Buyer’s Guide to Variable Universal Life Insurance

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LIFE INSURANCE

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IntroductionThis guide offers helpful information about variable universal life (VUL) insurance features to help you understandmore about making financial choices that work best for you. While this booklet is primarily about variable universallife insurance, it does give a brief description of other types of life insurance for comparison purposes.

This brochure was created to provide accurate and reliable information on the subjects covered. It is not intended to providespecific legal, tax or other professional advice. The services of an appropriate professional should be sought regarding yourindividual situation. At the end of this guide are questions you should specifically ask your ING Life Companies’ (ING)financial representative. Make sure you’re satisfied with the answers before you purchase a life insurance policy.

Before investing, you should carefully consider your need for life insurance coverage and thecharges and expenses of the variable universal life insurance policy. You should also consider theinvestment objectives, risks, fees, and charges of each underlying variable investment option. Thisand other information is contained in the prospectuses for the variable universal life insurancepolicy and the underlying variable investment options. You may obtain these prospectuses fromyour agent/registered representative, by calling 877-253-5050, or from www.ing-usa.com and shouldread them carefully before investing.

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What Is Variable Universal Life (VUL) Insurance?Life insurance is basically a contract between you and a life insurance company. In the contract(“policy”) you make one or more premium payments, and in return the life insurance company isbound by the policy to pay the death benefit to the beneficiaries when the insured person dies.

Variable universal life insurance has these major characteristics:

• It’s life insurance

• It may provide lifelong coverage until its maturity date (unless allowed to lapse — moreon that later)

• It has a flexible premium payment structure

• It may provide cash value

• It provides the policyowner with the ability to direct premium payments to variousvariable investment options

• Cash values vary with the performance of the variable investment options and the ownerassumes the investment risk for amounts allocated to the variable investment options,along with potentially greater returns.

Let’s look at each of these features in detail.

It’s life insurance

VUL has variable investment options that may help generate cash value under the policy. The cashvalue can be an important part of a retirement plan. But it is fundamentally a life insurance policyused to protect and provide for those who may be financially dependent on the insured’s life.

It may provide lifelong insurance coverage

Unlike term insurance, where, when the term of the policy is up, you must buy a new policy orrenew the term, VUL may provide lifelong insurance coverage. The only way VUL insurancecoverage stops is if the policy lapses. Unless it lapses it stays in effect until the death of theinsured and then pays a death benefit to the beneficiary or until the maturity date of the policy,whichever comes first. It can lapse if sufficient premium payments are not made. It can also lapseif, in later years, there isn’t enough in the cash value of the policy to cover the monthly policycharges. (Please note that a sufficient payment into the policy at that time can prevent a lapse.)

It has a flexible premium payment and death benefit structure

Like universal life insurance, VUL insurance allows you as the policyowner to determine the amountand frequency of premium payments and adjust the death benefit up or down, each depending onyour needs and certain conditions, limits and underwriting requirements that may apply.

It may provide cash value

Beyond whatever guaranteed death benefit that may exist, a VUL policy has a cash valuefeature. Cash value may accumulate from premiums you pay in excess of the policy charges (likecost of insurance or expense charges). This cash value may earn interest or grow in value, andthese earnings are allowed to grow tax-deferred.1 The cash value may also decrease in value(see page 2), depending on the performance of the variable investment options you choose.1 Income and growth on accumulated cash values has been held to be generally taxable only upon withdrawal. Early withdrawals

may be subject to a surrender charge. In addition, distributions prior to age 59 1⁄2 may be subject to a 10 percent tax penalty.

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Provides the ability to direct cash value to variable investment options

Whole and universal life insurance also have a cash value feature, but they do not allow you as thepolicyowner to make decisions about how this cash value is invested. With variable universal life insuranceyou determine how this cash value is allocated into the variable investment options.

Cash values vary and the owner assumes investment risk along with potentially greater returns

This is what makes it variable. VUL is life insurance, with flexible payments, and a cash value feature likeother types of cash value insurance. Beyond that, the VUL policyowner has several options for investing thismoney. This means that you as the policyowner agree to take on more risk in return for the opportunity topotentially achieve higher returns. Most VUL policies offer a range of variable investment options, fromconservative to aggressive, and you can usually mix-and-match the combination that suits your risktolerance and financial goals.

CoverageCash Value (Accumulation)

Flexible PremiumPayments

Control ofAllocations of Cash Value

Guaranteed Return onAllocations of Cash Value

TermFixed amount oftime (“term” of the policy)

No No No Cash Value No Cash Value

Whole Life (sometimes

called “Ordinary Life”)Lifelong* Yes No No Yes

Universal Life Lifelong* Yes Yes No Yes

Indexed Universal Life Lifelong* Yes Yes Yes Yes

Variable Universal Life Lifelong* Yes Yes Yes

Depends on whether thepolicy offers a fixed accountoption in addition tovariable investment options

*Provided policy is not allowed to lapse, or mature/expire.

It’s also important to note that specific features will vary depending on the product that you buy.

Benefits of Cash ValueYou may use the accumulated cash value for emergencies and other needs, or it can be used as supplementalretirement income. To access the cash value, you may partially or fully surrender the policy, or the cash may beborrowed under a loan provision, which will reduce the death benefit and available cash values, and may createan income-tax liability.

VUL insurance policies are often bought for death benefit protection or supplemental income needs. They havetax deferral features that may make them a good choice for additional retirement funding. Tax deferral is apowerful benefit in two ways. First, any supplemental increases in cash value are not counted on your currentincome taxes in any given year. Second, because your returns are not decreased by having to pay current incometaxes, they can stay allocated in the policy and potentially continue to grow until they’re withdrawn.

What Is A “Free Look” Provision?Many states have laws which give you a set number of days to look at the VUL policy after you buy it. If youdecide during that time you don’t want the policy, you can return the policy and get some or all of your moneyback. This is often referred to as a free look or right to return period. The free look period should be prominentlystated in your policy. Be sure to read your policy carefully during the free look period.

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Subaccounts, Funds or VariableInvestment OptionsWhen you purchase a variable universal life insurance policy, theinsurer places part of your premiums net of fees and charges within the various available investment options you can select. The investment options will vary depending on the company and the specific product you have purchased.

Companies call the variable investment choices “options,”“subaccounts,” “variable investment options,” “portfolios,” or“funds.” Variable investment options are actually investments in thesubaccounts of the separate account that supports the VUL product.These variable investment options most often invest in mutual fundportfolios that have been created and are managed to be availablethrough variable insurance products. However, these variableinvestment options are not mutual funds and are available onlywithin variable universal life insurance and variable annuity products.

Variable investment options are grouped into categories based onlower and higher risks and possible returns. An important benefit ofa VUL policy is that in most cases you can move money amongvariable investment options as your needs and investment objectiveschange. You can often do this without additional transaction chargesfrom the company (usually up to a limited number of times in a year).In addition, the IRS doesn’t count your move from one variableinvestment option to another within your VUL policy as creatingincome for you – and no income tax becomes due as long as nomoney is actually withdrawn from the policy. (See also “What AboutTax Treatment of a VUL?”)

Variable investment option returns may be, on average and overtime, higher than for other types of insurance that have a minimumguaranteed rate of return. In return for the possibility of achievingthese better returns, you take on the risk that the value of your VULpolicy’s variable investment options may also go down.

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How Do I Take Advantage of the Cash Value?Death Benefit

As life insurance, there’s obviously a financial consequence. When theinsured dies a death benefit is paid out. Some policies have up tothree death benefit options:

Option A (Level) – Death benefit equals the policy face amount.

Option B (Variable) – Death benefit equals the policy face amountplus the accumulation value.

Option C (Face Amount Plus Premium) – Death benefit equals thepolicy face amount plus premiums paid into the policy, less partialwithdrawals taken.

Accessing Cash ValuesIn addition to providing a death benefit, VUL insurance policies are apopular way to accumulate money for retirement, college expenses, orother financial needs. The cash value can be taken out in several ways.

Policy Loans

Policyowners can borrow against the accumulated cash value of thepolicy. Cash value is the accessible cash in the policy. The cash valueserves as the collateral for the loan, and interest rates are often lowerthan from other lending sources. Another way to think of it is thatthe loans are like taking an advance on the death benefit.

Loans and withdrawals may generate an income tax liability, reduceavailable cash value and reduce the death benefit or cause the policyto lapse.

Partial Withdrawals and Surrenders

You can obtain cash from a VUL policy through a surrender or partialwithdrawal. A surrender means that the entire policy is “cashed out”(minus any surrender charges, fees, or payment of outstanding loans)and the policy (and your life insurance coverage) ends. The insurancecompany may impose a “surrender charge” to process thetransaction. Usually the surrender charges are higher during the earlyyears of the policy.

A partial withdrawal is really a surrender of part of the insurance policy.The advantage of a partial withdrawal over a loan is that it does nothave the interest and repayment obligation that a loan does. Adisadvantage of partial withdrawals is a decrease in the death benefit,usually by an amount similar to the amount of the partial withdrawal.

Loans and withdrawals may generate an income tax liability,reduce available cash value and reduce the death benefit or causethe policy to lapse.

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What Charges May Be SubtractedFrom My Variable Universal LifeInsurance Policy?Most VUL policies have charges related to the cost of selling orservicing them, in addition to the cost of insurance itself. Thesecharges may be subtracted directly from the cash value. In a VULpolicy, this means that the actual amount of your premium that isadded to your variable investment options will be the amountremaining after any applicable charges have been deducted.

Ask your ING financial representative to describe the charges thatapply to your VUL policy. Also check out your VUL policyprospectus which gives you detailed information on all chargesand expenses and how they are calculated.

Typical examples of charges include:

Surrender or Partial Withdrawal Charges

If you need access to your money, you may be able to take all orpart of the cash value out of your VUL policy at any time. If youtake out all of the cash value and “surrender,” or terminate, thepolicy, you may pay a policy surrender charge. If you make apartial withdrawal you may pay a proportional surrender or partialsurrender charge.

How these charges are calculated depends on the company andthe specific product.

Remember, withdrawals will reduce the policy’s death benefit andavailable cash value.

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Exceptions to Partial Withdrawal Charges

Your VUL policy may have a limited free partial withdrawal featurethat lets you make one or more partial withdrawals without asurrender charge. The size of the free partial withdrawal is oftenlimited to a set percentage of the cash value of your policy, or aset percentage of the premiums paid. If your partial withdrawal ismore than that, you may pay withdrawal charges.

Be sure to read the Tax Treatment section and ask your tax advisorfor information about possible tax penalties on withdrawals.

Percentage of Premium Charge

A percentage of premium charge is a charge deducted from eachpremium paid. The percentage may be lower after the policy hasbeen in force for a certain number of years or after totalpremiums paid have reached a certain amount. Some VUL policiesseparate their percentage of premium charges into componentssuch as a sales charge, state premium tax charge, and federalincome tax charge.

Cost of Insurance Charge

This charge is based on the amount of insurance protectionprovided by your policy. It is usually assessed as a charge based onthe net amount at risk and a rate calculated from factors such asage, sex, rate class, etc.

Expense Charges

Expense charges are typically charged monthly and may haveseveral components. They are often assessed on a flat amount perpolicy, based on the amount of your insurance, or based on theamount of your cash value. How these charges are calculateddepends on the company and the specific product.

Transaction Charges

A transaction charge may be made for services you request. Somepolicies assess charges for transferring money among variableinvestment options (in excess of policy limits), partial withdrawals,or providing extra reports.

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What About the Tax Treatment of VariableUniversal Life Insurance?Under current federal law, VUL policies receive special tax treatment. Moststates’ tax laws on VUL policies follow the federal law. Below is a generaldiscussion about taxes and VUL policies. You should consult a professional taxadvisor to discuss your individual tax situation.

Tax-Deferred Growth

Income tax on any growth in your life insurance policy is deferred. That meansyou aren’t taxed on the earnings while they stay in the policy. Taxes that youmight otherwise have to pay on interest income, dividends or capital gainsremain in the policy.

Tax-Free Loans

You may pay no tax when you take money out as policy loans and your policy isnot considered a “Modified Endowment Contract” under federal tax laws. Inthis case, policy loans will be income-tax-free as long as the policy remains inforce. If the policy is allowed to lapse with an outstanding loan (or loans), youmay have an income tax liability. The amount of the tax liability is calculatedbased on how much of the loan amount was a return of your payments (“costbasis”) and how much was earnings from the variable investment options.

If the policy is a Modified Endowment Contract under federal tax laws, loansare treated as taxable distributions to the extent of the gain in the policy.

Taxes on Death BenefitYour beneficiaries generally do not pay any income tax on the death benefit if itis paid in a lump sum. If installment payments are received, your beneficiariesonly pay taxes on the interest received. However, estate taxes will bedetermined by policy ownership.

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These materials are not intended to be used to avoid tax penalties, and were prepared to support thepromotion or marketing of the matter addressed in this document. The taxpayer should seek advice from anindependent tax advisor.

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How Do I Know If Variable Universal Life Insurance Is Right For Me?Used wisely, VUL insurance may have many advantages over other types of products and canbe an important part of your overall financial planning. Many companies, including severalING life insurance companies, have developed a variety of products with a wide range offeatures and options.

The questions listed below may help you decide which type of life insurance, if any, helpsmeet your financial needs. You should think about what your goals are for the money youmay put into a VUL policy. You need to think about how much risk you’re willing to take withthe money. Ask yourself:

• Do I need life insurance?

• Do I want a variable investment feature that has the potential for higher earnings thataren’t guaranteed and the possibility that I may risk losing some or all of the principal?

• How much retirement income will I need in addition to what I may get from SocialSecurity and my pension?

• Will I need that additional income only for myself, or for myself and someone else?

• How long can I leave my money in the VUL policy?

• When may I need income from the VUL policy’s cash value?

• Does the VUL policy let me get money when I need it?

• Do I want a fixed return with a guaranteed interest rate and little or no risk of losing the principal?

Ask your ING financial representative to review your financial needs analysis and riskassessment profile to help confirm this important decision.

What Questions Should I Ask My ING FinancialRepresentative?

• What variable investment options are available with this VUL policy and how do theymatch my tolerance for risk?

• How will amounts allocated to the variable investment options be managed?

• How much flexibility do I have to change among variable investment options withoutincurring fees, penalties, or taxes?

• Are there withdrawal or surrender charges or penalties if I want to end my policy earlyand take out all of my money? How much are they?

• Can I get a partial withdrawal without paying surrender or other charges?

• What other charges, if any, may be deducted from my premium or policy value?

• How is the death benefit set? Can it change? What options are available and are therecharges for changing options?

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Final Points To Consider Before you decide to buy variable universal life insurance, review the policy carefully. Ask yourself if,depending on your needs or age, this VUL policy is right for you. Terms and conditions of each VUL policywill vary. Compare information for similar policies from several companies. Comparing products may helpyou make a better decision.

• VUL insurance is for the long haul. Be sure you plan to keep a VUL policy long enough so that thecharges don’t take too much of the money you put in. Be sure you understand the effect of all chargeson the net amount of money invested in your behalf.

• Taking money out of a VUL policy may mean you must pay taxes.

• Also, while it’s sometimes possible to transfer the value of an older life insurance policy into a new VULpolicy, the new policy may have a new schedule of early surrender charges or other fees that couldmean new expenses you must pay directly or indirectly. Ask your ING financial representative to do acomplete comparison of your old and new policies before deciding to replace an older policy.

• Remember that the quality of service you can expect from the company and your financialrepresentative is a very important factor in your decision.

• When you receive your VUL policy, read it carefully! Ask your ING financial representative to explainanything you don’t understand. Do this before the free-look period ends.

Ask your ING financial professional about the ING Life Companies’ variable universal life insurance policythat might be right for you.

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GlossaryAdjustable death benefitA life insurance option that allows the policy owner to increase or decrease the death benefit.

Administrative feesFees charged to cover costs to operate andmaintain the policy; frequently includes coststo handle transactions, preparing and mailingstatements, and other customer service costs.

AgentA licensed person or organization authorizedto sell insurance by or on behalf of aninsurance company.

Asset allocationDividing your money among “asset classes”according to your investment strategy and risk tolerance.

Asset classCategories of investments based on risks and returns.

Asset rebalancingAn investment strategy designed to help theowner of a variable life insurance policy orvariable annuity contract maintain his or herdesired allocations among variable investmentoptions by periodically reallocating cash values.

Beneficiary The person designated by the policyowner toreceive the death benefit.

Cash surrender valueThe amount an insurer will pay thepolicyowner if the policy is surrendered whileit is in force. The net surrender value on thedate surrendered is equal to: the cash value,minus any surrender charge, minus anyoutstanding loan amount, plus any interestthe policy owner paid in advance on the loanfor the period between the date of surrenderand the next policy anniversary.

Cash valueThe sum of the variable life insurance policy’svalue in its variable investment optionaccounts and any fixed accounts, less anyapplicable fees or charges.

Death benefitThe amount of money the insurance companywill pay to the beneficiary(ies) when theinsured dies.

DiversificationInvestment strategy used to try to reduce riskby investing in a broad range of stocks and/orbonds, across different industries, companies,or countries. The objective is to have potentialgains in one area offset by potential losses in others.

Face amountThe amount specified by the insured to definethe death benefit based on the death benefitoption chosen.

Fixed accountAn allocation option that provides aguaranteed minimum return and payouts infixed dollar amounts.

Flexible premium policyVUL insurance that, within set limits, allowsyou to pay as much premium as you want,whenever you want.

Free-look periodA period of time (10, 20 or 30 days subject toindividual state regulations) after the delivery ofthe policy, during which the owner may reviewthe VUL policy and return it for a refund(typically the policy value, or premium paid).

General accountAn account that holds all of an insurer’s assetsother than those in the separate accounts.(See also: separate account)

IllustrationA hypothetical example used to show how thedeath benefit, cash value, and net surrendervalue of a variable life insurance policy wouldchange with different rates of hypotheticalinvestment performance over an extendedperiod of time.

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Indexed Universal LifeA life insurance policy that offers traditionaluniversal life insurance benefits such as valuabledeath benefit protection and flexible premiumpayment options, but also features anopportunity for cash value accumulationthrough index crediting potential based, in part,on the performance of a stock market index orindexes. Plus, it has protection from downsiderisk through a minimum interest guarantee.

Insured The person whose life is insured by the policy.That person may or may not be the policyowner.

Interest incomeIncome derived from an instrument of debt,such as a bond.

Investment management feesThe fees that each mutual fund portfolio inwhich a variable investment option invests isassessed to pay for the cost of providingprofessional money management. The amountof this fee varies by portfolio.

Life insuranceA contract between an insurance companyand an individual, generally guaranteeingpayment of an amount of money to thebeneficiary(ies) on the insured’s death. (Seealso: variable universal life insurance)

Loan amountThe total amount of all outstanding policyloans, including both principal and interest due.

Loan valueThe amount which can be borrowed at aspecified rate of interest from the issuingcompany by the policyholder using the valueof the policy as collateral. If the policyholderdies with the debt partially or fully unpaid,then the amount borrowed plus any interest isdeducted from the death benefit payable.

OwnerPerson who has ownership rights andprivileges of the policy. (see Policyowner)Partial withdrawal (see also Surrender)Taking part of the money in the VUL; mayresult in withdrawal or surrender charges.Partial withdrawals may reduce the VUL’s cashvalue and death benefit amounts, and maycreate an income tax liability.

Partial Withdrawal (see also under Surrender)Taking part of the money in the VUL; mayresult in withdrawal or surrender charges.Partial withdrawals may reduce the VUL’s cashvalue and death benefit amounts, and maycreate an income tax liability.

PolicyA written contract of insurance.

PolicyownerThe person(s) typically responsible for makingpremium payments. This person has allownership rights, including the rights to makeinvestment decisions, transfer funds, makewithdrawals, name beneficiaries, andsurrender the policy.

PortfolioAn underlying mutual fund in which acorresponding variable investment optioninvests under the VUL policy. (See also:variable investment option.)

Portfolio managerThe investment professional responsible formanaging the securities within a portfoliowhile adhering to the portfolio’s statedinvestment objective and policies.

PremiumsAll payments made under the policy otherthan loan repayments.

ProspectusA legal document containing informationabout the specific VUL insurance product forsale. The prospectus contains information onthe investment objectives, risks, sales chargesand management expenses, services offered,as well as other information.

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ReinstatementRestoring a lapsed policy and coverage. Somecompanies require evidence of insurability andpayment of past due premiums and interest toreinstate some policies.

RiderAn amendment to a policy that providesadditional specific benefits or amounts ofcoverage to a policy (for example, anaccidental death benefit rider).

Separate accountHolds assets which are invested in your VULpolicy’s variable investment options. The assetsare literally held separate from the generalassets of the insurance company. Any moneyheld in separate accounts is not accessible tocreditors or others making claims against theinsurance company.

Subaccount (see Variable investment option)

SurrenderThe termination of a policy at the option ofthe policyowner. Canceling your policycompletely and receiving the current value of your VUL policy, less any surrender charges,other fees, or taxes.

Surrender charge The charge some issuers assess for takingwithdrawals or surrendering the policy in theearly years of the policy.

Tax-deferredThe postponement of tax liability onaccumulated earnings until a taxabledistribution from a policy is made.

TermProvides life insurance coverage for a specifiedperiod of time (10, 15, 20, 25, or 30 years, for example) in exchange for a specifiedpremium. This type of policy does notaccumulate cash value.

TransfersThe ability to make a transfer between thevariable investment options available within aparticular VUL policy. You can make transfersin dollar amounts or percentages.

UnderwritingThe process of selecting applications forinsurance and classifying them according to their degrees of insurability so that the appropriate premium rates can be charged. The process includes rejection of unacceptable risks

Universal life insuranceAn interest-sensitive, flexible-premium policythat provides protection under a contract that separates the protection and savings components.

Variable investment optionsThe subaccounts of the separate account thatsupports a VUL policy. A typical VUL offers arange of variable investment options whichinvest in underlying mutual fund portfolioswhich have investment objectives that rangefrom conservative to aggressive.

Variable universal life insuranceA form of universal life insurance that allowsthe policyowner to invest the cash value in a wide variety of investment options withoutany minimum guaranteed rate of interest orminimum cash surrender value. A fixedaccount option may also be available whichprovides a minimum guaranteed rate of interest.

Whole life insuranceLife insurance designed to stay in forcethroughout one’s lifetime, provided thatpremiums have been paid as specified in the policy.

1035 ExchangeNamed for a section of the Internal RevenueCode, a 1035 exchange enables individuals totransfer assets from one life insurance orannuity contract to another without incurringincome taxes. Life insurance may not betransferred into an annuity.

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Life insurance products are issued by ReliaStar Life InsuranceCompany (Minneapolis, MN), ReliaStar Life Insurance Companyof New York (Woodbury, NY) and Security Life of DenverInsurance Company (Denver, CO). Variable universal lifeinsurance products are distributed by ING America Equities, Inc.(Denver). Within the state of New York, only ReliaStar LifeInsurance Company of New York is admitted, and its productsissued. All are members of the ING family of companies.

These materials are not intended to be used to avoid taxpenalties, and were prepared to support the promotion ormarketing of the matter addressed in this document. Thetaxpayer should seek advice from an independent tax advisor.

Before investing, carefully consider your need for life insurancecoverage and the charges and expenses of the variable universallife insurance policy. Also consider the investment objectives,risks, fees, and charges of each underlying variable investmentoption. This and other information is contained in theprospectuses for the variable universal life insurance policy andthe underlying variable investment options. Obtain theseprospectuses from your registered representative, by calling 877-253-5050, or from http://ing.us and read them carefullybefore investing.

Variable insurance products are subject to investment risk, arenot guaranteed and will fluctuate in value. In addition, there isno guarantee that any variable investment option will meet itsstated objective.

All guarantees are based on the financial strength andclaims-paying ability of the issuing life insurancecompany, which is solely responsible for the obligationsunder its own policies.

© 2013 ING North America Insurance CorporationCN0318-8791-0315

ReliaStar Life Insurance Company20 Washington Avenue SouthMinneapolis, MN 55401

ReliaStar Life Insurance Company of New York1000 Woodbury Road, Suite 208Woodbury, NY 11797

Security Life of Denver Insurance Company8055 East Tufts Avenue, Suite 650Denver, CO 80237

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