Though we don’t like to think about it, death is inevitable, but planning for it can make it easier in the long run. That’s particularly true when it comes to your loved ones who depend on you for financial support.
Life insurance offers security for those you leave behind during what is a financially demanding time. From mortgage payments and school tuition to funeral expenses and debt payments, life insurance can provide a financial safety net to cover life’s common expenses.
Voya Financial, Inc., offers a wide portfolio of insurance products, including universal life, indexed universal life, variable universal life, and survivorship life insurance. Voya once offered term life insurance but the product is no longer available.
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In addition, it offers useful resources like a life insurance needs calculator, which can be helpful when determining just how much insurance you need. The company also has a robust finance blog that covers a variety of life insurance, financial, and investment topics.
Voya, formerly known as ING, offers consumers a variety of financial and investment products, including IRAs, college savings plans, mutual funds, and life insurance. Headquartered in New York, the company has been operating under the Voya name since 2014, though the ING’s roots date back to 1991.
Voya Life Insurance Overview
While some insurance companies offer a standard policy with riders or endorsements, Voya offers a wide variety of products, each catering to specific needs. Rates vary based on the individual applicant and factors like their age, weight, and health. As such, Voya does require a physical exam to complete the application process and lock in rates.
Because of its dependence on individualized rates, Voya does not provide information about coverage and rates on its website. You must meet with a licensed financial advisor for that information.
To begin the quote process, applicants can select “Find a Professional” from the “Contact & Services” tab on the Voya website. Here they can enter their contact information and ZIP code which will return a list of advisors.
Policies & Coverage
With a wide variety of products, it might be difficult to choose which policy is best for you. However, people who are looking for a long-term insurance policy might be interested in Voya’s Universal Life Insurance, which is issued by ReliaStar Life Insurance Co. and Security Life of Denver Insurance Company. Unlike term life insurance, which has terms, this policy continues on through the policyholder’s life. It offers flexible premium payments and competitive fixed interest rates.
As a long-term policy, Universal Life Insurance can be used by individuals for premium financing, retirement planning, or wealth transfers. Business owners can also select this policy for split-dollar plan options, deferred compensations, and executive benefit plans.
The Universal life policy offers flexible premium payments and competitive fixed interest rates. Growth is compounded by the interest rate, and the Universal Life policy guarantees credits to the account will not go below 3 percent. Additionally, policyholders in their eleventh year can take out preferred loans against the policy.
Requirements to Get Insured
Voya offers policies for individuals at various stages in their lives, from childrento retired seniors, and qualifications are dependent on need and policy product. Life insurance products are available across the U.S., though policies for residents in New York might vary slightly from those offered to residents in other states.
Voya ranked 22nd out of 23 providers in a study on customer service conducted by J.D. Power, drawing below-average ratings across the board. Voya customer service can be reached Monday through Friday from 9 a.m. to 8 p.m. at 877-886-5050. However, personalized rates are accessible through your local Voya financial advisor. You can also contact Voya using the contact form.
If you’re looking for a company that can manage multiple aspects of your financial future such as IRAs and life insurance, Voya might be worth considering, particularly if you want access to personalized investment resources.
However, keep in mind that Voya does not provide term life insurance nor does it have easy online access to information and quotes, rates, and limits. This company, while more diverse than others in product offerings, has weak customer service reviews.