Last Updated: April 2020
Voya Life Insurance used to sell great life insurance products, however, they no longer sell policies to individuals. You can now only get a Voya life insurance policy through an employer benefits program.
Below, we’ll review Voya’s former life insurance products, how existing policyholders can file a claim or replace their policy, and briefly explain their current term and whole life insurance for employers.
After helping 100’s of people purchase Voya life insurance policies, this is our review.
- Does Voya Have Life Insurance?
- About Voya Life Insurance Company
- Voya Life Insurance Company Term Products
- Voya Life Insurance Company Permanent Products
- How to File a Claim with Voya Life Insurance
- Compare Voya to Other Life Insurance Companies
Does Voya Have Life Insurance?
Yes, Voya does still offer life insurance. However, you must apply through your employer’s benefits program.
This means that individuals cannot apply for Voya life insurance. It’s up to your employer to decide if Voya Life Insurance is a good fit.
About Voya Life Insurance Company
Voya Financial is a new name to the financial services industry, but they’ve actually been around for a long time as ING.
ING was one of the most recognized names in the financial world. ING’s Reliastar’s life insurance products were very competitive, even after re-branding to Voya Life Insurance.
Today, Voya is still one of the biggest and best life insurance companies in the U.S. They have over 14,000,000 customers in the US.
Because they no longer sell to individuals, we’ve only rated them on customer service below.
Here are the ratings for Voya Financial Life Insurance:
- A.M. Best: A
- Affordability Index: N/A
- Ease of Applying: N/A – not selling new policies
- Customer Service: 8.3
- COMDEX Ranking: N/A
Voya Life Insurance Company Term Products
Voya used to have 2 term life insurance products for individuals.
Today, you can only get Voya term life insurance through your employer, if they include it in your benefits program.
Below, we’ll review their individual policies which are no longer available, but many consumers still have.
The Voya TermSmart was their most common term policy purchased.
- It was a guaranteed level premium product. Your premiums never go up for the length of the term and coverage amount never goes down.
- You could choose from a 10, 15 and 20-year term only.
- Policies were available between ages 18-80 with a minimum amount of $100,000 of coverage.
- You can convert your Voya TermSmart life insurance policy to a permanent policy with no evidence of insurability up until the end of your term or age 70 (whichever comes first). Many companies only let you convert to age 65, so this is very generous.
Voya ROP Endowment Term
The Voya ROP Endowment Term refunds all your premiums paid when/if you outlive your coverage.
- Rates were typically around double that of Voya Term Smart, but you’d get all your premiums refunded back to you if you outlive the term.
- Another benefit is, it is refunded to you tax-free.
- Coverage was only available for 20, 25 and 30 years of coverage.
- During the term period, you get access to the cash value that you can borrow from and you are able to convert over to a permanent policy under the same terms as TermSmart described above.
- The oldest that you could purchase an ROP Endowment term is 60 years old and your only option will be a 20-year term. Up to 55 years old, you could purchase a 20 or 25-year term and up to 50 years old, you can purchase a 20, 25 or 30-year term policy.
Here’s an example of how it would work with rates:
- Male, Age 40, best health class – $250,000 for 30 years is $68/mo. (or $816 annually).
- The policy will accrue cash value, which he’ll have access to if needed.
At the end of 30 years will be his likely retirement and he has these 3 options:
- Receive a lump sum of $24,480.
- Convert to a permanent life insurance policy.
- Take a reduced paid-up option, which will give him a paid-up policy of around $50,000 that he can leave behind to his heirs with no further payments needed.
This policy provides you with a lot of possibilities.
Voya Life Insurance Company Permanent Products
Voya used to offer Universal Life Insurance, Indexed Universal Life, Variable Universal Life and Survivorship Life (for estate planning) to individuals.
Today, they only offer whole life insurance, and you must apply through your employer’s benefits program.
If you have a current policy with Voya, you can use our quote tool to compare with other top companies and potentially get a better rate.
How to File a Claim with Voya Life Insurance
Although Voya no longer sells life insurance to individuals, thousands of people do have a policy with them. If this is the case for you, your policy is still safe.
To file a claim or make changes to your policy with Voya, you can go to their website. They have good customer service and should be able to help.
Compare Voya to Other Life Insurance Companies
To compare your current Voya life insurance policy, use our instant quote tool. If you find better rates, you should consider replacing your existing policy.
Here are some other life insurance companies to consider along with Voya.