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Voya life insurance review

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.  And ING's Reliastar's life insurance products were very competitive and they still are - it's just they've re-branded to Voya Life Insurance.  

So this is our Voya Term Life Insurance Review which includes details of their life insurance products and the top situations where Voya typically beats the rest of the life insurance market.

Let start with a quick overview so you can feel safe with considering Voya life insurance products.  Voya is one of the biggest and best life insurance companies in the U.S.  They have over 14,000,000 customers in the US and carry an AM Best rating of A+.  AM Best is the industry benchmark for financial strength in the life insurance industry - so feel confident in ING Reliastar's financial strength. Do not let this info sway you into not doing more research though. Our site offers many great reviews on several different companies that could be better for your unique needs. Options are always available and we will help find the best for you, such as those suffering from health issues, do not allow that to stop you from finding coverage. AICPA Life Insurance and AARP Life Insurance are just a few companies whose major advantage is that they have very limited health related questions and their approval rates are high. We can find what you need!

Before you make your final life insurance purchase decision though, we recommend looking into some other company reviews as well, such as our reviews on Zander Insurance, Primerica Life Insurance and United Home.

Voya Life Insurance Review: Term Products


Voya has 2 term life insurance products: Voya TermSmart which is the most common term policy purchased and the one we quote in our instant quotes on this website and Voya ROP Endowment Term which will refund all your premiums paid when/if you out live your coverage.  Lets dig in a bit.

Voya Term Smart

Voya's Term Smart product is a guaranteed level premium product.  Your premiums never go up for the length of the term and coverage amount never goes down.  You can choose from a 10, 15 and 20 year term only.  So if you're looking at 30 year term quotes on our website, you won't see those.

TermSmart will issue policies between ages 18-80 with a minimum amount of $100,000 of coverage.

You can convert yout 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 is earlier.  Many companies only let you convert to age 65, so this is very generous.

Voya ROP Endowment Term

This is a really cool product. Rates are typically around double that of Voya Term Smart, but you get ALL your premiums refunded back to you if you out live the term.  And might I add, it's refunded to you tax free.

Coverage is only available for 20, 25 and 30 years of coverage.  During the term period, you will have access to cash value that you can borrow from and you are able to convert to a permanent policy under the same terms as TermSmart described above.  

The oldest that you can 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 can 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 can work:

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 options:
1.  Receive a lump sum of $24,480
2.  Convert to a permanent life insurance policy
3.  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.  

For Voya ROP Endowment Term quotes, simply complete the form on the side and choose "20-Year Return of Premium" or "30-Year Return of Premium" and you'll get instant quotes on the next screen.

Voya Life Insurance Review: Permanent Products

Voya has Universal Life Insurance, Indexed Universal Life, Variable Universal Life and Survivorship Life (for estate planning).  We're just going to review the universal life product as it's their best and most popular one.  

By far their most popular product is the universal life insurance product appropriately called "Voya Universal Life - CV".  What's unique about this product is they have a minimum 3% minimum interest rate and they allow for premium financing.

The minimum death benefit is $50,000 and they'll write anyone between the aged of 0-90 which is the widest range available anywhere as far as age is concerned.

There are a lot riders available as well, including accelerated death benefit (which is included in the pricing already), adjustable term insurance rider, additional insured rider, overloan lapse protection rider, waiver of cost of insurance insurance rider (if you become disabled) and waiver of specified premium rider (if you become disabled).  

Please contact us for questions about these riders, illustrations or general questions.  Our instant quote tool won't quote this product because there's too many moving parts and there's no guarantees involved.

Top 5 Voya Life Insurance Niches

1. Preferred rates for diabetics.

Seriously.  If you're over the age of 60 and diagnosed with type 2 diabetes less than 5 years ago and have it under control with medications - you can qualify for preferred rates assuming no other health issues and you can meet all other Preferred critera. 

That's right - Voya can offer preferred rates for diabetics.  No other company is offering preferred rates to ANY diabetic. 

If you have diabetes and don't fall within this category, check out our Life Insurance for Diabetics page.

2. Total Cholesterol up to 300 is eligible for Preferred Plus

As long as your ratio's are below 5.0 (male) and 4.5 (female), you can qualify for the best rate class available.  This is the most aggressive on the market.  Anyone with a high total cholesterol should consider Voya as an option.

3. Occasional cigar smoker may qualify for non-smoker rates.


If you smoke less than 52 cigars per year.  You can qualify for preferred rates.  You must admit your use on the application and your medical exam must be negative for nicotine and cotinine.  If you smoke more than 1 cigar a week, check out our article Affordable Life Insurance for Cigar Smokers.

4. Family history of cancer is NOT considered in evaluating your risk for Preferred


The majority of life insurance companies will start you off at "Standard" or a "Standard Plus" health classification. Voya will offer preferred rates, IF you can qualify for preferred rates overall.  They are 1 of 2 companies that will offer this.

5. Unisex build (height and weight) charts are very aggressive for women and "Preferred" rates.

Typically there are 2 different build charts.  One for males and one for females.  At the same height for a male and female - male's usually have a higher weight threshold.  So a unisex build chart from Voya really favors females,  mostly at the "Preferred" health classification.

Every life insurance company looks at your health differently and each company has their underwriting niches.  Above are the top 5 reasons where we recommend Voya term life insurance.

Voya term life insurance is competitive in pricing in other areas as well.  They are often the lowest life insurance rates compared to the rest of the market without being in any of those categories above.  Run an instant life insurance quote on our website to see how Voya stacks up to other carriers on the market.

Our Voya term life insurance review is a positive one.  If it makes sense to recommend them, we have no hesitation in doing so. 

If you're curious if Voya is the right company for you, please don't hesitate to contact us or run instant life insurance quotes on our website. 

We're an independent life insurance agency with access to over 60 life insurance carriers - we'll always recommend the lowest priced term life insurance available for your unique situation.

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About Jeff Root

is the owner of rootfin.com. He's an independent life insurance agent who has helped 1,000's of consumers purchase life insurance online and over the phone.

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