Voya Life Insurance Review

Financially strong insurer offering group coverage

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Reliastar Life Insurance Review

Voya Financial

Our Take

Voya provides life insurance primarily as an employee benefit, which limits its availability to those whose employers offer benefits through Voya. It’s difficult to find information on policy offerings, riders, and rates on the company’s website. That said, the company has a solid financial strength rating and receives very few complaints.

Top Rated For

  • Pros & Cons
  • Company Overview
  • specifications
Pros & Cons
Pros
  • Online claim filing available

  • Educational materials available online

  • Low number of customer complaints

Cons
  • Limited number of policy types available

  • No live chat available

Company Overview

Voya’s life insurance operations began in 1975 as ING Group. In 2014, it was rebranded as Voya Financial and offers life insurance through Reliastar Life Insurance Company. Voya is primarily known for group insurance benefits, as the majority of its policies are offered by companies to their employees. Its headquarters are in New York City.

specifications
AM Best Rating
N/A
NAIC Score (avg.)
N/A
Years In Business
47 Years
Policy Types
Term, Whole
Accepts Credit Cards
No
Why Trust Us
91
Companies reviewed
55
Features considered
5,005
Data points analyzed
We collected over 5,000 data points from 91 life insurance companies to measure financial stability, customer satisfaction, product and feature variety, and the overall buying experience. We then evaluated each company based on 55 metrics to develop unbiased, comprehensive reviews.

Pros Explained

  • Online claim filing available: Voya’s website features an online claim filing option. This is a nice perk relative to some companies that require you to call and download claim forms.
  • Educational resources available online: Voya offers online educational materials to help customers better understand how life insurance works and how it can fit into their financial plan.
  • Low number of customer complaints: Voya received fewer complaints than expected over the last three years, according to the National Association of Insurance Commissioners (NAIC).

Cons Explained

  • Limited policy types available: Voya’s policy offerings are limited to term life and whole life, and are generally only available if your employer offers them.
  • No live chat available: Voya’s website has no option for customers seeking real-time answers to their questions.

Complaint Index

The National Association of Insurance Commissioners (NAIC) releases an annual complaint index for U.S.-based insurance companies. This index is used to compare companies of different sizes in terms of customer satisfaction, as measured by the number of complaints filed.

A company with an expected number of complaints for its size has a complaint index of 1.00. A number less than 1.00 means the company received fewer complaints than expected for its size, while a number greater than 1.00 means it received more. An index of 2.00, for example, would indicate a company received twice the expected number of complaints.

Reliastar Life Insurance Company, the company that issues Voya life insurance policies, had a three-year average complaint index of 0.487. This means that nearly half as many complaints were registered against it during that period as would be expected for a company of a similar size. 

Third-Party Ratings

The American credit rating agency AM Best publishes a yearly list ranking U.S. insurance companies by financial strength, which can help consumers determine which companies are in the best position to pay future insurance claims. Reliastar, the company that underwrites Voya’s life insurance policies, received an A (Excellent) rating for financial strength. This means Voya has an excellent ability to honor its ongoing insurance obligations, such as paying claims.

Policies Available

Voya currently offers two life insurance policies: term life and whole life. The policy types, and the company’s specific products, are described below.

Term Life

Term life insurance guarantees payment of a stated death benefit to the insured's beneficiaries if the insured person dies while the term policy is in force. Unlike permanent life insurance policies, term policies typically have no savings component and no value other than the death benefit. They expire at the end of the term period, unless they are renewed or converted to whole life. Group term policies are often renewable on an annual basis.

  • Voya offers term life policies with the option to convert to a whole life policy if you leave your job or lose your eligibility for term life coverage.

Whole Life

Whole life insurance pays a benefit to beneficiaries when the policyholder dies. It is guaranteed to remain in place for the insured’s entire lifetime if the premiums are paid. Over time the policy builds cash value, which the insured can borrow against as necessary. Premium rates are locked in for the life of the policy.

Voya offers whole life insurance policies as an employee benefit, which you can take with you if you leave your job.

Available Riders

Riders are provisions in an insurance policy that extend protection or provide additional coverage. Riders may require an additional payment on top of any regular policy premium.

Accelerated Death Benefit - Terminal Illness

Voya’s term and whole life policies feature optional accelerated death benefits, specifically for terminal illnesses. These enable policyholders to access a portion of the face value of their policy while they are still alive if a physician determines they have a terminal illness.

Children’s Term Life Benefit Rider

Voya’s policies also feature this rider, which adds term life insurance to the policyholder’s base policy to cover existing and future children.

Waiver of Premium for Disability Rider

Some of Voya’s policies offer a rider that allows the plan to stay in force if the insured becomes unexpectedly disabled because of illness or injury and cannot pay the policy’s premium.

Customer Service

Voya’s website can be accessed anytime at voya.com. Life insurance assistance can be reached at (877) 886-5050 Monday through Friday from 9 a.m. to 7 p.m. ET. Claims assistance is available at (877) 886-5050 from 9 a.m to 5 p.m. ET. Customers may also send email inquiries through its company portal at voya.com/contact-us.

Our Methodology: How We Review Life Insurance Carriers

We designed a comprehensive ranking methodology based on consumer priorities and life insurance company fundamentals to rank more than 90 insurers across five general categories: financial stability, customer satisfaction, product and feature variety, the overall buying experience, and cost.

In order to do this, we collected over 5,000 data points and scored each company based on 55 metrics. We grouped metrics by category to see how insurers performed in each; we then weighted category scores to determine how companies performed overall.

To learn more, read our full Life Insurance Methodology.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. NAIC. “Results by Complaint Code.”

  2. AM Best. “Guide to Best’s Financial Strength Ratings - (FSR).”