*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.*
Life insurance is a key component of most any financial plan. That is because, should the unexpected occur, the proceeds from a life insurance policy can be used for many different things, depending on the needs of your survivors. These may include replacing lost income so that everyday expenses can be paid, the payoff of large 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. If you want to know how much final expense insurance costs, we can help.
When shopping for the right life insurance coverage, there are several factors that are essential to keep in mind. These include the type and the amount of benefit that you are applying for, as well as the premium that will be charged.
However, equally as important to consider is the life insurance carrier that you are buying the coverage from. This is because you will want to ensure that the company is strong and stable from a financial standpoint and that it has a good positive reputation for paying out its claims. One company that fits here is Reliastar Life Insurance Company.
The History Of Reliastar 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. In addition, 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.
Insurer Ratings And Better Business Bureau Grade
Due to Voya’s strong financial stability, the company has been given top ratings from the insurer rating agencies. 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.
Also, although Reliastar Life Insurance Company is not an accredited company through the Better Business Bureau (BBB), it has been given the grade of A+ by the BBB. This is on an overall grading scale of A+ through F.
Over the past three years, the company has closed out a total of 20 customer complaints, with three of these being closed within the past 12 months. Of the total 20 customer complaints, 11 had to do with problems with the company’s product and / or services, another 6 were in relation to delivery issues, one was in regard to advertising and / or sales issues, one was in relation to billing and / or collection issues, and another one was in regard to guarantee and / or warranty issues.
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 death benefit, as well as a 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.
The money that is in the cash-value component of the policy is allowed to grow and compound on a tax-deferred basis. This means that there are no taxes due on the gain in the account unless or until the funds are withdrawn.
The policyholder is allowed to either withdraw or to borrow the cash value – and they can do so for any need that they see fit, such as the payoff of debts, the supplementing of retirement income, or even for things like taking a nice vacation. And, while these funds are not required to be paid back, it is important to note that any amount that is not repaid to the policy will be counted against the death benefit that is paid out to the policy’s beneficiary at the time of the death of the insured.
The life insurance products through Voya that are underwritten by Reliastar include the following:
• 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 frequency and the amount of premium payments – 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. And, as with other types of life insurance coverage, the growth of the cash value is tax deferred, and the death benefit that is received by the beneficiary will be free of income taxation.
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 that the growth that takes place within the cash-value component of the policy is based upon the performance of an underlying market index such as the S&P 500. Here, if the index performs well, the policyholder has the opportunity for some nice gains – typically up to a stated cap rate. If, however, the underlying index performs poorly in any given year, 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 percent. 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 have the ability to 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 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. Oftentimes, 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 a 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 often thought of as being “temporary” life insurance, as 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 applicants 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.
How To Get The Best Premium Rates On Life Insurance Coverage
If you are seeking the best premium rates on life insurance coverage through ReliaStar – or any other life insurance company – it is typically best to work with an independent brokerage or agency that has access to many different life insurance carriers. This is so that you can compare policies, companies, and premium rates – in an unbiased manner – and from there you can determine which one will be the best for you and your particular needs.
We can assist you in this process, as we work with many of the top life insurance carriers in the marketplace. We can do so for you quickly and easily via your computer. When you are ready to begin, then just simply fill out the quote form on this page.
Should you find that you still have any additional questions about life insurance coverage, please feel free to contact our experts. We can be reached directly, via phone toll-free, by dialing 888-430-7668.
We know that the purchase of life insurance can at times be a bit overwhelming. There are many different variables to consider – and you want to be sure that you are moving in the right direction. So, contact us today – we’re here to help.