Voya Life Insurance stands out in the industry for its unique offerings and customer-centric approach. In this review, we’ll delve into its features, benefits, and feedback to help you decide if it’s the right fit for your needs.
Voya Life Insurance Overview
Voya got a rating of 3.0 out of 5. This is because you can only get their insurance through certain jobs, and they don’t have many policy options. However, the good side is they offer plans that don’t need a medical check, and they have fewer customer complaints than usual.
People also think Voya’s extra features and ways to get in touch are just okay, which can be tricky for some users.
Voya Life Insurance Pros and Cons
- Employees can pay directly from their salaries.
- Few customer complaints for both Voya and Reliastar.
- Handy learning resources are available online.
- They provide policies in every state.
- You can only get their policies if offered by your employer.
- Voya mainly focuses on bigger companies.
- They don’t offer many policy choices.
- Their website has useful info, but it’s not always easy to use.
Types of Life Insurance Offered
Life insurance is like a deal between you and an insurance company. You pay them regularly, and if you pass away, they give money to the people you choose. How much you pay and the money they give depends on things like your age, health, and lifestyle. Some policies can even save money over time, which you can use or borrow.
Want to understand life insurance better? Here’s a simple guide:
- Learn How It Works: Start by understanding the basics of life insurance.
- Choose Your Policy Type: Decide if you want ‘term’ (for a set time) or ‘whole life’ (for your entire life).
- Add Extras If Needed: Some policies let you add special features, called riders.
- Figure Out the Coverage: Decide how much money your loved ones would need and for how long.
- Shop Around: Check prices from different companies to get a good deal.
- Check the Company: Make sure the insurance company is reliable and customers like them.
Voya Financial used to offer personal life insurance but now focuses on group insurance for big companies. So, if you work for a big company, they might offer you a plan from Voya Financial.
It’s a good idea to talk to an expert, like a financial advisor or insurance agent, before picking an insurance plan through work.
Remember, there are two main types of plans to choose from.
Term Life Insurance
Term life insurance gives you coverage for a set time, usually between 10 to 30 years. If you pass away during this time, the insurance company pays a set amount to the people you’ve chosen. After the set time, the coverage ends.
Many companies sell term insurance. The best ones have good prices and let you pick the coverage you want.
Voya lets you buy term insurance and change it to whole life insurance later, especially if you change jobs. People see this as an extra benefit to their group insurance. Usually, Voya gives coverage for 10 to 30 years.
The good thing? Employees can get this insurance without a health check or answering medical questions. However, the amount of coverage might be limited to $500,000 or less, depending on where you live and your job’s insurance plan.
Whole Life Insurance
Whole life insurance is like buying coverage that lasts your entire life, as long as you pay for it. Unlike short-term policies, whole life insurance builds up value. This means you can borrow money from what you’ve paid over time.
Voya gives whole life insurance as a benefit to workers. And the good part? If you leave your job, you can still keep this insurance.
Workers can borrow money from their Voya insurance, maybe for emergencies or to add to their retirement money. The amount you pay for Voya’s whole life insurance stays the same, no matter how old you get or if your health changes.
You can often get whole life insurance along with short-term insurance, but what’s available might be different depending on where you work.
Voya Life Insurance Riders
Riders are like extra features you can add to your insurance to get more protection. Sometimes, these extras might cost a bit more, but it depends on your job’s insurance plan.
With Voya, you can add special features to both short-term and whole life insurances. One feature lets you use some of your insurance money early if a doctor says you’re very sick and don’t have long to live.
Voya also has a special add-on to cover your kids. This means if you buy this extra, both your current and future kids can get insurance too.
Another cool thing? Some of Voya’s insurances have a feature where, if you get sick or hurt and can’t pay, your insurance still stays active.
It’s a good idea to chat with an insurance expert to make sure you’re getting a good deal from your job’s insurance offers.
How Much Does Voya Life Insurance Cost?
Life insurance prices are quite competitive. Every insurance company has its way of setting prices and handling payouts, but some things are common everywhere. The amount you pay usually depends on:
- Your age
- Your health and past medical issues
- Your job
- Whether you’re male or female
- Your way of life
- The kind of policy you choose
- How much coverage you want
In some places, companies can also look at your credit score when setting your price.
Voya and Reliastar Ratings From Third Parties
Financial ratings tell us how strong insurance companies are with their money. Both Voya and Reliastar have top ratings from big agencies like AM Best and Fitch. This means they’re trusted to have the funds to pay out when people make claims.
Index of Complaints
The NAIC rates insurance companies based on customer feedback. A low complaint index means fewer complaints. Voya’s score is 0.02, and Reliastar’s is 0.18 – both really low compared to the average of 1.00. However, Reliastar in New York scores a bit higher at 1.22, with 10 complaints in 2021.
The Bottom Line
You can only get Voya’s term and whole life insurance if your job offers it as a benefit. If your job doesn’t provide Voya, you can’t get it. But, Voya is known for being financially strong and doesn’t get many complaints. If your job offers Voya, it might be a good choice. Still, it’s smart to check prices from other companies to make sure you’re getting the best deal for your life insurance.
FAQs: Voya Life Insurance
How do I contact Voya customer service?
You can visit Voya’s website whenever you want. If you’d rather call, dial (877) 886-5050 between 9 a.m. and 7 p.m. Eastern Time from Monday to Friday. If you prefer to send an email, just go to voya.com/contact-us and use their contact form.
Are Voya life insurance benefits taxable to the beneficiary?
Usually, the money from life insurance when someone passes away isn’t taxed. Voya doesn’t tell the IRS about these benefits for U.S. folks. But, if you earn any interest on that money, that part is taxed and the IRS will know about it.
Is a certified death certificate required when filing a claim?
Voya always asks for an official death certificate when someone claims insurance, especially if the money involved is more than $500,000. This official certificate proves someone has passed away and helps stop fraud. For claims under $500,000, a copy of the death certificate is okay.
Will the life insurance be paid if the cause of death results from a suicide?
Most insurance plans cover any reason for passing away. However, with some Voya plans, if someone takes their own life within the first two years of having the insurance, the money won’t be paid out. It’s important to check the details in your policy to understand it fully.
What are the requirements when a beneficiary is a minor?
Kids can’t directly receive money from life insurance. However, in some places, there are rules like the Uniform Gifts to Minors Act that let kids get the money if it’s below a certain amount. This amount changes depending on the state.