 846,909 215,520 354,531

300,000 -300,000 -619,010 289,835 -329,175







46 91 0 0 -33,347 12,380 -20,967 866,339 200,935 333,12947 92 0 0 -34,014 13,047 -20,967 884,108 184,009 309,47348 93 0 0 -34,694 13,727 -20,967 901,821 166,335 285,04149 94 0 0 -35,388 14,421 -20,967 918,928 147,345 259,04150 95 0 0 -36,096 15,129 -20,967 936,205 127,804 232,116

300,000 -300,000 -792,550 358,540 -434,010

51 96 0 0 -36,818 15,851 -20,967 954,155 108,200 204,47452 97 0 0 -37,554 16,587 -20,967 972,128 87,867 174,82453 98 0 0 -38,305 17,338 -20,967 990,017 66,685 141,78854 99 0 0 -39,072 18,105 -20,967 1,008,420 45,235 104,38955 100 0 0 -39,853 18,886 -20,967 1,027,972 24,137 60,599

300,000 -300,000 -984,152 445,307 -538,845

56 101 0 0 -19,683 19,683 0 1,050,493 26,581 26,58157 102 0 0 -20,077 20,077 0 1,073,055 28,665 28,66558 103 0 0 -20,478 20,478 0 1,095,821 30,543 30,54359 104 0 0 -20,888 20,888 0 1,119,000 32,417 32,41760 105 0 0 -21,306 21,306 0 1,142,969 34,654 34,654

300,000 -300,000 -1,086,583 547,738 -538,845

61 106 0 0 -21,732 21,732 0 1,167,610 37,129 37,12962 107 0 0 -22,166 22,166 0 1,192,664 39,573 39,57363 108 0 0 -22,610 22,610 0 1,218,225 42,072 42,07264 109 0 0 -23,062 23,062 0 1,244,396 44,720 44,72065 110 0 0 -23,523 23,523 0 1,271,574 47,904 47,904

300,000 -300,000 -1,199,676 660,831 -538,845

66 111 0 0 -23,994 23,994 0 1,299,546 51,403 51,40367 112 0 0 -24,473 24,473 0 1,327,994 54,889 54,88968 113 0 0 -24,963 24,963 0 1,357,001 58,433 58,43369 114 0 0 -25,462 25,462 0 1,386,754 62,215 62,21570 115 0 0 -25,971 25,971 0 1,417,751 66,721 66,721

300,000 -300,000 -1,324,539 785,694 -538,845

71 116 0 0 -26,491 26,491 0 1,449,752 71,701 71,70172 117 0 0 -27,021 27,021 0 1,482,250 76,638 76,63873 118 0 0 -27,561 27,561 0 1,515,421 81,698 81,69874 119 0 0 -28,112 28,112 0 1,549,456 87,058 87,05875 120 0 0 -28,674 28,674 0 1,585,124 93,478 93,478

300,000 -300,000 -1,462,398 923,553 -538,845







76 121 0 0 -29,248 29,248 0 1,622,005 100,526 100,52677 122 0 0 -29,833 29,833 0 1,659,719 107,810 107,81078 123 0 0 -30,430 30,430 0 1,698,182 115,235 115,23579 124 0 0 -31,038 31,038 0 1,737,761 123,155 123,15580 125 0 0 -31,659 31,659 0 1,779,436 132,538 132,538

300,000 -300,000 -1,614,606 1,075,761 -538,845


The values illustrated are not guaranteed. They assume that the illustrated non-guaranteed elements of the policy will continueunchanged for all years shown. This is not likely to occur, and actual results may be more or less favorable than those shown. This pagemust be accompanied by the basic Policy Illustration, which includes the guaranteed elements of the policy and other importantinformation.




EXPLANATION OF POLICY ILLUSTRATIONA Narrative Summary

Policy Introduction: The Voya Indexed Universal Life-Global Choice product illustrated on the accompanyingpages is a flexible premium adjustable life insurance policy which can provide a lifetime

death benefit. The death benefit is adjustable and may depend on the account value in the

policy. The account value is based on the timing and amount of your premiums, policy and

rider charges, the index credit rate, index credit, if any, and the interest credited to the policy.

This illustration assumes all premiums are received by the Company on the first day of each

illustrated year. This product is offered by Security Life of Denver Insurance Company, a

member of the Voya® family of companies, and is filed as Policy Form Series #1186-09/12

(which may vary by state).

This product has two strategies: a Fixed Strategy and an Indexed Strategy. Premiums paid,

minus any premium expense charges (the net premiums) are initially credited to the Fixed

Strategy. Thereafter, amounts in the Fixed Strategy can be elected to the Indexed Strategy.

The Indexed Strategy is made up of three strategies: S&P500® 1 Year Point to Point, 2 Year

Global and 5 Year Global. This illustration assumes 25% of the premium is elected to the

S&P 500® 1 Year Point to Point Indexed Strategy, 50% of the premium is elected to the 2

Year Global Indexed Strategy, and 25% of the premium is elected to the 5 Year Global

Indexed Strategy. This product is not a variable contract or any type of investment contract

where cash value is based upon performance of client selected variable investment options.

While your policy values may be affected by external indexes, your policy is not an

investment in the stock market and does not directly participate in any index fund, stock or

equity investment. This product is not meant to be an investment vehicle. Voya Indexed

Universal Life-Global Choice is not a variable product or any type of investment

contract.

This illustration is not the actual life insurance policy you will receive nor is it part of the

contract. This illustration is intended only to show you how the life insurance policy might

react based on the interest rate, index credit rate, index credit, if any, and premium payment

assumptions contained in the illustration. Due to your individual circumstances, your policy,

upon issue, may differ from what is illustrated. In that event, the terms of your policy control.

Following is a description of some of the key terms and features of this life insurance product.

Guaranteed Values:0.00% Guaranteed Minimum

Interest Rate Indexed Strategy

The guaranteed values are the minimum values that will accrue, assuming you pay the

premiums as illustrated. These values are calculated based on the guaranteed minimum

interest rate of 0.00% on the Indexed Strategy, no index credit, the guaranteed maximum cost

of insurance rates, and the guaranteed maximum expenses in the policy.




Non-Guaranteed Values:

Illustrated Hypothetical

Annualized Index Credit Rate(s):

7.28% S&P 500® 1 Year

Point to Point

7.28% 2 Year Global

7.28% 5 Year Global

The non-guaranteed values are based on the illustrated hypothetical index credit rate(s),

current index cap(s) and participation rate(s), current cost of insurance rates, and current

expense charges. The actual amount credited to the policy will vary based on the strategy

described below. The cost of insurance rates, policy expense charges, index cap(s), index

credit(s), participation rate(s), and the interest crediting rate are subject to change. This

illustration assumes that the illustrated non-guaranteed elements will continue

unchanged for all years shown. This is not likely to occur, and actual results will be

more or less favorable than those shown. Security Life of Denver Insurance Company

reserves the right to change the non-guaranteed benefits and values of this illustration.

Alternate Scenario:

Illustrated Alternate Scenario

Hypothetical Annualized Index

Credit Rate(s):

4.25% S&P 500® 1 Year

Point to Point

4.25% 2 Year Global

4.25% 5 Year Global

This illustration also reflects a Non-Guaranteed Alternate Scenario that is based on the

illustrated Alternate Scenario hypothetical index crediting rate(s), current index cap(s) and

participation rate(s), current cost of insurance rates, and current expense charges for each

selected strategy. The Alternate Scenario uses a hypothetical annualized index credit rate that

is equal to the lesser of the non-guaranteed illustrated annualized index credit rate and the

non-guaranteed illustrated annual interest rate on the Fixed Strategy.

Please refer to the Policy Loan section for more details of the impact illustrating a policy loan

will have on both non-guaranteed scenarios.

Fixed Strategy: The Fixed Strategy credits interest on a portfolio interest rate basis. This means that yourentire account value in the Fixed Strategy is credited at the same interest rate.

The Fixed Strategy offers a guarantee of both principal and interest at a minimum annual rate

of return of 2.00%. The current credited interest rate declared by Security Life of Denver

Insurance Company for the Fixed Strategy is 4.25% and is in effect for the first 12 months.

After the first 12 months, this rate is subject to change, but changes may not occur to your

contract more frequently than annually. Policy charges are deducted first from the Fixed

Strategy until depleted and then on a pro rata basis from each of the Indexed Strategy blocks.

You may elect amounts from the Fixed Strategy to the Indexed Strategy on the election date.

Your illustration is based on your initial election of premiums between the Fixed Strategy and

the Indexed Strategy. Details on election restrictions are contained in your policy.




Indexed Strategy: The Indexed Strategy is a strategy available under the policy through which the policyownermay elect to have all or part of the Account Value receive Index Credits based in part on

changes in the values of the Indexes. The available indexed strategies are the S&P 500® 1

Year Point to Point Indexed Strategy, 2 Year Global Indexed Strategy, and 5 Year Global

Indexed Strategy. The value of the Indexed Strategy equals the sum of the values of the

indexed strategies.

On each block maturity date, an index credit, if any, is added to the value of the block(s). The

index credit is subject to an index cap and is based on the index change rate or weighted index

change rate for each index, the participation rate, and guaranteed minimum interest rate of

each indexed strategy.

The S&P 500® 1 Year Point to Point Indexed Strategy is based on the performance of the

S&P 500® Index, which is an index of stock performance of 500 publicly traded companies.

It does not reflect dividends payable on the underlying stocks.

The 2 Year Global and 5 Year Global Indexed Strategies are comprised of an index crediting

formula that takes into consideration three different indexes: EURO STOXX 50® Index,

Hang Seng Index, and S&P 500® Index. EURO STOXX 50® Index is 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. Hang

Seng Index is 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. S&P 500® is an

index of stock performance of 500 publicly traded companies. It does not reflect dividends

payable on the underlying stocks.

See IMPORTANT INDEX DISCLAIMERS for more information about each index.

Index Change Rate: The index change rate for each index is equal to (b) minus (a), divided by (a), where: (a) is the value of the Index at the close of business on the block start date, and

(b) is the value of the Index at the close of business on the block maturity date.

For the S&P 500® 1 Year Point to Point Indexed Strategy only, the Index Change Rate will

never be less than zero and will never be more than the Index Cap.

Weighted Index

Change Rate:

The weighted index change rate is only applicable to the 2 Year Global Indexed Strategy and

5 Year Global Indexed Strategy. The weighted index change rate equals the lesser of the

index cap and (a) plus (b) plus (c), where:

(a) is the highest index change rate multiplied by 75%; and

(b) is the next highest index change rate multiplied by 25%; and

(c) is the lowest index change rate multiplied by 0%.

The weighted index change rate is guaranteed not to be less than zero and will never be more

than the applicable Index Cap.




Index Cap: The index cap is a limit on the index change rate for the S&P 500® 1 Year Point to PointIndexed Strategy and a limit on the weighted index change rate for the 2 and 5 Year Global

Indexed Strategies. The index cap for each block is set on the block start date and will not

change for that block. The index cap can be changed by us at any time for new blocks,

subject to any guaranteed minimum index cap.

Indexed Strategy Guaranteed Current

S&P 500® 1 Year 3.5% 13%

2 Year Global 10% Unlimited

5 Year Global 100% Unlimited

Participation Rate: The participation rate is the percentage of the index change rate on the S&P 500® 1 YearPoint to Point Indexed Strategy and the weighted index change rate that will be recognized in

the calculation of the index credit for the 2 and 5 Year Global Indexed Strategies. For each

block, the participation rate will be the participation rate on the block start date and it will not

change for that block.

Indexed Strategy Guaranteed Current

S&P 500® 1 Year 100% 100%

2 Year Global 20% 65%

5 Year Global 15% 90%

Index Credit Rate: The index credit rate equals: · The index credit rate for the S&P 500® 1 Year Point to Point Indexed Strategy and

the weighted index change rate for the 2 and 5 Year Global Indexed Strategies;

multiplied by

· The applicable participation rate.

Index Credit: An index credit is calculated and added to a block at the close of business on the blockmaturity date only. The index credit on the block maturity date is equal to (a) divided by (b)

multiplied by (c), where:

(a) is the index credit rate calculated on the block maturity date;

(b) is the index credit calculation rate times the index crediting period; and

(c) is the total index credit calculation interest calculated on the block from

the block start date to the block maturity date, prior to the addition of

the index credit.

Index Credit Calculation Interest is calculated on the daily value of each Block for purposes

of calculating the index credit only. The Index Credit Calculation Interest is not added to the

Block.




Benchmark Index: The Benchmark Index provides guidance in setting the maximum hypothetical index creditrate for your policy illustration. The Benchmark Index for this policy is defined as the S&P

500® 1 Year Point to Point Indexed Strategy with a 100% participation rate, a 0% guaranteed

minimum interest rate, and an index cap of 13.00%. An identical indexed strategy may or

may not be included in your policy. The table below reflects what the minimum, maximum,

and average of the annualized crediting rates would have been over the past 66 years using 25

year rolling periods of the Benchmark Index. The hypothetical index credit rate in your

policy illustration cannot exceed the average annualized return of these 25 year periods;

however, the maximum hypothetical index credit rate might be less than the average

Benchmark Index return.

Annualized 25-Year Period

Return Beginning

Minimum 4.55% 4/17/1959

Maximum 9.37% 2/6/1975

Average 7.28% N/A

Hypothetical

Annualized Index

Credit Rate:

The non-guaranteed policy values shown in this life insurance illustration are based on

hypothetical index credit rates that are selected for each index that may not exceed the

maximum hypothetical index credit rate for each respective option. The current maximum

hypothetical annualized credit rate for the S&P 500® 1 Year Point to Point Indexed Strategy

is 7.28%. The current maximum hypothetical index credit rate for the 2 Year Global Indexed

Strategy is 15.09%,

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