Voya Insurance Company (ING) Complete Guide 2024
Written by Daniel Ray, Life Insurance Expert |
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Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
If you are in search of Voya Insurance/ING Reliastar, you came to the right place!
We know you’re busy. We are too. That’s why we want to make it as easy as possible for you to find the information you need about your insurance options. What they’ll cover so that when it comes time to finally shop around or buy a policy, you have all the facts at your fingertips.
We hope this blog post will help answer some of your questions about life insurance and retirement planning with Voya Insurance Company!
Table of contents
Voya Financial Insurance Company
To begin with, Voya Financial (Formerly Known As The ING Group/Reliastar Life Insurance Company) is a financial investment company that has earned an excellent reputation over the years in the United States.
In fact, life insurance products are one of the things that they offer. If you’re lucky enough to have previously been investing with ING, then it’s a great opportunity for you to set up a life insurance plan. The company even offers you quotes, so you can find out the exact cost of life insurance.
Voya Insurance Company, with its Voya Family of Companies, focuses on long-term strategies as a financial conglomerate, managing over $550 billion in assets.
However, we always recommend receiving several quotes. This way, you can compare rates and policies, and be in a better position to get the best life insurance policy. Prices vary drastically between companies, and each company may view your level of risk differently.
There are plenty of excellent life insurance companies out there for you to check out, such as Banner Life Insurance, Protective Life, and American General AIG. These carriers may be more cost effective than products issued by reliastar life.
A Brief History Of Voya/ING Reliastar
Who or What is ING Reliastar insurance? ING Reliastar started in the 70’s. Now, they have a workforce consisting of about 7,000 people. They have a clientele of around 14.7 million.
Currently, Voya insurance company is in a transitional period, as they re-brand themselves as Voya. However, it continues to be one of the top insurance companies as well as one of the top investment companies.
In 2016, it was estimated that ING Reliastar had nearly $550 billion in assets. They’ll cover any state in the US.
We always recommend researching how rating agencies have rated any insurance company that you are considering since it will give you a good idea of how reliable they are as a company. .
Unsurprisingly, Voya generally receives an A or A- rating and a high life insurance company review
Voya Life Insurance Options
Above all, ING Reliastar life Insurance company products are among the top in the industry. Below are some of the more basic coverage options that Voya Finacial offers:
Term life insurance — There are a couple of options for term life insurance with Voya:
- Voya TermSmart — The most basic, easy, and affordable term life insurance plan offered by Voya. It offers coverage between $100,000 to $1 million. There’s a fixed premium, and you can choose between 10, 15, or 20 years for coverage.
- Voya Return of Premium Endowment Term — With this policy, policyholders will get a full refund of all their paid premiums if they lived longer than the policy that they had set up. Choose from 20, 25, and 30 years of coverage.
Universal Life Insurance — This policy will cover you for your entire life. It offers a death benefit and the option for cash value investment. Here are the two universal life insurance options:
- Voya Universal Life CV — Includes a minimum interest rate of 3%. The option to borrow funds from the policy is also granted.
- Voya Universal Life CV NY — This New York based branch include a minimum interest rate of 2%
Indexed Universal Life Insurance — Includes death benefit and cash value investment opportunities. Choose from the 2 plans below:
- Voya Indexed Universal Life Global Choice— Offers a variety of crediting options. Includes a guaranteed interest rate of 2%. Great policy for the long term.
- Voya Indexed Universal Life Guaranteed Death Benefit — As you might have suspected, this plan comes with a guaranteed death benefit. Also, multiple investment options. These investments are primarily in the S&P 500 and used for estate planning and possible deferred income tax.
Variable Universal Life Insurance — Include death benefit, flexible plans, and several cash build up options. Check out the following options:
- Voya Variable Universal Life CV — If you’re aiming to accumulate cash value to finance college tuition, pay off debts, or cover other needs, this presents a great option.
- Voya Variable Universal Life DB — This plan has cheap premiums, cash build up options, and the option for withdrawals/loans.
What About Survivorship Life Insurance Coverage
Voya offers these two policies for survivorship life insurance:
- Voya Strategic Accumulator Survivorship Universal Life — Allows nontaxable interest to accumulate. This plan gives you a high possibility to accumulate cash quickly.
- Voya Survivorship Variable Universal Life CV — This policy can provide coverage for two people, and offers multiple investment options.
What are the Pros to Using Voya/ING Reliastar for my Life Insurance
One of the great things about ING Reliastar is their versatility.
For however long you want to be covered, they’ll have options. They have a premium endowment policy that refunds premiums paid once the term is finished. They also have universal policies that will cover you in the long run.
In fact, with this policy, you’d be able to set up a fund for your children’s education, or whatever else you’d like covered after you pass.
Actually, these plans are quite customizable. Variable universal life insurance policies are also available with ING Reliastar.
In fact, these plans are an excellent choice for ING; variable universal life insurance offers multiple cash value investment options, and ING is an investment company.
ING is known for its reasonably priced policies for all walks of life, like a term policy for those in their 20’s.
Voya Customer Service/Reliastar Life Insurance Company
Life Claims can be sent to: 20 Washington Avenue South, Minneapolis, MN 55401
Voya life insurance phone number: (877) 886-5050
FAQs
Voya offers a range of life insurance products including term life insurance, universal life insurance, indexed universal life insurance, variable universal life insurance, and survivorship life insurance.
While Voya offers quotes for their insurance products, they primarily provide their services through workplace plans, so it might be necessary to go through your employer or contact Voya directly for specific quotes.
Major rating agencies generally rate Voya Financial well in terms of financial strength, often awarding ratings like A or A-. This indicates a strong ability to meet financial obligations and pay claims.
Yes, Voya focuses on long-term financial strategies, manages substantial assets, and offers a variety of investment and retirement planning services.
Voya Financial emerged from ING U.S., undergoing a rebranding and strategic shift in 2014. It has since focused on expanding its services in financial planning, investments, and insurance.
Voya offers unique features like premium refunds on certain term life policies and flexible investment options in their universal life policies. These features provide added value and flexibility to policyholders.
Policy management is typically done through Voya’s online platform or through employer-provided plans. It’s recommended to contact Voya directly for specific guidance on policy management.
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Conclusion
Voya Financial, previously ING/ReliaStar, has established itself as a reputable financial and investment company in the U.S., particularly noted for its life insurance products.
\They offer a variety of life insurance options, including term life, universal life, indexed universal life, and variable universal life policies, catering to a range of needs and preferences. With a strong focus on long-term strategies, Voya manages over $550 billion in assets.
The company is recognized for its flexible and diverse insurance offerings, and it generally receives high ratings for reliability and service quality.
Voya’s comprehensive range of policies, including unique options like the premium refund policy and various universal life plans, demonstrate its commitment to meeting diverse customer needs.
The company’s versatility and ability to provide customizable plans make it a notable choice in the life insurance market.
