Voya Financial life insurance review 2020
Keep you and your family covered through your employer, including optional accelerated benefits.
finder.com's rating: 3.5 / 5
- Get a quote if… Your employer offers life insurance through Voya.
- Choose a different provider if… You prefer the highest customer ratings.
18 to 65
Not listed to Not listed
Not required for term life
Medical Exam Required
|Free quote||Call customer service or review the plan offered by an employer.|
|Policy options||Term, whole, accident, critical illness, disability income, hospital confinement indemnity insurance|
|Term lengths||Not listed|
|Monthly cost||Not listed|
|Claim methods||Online or call customer service. All death claims must call customer service at 888-238-4840.|
|Available states||Not listed|
|Riders||Accelerated death benefit rider, Accidental death benefit rider, Child rider, Portability rider, Waiver-of-premium rider|
Sarah George is a writer at Finder who unravels complicated topics about insurance, business and finance. She's been wordsmithing for nearly five years, after earning an English education degree. Her insurance know-how has been featured on CarInsurance.com. You can usually find Sarah sipping hot tea and talking through movie plots in her downtime.
Voya Financial offers several options for life insurance, whether you’re looking for a minimal policy to cover certain financial responsibilities or full-blown insurance with accelerated death benefits. Because Voya’s policies work through your employer, you get your payments deducted automatically from your paycheck, which can be a huge convenience. And it has the unusual benefit of letting you leave your job with your policy in force if you’d like.
On the other hand, Voya doesn’t have as much transparency with rates and coverage amounts as we’d like. To get that information, you can expect to spend some time on the phone waiting for customer service. You may be able to get details from your employer, but it can put a damper on coverage for those who’d rather find quick answers online.
Should you seek a policy through Voya? That choice comes down to preference since the company has a long history of success — and very few complaints to boot. Weigh this insurer’s coverage and benefits against other life insurance companies to make the best decision for you.
What types of life insurance coverage does Voya Financial offer?
Voya guards you and your loved ones’ lives with several options available through employer benefits.
- Term life. A policy that protects you during a set time period that generally lasts from 10 to 30 years. It pays a fixed amount if you die during the term. Coverage amounts vary based on your employer’s plan, but can range from enough to cover funeral expenses to ensuring your mortgage is paid.
- Whole life. A policy meant to protect you through your lifetime while growing tax-deferred interest on its cash value. After contributing a set amount, you can borrow against the cash value to meet unexpected expenses.
What riders and perks are available through my life insurance policy?
Additional coverage is available, including free support for parents with a child with special needs. The riders available vary based on your state and the life insurance plan your employer chooses.
- Spouse, partner or children. An option to add life insurance coverage for a spouse, live-in partner or dependents.
- Accelerated death benefit. A rider to pay medical bills and other expenses if someone on the policy suffers from a terminal illness.
- Accidental death and dismemberment. An option that pays out if you die in an accident, or you lose a limb, your sight, hearing or if a serious accident paralyzes you.
- Continuation of insurance. A rider to keep your policy active if you’re on an employer-approved leave of absence or become completely disabled.
- Portability rider. Keep your policy after it would otherwise expire as long as you meet certain conditions.
- Voya Cares. A resource center designed to help parents with children who have special needs by providing guidance on funding education, government assistance and their child’s care after their death.
- Waiver of premium. Continue coverage without paying a premium if you become completely disabled. Coverage includes the life insurance benefit and accelerated death benefit rider, if you’ve opted for it. All other riders aren’t included.
How much does Voya Financial cost?
Your exact rates will increase or decrease based on a number of factors like:
- Age and weight
- Health history
- Occupation and hobbies
- Types of insurance offered by your employer
- Time period insured
Pros and cons
- Policy can follow you if you leave your employer. You don’t have to surrender your policy simply because you switch jobs.
- No medical exams for term life. Get term life coverage without the hassle of a medical questionnaire or physical exam.
- Payments deducted from your paycheck. Voya takes your premium straight from your paycheck, so you don’t have to remember payments.
- Premium waiver for disability. If you can’t work because of a disability, you could qualify to get your premium waived until you can work again.
- Lightning-fast claims. Voya may need 10 to 12 days to review your claim after it’s filed. That’s a speedy process compared to other companies whose claims can take months.
- Policies available through work. You can only apply for policies through your employer benefits program.
- No online quotes. You have to call Voya to find a price estimate or rely on your employer to get that information.
- Few specific details online. Voya’s website doesn’t mention specifics about age limits, maximum coverage or term lengths for their life insurance policies. You have to call customer service to get that information, which could lead to long phone wait times.
Compare other life insurance companies
If you’re looking for more options to compare, take a look at these other providers.
Voya Financial reviews and complaints
Voya boasts an A- rating from the Better Business Bureau despite not responding to one complaint filed against the company, as of January 2020. The company sees a handful of customer complaints and negative reviews on the site, even though it’s offered services for over 45 years.
Most complaints are resolved in a timely manner. Of the nine reviews listed, customers complain about payment issues like delayed payment, not receiving their check or representatives not responding to requests.
The company ranks about average in the 2019 J.D. Power Life Insurance Study with 3 out of 5 stars for overall customer satisfaction.
Is ReliaStar Life Insurance the same as Voya Financial?
ReliaStar, formerly part of Northwestern National Life Insurance Company (NWNL), was a subsidiary of Voya Financial but has since rebranded to the Voya name. ING purchased ReliaStar in 2000 and rebranded to Voya Financial in 2014.
How do I sign up?
Because Voya offers employer-sponsored insurance, you’ll likely sign up through your employer during the open enrollment. If you have questions about the policy, you can call customer service at 855-663-8692 on weekdays from 9 a.m. to 6:30 p.m. ET.
Filling out your enrollment application may involve:
- Fill in personal information, such as your name, Social Security number, address and details about your dependents.
- Select which type of insurance and riders you need.
- Review paperwork and fill in additional details missing.
- Sign the contract when prompted and turn in your application as your employer instructs.
More about Voya Financial
Voya Financial started as a US branch of a large Dutch financial services company called ING Group. ING US acquired a variety of American insurance and finance businesses over the years, including the Security Life of Denver Insurance Company, which began in 1928. The company was sold to Reinsurance Group of America in 2010 and rebranded as Voya as of 2014.
The company receives high praise through several different awards. In 2019, Ethisphere Institute dubbed it one of the World’s Most Ethical Companies among other awards for the company’s equality and employer practices, according to Voya’s website. It also boasts that its employee benefits cover over 6 million employees.
What other products does Voya offer?
Besides life insurance through employers, Voya offers:
- Health savings and spending accounts
- Employer-sponsored retirement plans
- College savings plans
- Mutual funds
- Traditional brokerage investments
Frequently asked questions
Life insurance ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.