Voya Life Insurance Review
Voya Financial partners with businesses to provide employee benefits packages, including group term and whole life insurance. Voya life insurance policies are issued through ReliaStar Life Insurance Company. Voya insurance plans are customizable, policies are portable, and premiums are deducted from paychecks.
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UPDATED: Jun 6, 2022
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Buying a quality life insurance plan is a great way to help ensure that your family isn’t left to pay off debt or final expenses. However, searching for the best life insurance company can be tough. If you’ve been offered a Voya life insurance plan through your workplace, you may be wondering what your options are and how the coverage works.
By partnering with businesses to provide employee benefits packages, Voya gives workers the ability to purchase insurance plans directly through their company. Voya offers group term and whole life insurance and a variety of add-ons and additional benefits options.
If your company uses Voya’s services to provide employee benefits, follow this review to learn about Voya life insurance. Enter your ZIP code into our free life insurance comparison tool to see quotes from more top companies available today.
Voya Life Insurance
Voya offers group term and whole life insurance policies for businesses to provide to their employees.
Term life insurance is the simplest and most common form of life insurance. It is temporary and highly customizable. With a term life plan, you pay premiums for a designated number of years, or until you die. If you outlive your policy, your coverage ends.
Whole life insurance is coverage for the duration of your life that builds cash value. With a whole life insurance policy, you pay a set premium and the coverage only ends after you die, at which time the proceeds are disbursed to your beneficiaries.
Voya Whole Life Insurance
Voya’s whole life insurance policies include consistent, preset premiums for the duration of the policy. Since Voya specifically targets medium to large businesses with group life insurance plans, premiums are paid via payroll deductions.
Whole life insurance plans build cash value over time. You may borrow against your policy, although the death benefits will be reduced according to the amount of an outstanding loan or unpaid interest.
The features of a Voya whole life insurance policy include:
- Portability. You may take your policy with you if you change jobs or relocate, provided, of course, that you continue to make payments.
- Customizable. There is a wide range of benefits, and plans can be tailored to your needs.
- Additional programs. Beneficiaries may have access to an “interest-bearing Voya Personal Transition Account” and aid in making informed life decisions.
Voya offers a variety of riders and benefits, which vary by state, and some may require you to meet with a licensed insurance provider for enrollment.
Voya Group Term Life Insurance
Group term life insurance policies through Voya include options for basic life insurance, supplemental life insurance, accidental death & dismemberment insurance, as well as life insurance options for your spouse and children. Additionally, these plans may include continuation, portability, and conversion options.
Voya can also manage these processes for you. Additional services, such as Employee Assistance Program (EAP), funeral planning, will preparation and concierge services, and Voya travel assistance, are available in some states.
Who is a Voya life insurance policy for?
A Voya insurance policy may be beneficial if you are any of the following:
- Single. A life insurance plan can be used to cover any loans, debts, or mortgages you may possess. It can ensure that you do not leave this burden to your loved ones.
- Newly married. Life insurance can provide security for married couples as well. No one wants to leave their spouse strapped with crushing debt if they die unexpectedly, and a life insurance plan can ease the financial burden in this case.
- A parent. For parents, a life insurance policy can safeguard a child’s future. It can ensure that if the parents die suddenly, their child is not left destitute or burdened with debt.
A Voya life insurance policy may be a sensible investment for anyone wishing to ensure that their debt and funeral costs are covered after they die.
Charitable Giving With a Voya Insurance Plan
Although the payout from a Voya life insurance plan is typically used to cover death expenses, such as funeral costs and unpaid debt, it may be employed for many alternative uses.
One common function of life insurance policies is charitable giving. Beneficiaries of a life insurance policy are often charitable organizations. This is frequently the case for single people or couples without children or other close family members.
How do I get a Voya life insurance policy?
Voya Financial partners with employers to provide coverage to workers. This is how you acquire a Voya life insurance policy:
- Step one. Your employer will have entered into a partnership with Voya to provide benefits to their employees. You will be provided with an explanation of available policies and benefits from which you may choose.
- Step two. Employers offer guaranteed-issue coverage. This means you can receive coverage without an application or a medical exam. Premiums are determined by age.
- Step three. After enrolling in your Voya insurance plan, it is customary for the company to offer you a period of time to think about your decision and determine whether you wish to keep this policy. The period varies by state, but it is often ten days.
After you complete these steps, your Voya life insurance coverage begins. Your insurance premiums will be deducted from your paychecks. This coverage then exists for you and your loved ones.
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What is Voya Financial?
Voya Financial is an American company based in New York that provides health, wealth, and investment solutions to its customers. It originated in the 1970s as a subsidiary of the Dutch banking corporation, ING Group. Over the years, it has acquired, absorbed, and liquidated various other financial institutions.
In 2018, Voya Financial changed its business model and stopped offering individual life insurance policies. It now exclusively offers group life insurance plans for businesses to provide for their employees.
Voya life insurance policies are issued by ReliaStar Life Insurance Company.
Voya’s Financial Strength Ratings
It’s a good idea to check an insurance company’s financial ratings before buying a policy. Financial ratings are third-party, unaffiliated estimations of an insurance provider’s ability to meet certain financial responsibilities.
ReliaStar Life Insurance Company has received highly favorable ratings from four prominent reviewers.
Company Standard & Poor's
ReliaStar Life Insurance Company (MN) A+ Outlook
ReliaStar Life Insurance Company of NY A+ Outlook
Voya Retirement Insurance and Annuity Company A+ Outlook
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Each of these ratings is within the top ten on their respective scales, with the highest rating being third of fifteen, and the lowest being sixth out of nineteen.
Voya Customer Reviews
While Voya has been positively reviewed by impartial, third-party financial entities, its customer reviews are less favorable. Voya Financial currently holds a 1.07/5-star rating out of fourteen customer reviews with the Better Business Bureau, and a 1.7/5-star rating out of fifty-one customer reviews with BestCompany.
Voya Life Insurance: The Bottom Line
Voya Financial is a well-rated company in terms of its ability to meet financial obligations. However, its customer service leaves much to be desired.
Voya life insurance policies are limited to group term and whole life. If your company has a contract with Voya to provide employee benefits, these plans may be beneficial to you.
The positive features of a Voya life insurance plan are:
- Payroll deductions. With Voya insurance, your premiums are automatically subtracted from your paycheck.
- Plan portability. If you change jobs or relocate, you can take your Voya life insurance with you.
- Customizable. Voya offers a variety of plans and add-on services.
- Good financial ratings. Voya is highly rated by third-party financial reviewers.
If you prefer the ease of payroll deductions and the assurance of plan portability, a Voya life insurance plan may be a good choice.
The negative aspects of Voya life insurance are:
- Poor customer service. Voya has been negatively reviewed for its customer service.
- Not always available. Plans can only be obtained if your employer has partnered with Voya to provide life insurance.
- Scarcity of online information. Voya provides very little information online about its plan options and add-on benefits.
A Voya term life insurance policy plan may be a valuable investment for you and your family. Still, it’s important to do some research before deciding on a policy. Take your time and make sure that you review all of your options when selecting a plan.
Before choosing a Voya life insurance policy, enter your ZIP code into our free quote comparison tool to ensure you’re informed of all the options available to you today.
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