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ING life ins & annuity co | ING usa annuity and life insurance

Voya Life Insurance ING life ins & annuity co | ING usa annuity and life insurance Review.

Voya Financial provides only group life insurance plans for mid and large-size companies. The company offers a host of financial products and services including term and whole life insurance as well as some policies that don’t require a medical exam, which may be an attractive option if a preexisting health condition has been an obstacle to getting insurance.

 

ING life ins & annuity co | ING usa annuity and life insurance Pros and Cons

 

Pros

  • No medical exams required with term life policies
  • Automate payments through payroll deduction
  • Can add coverage for a spouse, live-in partner, or dependent
  • Can keep whole life coverage if you leave your employer or retire
Cons

  • Doesn’t provide individual or universal life insurance plans
  • Coverage is only available through employers
  • Can not get an online quote or plan pricing specifics
  • Website provides few details about policy rates and coverage amounts

 

KEY TAKEAWAYS

  • Voya Financial is a Fortune 500 company with 6,000 employees and more than 14 million customers.
  • The insurer earned $7.6 billion in revenue in 2020.
  • Voya Financial exited the individual life insurance marketplace in 2019.
  • The company only offers group life insurance as part of a company’s benefits plan for its employees.
  • Voya Financial has an A (Excellent) rating from AM Best.

 

 

VOYA LIFE INSURANCE SPECIFICATIONS

  • Year Founded 1991 (as ING subsidiary)
  • Kinds of Plans Whole life, term
  • Number of Plans 2
  • Payment Options Payroll deduction
  • Official Website www.voya.com

 

 

 

Introduction

Voya Financial offers two life insurance policies and four additional riders, which employees may enroll in through their employers. The company also provides an option to add life insurance coverage for your spouse, live-in partner, or dependents.

We’ve reviewed Voya Financial’s life insurance policies, pricing, financial strength, customer satisfaction ratings, and more so you can confidently compare the life insurance policy options of Voya Financial with the competition.

 

Company Overview

Voya Financial’s roots date back to its founding in 1845 as the Fire Insurance Company of the Netherlands. The company merged with ING Group in 1991, and the company’s presence grew around the world. In 2013, Voya Financial spun off from ING Group in an initial public offering (IPO) and it’s operated independently ever since.

The company officially disbanded its individual life insurance division in 2020, selling that segment of its business to Resolution Life Group Holdings. Voya Financial’s previous individual life insurance customers are now serviced by Resolution Life Group Holdings.

Voya Financial headquarters in New York City and maintains branch offices nationwide. The company offers life insurance products in all 50 states.

 

Available Plans 

Voya Financial administers its life insurance policies through its Voya Employee Benefits program. The program offers one term life insurance policy and one whole life plan and employees pay their premiums through a payroll deduction.

Voya Financial provides few details about either of its policies, perhaps because coverage amounts and policy options may vary by employer and state. Also, Voya Financial may prefer you contact a Voya Employee Benefits representative to design a policy that meets your needs.

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Group Term Life Insurance

Term life insurance is a temporary policy that covers you for a specified period, typically between 10 and 30 years. Should you pass away before your policy’s expiration date, your beneficiary will receive a tax-free death benefit. Your loved ones can use the benefit to cover funeral expenses or pay for bills and other debts.

 

Voya Financial’s Group Term Life Insurance plan offers continuation, portability, and conversion. When your term concludes, you can continue your life insurance by converting your policy to a whole life plan or porting it to another term life policy. Both of the company’s policies allow you to keep your insurance if you leave the company or retire.

You may be able to qualify for a term life plan without taking a medical exam or filling out a health questionnaire, which may be helpful if you are managing preexisting health conditions.

 

Group Whole Life Insurance

Whole life insurance provides coverage that stays in force for your entire life. As long as you continue to pay your premiums, your beneficiaries will receive the benefit when you pass.

Whole life policies also contain a cash component that accumulates “cash value” that grows tax-deferred over time. Once you contribute a set amount to your account, you can borrow against the policy to address an unplanned expense or a financial emergency.

Voya Financial’s Group Whole Life Insurance plan features fixed premiums that remain the same regardless of age or health. The insurer’s whole life policies are a voluntary benefit, and you can purchase them in addition to your term life policy.

 

Available Riders

Voya Financial offers a host of optional insurance riders which help you customize your coverage for you and your family. Among other benefits, you can add a rider to provide life insurance coverage for family members or use a rider to gain early access to your death benefit.

Riders may not be available for both insurance plans, and their availability also depends on your state and the life insurance plan your employer selects for its employees.

Accelerated Death Benefit Rider

This benefit is only available with the Whole Life Insurance policy. The rider allows you to gain early access to your death benefit if you become terminally ill. In that case, the benefit could be used to pay medical expenses and other costs.

 

Child Rider

You may elect to add life insurance coverage for your dependents under the age of 26. Access to this rider depends on the state you live in and the life insurance plan your employer offers.

Spouse Rider

This rider provides coverage for your spouse or live-in partner if they meet the eligibility criteria. Like the child rider, this spouse rider is not available in all states, and it may not be an option with the insurance plan your employer offers.

Waiver of Premium Rider

If you become disabled, this rider will allow you to keep your coverage without requiring you to pay premiums. This rider is not available with all plans or in all locations.

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Customer Service: Professionals Provide Guidance

Voya Financial offers different customer service numbers for group life insurance and individual coverage. As mentioned, Voya Financial no longer sells life insurance to individuals; the company solely offers group life insurance sold through employers.

Voya Financial lists contact information on their website for individual life insurance policyholders. The data is presumably for those who bought individual life insurance before the company sold that segment of their business. For customer service, individual life policyholders should call 877-886-5050 during business hours of 9:00 a.m. to 7:00 p.m. ET, Monday through Friday.

 

Group life insurance policyholders can contact customer service by calling 800-955-7736 between 9:00 a.m. and 8:00 p.m. ET, Monday through Friday. You can also use this number if you’d like to cancel your policy.

Unlike many of their competitors, Voya Financial allows you to make claims online. You can initiate the claims process online through the Voya Claims Center.

The company also provides a Voya financial professional database to help you find representatives in your area. These professionals can provide guidance and recommendations about your insurance coverage, retirement plan, and you can even get a personal financial assessment.

 

 

 

Customer Satisfaction: Very Few Complaints

ReliaStar Life Insurance Company services Voya Financial’s life insurance policies. According to the National Association of Insurance Commissioners (NAIC) complaint index, the company receives fewer complaints than the industry average for a life insurance company. The average complaint score is 1.0. Any score less than one is above average, while any score more than one is below average. ReliaStar Life Insurance Company received a 0.63 score in the group life category for 2020, which is better than the industry average.

 

 

Despite receiving few complaints, Voya Financial scored well below average for Overall Customer Satisfaction in the 2020 J.D. Power Life Insurance Study. Voya Financial ranked at number 22 out of the 23 companies in the study.2

Financial Strength: A (Excellent)

While Voya Financial’s customer satisfaction ratings are mixed, the company excels in stability and financial strength. The insurer has an A (Excellent) Financial Strength Rating (FSR) from AM Best, the insurance ratings agency.3 Voya Financial’s high grade is attributable to its ability to meet its ongoing financial obligations, which means you can feel confident the company will pay your claim when the time comes.

 

Cancellation Policy: Standard Free-Look Period

Voya Financial offers a 10-day free-look period to give you extra time to review your policy. You won’t owe any money if you cancel within the free look period. However, if you cancel after the 10-day time frame, you will face cancellation fees, which vary depending on your policy. With term life plans, you won’t get a refund on the premiums you’ve paid, but you likely won’t have to pay a penalty fee either. If you cancel a whole life policy, surrender charges may be subtracted from the total amount you get back.

 

Price of Voya Financial Life Insurance: Contact Your Employer Benefits Representative

Since Voya Financial doesn’t offer online quotes, pricing details, or a needs calculator, you’ll need to contact your employer benefits representative to get answers to your questions.

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Voya Financial only offers group life policies, which often cost less than if you purchased an individual life insurance policy. Besides being potentially cheaper, group life insurance may also be more convenient because you can pay for your premiums directly with an automatic payroll deduction.

 

Voya Financial offers two life insurance policies, which is fewer than most of its competition, and its policies are only available to medium and large companies. However, there are several riders you can add on to expand or customize your coverage and policies are available in all 50 states.

We compared Voya Financial against another top group life provider to see how they stack up.

 

Voya Financial vs. MetLife

Voya Financial and MetLife are reputable life insurance companies that only offer group life insurance as part of an employer plan. Similarly, both insurers provide insurance without requiring a medical exam, making insurance more accessible for smokers and those with pre-existing medical conditions.

Both Voya Financial and MetLife maintain at least an A financial strength grade from AM Best.

However, these two insurers differ on a few critical points:

  • Although both companies have lower complaint scores from the NAIC than the average for life insurance companies, MetLife’s complaint index score is a minuscule 0.07. That’s nine times better than Voya Financial’s score of 0.63.
  • In the J.D. Power 2020 U.S. Life Insurance Study, MetLife’s ranked 8th out of 23 national insurers in Overall Customer Satisfaction whereas Voya Financial ranked 22nd, one spot above last place.
  • While each insurer allows you to carry your coverage with you when you leave your job or retire, MetLife gives you more coverage options. Unlike Voya Financial, which offers one term life and one whole life policy, MetLife gives you a choice of 10 plans comprising term, whole, and universal life policies.
Voya Financial MetLife
Market Share Not published Largest in the U.S., 13%
Number of Plans 2 10
Wellness Program Discounts/ Quit Smoking Incentives Not applicable Not applicable
Service Method Employee benefit representative MetLife workplace liaison
Financial Strength (AM Best Rating) A (Excellent) A+ (Superior)
Price Rank Not disclosed Not disclosed
NAIC Score 0.63 (Good) 0.07 (Good)

As a brand, Voya Financial has been around since 1991, while MetLife was founded in 1868. MetLife owns a 13% share of the marketplace, more than any other insurer, including Voya Financial. If you’re looking for an insurer with longevity and various plans to choose from, we give the edge to MetLife.

 

Final Conclusion

Getting group life insurance through your employer has its advantages, and Voya Financial is an excellent option to deliver these benefits. As a group insurer, Voya Financial’s plans are likely more affordable than you would find if you purchased individual life insurance on your own. And, if you’re a smoker or have pre-existing health conditions, it may be wise to get insured through your employer.

Since the website for Voya Financial offers little in the way of details, we advise consulting with your employee benefits representative to get answers to all your questions, including the coverage amounts, eligibility criteria, and its cancellation policy.

 

 

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