Voya Life Insurance Review of 2024 (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 from considering them for your life insurance needs. They have actually been around much longer than you think.

The company has the 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 a brief overview of its history and the universal life insurance products it can offer you.

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What is the history of Voya Life Insurance?

Voya Financial is the re-branding name of what many people remember as ING U.S. Life Insurance Companies, or ING-ReliaStar Life Insurance, 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 insurance companies, as well as financial organizations to be a part of the ING-ReliaStar life insurance family.

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 which 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 the website. This helps ease the stress of ever 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 one of the 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.

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What life insurance options are there 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 30^th, 2016, Voya announced that they would be discontinuing several of their more popular life insurance products. These life insurance options include:

• 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 its main focus on being “America’s Retirement Company”.

To achieve this, Voya cut life insurance products that did not significantly revolve around retirement planning. They focused on keeping plans that offer the ability to earn cash values such as universal life insurance; you don’t accumulate cash value on a term life policy.

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. If you already have ING term life insurance, it will continue to protect you, but you will not find new ING term life insurance rates.

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.

What is Voya Universal Life Insurance (UL)?

Voya Life Insurance offers two Voya universal life insurance products:

• Voya Universal Life Insurance – CV
• Voya Universal Life Insurance – 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.

What is 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)

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What is 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

What is Voya Indexed Universal Life?

Voya Life Insurance offers five different kinds of Indexed Universal Life policies. 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 policies is that your premiums or cash value are not directly invested in the market.

Cash values grow based on an annually 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 a coverage you will want to consider.

The 5 Voya Indexed Universal Life policies offered are:

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

What is Global Choice IUL with Voya Life Insurance?

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

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What is Protector IUL with Voya Life Insurance?

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 are 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

What is Accumulator IUL with Voya Life Insurance?

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 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

What is Variable Universal Life (VUL) with Voya Life Insurance?

Voya Life Insurance offers three VUL products. All of the policies 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 re-balancing 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 a first-year cash surrender value that exceeds 100% of premiums paid. This feature can help strengthen balance sheets.

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What is Survivorship Life with Voya Life Insurance?

Survivorship UL is a form of joint life insurance offered as a Voya life insurance option. These policies are designed to insure 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.

What are the 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) 3^rd Highest Rating
• Moody’s: A2 6^th Highest Rating
• Fitch: A 6^th Highest Rating
• Standard & Poor’s: A (Strong) 6^th Highest Rating

What are the negatives of Voya Life Insurance?

Voya is a very good life insurance company and that definitely shows in the 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 for cash value growth. If that is the case for you, we still recommend researching other companies, as you may find a better policy.

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How should you compare Voya Life Insurance quotes?

Interested in one of Voya’s individual 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 quotes.

Simply contact us and let us know how we can help.

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