Voya: A Comprehensive Mutual Life Insurance Option?

Voya Financial is a US company that offers a range of financial services, including life insurance. The company was established in 1975 as ING Group and rebranded in 2014. Voya offers group insurance products to mid- and large-size businesses, with policies underwritten by Reliastar. The company provides two main types of life insurance: term life insurance and whole life insurance. Term life insurance provides coverage for a fixed period, typically ranging from 10 to 30 years, while whole life insurance offers permanent coverage for the entire lifetime of the policyholder. Voya's life insurance products are available to employees through their participating employers, and coverage can be continued even after leaving the company. The company has received solid financial strength ratings and has a low number of customer complaints.

Voya's history and ownership

Voya Financial, Inc. (NYSE: VOYA) is an American financial, retirement, investment, and insurance company based in New York City. Voya was previously known as ING U.S., the United States operating subsidiary of ING Group, before it was spun off in 2013 and established independent financial backing through an initial public offering. In April 2014, the company rebranded as Voya Financial, a name derived from the word 'voyage', reflecting momentum and optimism.

Voya Financial's predecessors first entered the U.S. market in the 1970s. Over the years, the company has evolved through a series of acquisitions, joint ventures, and divestments. Notable acquisitions include CitiStreet in 2008, Pen-Cal Administrators, Inc. in 2018, and Benefitfocus, Inc. in 2023. Voya has also established joint ventures in India and expanded its global presence.

In terms of ownership, Voya Financial, Inc. is a publicly traded company on the New York Stock Exchange (NYSE) under the ticker symbol VOYA. The company has a diverse range of products and services, including workplace benefits, savings products, retirement plans, and insurance offerings. It serves millions of clients, including individual, workplace, and institutional clients, and has been recognised for its ethical and inclusive business practices.

Voya's life insurance options

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

Group Term Life Insurance

Group Term Life Insurance is a type of insurance that provides a benefit payment to the beneficiaries of a policyholder who passes away during a specific period, known as the "term". This benefit can be used for various expenses, including funeral costs, loan debts, education, and day-to-day expenses. Voya's Group Term Life Insurance includes basic life insurance, supplemental life insurance, accidental death and dismemberment (AD&D) insurance, and spouse and children life insurance. Employers can also add on services like an Employee Assistance Program (EAP) and funeral planning. Coverage can be continued even if employment ends, and employees can pay premiums directly to the insurance company.

Premier Whole Life Insurance

Premier Whole Life Insurance is an employee-paid life insurance option that offers permanent coverage and accumulates cash value over time. This means that employees can build up a cash reserve within their policy, which they can borrow against to pay for unexpected expenses or supplement their retirement income. Coverage is not tied to employment, so employees can take their policy with them if they leave their job or retire, and payment plans are flexible. Additionally, premiums remain fixed for the life of the policy as long as the required payments are met.

Lifetime Life Insurance

Lifetime Life Insurance is a permanent life insurance option that includes an accelerated benefit for long-term care, providing two layers of protection. This type of insurance is simple to administer and offers flexible coverage that isn't tied to employment. Premiums remain fixed, and coverage can be taken wherever the employee goes. Lifetime Life Insurance also includes an optional long-term care accelerated benefit rider that can be chosen at the employer level.

Term Life Insurance

Term life insurance provides a high amount of death benefit protection at a lower initial cost compared to other types of life insurance. These policies are temporary and provide coverage for a specific time period. If the insured person does not die during the term, the policy ends, and new coverage may need to be purchased. Term insurance is relatively inexpensive because it only covers a set number of years and only pays benefits upon death. It is important to note that the cost of term life insurance increases with age, so securing coverage sooner rather than later is advisable.

Whole Life Insurance

Whole life insurance offers lifelong protection and helps individuals protect their financial futures and that of their loved ones. It allows policyholders to build tax-deferred cash value within the policy, which can be borrowed against to pay for unexpected expenses or supplement retirement income. Whole life insurance provides financial protection for families upon the death of the insured and offers consistent premium payments. Additionally, the face amount of the policy can be adjusted up or down to meet changing needs and budget considerations.

Universal Life Insurance

Universal life insurance is a flexible type of insurance that offers lifelong protection and potential cash values that grow tax-deferred. It can be structured in several ways, including fixed universal life, indexed universal life, variable universal life, and survivorship universal life. Policyholders can customise how premiums are paid, how death benefits are paid out, and how cash values accumulate. Universal life insurance provides the opportunity for tax-deferred cash value growth and the flexibility to adjust the policy to meet changing needs.

Voya's financial stability and customer satisfaction

Voya Financial, formerly known as ING Group, is a well-established company with a strong financial backing. With a history dating back to 1975, Voya has evolved to focus on providing group insurance products to mid and large-sized businesses, with policies underwritten by Reliastar. This shift in focus towards employer-based offerings allows Voya to cater to a wide range of employees, offering valuable benefits such as life insurance and retirement planning.

Voya's financial stability is underscored by solid AM Best financial strength ratings, indicating good financial stability. Additionally, Reliastar, the underwriter of Voya's policies, boasts one of the lowest NAIC complaint indexes in the industry, reflecting high customer satisfaction. This low complaint index suggests that the vast majority of customers have been pleased with Voya and Reliastar's service.

Voya offers a range of insurance products, including term life insurance and whole life insurance, providing employees with flexible options to meet their needs. Term life insurance provides coverage for a fixed period, usually ranging from 10 to 30 years, while whole life insurance offers permanent coverage for the entire lifetime of the policyholder. Voya's whole life insurance policies are particularly notable as they allow employees to build tax-deferred cash value within the policy, providing financial protection and the opportunity to borrow against the policy for unexpected expenses or retirement income.

The company's commitment to customer satisfaction is evident in the positive reviews and testimonials from its clients. One customer, Lance, shared his experience of promptly receiving his claim payout in full after a heart attack, with no hassles involved. Another customer, Tia, highlighted the smooth process of uploading her claim online and receiving payment in a timely manner.

In addition to insurance products, Voya provides retirement planning, investment services, stop-loss, and supplemental health insurance plans. This diverse range of offerings demonstrates Voya's comprehensive approach to financial services and their dedication to meeting the varying needs of their clients.

Voya's acquisition strategy further reinforces its financial stability and commitment to growth. The company has made several strategic acquisitions, including Benefitfocus, Inc., an industry-leading benefits administration technology company, and Czech Asset Management, a leading private credit asset manager. These acquisitions have expanded Voya's reach, enabling them to serve approximately 38 million individuals in the US.

In summary, Voya's financial stability is underscored by strong financial ratings, a low customer complaint index, and a diverse range of insurance and financial offerings. The company's focus on employer-based benefits and its commitment to customer satisfaction make it a reliable choice for individuals seeking comprehensive financial solutions. Voya's continued growth and expansion solidify its position as a trusted financial partner for both businesses and their employees.

Voya's other services

Voya Financial is an American financial, retirement, investment, and insurance company based in New York City. It offers a range of services beyond life insurance, including:

Retirement Plans

Voya provides retirement plans for individuals and employers. The company has entered into an agreement to acquire OneAmerica Financial, Inc.'s full-service retirement plan business.

Investments

Voya Investment Management is a large institutional investment manager, ranking 48th out of 411 firms surveyed by Pensions & Investments' Top Money Managers list in 2024. The company has expanded its investment capabilities through acquisitions, such as the purchase of Czech Asset Management, a leading private credit asset manager, and Tygh Capital Management, a small-cap growth specialist.

Employee Benefits

Voya offers a range of employee benefits solutions, including health savings and spending accounts, COBRA administration, flexible spending accounts, and health reimbursement arrangements. The company has made strategic acquisitions in this area, such as Benefit Strategies, LLC, and Pen-Cal Administrators, Inc., to enhance its capabilities in serving workplace clients.

Broker-Dealer Services

The company's main center for broker-dealer services is located in Des Moines, Iowa, employing 400 people as of 2014.

Annuities

Voya offers annuities as part of its financial services, although it has divested some of its annuities businesses in recent years to focus on its core strengths.

Travel Assistance

Voya provides travel assistance services to its customers, offered through partnerships with companies like Generali Global Assistance, Inc.

Environmental, Social, and Governance (ESG) Initiatives

Voya demonstrates a commitment to ESG principles, as evidenced by its recognition by leading organizations for its values. The company has published research on improving health savings account engagement and has ranked highly on the PWC Employee Financial Wellness Survey.

Voya's customer service

Voya Financial is a leading provider of retirement savings, investment, and insurance products. The company offers a range of services, including retirement planning, investment management, and insurance planning.

Voya has a team of customer service representatives available to answer questions and address customer needs. Customers can reach out to customer service by phone or email.

The company's website provides a comprehensive list of contact information for various customer categories, including:

• Enrolling in your employer's plan
• Existing plan participants and Select Advantage
• Nonqualified Deferred Compensation Account Holders
• Fixed/Variable Account Holders
• Small-Mid Corporate Plans
• Large-Mega Corporate Plans
• Group Life, Supplemental Health, and Disability Insurance Customers
• Health Account Solutions Customers
• Individual retail life insurance policy questions
• Individual Investors - Shareholder Services
• Financial Professionals - Broker/Dealer and RIA Services
• Institutional Investors Service for Current and Prospective Clients
• Tomorrow's Scholar 529
• IAdvisor 529
• Retirement Consultant
• Nonqualified Deferred Compensation
• Select Advantage Wholesale Distribution and Sales
• Voya Financial Advisors for general questions
• Corporate Responsibility questions

While Voya has received positive reviews for its products and services, there have also been some negative reviews regarding customer service. Some customers have reported issues with delayed payments, unresponsive representatives, and complicated processes for accessing funds.

Overall, Voya Financial aims to provide comprehensive customer service to meet the diverse needs of its clients.

Frequently asked questions