Analysis of Voya's Life Insurance

Jan 31, 2023 By Susan Kelly

You've undoubtedly found your way to our site if you have a Voya or Reliastar life insurance policy. So, if that's the case, you should consider checking out our Voya Reliastar Life Review.

Compared to other life insurance providers in the United States, Voya Life Insurance is not a well-known brand. Before changing its name to Reliastar Life Insurance, it was known as ING U.S. Life Companies. In the past, salespeople and customers often referred to ING as "Reliastar."

There has been a complete rebranding of ING Reliastar into Voya Financial. ReliaStar Life Insurance Company and its affiliates continue to underwrite Voya's life insurance policies. If you're feeling overwhelmed, rest assured that so are many brokers.

The Index of Complaints

Consumers can view the NAIC complaint index annually for domestic insurance providers. With this metric, businesses of varying sizes may be compared to customer satisfaction by looking at the total number of complaints received.

The complaint index for such a corporation would be 1.00, indicating the average number of complaints for a business of its size. A score below 1.00 indicates fewer complaints than expected for a firm of that size, while a score above 1.00 indicates more. A complaint index of 2.00 would suggest that twice as many customers have voiced dissatisfaction with the business as expected.

During three years, the complaint index at Reliastar Life Insurance Business, which is the company that issues Voya life insurance policies, averaged 0.487.1. This equates to almost half as many complaints lodged against it over that period as expected for a firm of a similar size.

External Evaluations

The annual list of the most substantial U.S. insurance firms, ranked by financial stability, is published by AM Best, an American credit rating service, and is a valuable resource for customers. Voya's life insurance plans are underwritten by Reliastar, a business with an A (Excellent) rating for financial stability. This implies Voya is in a great position to fulfill its continuing insurance responsibilities, such as making payments on claims.

Available Insurance Plans

Term life and whole life insurance are the two options available from Voya. Below, we'll review the various insurance categories and the company's offerings.

Term Life

If the insured individual passes away while the term policy is active, the beneficiaries will get the death benefit mentioned in the policy. In contrast to permanent life insurance, term life insurance often has no savings component and no value other than the death payment.

Unless renewed or converted to whole life, they terminate at the end of the term. Most group term insurance is renewed annually.

• Voya provides term life insurance plans that can be changed to a whole life policy if the policyholder loses their term life eligibility due to job loss or other circumstances.


A whole life insurance policy pays out a death benefit. If the premiums are kept up, the policy will stay in effect for the rest of the insured person's life. The policy accumulates monetary value over time, which the insured may then borrow against.

The policy's initial premium will never increase. If you work for Voya, you may take advantage of their whole life insurance policy as a perk you can keep even after leaving the company.

Available Riders

Insurance policies often include features called "riders" that offer expanded coverage. An extra premium for a rider may be necessary to add to a policy's base compensation.

Benefit Payment Upon Death Earlier Than Expected Due to Terminal Illness Choice of standard or accelerated death benefits for terminal illness is available on both term and whole-life plans offered by Voya. The policyholder can get a portion of the death benefit while alive if a doctor certifies that they have a terminal disease.

Children's Term Life Insurance Benefit Rider

This rider, available on all Voya plans, supplements the policy's base coverage with term life insurance for the policyholder's current and future children.

Discounted Rate for Disability Rider

Suppose the policyholder suddenly becomes disabled due to sickness or accident and cannot pay the policy's premium. In that case, a rider is available on some plans from Voya that will keep the policy in effect.

The Conclusion

According to ratings and evaluations from policyholders, Voya Financial is not a reliable insurer. Nonetheless, it provides term life and whole life insurance that can be a part of an employer's benefits package.

Voya Financial's insurance products are unavailable if you purchase your life coverage. The only way to get one is through your company. On its website, Voya Financial provides specific details about each life insurance policy it sells. It would help if you got in touch with Voy Financial to learn more about the specifics of these plans.

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