Voya Life Insurance Review of 2018 (ING-ReliaStar)

  • Review of Voya Life Insurance Company

Voya Life Insurance Review of 2018 (ING-ReliaStar)

There are just some life insurance companies that have a strong household brand name. Although Voya life insurance may be a newer name within the life insurance marketplace, don’t let the newness of the name prevent you for considering them for your life insurance needs. They actually been around much longer than you think.

The company has a vision to be “America’s Retirement Company”. To do this, Voya offers various financial products, including several variations of universal life insurance.

To help you learn more about the company, we offer this brief overview of their history and universal life insurance products they can offer you.

 

The History of Voya Life Insurance (Formerly ING ReliaStar)

Voya Financial is the re-branding name of what many people remember as ING U.S. Life Insurance Companies, a provider of retirement, investment, and insurance products in America. The re-brand was revealed in 2013 when the company began trading on the New York Stock Exchange. 

The image of Voya might be new but its roots are deep and well established in the U.S. insurance industry.

The Security Life of Denver Insurance Company (Life of Denver), established in 1928, is at Voya’s core. ING Group acquired Life of Denver in 1977. Many of Voya’s policies are still underwritten and issued by this well-established insurance provider, in addition to ReliaStar Life Insurance Company.

Throughout the decades between 1977 and 2000, ING Group acquired several other insurance companies, as well financial organizations.

History of Companies acquired by ING / Voya Financial

  • Life of Georgia (1977)
  • Equitable of Iowa (1997)
  • Furman Selz (1997)
  • ReliaStar (2000)
  • Aetna Financial Services (2000)
  • CitiStreet (2008)

Today, Voya combines the strengths of long-standing companies to provide both financial and insurance products that meet people’s needs in a changing world. Examples of this can easily be found on Voya’s consumer friendly website that can be used to learn not only life insurance products but also retirement planning options.

Their website also has an online Claims Center built right on their website. This helps ease the stress of every having to submit a death claim process and demonstrates the company’s strong customer service.

Along with an overall company history dating as far back as 1845, the insurance company has earned several awards and recognitions. A few of the more recent ones include making the Fortune 500 list at #307, being named as a world’s most admired companies on the Fortune’s 2018 list, as well as being certified as an overall great place to work.

Voya has also earned a score of 100 percent on the 2018 Corporate Equality Index (CEI). This marks the 13th consecutive perfect CEI score for Voya Financial.

 

Life Insurance Options with Voya Financial

Voya offers a variety of universal life insurance options but if you’re looking for a term life insurance plan or whole life insurance plan you will not find it with Voya.

Effective December 30th, 2016, Voya announced that they would be discontinuing several of their more popular life insurance products. These life insurance options included:

  • Voya TermSmart
  • Voya ROP Endowment Term
  • Voya IUL

So why did Voya Financial discontinue so many popular life insurance coverage options?

Based on a November 15, 2016 press release by Voya, it appears that the company really wanted to keep their main focus on being “America’s Retirement Company”.

To achieve this, Voya cut life insurance products that did not significantly revolve around retirement planning and keeping plans that offer the ability to earn cash values such as universal life insurance.

Current customers who own any of the discontinued life insurance plans should not be worried at all. Your life insurance policy will continue the same protection as the day you purchased it. For those who own a discontinued term insurance policy, you’ll still have the option to convert to permanent life insurance as long as it is done within the stated contract guidelines.

What life insurance options are available with Voya Financial?

Even though Voya discontinued several of the more popular life insurance options, they still offer a few universal life insurance options that can be very useful depending on your life insurance goals. This is especially true if you’re looking for life insurance to work with your retirement planning.

 

Voya Universal Life Insurance (UL)

Voya Life Insurance offers two universal life insurance products:

  • Voya Universal Life – CV
  • Voya Universal Life – CV NY (New York customers only)

Both products offer many of the same standard features. These include accumulated cash value, tax-free death benefit, adjustable premium payments and long term growth potential.

Other details, such as interest rates, available riders, and the issuing company, differ between the two products.

Coverage is ideal for those looking to provide a wealth transfer to loved ones or simply looking to add a cash value life insurance policy as another option to supplement retirement income.

For individuals of high net worth, Voya Universal Life Insurance can be used as an option for premium financing situations.

Voya Universal Life – CV

Issue Ages: 16-90
Face Amounts: $50,000 – $1,000,000+
Guaranteed Interest Rate: 3%

Policy Riders: Accelerated Benefit Rider, Adjustable Term Insurance Rider, Additional Insured Rider, Overloan Lapse Protection Rider, Premium Deposit Fund Rider, Waiver of Cost of Insurance Rider, Waiver of Specified Premium Rider & Waiver of Surrender Charge Rider

Not available to New York residents. (See Voya Universal Life – CV NY)

Voya Universal Life – CV NY

Issue Ages: 16-90
Face Amounts: $50,000 – $1,000,000+
Guaranteed Interest Rate: 2%

Policy Riders: Accelerated Benefit Rider, Adjustable Term Insurance Rider, Additional Insured Rider, Overloan Lapse Protection Rider, Premium Deposit Fund Rider, Waiver of Cost of Insurance Rider, Waiver of Specified Premium Rider & Waiver of Surrender Charge Rider

Available only to New York residents

 

Voya Indexed Universal Life

Voya Life Insurance offers five different kinds of Indexed Universal Life products. All five options share the feature of a guarantee that the cash value increases, in relation to the market, yet can never be negative.

The cash value growth of an indexed universal life insurance policy is dependent on the performance of the market. One of the benefits of indexed universal life insurance is that your premiums or cash value are not directly invested into the market.

Cash values grow based on an annual declared interest rate set by the insurance company based on the performance of the market. Since your policy is not tied up in the market you cannot lose money if the market performs poorly. Voya guarantees that the crediting interest rate will never be negative on their indexed universal life insurance .

Money accumulated within the life insurance policy grows tax-deferred and actually has greater growth potential than a traditional universal life insurance policy.

If your objective is life insurance protection with cash growth, then Voya’s Indexed Universal Life Insurance is coverage you will want to consider.

The 5 Voya Indexed Universal Life products are:

  • Global Choice
  • Global Choice NY (Only available to New York Residents)
  • Protector
  • Protector NY (Only available to New York Residents)
  • Accumulator

Global Choice IUL

Global Choice Indexed Universal Life Insurance is designed to potentially grow cash values, provide death benefit protection and possibly provide a supplemental income that can be used in retirement years.

This coverage offers multiple crediting strategies to build cash values. Policy owners have the option to choose between a fixed interest account or a choice of three indexed accounts that consist of the S&P 500 and two international indexes.

Issue Ages: 0-90
Face Amounts: $50,000 – $1,000,000+
Guaranteed Minimum Interest Rate: 2%
Policy Riders: Accelerated Benefit Rider, Adjustable Term Insurance Rider, Additional Insured Rider, Cash Value Flex Rider, Chronic Illness Rider, Early Cash Value Rider, Index Credit Multiplier Rider, Overloan Lapse Protection Rider, Premium Deposit Fund Rider

Protector IUL

If you’re looking for a no medical exam option you may be in luck with Voya’s Protector indexed universal life insurance coverage.

Protector is another indexed universal life insurance option that uses an indexed strategy to build cash values that is based on the S&P 500, as well as fixed account.

The fixed account has a minimum guaranteed interest crediting of 2%.

Issue Ages: 0-90
Face Amounts: $50,000 – $1,000,000+
Guaranteed Minimum Interest Rate: 2%
Policy Riders: Accelerated Benefit Rider, Adjustable Term Insurance Rider, Additional Insured Rider, Chronic Illness Rider, Overloan Lapse Protection Rider, Premium Deposit Fund Rider, Waiver of Cost Insurance Rider, Waiver of Specified Premium Rider

Accumulator IUL

Accumulator is Voya’s third indexed universal life insurance option. This coverage option also offers a no exam option through Voya’s Orange Pass underwriting as long as coverage that is less than $500,000.

Similar to the other indexed coverage options, the main focus is potential cash value build up. In order for that to work there is a fixed account along with two indexed accounts.

To help maximize cash growth this coverage offers a .25% bonus interest credit in policy years 11+

Another great feature is the optional Chronic Illness Rider. This rider is available at an additional cost but it can provide early access to the death benefit if you become chronically ill.

This product isn’t available in Montana, New York, Puerto Rico, and Guam.

Issue Ages: 0-90
Face Amounts: $50,000 – $1,000,000+
Guaranteed Minimum Interest Rate: 2%
Policy Riders: Accelerated Benefit Rider, Adjustable Term Insurance Rider, Additional Insured Rider, Chronic Illness Rider, Overloan Lapse Protection Rider, Premium Deposit Fund Rider, Waiver of Cost Insurance Rider, Waiver of Specified Premium Rider

 

Variable Universal Life (VUL)

Voya Life Insurance offers three VUL products. All are designed to build cash value using more than 50 investment options. Policy loans make it easy to use the accumulated cash value to fund college tuition or retirement.

In all three products, asset allocations are established to match your risk tolerance. Automatic rebalancing takes away the stress of portfolio management.

Voya’s VUL products are issued by Security Life of Denver Insurance Company and aren’t available in New York.

Voya Variable Universal Life – CV is the company’s basic VUL product. It offers a range of riders such as accelerated benefit and overloan lapse protection.

Voya Variable Universal Life – DB offers lower policy charges than most of the company’s other VUL products. And, the minimum death benefit is higher at $100,000, compared to $50,000. Surrender charges also apply for a longer period of time.

Voya Corporate Variable Universal Life is designed to protect businesses. These policies have the potential to generate first-year cash surrender value that exceeds 100% of premiums paid. This feature can help strengthen balance sheets.

 

Survivorship Life

Survivorship UL is a form of joint life insurance offered as a Voya life insurance option. The life insurance insures the life of two people. The death benefit is paid when the second person dies.

It’s ideal for financial planning for large estates.

Voya Strategic Accumulator Survivorship Universal Life offers guaranteed minimum interest rates, no surrender charges, and policy loans. The minimum death benefit is $250,000 and there are unique age restrictions compared to Voya’s other UL products

Voya Survivorship Variable Universal Life-CV uses variable investment options to build cash value. There is also a guaranteed minimum interest rate and the option to take policy loans.

This product has surrender charges. It’s not available in New York.

 

Voya Life Insurance Company Ratings

When it comes to choosing a life insurance company one of the most important factors should be the company’s ratings. One way to know if you’re choosing a great life insurance company is by their A.M. Best Rating.

Voya also ranks well with other rating organizations making them a safe choice for purchasing life insurance coverage.

  • M. Best: A (Excellent) 3rd Highest Rating
  • Moody’s: A2 6th Highest Rating
  • Fitch: A 6th Highest Rating
  • Standard & Poor’s: A (Strong) 6th Highest Rating

 

Negatives of Voya Life Insurance

Voya is a very good life insurance company and that definitely shows in their high industry ratings that they have earned.

However, one of the biggest drawbacks is the fact that they no longer offer term insurance or even a guaranteed universal life insurance option. This is huge considering how popular term life insurance is when it comes to purchasing life insurance.

Voya offers several excellent universal life insurance options but these are really only good if you’re looking for life insurance that has the potential of cash value growth. If that is the case for you, we still recommend researching other companies, as you may find a better policy.

 

How to Compare Voya Life Insurance Rates

Interested in one of Voya’s life insurance policies? Top Quote Life Insurance offers a quick and easy way to get online quotes from a variety of companies, including Voya Life Insurance.

Simply reach out to us and let us know how we can help.

2018-07-12T12:02:09+00:00

About the Author:

Jeffrey Manola is the owner and an experienced life insurance agent at Top Quote Life Insurance. His goal is to provide online consumers with the absolute top quotes for all term life insurance, permanent life insurance and no medical exam life insurance. Not only does he strive to provide you with the best premium for your life insurance coverage, he also wants you to be well informed about life insurance coverage options and its importance. Never hesitate to reach out to Jeffrey if you need help. Top Quote Life Insurance is more than just an online quoting agency we want to help you save money, protect your future, and earn your trust (888) 777-7574.