Formerly known as ING U.S., Voya Financial is a reputable and reliable financial, retirement, investment, and insurance company based in New York. In 2014, ING U.S. rebranded itself as Voya Financial. The company offers a variety of plans, including a good range of life insurance products. However, they do not currently offer a no-exam life insurance policy option. They have relatively lenient underwriting niches, which make them stand a cut above competitors. Their term life insurance premiums are competitive but slightly more expensive than several other life insurance providers.
Although Voya is not a top contender in the world of life insurance offerings, they are a strong one. The company has strong financial stability ratings which inspire trust in their ability to pay out claims. Voya is top-rated by A.M. Best, receiving an “A” for their financial strength.
Voya offers a number of different products to meet the needs of a diverse clientele. If you’re able to pay an annual fee, Voya offers discounts. They also offer accelerated death benefits and a waiver of premium rider, should you become disabled. Voya does not currently offer term insurance unless it is provided through your employer.
If you have any type of health condition, you may have trouble applying for life insurance directly through Voya. If you have any health issues or are an older adult/senior citizen, it’s best to work with an agency that specializes in higher-risk insurance cases.
Voya’s website is fairly informative and detailed, but it is layered so that users need to click through several pages to get to the information they’re seeking, depending on the type of plan you’re reading about/interested in. No side-by-side comparisons of plans are available, making it sometimes difficult to find the best option if you are using the website alone.
While the website is filled with information on the various policy types, Voya does not currently have an FAQ page. Not only that, but Voya does not provide pricing information clearly on their website for universal policy options. If you are not already familiar with life insurance policies and the details, the website can be a little overwhelming and at times frustrating. You may be better off speaking with an agent to help you sort through the various options.
Voya has a historical and global presence with outstanding financial strength. With divisions of insurance, investment, banking, and retirement, Voya is set to continue to grow.
If you need just a basic term policy, this company isn’t for you, as they do not currently have this on their menu of offerings for individuals looking to purchase plans, though term plans are available if your employer offers them through Voya. If you are seeking insurance plans that offer peace of mind and permanence, Voya may be the right life insurance company for you. Their long and storied history coupled with their global presence offers assurances that the company will be around for a long time and will be able to pay out benefits when the time comes.