Voya / ING Reliastar No Longer Selling Life Insurance | What Should You Do?

Voya No Longer Selling Individual Life Insurance

Breaking News for Voya life insurance policy holders:

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.

Now what should you do with your Voya Policy? First of all talk to an independent agent or independent agency.

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.

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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 possesed 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 has having at least a “A” or Good rating.

orange money

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.

Lets 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.

Voya doesn’t currently have a no exam life insurance policy.  They do a good job with seniors but again, do not have a non medical policy for seniors.

While doing your life insurance research, you will want to also get life insurance quotes from other carriers like American National, North American, Lincoln Financial, Assurity, and Symetra.

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:

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.

Call us at 1-800-712-8519  or get a quote right here:

Voya

About Doug Mitchell
About Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent over 20 years in the life insurance industry and has also held licenses to sell securities, long-term care insurance, home and auto insurance.  For two years, Doug served as President of the Auburn Opelika Association of Financial Advisors and has been a member of the Million Dollar Round Table.  He obtained Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award.  Later in his career with New York Life he was an Executive Council Member.  Doug currently serves as President of Ogletree Financial, a life insurance marketing organization with over 1000 life insurance agents.  Today, Doug’s main focus is servicing 1000s of policyholders and growing his agency through the reach of www.insurancequotes2day.com.

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