*Disclaimer – ReliaStar Life Insurance recently changed their name to Voya as a way to rebrand their company. All of the content in this review is still relevant and accurate to the best of our knowledge. The company continues to offer excellent life insurance plans to thousands and thousands of customers every year. Aside from their name, the company didn’t change much else. They still have excellent customer service and should be one of the first places you look to get a quality insurance plan.*
There are A LOT of reasons you need a life insurance policy.
These may include replacing lost income so that everyday expenses can be paid, the payoff of massive debt such as a home mortgage, and/or ensuring that funeral and other final expenses can be taken care of, without having to dip into savings or put them on credit.
Shopping for life insurance can be as difficult as buying a house. There are so many things to consider and options. You need to see prices, coverage, add-ons and more.
However, equally as important to consider is the life insurance carrier that you are buying the coverage from. You need a company which is going to be around for as long as you will.
The History Of Reliastar (Voya) Life Insurance Company
ReliaStar Life Insurance Company began in the mid-1970s. However, this company can technically trace its roots back to the year 1885, as the company’s initial predecessor, ING Group, started to create this company when it acquired a major stake in Wisconsin National Life Insurance Company (which was then followed up the following year with Midwestern Life Insurance Company).
Over time, the company grew in large part by acquiring other insurance carriers, such as Life of Georgia, Equitable of Iowa, and Relia Star. It also took over ING Reinsurance and ING Advisors Network. Just a few years ago, ING made a complete transition, along with changing its name to Voya Financial.
Reliastar Life Insurance Company Review
Today, Voya is a large and diversified financial company that helps Americans plan, invest, and protect their savings. The company has a clear mission to make a secure financial future possible, one person, one family, and one institution at a time. In fact, the company’s overall mission is to be “America’s Retirement Company.”
Voya serves more than 47,000 institutional clients, as well as nearly 4.5 million individual retirement plan investors. Also, it is a leading investment management company and provider of retirement products and services throughout the United States. It is also a top-10 provider of medical stop-loss coverage in the United States.
The company is a top-tier provider of both term and permanent life insurance products, which can offer its customer’s wealth accumulation, protection, and transfer opportunities via term, variable, and universal life insurance options.
Over the years, Voya has achieved many awards and accolades, including being named one of the 2016 World’s Most Ethical Companies by Ethisphere Institute, and it was included as number 252 on the Fortune 500 list. In 2016, Voya was also certified as a Great Place to Work, as well as recognized as one of the Top Green Companies (number 33) by Newsweek. The company headquarters is located in Minneapolis, Minnesota.
How Are They Rated?
Due to Voya’s strong financial stability, the company has been given great grades. The ratings for its component of ReliaStar Life Insurance Company include the following:
- A (Excellent) from A.M. Best Company
- A (Strong) from Fitch Ratings
- A2 from (Good) Moody’s
- A (Strong) from Standard & Poor’s
The same ratings have also been given to ReliaStar Life Insurance Company of NY, as well as for Voya Insurance and Annuity Company.
They haven’t gotten accreditation from the BBB, but they do have an A+ grade.
Life Insurance Products Offered By Reliastar Life Insurance Company
The life insurance products from Voya are issued by ReliaStar Life Insurance Company. There are some policies to choose from, which can be helpful for customers in better “customizing” the coverage that they require to fit their anticipated needs.
Many of these product options are permanent life insurance coverage, which means that there is both a benefit and cash-value component of the policy. Typically, as long as the premium is paid, these policies will remain in force for the remainder of the insured’s lifetime – which can provide added peace of mind for loved ones and survivors.
You don’t pay taxes on the cash-value until it’s withdrawn. You can either borrow against the cash-value or withdraw it.
The life insurance products through Voya are:
• Universal Life Insurance
• Indexed Universal Life Insurance
• Variable Universal Life Insurance
• Survivorship Life Insurance
Universal Life Insurance Coverage
A universal life insurance policy is built to last for the entire lifetime of the insured – and it can also provide more flexibility than some other types of permanent life insurance, like whole life. This is because the policy offers death benefit protection, as well as cash value.
With these types of policies, a competitive fixed interest rate is credited to the monthly cash value. But, what makes universal life flexible is the fact that the policyholder can adjust the number of premiums and how often you pay them- within certain guidelines – to better fit their needs.
Also, with universal life insurance coverage, the death benefit can be adjusted down or up (with evidence of insurability) in order meet the policy holder’s needs as well.
Voya offers some different plans for universal life insurance. These include the following:
- Voya Universal Life – CV
- Voya Universal Life – CV NY
Indexed Universal Life Insurance Coverage
An indexed universal life insurance policy has similar features to a regular universal life insurance policy such as the flexibility in payment of the premiums – except the growth is based upon the performance of a market index such as the S&P 500.
Here, if the index performs well, the policyholder has the opportunity for some nice gains – up to a stated cap rate. If the index performs poorly, the policyholder will not incur losses to the cash value.
In this case, the policy’s cash account will simply be credited with a 0%. Therefore, while you can take part in gains, your principal in this type of policy will not incur negative performance in a down market environment. Voya offers the following indexed universal life insurance options:
- Voya Indexed Universal Life-Global Choice
- Voya Indexed Universal Life-Global Choice NY
Variable Universal Life Insurance Coverage
Another form of permanent life insurance protection, variable life insurance coverage, also offers both death benefit protection and a cash component. Here, policyholders can grow their cash value – sometimes substantially – through equity investments in the cash component of the policy.
Voya offers more than 55 different variable investment options to choose from. It is important to note, though, that although variable universal life can offer the ability to grow the cash value substantially, there is also a market risk that is inherent in these types of policies.
The variable universal life insurance coverage that is available through Voya includes:
- Voya Variable Universal Life – CV
- Voya Variable Universal Life – DB
Survivorship Life Insurance Coverage
A survivorship life insurance policy coverage the lives of two individuals – and it pays out the death benefit at the passing of the second person. Often, survivorship life insurance is used for estate planning purposes for those who have a large estate that they wish to protect. Typically, purchasing this type of policy will cost less than obtaining two separate life insurance policies.
The survivorship life insurance options that are offered through Voya include the following:
- Voya Strategic Accumulator Survivorship Universal Life
- Voya Survivorship Variable Universal Life – CV
Term Life Insurance Coverage
There are also some term life insurance policy options that are available – which have term lengths of between one and thirty years. Term life insurance is “temporary” life insurance, and it can be used for paying off a mortgage and/or ensuring that other temporary needs are met such as funding a child or a grandchild’s college education.
Senior Life Insurance Options Through Reliastar
For seniors, there are several life insurance product options that can be obtained via Voya / ReliaStar. For instance, the term life insurance products may be obtained through age 75 – depending on the applicant’s health. If the applicant’s health is not good enough to obtain a traditional medically underwritten policy, we can look into other options such as a no medical exam life insurance policy or high-risk life insurance policies, which will come with a higher premium rate.
Other Products And Services Offered By The Company
In addition to just life insurance, Voya offers other products and services as well. These include investment management services, retirement annuities (such as fixed, fixed indexed, and immediate), retirement plans. Also, the company is a top ten leading provider of medical stop-loss coverage in the United States, as well as a provider of disability and voluntary insurance products to businesses, and covering nearly 4.5 million individuals.
Taking Your Next Steps with Voya
Voya is a very popular option. After the name change, they spent a lot of money to raise awareness of their new name.
Through the years, we’ve helped a lot of people get life insurance coverage, if through Voya or through another company.
If Voya isn’t the carrier perfect for you, there are other options. We’ve detailed some of the biggest names out there. You can check out some of our other review articles.
If you have more questions which we didn’t answer, please call us. We would love to discuss your insurance needs.