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Voya No Longer Selling Individual Life Insurance
Breaking News for Voya life insurance policyholders:
Voya CEO Rodney O. Martin announced during an earnings call Tuesday, October 30, 2018 that the company will discontinue selling life insurance policies to individuals to focus on more profitable segments. Voya Financial will now adjust their focus on retirement, investment management and employee benefits. These units have proved to be higher growth and return as well as capital light business units.
You may be just fine sticking with your current Voya – ING – Reliastar life insurance policy. You may also want to check your rates against stronger life insurance companies that are available today.
In the past, we gave Voya Financial, formerly known as Reliastar or ING, a thumbs up for life insurance. You may remember the orange money commercials. That is Voya. We now have to take that back as they no longer offer individual life insurance policies.
Voya gets an A rating from Standard and Poors, A rating from Fitch and an A rating from A.M. Best.
ING, or Voya Financial as it is now called, is a reliable investment firm that will now cater to workplace and institutional customers.
While ING Reliastar can trace its heritage clear back to 1885, the Des Moines, Iowa company started its operations in 1970. The predecessor of the ING Group started to develop the company once it purchased the majority of Wisconsin National Life Insurance Company (1975) and Midwestern United Life Insurance Company (1976). Over the following years, the insurance group expanded even more by acquiring Reliastar, Life of Georgia, and Equitable of Iowa, as well as ING Advisors Network, ING Reinsurance, and CitiStreet. Finally, in 2014, the ING Group transitioned to the new company name of Voya Financial.
Voya ING Reliastar Ratings
ING Reliastar possessed approximately $514 billion of assets under their management as of 2013. As one of the top independent brokers in the nation, as well as the leading life insurance provider, this company is able to sell its products throughout the U.S.
Voya ING Reliastar continues to maintain superior ratings from leading insurance rating agencies, which is indicative of them being a stable and strong insurance provider. A.M.Best awarded the company an “A” rating, which is the 3rd highest out of their 15 ratings. This classification is consistent with excellent financial strength and ability to pay its claims to policyholders. Furthermore, additional rating agencies – S&P, Fitch, and Moody’s – all report Voya ING Reliastar as having at least an “A” or Good rating.
Voya ING Reliastar Life Insurance Products
Since transitioning to the new name, Voya Financial, offers insurance products, such as term life, survivorship life insurance, variable universal life, universal life, and indexed universal life. Let’s take a look at the different life insurance products available:
Voya Financial offers term life insurance as well as a return of premium term policy
- Voya TermSmart
This term life policy is regarded as one of the easiest and most affordable of all the policies the company has to offer. The face amount of coverage available is anywhere between $100,000 to $1 million, and the life insurance rates will continue at a level amount throughout the guaranteed period.
The terms available include 10, 15, and 20-years of coverage. Furthermore, the named insured also has the capability to convert this policy into one that builds a cash value, such as a UL insurance policy.
- Voya ROP Endowment Term
This return of premium term policy allows policyholders to financially protect their loved ones, not to mention, possibly receive 100% of their premiums returned should they survive their policy (considering certain conditions). The premiums remain level, and the terms possible include 20, 25, and 30 years of life insurance protection.
Voya financial also offers several forms of universal life insurance policies. Lets take a look at a few.
- Voya Universal Life CV
This life insurance policy provides a tax-deferred death benefit which is paid to the beneficiaries at the time of the insured’s passing. The cash value is able to grow, tax-deferred, and absolutely zero tax needs to be paid until the funds are withdrawn. Additionally, the insured has access to policy loans as well.
- Voya Universal Life CV NY
Provided by Reliastar, this policy guarantees a credit to the UL policy with greater than a 2% interest rate.
- Indexed Universal Life insurance
The indexed universal life insurance policy (IUL) provides a death benefit, plus it has the ability to grow a cash value depending on the performance of the market index. In the event that the index falls, this policy also offers market protection during a loss so that the principal remains untouched. Indexed universal life insurance plans that the insurance company offers includes Voya Indexed Universal Life Global Choice and Voya Indexed Universal Life Guaranteed Death Benefit.
- Variable Universal Life Insurance
UL insurance policies offer both a protected death benefit and flexibility similar to that of universal life insurance. Also, this policy provides the insured with the capacity to grow a cash value using approximately fifty different variable investment options from leading investment firms. Variable UL policies offered by Voya include Variable Universal Life CV and Variable Universal Life DB.
- Survivorship Universal Life Insurance
This policy insures two individuals with one single, and then the death benefit is distributed once the second policyholder dies. These sort of life insurance policies are typically purchased by couples that are married that have the desire to provide a pay out to their children in the event of the surviving parent’s death. Voya offers Strategic Accumulator Survivorship Universal Life and Survivorship Variable Universal Life CV.
Let’s take a look at the Voya ING Reliastar Advantages
Most insurance companies have different “niches” that they gravitate toward. While some providers might favor smokers, others prefer overweight applicants. Voya is actually the best life insurance company for those with a familial history of cancer. Surprisingly, even questions regarding an applicant’s family history of cancer are omitted. If you are a consumer with cancer in your family history, the better choice is most likely going to be Voya.
Another medical condition that Voya tends to rate best in is high blood pressure. Many companies are rather restrictive on how this condition is underwritten, often causing premiums to skyrocket. However, with Voya/ING Reliastar, those restrictions are loosened which results in lower premiums.
As mentioned previously, you have the ability to choose from numerous options. These options give the consumer the flexibility to select a plan most suitable for their needs. There is really no reason to select a policy with anything less than the perfect coverage.
When You’re Ready…
Even if you’ve made the decision to get a quote from Voya ING Reliastar for life insurance, it’s always wise to consult an independent insurance agent. They are able to provide you quotes from multiple carriers and make it relatively simple to purchase the selected policy. Independent life insurance brokers are able to help you navigate the decision process and steer you in the proper direction. We can answer any questions that you may have like:
- What happens in a life insurance exam?
- Can you get life insurance without an exam?
- How can I pass a medical exam for life insurance?
- Should I replace my current term life policy with Voya?
We will also create custom quotes tailored to your specific needs.
You can count on Ogletree Financial to find you an affordable life insurance policy.
So, Now What?
It’s a good time to review your Voya policy to make certain that you have the best product for your circumstances. It’s certainly possible that your circumstances have changed because of life events and doing nothing is probably not the best option.
If the agent or agency you purchased your policy from is no longer in the picture, now’s a good time to establish a relationship with an experienced and reputable insurance professional who represents the majority of the top-rated carriers as well as Voya. This way, you have a fresh pair of eyes scrutinize the policy you purchased to make certain it will still me your needs.
The chances are that your policy is still the best choice, but what if it isn’t? Do you know if your policy is underperforming? Do you know if it’s providing sufficient protection for your loved ones if you were suddenly out of the picture?
If you purchased a Universal Life, Indexed Universal Life, or Variable Universal Life to accumulate wealth for retirement or to fund anticipated estate taxes or wealth transfer costs, will your policy perform sufficiently to mitigate these costs?
If you’re unsure about any of these questions, talk to us. We can audit your current coverage and put your mind at ease. If the policy is doing what it’s supposed to, we’ll confirm that. If it’s not or if life events require a change in product, we’ll confirm that as well.
You Do Have Choices
If we discover that your current policy (even if it’s not Voya) is not the best fit for your circumstances, we will offer choices that make financial sense for you and your loved ones. The choice you will make will always be solely to benefit you, not an agent or company.
Here are some of the carriers that we believe offer the best product, value, and pricing whether your need is term insurance or cash-value insurance (in no particular order):
Term insurance is a smart choice for young to middle-aged adults who require a large amount of coverage to replace income, pay off debt and a mortgage, or to cover college and retirement needs.
Universal Life Insurance
A UL policy is typically used to purchase a guaranteed death benefit and at the same time accumulate wealth for retirement. Depending on your circumstances, we are likely to recommend guaranteed universal life, indexed universal life, or variable universal life.
- North American Company for Life and Health
- Midland National Life
- Lincoln Financial Group
- American National (ANICO)
- Symetra Life Insurance Company