Voya Insurance Company Review

For 40 years, Voya Financial has been the business of managing Americans’ savings for a better retirement. Its mission is to make a secure financial future possible for all Americans, serving institutions, families and individuals while working toward a vision of becoming America’s Retirement CompanyTM. In 2013, the company had one of the top performing initial public offerings of the year. Supported by 7,000 employees serving 13 million customers, Voya wants to help manage your life, your goals and your future.

Voya is a Fortune 500 company that has been named among the World’s most Ethical Companies by the Ethisphere Institute and top-ranked on multiple “best places to work” lists

Stats

A.M. Best RatingA
B.B.B. RatingA+
PolicyZip Rating
Founded1991
HeadquartersNew York, NY
Number of Employees6,500
Total Assets$276 Billion

Insurance Offerings 

Voya is a top-tier life insurance provider with individual life insurance plans making up 15% of their business. Voya life insurance van be a key part of your overall financial strategy — providing protection for loved ones in the event of your death and offering unique ways to plan for your financial future.

Term life insurance offers the largest amount of coverage for the least amount of cash, making it ideal for younger policy holders looking for affordable coverage. If you are your family’s primary source of income, term life insurance may be for you. This type of coverage protects you for a specific period of time to help replace lost income if a head of household passes away. The benefit is paid out income tax-free and premiums and coverage stay consistent throughout the life of the policy. Through Voya, you may convert this type of plan in a cash value policy should the need arise.

Universal life insurance is a permanent life insurance solution that spans your entire lifetime. With this plan, you can secure an income tax-free death benefit for your family, while building cash you can use during your lifetime for things like retirement income education expenses and mortgage payoffs. These policies offer cash value accumulation with a fixed interest rate. You do not have to pay taxes on the cash while it builds, but do have access to the cash via loan should your need it. You can adjust the amount and frequency of payments as well as the death benefit amount should your needs change.

Indexed universal life insurance offers death benefit protection and market index cash accumulation at a guaranteed interest rate, providing higher growth potential than tradition universal life plans. Money within the plan grows tax-free and, even in a down market, you are guaranteed to not experience a negative crediting rate. With this plan, you also have options for when and how you want to pay your premiums.

Variable universal life insurance plans may be good for individuals looking to supplement retirement income or pay for education expenses and have death benefit protection. These plans provide death benefit along with the flexibility of universal life insurance, while also allowing you to accumulate cash with over 55 investment options.

Survivorship life insurance policies cover two people. The death benefit is paid income tax-free when the second individuals passes away. This type of plan usually costs less than other types of life insurance and may be good for individuals with a large estate to protect since the benefit provides immediate cash that can be used to pay estate taxes. You are also able to borrow against this plan for expenses during your lifetime.