Our take on VoyaLife Insurance
Formerly known as ING U.S. Inc, the company became Voya Financial as of 2014. In 2018, Voya underwent a shift in business strategy, and now sells life insurance exclusively through the workplace.
This means that applicants may only receive Voya’s products and services if their workplace uses the company as their life insurance provider. Some may find this limiting, especially if they already have found affordable life insurance through another company.
On the other hand, Voya offers a wide range of products and services. We’re especially impressed with some of their supplemental policies. While other companies offer accident insurance through a policy or rider, Voya’s supplemental policies cover both the initial injury as well as all the follow-up treatment.
If your workplace provides Voya’s products, it can be a great supplement to your existing insurance or an affordable means to a new policy.
| VoyaLife Insurance Company Details | |
|---|---|
| A.M Best Rating | A |
| S&P Rating | A+ |
| BBB Rating | A- |
| Customer Service Phone | 888-311-9487 |
| Website | www.voya.com |
| Address | Voya Financial Group 20 Washington Avenue South Minneapolis, MN 55401 |
What we like
High-Performing Policy Options
Voya provides some of the best policy options in the industry, and the supplemental insurance options can be used to maximize your coverage even if you already have another insurance plan.
Policies Travel with You
Voya’s plans are available through the workplace, but they can travel with you if you retire or move to a different company.
History of Excellence
While Voya is relatively new, ING U.S. Inc. has a history of excellence in the industry, making them a company you can trust.
What we don’t like
Only Through Work
Currently, Voya only offers its products through a workplace plan. No online quotes are available, and policies must be purchased through an employer.
Employers Set the Terms
The details of the plan can be limited by the company you work for, meaning you may be faced with fewer options than you would with other companies.
Poor Track Record of Customer Service
Despite otherwise high rankings, Voya does not have the greatest track record when it comes to customer service.
VoyaLife Insurance Products
Term Life Insurance
Voya currently offers group term life insurance policies. Typically, these policies range from 10 to 30-year periods, though with a group the details of the plan are set by your employer. The result is that Voya provides flexible plans, but customers may find themselves limited to the options provided to the group.
No Medical Exam Required
If you are healthy and apply for $350,000 or less in life insurance coverage, Voya could waive the medical exam.
Details May Be Set by Employer
Employees may still select from one of Voya’s available riders, as well as determine the amount of coverage they want. However, the maximum death benefit is typically determined by the employer.
Whole Life Insurance
Whole life insurance lasts as long as you continue to make the payments. Voya allows employees to take their policy with them if they leave the company or retire.
Since the policy lasts for a lifetime, it accumulates a cash value. Policyholders can apply this value to their monthly premiums, or use it for tax-free loans or retirement annuities.
These whole life policies may also be customized with additional riders, though in these cases eligibility varies by state and typically requires a one-on-one enrollment with one of Voya’s agents.
Critical Illness Insurance
Critical illness insurance is a limited plan that can provide assistance if the insured is diagnosed with a qualifying disease, such as cancer. This may be helpful to those with a high-deductible health plan, providing affordable coverage in the event of a catastrophic illness.
The policy is designed to offer a payout to cover medical expenses and related bills, though funds are not uniquely earmarked and may be used for general expenses such as groceries.
Great for Supplementing Other Policies
This policy can also be purchased alongside other life insurance policies, which can prevent you from touching the benefits of other policies. For example, if you already have whole life insurance, then the benefits of your critical illness policy will prevent you from having to borrow from the death benefit of your whole life policy.
No Medical Exam
No medical exam is required for this policy, and pre-existing conditions may apply.
Flexible Payment Options
Benefits can be paid by the employer, by the employee, or through a hybrid approach, depending on your employer.
Accident Insurance
Accident insurance is another type of supplemental insurance provided through Voya. Accident insurance is not uncommon, and some companies offer protection through one or more riders. Typically, however, these policies tend to cover only the most catastrophic forms of accidental death and dismemberment.
Voya’s accident insurance is different. Their policy covers a wide range of injuries, ranging from burns, concussions, broken bones, and dislocated joints. In addition to covering the immediate medical bills, this plan extends to follow-up medical appointments, and any physical therapy.
This plan may also extend to members of the policyholder’s family, though details of the plan are set by the employer.
Disability Insurance
Voya offers two types of disability insurance. Long-term disability insurance covers disabilities lasting 6 months or longer, while short-term disability insurance provides for those who are unable to work for a period of less than 6 months.
Covers Pregnancy
One of the advantages of Voya’s disability insurance is the range of conditions it covers. Female policyholders may appreciate the fact that pregnancy is covered under the long-term disability insurance plan. The plan also covers those who are only partially disabled (i.e., those who can work at a limited capacity), and it covers the costs of rehabilitative treatments as well.
No Medical Exam
Voya does not require a medical exam, but some employers may require one.
Hospital Indemnity
Voya provides hospital indemnity insurance, which covers the cost of a hospital stay. The length of your hospital stay that is covered may vary by employer and policy. For some, the policy may only cover a hospital stay of 3 days or more. Other policies may stipulate that the policyholder be confined to the hospital and not permitted to receive treatment in their own home. The policy also does not cover long-term care facilities or hospice services.
Like other policies, the benefits can be flexible and extend to the cost of groceries as well. In some cases, the policy may cover medical treatments not otherwise covered by medical insurance, such as certain forms of physical therapy.
Policy benefits
Riders
As with most companies, Voya offers a variety of riders that may be added to your policy to customize your coverage. But again, since these are workplace plans, your employer may offer stipulations regarding the types of riders that are available.
Common Voya riders:
- Accidental Death Benefit - If you are diagnosed with a terminal illness, this rider offers a partial advance on the death benefit to cover medical bills and end-of-life expenses.
- Child or Spouse Rider - Policyholders may add a child or spouse to their insurance policy.
- Portability Rider - This rider keeps your policy active while on a leave of absence from your employer or if you become completely disabled.
- Waiver-of-Premium Rider - If you become disabled, this rider lets you continue coverage without paying a premium.
Insurance Travels with You
Voya’s customers can rest easy knowing that in most cases their insurance plan can go with them if they retire or change companies.
Cost
An Employee-Based Decision
The question boils down to a set of decision-making questions:
- Do I need the benefits of this policy?
- Can I find a more affordable alternative outside of work?
- Does my employer allow me to add my family to the policy?
Again, a group rate may be more affordable in most cases, but some may need additional insurance that the employer doesn’t provide, pushing them to the open market.
A Solid Back-Up
Some may also find that a workplace insurance plan is a good back-up to insurance they already have. Additionally, the benefits offered by Voya’s supplemental policies (e.g., accident insurance, disability, etc.) may be a good way to round out your insurance coverage.
Performance
Financial ratings
Despite the company’s changes, Voya continues to rank highly in financial performance:
- A.M. Best Rating: A
- S&P Rating: A+
- BBB: A-
Voya therefore continues ING’s reputation as a solid, trustworthy company.
