Voya Financial Life Insurance Review

Employer Group Life Insurance Policies

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Voya Financial

Voya Financial

Voya Financial is a well-respected provider of life insurance. However, it discontinued its individual life insurance business segment in 2019. Now, it focuses solely on group life insurance plans for mid-size and large companies. 

If eligible for its group life policies, you can get whole or term life coverage. You can even get a policy without a medical exam, making it a good option if you have health conditions that make it difficult to get insurance otherwise.

Voya Financial is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.

  • PROS & CONS
  • Key Takeaways
  • Company Overview
PROS & CONS
Pros
  • Make payments through payroll deduction

  • No health or medical tests required for some term policies

  • Optional coverage available for your spouse, domestic partner, or child

Cons
  • No longer offers individual life insurance policies

  • Some chance of losing coverage if you leave your employer

  • Lower coverage maximums

Key Takeaways
  • Voya Financial has over 6,000 employees and serves more than 14.8 million customers nationwide.
  • Voya is a Fortune 500 company and had $7.6 billion in revenue in 2020.
  • The company sold its individual life insurance business segment in 2019 and finished the sale in 2020.
  • Voya only offers group life insurance as employer benefits for employees.
  • Coverage amounts are dependent on your state and employer.
Company Overview

Voya Financial was founded in 1975 and was once a part of ING Group. The company is headquartered in New York. 

In addition to group life policies, Voya Financial also offers retirement planning, investment services, college savings plans, and disability and accident insurance. 

Voya Financial offers life insurance in all 50 states, though its coverage limits and eligibility criteria vary by location and employer.

  • Year Founded 1975
  • Kinds of Plans Group life insurance
  • Number of Plans 2
  • Payment Plan Options Payroll deduction
  • Customer Service Online, Phone
  • Phone 800-955-7736
  • Official Website www.voya.com

Pros Explained

  • Make payments through payroll deduction: Because Voya Financial offers group life policies through employers, you can elect to make your payments through payroll deduction. Opting for payroll deductions makes it easier to remember your payments and keep your policy in force. 
  • No health or medical tests required for term coverage: You can qualify for some types of term life insurance policies through your employer’s benefits program without answering health questions or undergoing a medical exam. 
  • Optional coverage available for your spouse, domestic partner, or child: When you enroll in a life insurance plan with Voya, you can add coverage for your spouse, domestic partner, or dependent children. 

Cons Explained

  • No longer offers individual life insurance policies: Previously, Voya offered individual term, whole, and universal life insurance policies. However, the company sold its individual life insurance segment in 2019 to Resolution Life Group Holdings and completed the sale in 2020. As a result, Voya focuses on workplace and institutional clients only. 
  • May lose your coverage if you leave your employer: Voya’s life insurance products are only sold through partnerships with employers. As a result, there is some chance of losing coverage if you leave that employer. However, they say that you can often keep it.
  • Lower coverage maximums: The maximum amount of coverage available is dependent on your state and employer benefits. We have seen one example package limited to $500,000 and another limited to $1 million, which is high for a group life offering. If you're looking for over $1 million dollars in coverage, this may not be an option for you.
What You Need to Know

Voya Financial’s insurance products are provided by ReliaStar Life Insurance Company and ReliaStar Life Insurance Company of New York

Available Plans

Voya Financial offers group insurance products to corporations, allowing employees to purchase life insurance through their employers. The company currently provides insurance to over 6.2 million people.

If your employer has partnered with Voya to provide life insurance options to employees as part of its benefits package, you can choose between two plan types. 

Term Life Insurance at Work

Voya’s term life policies are a form of supplemental group life insurance. 

With term life insurance, you get coverage for a set period. If you pass away during your policy’s term—usually between 10 and 30 years—your beneficiary receives a death benefit. The death benefit is not subject to federal income taxes, and your loved ones can use the money to cover their living costs, pay off the mortgage on their home, or other expenses. 

With Voya Financial, you may qualify for a term life policy without answering health questions or undergoing a medical exam, making it easier to get coverage if you have preexisting health conditions. 

Whole Life Insurance at Work

Whole life insurance is a form of permanent coverage. One advantage over term life insurance is that whole life policies can build a cash value that can grow tax-deferred. You can borrow against your policy if you have emergency expenses or to supplement your retirement fund. 

Voya Financial’s whole life policies feature fixed premiums that never change, regardless of your health or age. 

Voya’s whole life policies are a voluntary benefit and can be purchased in addition to an existing term life policy.

Even if your employer works with Voya to offer life insurance, you might not be eligible. You must meet criteria such as the amount of hours you work in a week.

Available Riders

Like most other life insurance companies, Voya Financial has several optional insurance riders to choose from. Sometimes referred to as insurance endorsements, riders allow you to customize or enhance your life insurance policy. By adding a rider to your policy, you can get coverage for family members or even access your benefits early. 

Voya Financial has the following riders: 

Accelerated Benefit

If you have a whole life insurance policy, you can add the accelerated benefit rider to your coverage. With this rider, you can access part of your death benefit while you’re still living if you’re diagnosed with a terminal health condition. 

Children Coverage

Depending on your state and the life insurance plan offered by your employer, you could purchase life insurance coverage for dependent children under the age of 26. 

Spouse Coverage

If your spouse meets your employer’s eligibility requirements, you can get coverage for your spouse. This rider is not available in all states or with all insurance plans. 

Customer Service

Voya Financial’s life insurance policies are no longer available for direct purchase by individuals. Instead, Voya offers group life policies through employers, so you can only get a Voya policy if your employer has partnered with the company. 

If you purchased an individual life insurance policy before Voya sold that segment of its business, your policy will be serviced by Resolution Life Group Holdings. 

For group life policyholders, you can reach customer service by calling 800-955-7736.

If you do need guidance about your insurance needs or retirement plans, you can connect with a financial professional to get personalized advice and recommendations. You can search Voya’s database to find a registered representative near you. 

Complaint Index

When comparing life insurance companies, it’s a good idea to check each company’s complaint ratio. The National Association of Insurance Commissioners collects all complaints that customers submit about insurance companies and releases a ratio that reflects the number of complaints a company received relative to its market share. 

Voya Financial’s policies are provided by ReliaStar Life Insurance Company, which had a 0.21 complaint index for 2020, meaning the company received fewer complaints than expected for its size. 

Third-Party Ratings

While Voya Financial no longer sells individual life insurance policies, it’s important to know that the company had a less-than-stellar reputation for customer service. In the 2020 J.D. Power Individual Life Insurance Study, Voya was ranked 22nd out of 23 insurance companies and scored well below the average. 

However, Voya Financial is known for its stability and financial strength. AM Best, the global rating agency focused on the insurance industry, awarded Voya Financial an A (Excellent) Financial Strength Rating (FSR), noting the company’s balance sheet strength and operating performance. A high FSR indicates that the company is stable and able to meet its contractual and policy obligations, so you can be confident that your claim will be paid out when needed. 

Cancellation Policy

As with most life insurance policies, Voya Financial has a 10-day free look period. During that time, you can review your policy and cancel, if needed. 

Once the free look period ends, cancellation fees and policies vary on your plan. With term life insurance, you can typically end your policy without penalty, but you won’t get a refund on premiums paid. When canceling whole life policies, there may be surrender charges applied that affect the total amount you get back.

To cancel your policy, call 800-955-7736. 

Price

For pricing, you’ll have to contact your employer benefits representative for details; you cannot get a quote online for either whole or term life insurance. Because Voya’s plans are group life policies, you may be able to get insurance for a lower price than if you purchased an individual policy on your own. And, you can sign up for payroll deduction so your premiums are paid directly from your paycheck. 

To get a life insurance policy through your employer’s benefits, you’ll need to submit an application. Like other life insurance companies, Voya does require you to select either “male” or “female” when applying. If you identify as nonbinary, you are still eligible for life insurance, but you might find the application process frustrating and outdated. 

Competition

Voya has both term and whole life policies, but only those with eligible employment will qualify for coverage. 

If you are looking for an individual life insurance policy, consider buying a plan from MassMutual. MassMutual has five different plans to choose from, including term and universal life insurance, as well as multiple insurance riders. With its term life insurance, you can get a quote and apply for coverage online. 

With MassMutual, you can also consult with a financial professional before purchasing a policy.

  Voya Financial MassMutual
Market Share Not applicable Third-largest in the U.S., 5.8%
Number of Plans two four
Dividends for 2021 Not applicable More than $1.7 billion
Wellness Program Discounts/Quit Smoking Incentives Not applicable Not applicable
Service Method Phone Financial professional, web, email, and phone
AM Best Rating A (Excellent) A++ (Superior)
Complaints Trend 0.21 0.07
Verdict

If your employer offers life insurance as part of its benefits package, enrolling in a plan from Voya Financial can be a cost-effective way to get coverage. Particularly if you have pre-existing health conditions that make it difficult to get life insurance on your own, getting life insurance through your employer can be a smart decision. Plus, Voya allows you to get coverage for your spouse, domestic partner, or children, as well. 

Voya’s policies cannot be purchased as individual plans, so if your employer doesn’t work with Voya, you’ll have to apply for coverage from another company.

How We Review Life Insurance Companies

Our reviews of life insurance companies are based on a quantitative approach that analyzes each insurer on their stability and reliability, customer service, claims experience, diversity of product lines, and cost. We compare the terms of each type of policy offered—including available coverage amounts, optional riders, and premium payment options—with that of other major life insurance companies. Lastly, we look at how the company is rated by third-party organizations to determine its reliability and overall reputation. 

Learn more: Read our full life insurance review methodology.

Article Sources

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  1. NAIC. "Reliastar Life Insurance Company - Complaint Index." Accessed April 30, 2021. 

  2. J.D. Power. "Life Insurance Customer Satisfaction Flatlines Despite Pandemic Fears, J.D. Power Finds." Accessed April 30, 2021. 

  3. AM Best. "AM Best Withdraws Credit Ratings of Voya Financial, Inc. and Its Subsidiaries." Accessed April 30, 2021.