Goldstein Scorecard: C (dated October 4, 2026). See how it is graded.
Voya Secure Index Annuities: A Guide for Current Owners
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Facts verified against Voya's 2015 Secure Index Opportunities Plus brochure, Voya and Athene SEC filings (2017 and 2018) and Venerable's company pages on October 4, 2026 · Updated
The Voya Secure Index annuities (Five, Seven and Opportunities Plus) are closed fixed index annuities. Their issuer, Voya Insurance and Annuity Company, was sold to Venerable in 2018, renamed Venerable Insurance and Annuity Company on September 1, 2019, and no longer sells new contracts (Venerable, checked October 4, 2026).
Voya's September 2015 Opportunities Plus brochure shows a 5% bonus, a 10-year surrender charge starting at 10%, an MVA and a 1.0% fixed-strategy floor.
Correction (October 4, 2026): an earlier version of this page said Voya Financial issues the Secure Index annuity, called Voya an independent public company with an AM Best A rating, and quoted an S&P cap of about 7.5%.
Voya no longer issues these contracts: the issuing company was sold to Venerable in 2018 and renamed in 2019, and the cap figure had no dated source. The star rating, the COMDEX, S&P and Moody's grades and the complexity score are removed.
This page is for people who already own a Voya Secure Index annuity, or inherited one. Terms below come from Voya's own Secure Index Opportunities Plus brochure dated September 28, 2015 (order no. 142493). Voya rate sheets from 2014 and 2016 also list Voya Secure Index Five and Voya Secure Index Seven (flexible premium versions); those have their own schedules, so read your own contract.
Status and who holds your contract (checked October 4, 2026)
| Date | Event |
|---|---|
| September 1, 2014 | ING USA Annuity and Life Insurance Company renamed Voya Insurance and Annuity Company (Venerable timeline). |
| December 21, 2017 | Voya announces the sale of Voya Insurance and Annuity Company to Venerable Holdings, the sale via reinsurance to Athene of its individual fixed and fixed indexed annuity policies (about $19 billion of account value as of June 30, 2017), and that it intends to stop manufacturing non-retirement-focused individual annuities after closing. |
| June 1, 2018 | Athene reports reinsurance agreements with Voya Insurance and Annuity Company covering a block of fixed and fixed indexed annuities; Venerable debuts (Venerable timeline). |
| September 1, 2019 | Voya Insurance and Annuity Company changes its name to Venerable Insurance and Annuity Company (Venerable timeline). |
| Today | Venerable says the company "no longer sells new insurance or annuity contracts" and services the nearly 200,000 annuity contracts it previously issued. Venerable's financial page cites a KBRA insurance financial strength rating of A; it cites no AM Best rating. |
CD vs MYGA, after tax
What $100,000 earns in 5 years: CD vs MYGA, after tax
Rates used: CD 5.00%, the top nationally available 5-year CD (Bankrate, October 14, 2026); change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| CD, interest taxed every year | $121,081 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the CD, after tax | $5,055 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge.
In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Contract basics: Voya Secure Index Opportunities Plus (2015 brochure)
| Feature | 2015 brochure terms |
|---|---|
| Type | Single premium deferred fixed index annuity with a 5% premium bonus |
| Minimum premium | $15,000 single premium; $1 million maximum without home office approval |
| Issue ages | 0 to 80, owner and annuitant (may vary by state) |
| Premium bands | Low band $15,000 to $74,999; high band $75,000 and up (higher band may get more favorable caps and spreads) |
| Surrender charge (by contract year) | 10, 10, 10, 10, 9, 8, 7, 6, 5, 4%, then 0% from year 11 (may differ by state and for ages 56 and older) |
| Bonus recapture (by contract year) | 100, 100, 80, 80, 60, 60, 40, 40, 20, 20%, then 0% from year 11 |
| Market value adjustment | Yes, whenever a surrender charge applies (up or down with interest rates; may not apply in all states) |
| Free withdrawals | Year 1: interest credited to the Fixed Rate Strategy only. After year 1: up to 10% of accumulation value per contract year |
| Crediting strategies | Fixed Rate; Point-to-Point Volatility Control (CROCI US 5% Volatility Control Index, with a spread); Point-to-Point Cap; Performance Trigger; Monthly Cap; Monthly Average (with a spread). All reset annually; rates declared in advance for one year. |
| Contract minimums | Fixed Rate Strategy minimum interest rate 1.0%. Minimum caps, spreads and trigger rates for index strategies: not in the public brochure (contract only) |
| Minimum guaranteed contract value | Cash surrender value not less than 87.5% of the single premium, less withdrawals, accumulated at minimum guaranteed strategy value rates set at issue for 10 years (then may change annually) |
| Waivers | Surrender charge waived after the first anniversary for nursing home or hospital confinement (45 days in any 60) or terminal illness (12 months or less); MVA and bonus recapture still apply (not in all states) |
| Death benefit | Greater of accumulation value or minimum guaranteed contract value; 100% bonus recapture if the owner dies in contract year 1 |
| Optional rider | Voya IncomeProtector Withdrawal Benefit, additional annual cost (percentage not stated in the brochure), minimum issue age 50 |
| Current renewal rates on in-force contracts | Not publicly disclosed (on your annual statement) |
Is the annuity you're looking at actually the best one available?
Send your email and I'll send what it really guarantees, what the surrender schedule costs you, and the two or three carriers paying more for the same guarantee. If it's already a good fit, I'll tell you that.
We’ll email it to you. Hans reads every one himself and replies within one business day. Hans Goldstein · NPN 20602398.
Rather talk it through? Or book 15 minutes on Hans’s calendar.
Goldstein Scorecard (dated October 4, 2026)
| Dimension | Grade | Basis (sourced fact) |
|---|---|---|
| Financial strength | Incomplete | Venerable cites a KBRA A insurance financial strength rating and no AM Best rating for Venerable Insurance and Annuity Company (checked October 4, 2026). Voya said the fixed and fixed indexed policies would be reinsured to Athene (2017 press release). |
| Rate or cap competitiveness | Incomplete | Renewal caps, spreads and trigger rates on in-force contracts are not published. |
| Guaranteed floor | C | 1.0% minimum on the Fixed Rate Strategy and an 87.5% minimum guaranteed contract value (2015 brochure); index strategy minimums not public. |
| Liquidity | C | 10-year surrender charge from 10%, plus MVA and bonus recapture; 10% free withdrawals after year 1; confinement and terminal illness waivers. 0% from year 11. |
| Costs | B | No explicit fee on the base contract; spreads apply on two strategies; the optional IncomeProtector rider carries an annual cost not stated in the brochure. |
| Transparency | D | No public product page or rate history from the current issuer; the brochure survives only on a third-party site. |
| Overall | C | A closed contract whose value to the owner depends on the contract year, the renewal rates on the statement and the exit cost. Most owners should decide from their own statement, not from this page. |
Get the current numbers for your amountor call 213-414-2808
What in-force owners should check
- Which version you own. Opportunities Plus (single premium, 5% bonus, 10-year schedule) or Secure Index Five or Seven. The contract number and issue date on your statement tell you.
- Your contract year. Under the 2015 terms, an Opportunities Plus contract has no surrender charge, MVA or bonus recapture from contract year 11. A contract issued in September 2016 or earlier has already passed its 10th anniversary.
- Renewal rates. Caps, spreads and trigger rates reset every contract anniversary and are declared in advance for one year. Compare the rates on your last anniversary statement with the minimums in your contract.
- The re-election window. The brochure allows strategy re-elections during the 30 days after each contract anniversary.
- Cash surrender value versus accumulation value. While the schedule runs, a surrender pays the accumulation value adjusted for MVA, less surrender charge and bonus recapture, or the minimum guaranteed contract value if higher.
- Your amount per insurer. Annuity values are backed by the claims-paying ability of the issuing insurer. If an insurer fails, state guaranty associations cover annuity values up to set limits (in California, 80% of value up to $250,000 per owner per insurer; see California guaranty coverage and guaranty limits by state).
Options when the surrender period ends
After year 10 (2015 Opportunities Plus terms) you can keep the contract and take the declared renewal rates, take withdrawals or a full surrender with no surrender charge, MVA or bonus recapture, annuitize (the brochure applies the greater of cash surrender value or minimum guaranteed contract value to the payout option), or move the value with a 1035 exchange.
A 1035 exchange is free of current income tax only when it is done as a direct exchange under IRC Section 1035. A new annuity usually starts a new surrender period.
If what you want now is a known rate, a MYGA locks a declared rate for its term, backed by the claims-paying ability of the issuing insurer.
For comparison, A-rated-or-better insurers were paying about 5.50% to 6.05% on 5-year MYGAs and the best nationally available 5-year CDs about 4.70% to 5.00% APY (MYGAs: public carrier rate sheets, October 14, 2026; CDs: Bankrate and Popular Direct, October 18, 2026). Current rates: MYGA rates.
Run the numbers: annuity surrender charge calculator, annuity calculator and, if you added the IncomeProtector rider, income rider vs annuitization.
Pros and cons
| Pros | Cons |
|---|---|
| Index losses are not credited; credited interest and the 5% bonus are not reduced by index moves (2015 brochure). | Closed product; no public current rates from the issuer. |
| From contract year 11 there is no surrender charge, MVA or bonus recapture (2015 terms). | Before year 11: surrender charge up to 10%, MVA and bonus recapture on amounts above the free withdrawal. |
| 10% free withdrawals after year 1, plus confinement and terminal illness waivers. | Index strategy minimum caps and maximum spreads are not public; only the 1.0% fixed floor is. |
| Minimum guaranteed contract value of 87.5% of premium at the strategy value rates set at issue. | The current issuer cites a KBRA rating only, so an AM Best comparison is not possible. |
Who it's for, and when to look elsewhere
Fits: an owner past year 10 who is satisfied with the renewal rates on the statement, or one who plans to annuitize.
Look elsewhere if:
- Your statement shows renewal rates near your contract minimums and you are past the surrender period.
- Someone pitches a replacement on the size of a new bonus. Compare today's cash surrender value with the new contract's cash surrender value year by year, not bonus headlines.
- You mainly want a known rate: compare a MYGA at current MYGA rates.
Related reviews: Allianz MasterDex X owner guide (another legacy FIA), how annuity crediting actually works and annuity second opinion.
Questions to ask your agent
- Which Secure Index version do I own, and what are the minimum caps, maximum spreads, minimum trigger rates and minimum interest rate in my contract? In writing, please.
- What contract year am I in, and what are my surrender charge, bonus recapture and MVA today? What is my cash surrender value?
- What renewal rates did each of my strategies get at the last three anniversaries?
- If I annuitize, what would the payments be, and which value is applied?
- If you recommend an exchange, show me the new contract's full surrender schedule by year, MVA and free withdrawal, and its contract minimum caps. How are you paid on this product? Commission comes from the insurer and is built into the product's pricing, not deducted from my premium. What percentage is it, and would a longer surrender term pay you more? (Background: how annuity commissions work.)
From my desk
With a Secure Index contract, the first thing I check is the issue date. Under the 2015 Opportunities Plus terms, everything about the exit cost depends on whether the owner is before or after the 10th anniversary, and most of these contracts are at or near that line now.
The number owners misread most often is the accumulation value. It includes the 5% bonus, but until year 11 a surrender pays the value after surrender charge, MVA and bonus recapture. I ask for a written cash surrender value as of a specific date.
For a MYGA comparison I take the cash surrender value at the first date the owner can move without a charge, then compare a MYGA's declared rate for its full term with the renewal rates on the statement. If the contract is in year 9 or 10, waiting for year 11 usually costs little.
Hans Goldstein, independent licensed insurance producer, CA license 4273294, NPN 20602398. No carrier paid for this review.
Frequently asked questions
Is the Voya Secure Index annuity still sold?
No. Voya announced on December 21, 2017 that it would sell Voya Insurance and Annuity Company to Venerable Holdings and stop manufacturing non-retirement-focused individual annuities. The company was renamed Venerable Insurance and Annuity Company on September 1, 2019, and Venerable says it no longer sells new insurance or annuity contracts. Existing contracts stay in force under their own terms.
Who is responsible for my Voya Secure Index contract now?
The issuer named in your contract, Voya Insurance and Annuity Company, is now Venerable Insurance and Annuity Company. Voya said it would also sell its individual fixed and fixed indexed annuity policies to Athene through reinsurance, and Athene reported signing those reinsurance agreements on June 1, 2018. Use the customer service number on your latest annual statement for service requests.
What is the Voya Secure Index Opportunities Plus surrender charge?
The September 2015 Voya brochure shows 10% in contract years 1 to 4, then 9%, 8%, 7%, 6%, 5% and 4% in years 5 to 10, and 0% from year 11.
A market value adjustment and a bonus recapture (100% in years 1 and 2, stepping down to 20% in years 9 and 10) also apply to withdrawals above the free amount during the first 10 years. Charges may differ by state and for ages 56 and older, so check your contract.
What are the contract minimums on a Voya Secure Index annuity?
The 2015 brochure lists a 1.0% minimum interest rate on the Fixed Rate Strategy and a minimum guaranteed contract value of 87.5% of the single premium, less withdrawals, accumulated at minimum guaranteed strategy value rates set at issue. Minimum caps, spreads and trigger rates for the index strategies are not in the public brochure. They are in your contract.
Can I move my Voya Secure Index annuity to a MYGA?
Yes, a direct 1035 exchange can move the value to another annuity, such as a MYGA, without current income tax when it is done as a direct exchange under IRC Section 1035 (see the 1035 exchange step-by-step guide).
During the first 10 contract years the move can trigger the surrender charge, MVA and bonus recapture on the amount above the free withdrawal. After year 10 those no longer apply under the 2015 terms.
Get a second opinion before you sign
Talk to Hans Goldstein, a licensed independent insurance producer.
A fixed indexed annuity ties up your money for 7 to 15 years. Cap rates renew annually and can drop. Income riders have separate benefit bases that aren't cash. Get an independent review before you commit your retirement savings to a multi-year contract.
Send your details. Within one business day you get a written review of your quote, a side-by-side with two alternatives, and a free 15-minute call if you want one.
Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.
Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
We’ll email it to you. Hans replies within one business day. Privacy Policy.
Sources (checked October 4, 2026)
- Voya Financial, Voya Secure Index Opportunities Plus Annuity brochure, order no. 142493, dated September 28, 2015: bonus, surrender and recapture schedules, MVA, free withdrawals, strategies, minimums, waivers, rider.
- Voya Financial, press release filed as Exhibit 99.1 to Form 8-K, December 21, 2017: sale of Voya Insurance and Annuity Company to Venerable, reinsurance of fixed and fixed indexed annuities to Athene, plan to stop manufacturing non-retirement-focused individual annuities.
- Athene Holding Ltd., Form 8-K, event date June 1, 2018: reinsurance agreements with Voya Insurance and Annuity Company.
- Venerable, About Us and corporate timeline: 2014 and 2019 name changes, no new contracts sold, checked October 4, 2026.
- Venerable, Financial Information: KBRA insurance financial strength rating A, checked October 4, 2026.
- Voya rate sheets effective September 22, 2014 and June 13, 2016 (agent use only, not linked): list of Secure Index Five, Seven and Opportunities Plus. Rates from these sheets are not published here.
- MYGA and CD benchmark: public carrier rate sheets (MYGAs, October 14, 2026) and DepositAccounts (CDs, September 24, 2026).
Disclosure
This review is based on the carrier's public product materials and rates as of the date shown above. Annuity rates, caps, participation rates, payout factors, crediting methods, and long-term care benefit structures change often, sometimes monthly. Confirm current figures in the latest carrier disclosure and the contract before you buy. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) appointed with several A-rated carriers. His appointment with the carrier reviewed here may vary, and this review is not an endorsement. No carrier paid for this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity or long-term care insurance product. Past index performance does not predict future credited interest. Annuities and hybrid life+LTC policies are long-term contracts with surrender charges; they are not suitable for funds you may need before the end of the surrender period. AM Best ratings and tax treatment are subject to change. Tax discussion of IRC §7702B, §1035, and the Pension Protection Act of 2006 reflects law as of 2026 and is subject to change.