Voya's Life Insurance Offerings: What You Need To Know

Voya Financial offers life insurance products to its customers. The company began operations in 1975 as ING Group and was rebranded in 2014. Voya offers term and whole life insurance options as employee benefits to mid and large-sized companies. Their term life insurance policies are valid for 10 to 30 years and can be converted into whole life policies if the policyholder leaves their job or loses eligibility. Whole life insurance policies are permanent and allow policyholders to borrow against the premiums they have paid.

Voya's life insurance options

Voya offers a range of life insurance options to cater to different needs. Here is an overview of Voyas' life insurance options:

Term Life Insurance

Term life insurance is a simple and temporary form of life insurance that provides death benefit protection for a specific number of years. It is relatively inexpensive compared to other types of life insurance because it is temporary and doesn't provide additional benefits while the insured is alive. If the insured person outlives the policy term, they may need to purchase a new policy if their need for coverage continues. Voya's term policies typically range from 10 to 30 years and can be converted into whole life policies under certain circumstances.

Whole Life Insurance

Whole life insurance provides permanent coverage for the entire lifetime of the insured, as long as they continue to pay the premiums. It also has a cash value component, allowing policyholders to borrow against the premiums they have paid. Voya's whole life insurance policies can be taken up as an employee benefit and can be retained even if the employee leaves their job. The premiums for these policies are fixed and do not change based on age or health.

Universal Life Insurance

Universal life insurance offers flexible coverage for the entire life of the insured and provides potential cash values that grow tax-deferred. There are several types of universal life insurance policies offered by Voya:

• Fixed Universal Life: Allows the policy owner to change the amount and frequency of premium payments and adjust the death benefit.
• Indexed Universal Life: Combines the flexibility of universal life with cash value crediting linked to the performance of an equity market investment index.
• Variable Universal Life: Provides the flexibility of universal life with potential cash value growth based on the investment performance of variable investment options.
• Survivorship Universal Life: Designed to insure two people (usually a couple) and pays a death benefit when the last insured person passes away.

Riders

Voya offers various riders, or add-on provisions, to their life insurance policies. These include accelerated death benefits for terminal illnesses, a children's term life benefit rider, and a waiver of premium for disability rider.

How to get a life insurance policy

Voya Financial offers a range of insurance products, including life insurance.

Assess your needs:

First, consider if you need life insurance. Ask yourself if your family or beneficiaries would face financial difficulties if they lost your income, or if they would be left with significant debt. Also, think about whether you want to cover end-of-life expenses and funeral costs, or provide for a dependent's future.

Calculate how much coverage you need:

The amount of life insurance you require depends on factors such as your income, mortgage, debts, and anticipated funeral expenses. You can use an online coverage calculator or consult a financial advisor to help determine the right amount for your situation.

Choose a life insurance policy type:

There are two main types of life insurance: term and permanent. Term life insurance covers you for a specific period, usually between 10 and 30 years, and is generally more affordable. Permanent life insurance, on the other hand, covers you for your entire life and often includes additional benefits, making it more expensive.

Research insurance providers:

Look for reputable life insurance companies that offer the type of policy you need. Compare their customer service, reviews, and financial strength ratings. You can use independent agents or brokers to get quotes from multiple providers and find the best fit for your needs.

Request and compare quotes:

Contact your chosen providers to get quotes, which will be based on factors such as your age, gender, and health history. This will give you an estimate of the premium you would pay for the desired coverage.

Complete the application process:

Fill out the application form, providing personal and medical information, and select your beneficiary. Be prepared to undergo a phone interview and a medical exam as part of the process.

Wait for approval:

Once you have submitted your application, the insurance company will review it and determine your eligibility and premium. If approved, you will receive the policy documents to review and sign.

Review the policy and make adjustments:

Read through the policy details carefully and ensure you are happy with the quoted premium and coverage. If not, you can work with the insurance provider or agent to make adjustments, such as changing the coverage amount or term length.

Remember that you usually have a free-look period, typically lasting 10 to 30 days, during which you can cancel the policy and receive a full refund if it does not meet your requirements.

The parties in a life insurance policy

Voya Financial offers a range of life insurance options, including term life insurance, whole life insurance, and universal life insurance. When considering a life insurance policy, it is important to understand the different parties involved and their roles and responsibilities.

The first party is the insured, who is the person whose life is insured by the policy. They are the ones who undergo underwriting, sharing their health records and providing fluid samples to be examined by the insurance company. The insured is usually financially dependent on their loved ones, who are the beneficiaries of the policy.

The second party is the policy owner or policyholder, who is responsible for purchasing the policy and paying the premiums. The policy owner may be the same as the insured, such as in the case of a breadwinner of a family purchasing a policy to protect their spouse and children. However, the policy owner can also be a different person, like a spouse or business partner.

The third party is the beneficiary, who is entitled to receive the death benefit under the policy after the insured's death. The beneficiaries are usually the loved ones who are financially dependent on the insured, such as a spouse, children, or other family members.

The fourth party is the insurance company, which issues the policy and is responsible for paying out the death benefit to the beneficiaries when the insured dies, provided that the policy is still in force. The insurance company evaluates the health, family history, and medical condition of the insured to determine the premium rate.

Additionally, there are other parties that may be involved in the process, such as an agent or broker, who represents the insurance company and handles the required paperwork, and an underwriter, who evaluates the risks and sets the premium pricing based on the insured's medical records and health factors.

It is important to carefully consider the ownership and beneficiary designations of a life insurance policy to avoid unintended tax consequences and ensure that the right people are provided for financially.

Pros and cons of Voya life insurance

Pros of Voya Life Insurance

Voya Financial is a provider of group life insurance policies with over $2.1 billion in employee benefit premiums in force as of 2019. The company has over 6,000 employees and serves more than 13.8 million customers nationwide. It has received high ratings from AM Best and the BBB, indicating strong financial stability. Here are some additional pros of Voya life insurance:

• No health or medical tests are required for employer-provided term coverage, making it a good option for those who may not qualify for affordable coverage on their own.
• Employees can add coverage for a spouse, domestic partner, or child.
• Voya offers educational materials and resources on its website.
• Voya life insurance is available in all 50 states, although coverage limits and eligibility vary by location and employer.
• Voya offers both term and whole life insurance options.
• Employees can make payments through convenient payroll deduction.
• Voya has a low number of customer complaints, indicating a high level of customer satisfaction.

Cons of Voya Life Insurance:

While Voya has many positive features, there are also some potential drawbacks to consider:

• Voya no longer offers individual life insurance policies. It only provides group life insurance through mid-size and large corporations.
• Individual participants may lose their coverage if they leave their employer.
• Coverage maximums are typically limited to $500,000 or less, depending on the state and specific employer plan.
• Voya's website contains good information, but some users have reported that it can be challenging to navigate.
• Voya primarily targets mid-size and large companies, so it may not be an option for those employed by smaller businesses.
• The number of policy types available from Voya is limited compared to some other providers.

Voya's customer reviews

Voya Financial has received mixed reviews from its customers. While some customers have praised the company for its excellent service and smooth claims process, others have complained about its poor customer service and outdated systems.

One customer shared their positive experience with Voya, stating that they received their claim amount promptly and directly deposited into their account. Another customer highlighted the benefits of Voya's life insurance policy, which allowed them to access a portion of their death benefit while still alive after being diagnosed with a terminal illness. This customer also mentioned that Voya paid out their claim without any hassles.

However, several other customers have expressed their dissatisfaction with Voya's customer service. One customer described their experience as an "absolute nightmare," citing outdated systems that require extremely specialized knowledge to use. Another customer complained about the difficulty in obtaining information from the company and the challenges in communicating with their customer service representatives. Similar sentiments were echoed by other reviewers, who experienced long call wait times, unhelpful responses, and difficulty in reaching a supervisor.

Some customers have also faced issues with lost or delayed mail, which has further added to their frustration. In addition, a few customers have shared their negative experiences with Voya's website, finding it challenging to navigate and lacking user-friendly features.

Despite the negative feedback, Voya has also received recognition for its financial strength and stability. The company has been rated "A" (excellent) by AM Best, assuring customers of its capability to offer secure coverage. Additionally, Reliastar Life Insurance, the company that issues Voya life insurance policies, has a very low NAIC complaint index, indicating that the majority of customers are satisfied with their service.

Frequently asked questions