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Voya Financial Insurance Company
To begin with, Voya Financial ( Formerly Known As The ING Group/Reliastar Life Insurance Company) is a financial investment company that has earned an excellent reputation over the years in the United States. In fact, life insurance products is one of the things that they offer. If you’re lucky enough to have previously been investing with ING, then it’s a great opportunity for you to set up a life insurance plan. The company even offers you quotes, so you can find out the exact cost of life insurance.
The company is focused on the long term with their Voya Family of Companies as they are a finacial conglomerate with over $550 billion in assets.
However, we always recommend receiving several quotes. This way, you can compare rates and policies, and be in a better position to get the best life insurance policy. Prices vary drastically between companies, and each company may view your level of risk differently. There are plenty of excellent life insurance companies out there for you to check out, such as Banner Life Insurance, Protective Life, and American General AIG. These carriers may be more cost effective than products issued by reliastar life.
A BRIEF HISTORY OF VOYA/ING RELIASTAR
ING Reliastar started in the 70’s. Now, they have a workforce consisting of about 7,000 people. They have a clientele of around 14.7 million. Currently, they are in a transitional period, as they re-brand themselves as Voya. However, it continues to be one of the top insurance companies as well as one of the top investment companies.
In 2016, it was estimated that ING Reliastar had nearly $550 billion in assets. They’ll cover any state in the US. We always recommend researching how rating agencies have rated any insurance company that you are considering since it will give you a good idea of how reliable they are as a company. Unsurprisingly, Voya generally receives an A or A- rating and a high life insurance company review.
WHAT KIND OF POLICIES CAN I GET WITH VOYA/ING RELIASTAR
Above all, ING Reliastar life Insurance company products are among the top in the industry. Below are some of the more basic coverage options that Voya Finacial offers:
- Voya TermSmart — The most basic, easy, and affordable term life insurance plan offered by Voya. It offers coverage between $100,000 to $1 million. There’s a fixed premium, and you can choose between 10, 15, or 20 years for coverage.
- Voya Return of Premium Endowment Term — With this policy, policyholders will get a full refund of all their paid premiums if they lived longer than the policy that they had set up. Choose from 20, 25, and 30 years of coverage.
- Voya Universal Life CV — Includes a minimum interest rate of 3%. The option to borrow funds from the policy is also granted.
- Voya Universal Life CV NY — This New York based branch include a minimum interest rate of 2%
- Voya Indexed Universal Life Global Choice— Offers a variety of crediting options. Includes a guaranteed interest rate of 2%. Great policy for the long term.
- Voya Indexed Universal Life Guaranteed Death Benefit — As you might have suspected, this plan comes with a guaranteed death benefit. Also, multiple investment options. These investments are primarily in the S&P 500 and used for estate planning and possible deferred income tax.
- Voya Variable Universal Life CV — A great option if you’re looking to build up cash value to fund college tuition, pay off debts, or whatever else you may want to be covered.
- Voya Variable Universal Life DB — This plan has cheap premiums, cash build up options, and the option for withdrawals/loans.
WHAT ABOUT SURVIVORSHIP LIFE INSURANCE COVERAGE
Voya offers these two policies for survivorship life insurance:
- Voya Strategic Accumulator Survivorship Universal Life — Allows nontaxable interest to accumulate. This plan gives you a high possibility to accumulate cash quickly.
- Voya Survivorship Variable Universal Life CV — This policy can provide coverage for two people, and offers multiple investment options.
What are the Pros to Using Voya/ING Reliastar for my Life Insurance
One of the great things about ING Reliastar is their versatility. For however long you want to be covered, they’ll have options. They have a premium endowment policy that refunds premiums paid once the term is finished.
They also have universal policies that will cover you in the long run. With this policy, you’d be able to set up a fund for your children’s education, or whatever else you’d like covered after you pass. These plans are quite customizable.
Variable universal life insurance policies are also available with ING Reliastar. In fact, these plans are an excellent choice for ING; variable universal life insurance offers multiple cash value investment options, and ING is an investment company. ING is known for their reasonably priced policies for all walks of life, like a term policy for those in their 20’s.