Formerly known as ING, Voya Life Insurance Company is providing premier financial services such as retirement, investment, and insurance services to approximately 13 million customers in the US. ReliaStar Life Insurance Company underwrites Voya Life insurance policies. The company has top ratings across all four of the independent rating institutions. The rating institutions measure a company’s claims-paying ability and overall performance, receiving A- or better by all exhibiting financial strength, solvent, and a bright future.
Getting Coverage With Voya Life Insurance
When it comes to Voya underwriting, it is important to understand the company’s unique niches. One thing that sets them apart is that they do not look into an applicant’s family history for cancer. This is a huge coup for a client that may otherwise be eligible for best rates in class but given a family history of cancer only get a preferred rate class.
Voya life insurance is an excellent choice for clients that are 61 and older; with a liberal build chart they can still offer best rate class for an individual 5’10 and weighing 26lbs. Clients with blood pressure concerns or high cholesterol should also look to Voya for super preferred rates.
However, when it comes to smokers or those who have recently quit tobacco Voya would not be the best choice. They would also not be the best life insurance company for those with a family history of cardiovascular deaths before the age of 65. There are life insurance companies that are only concerned with deaths before 60 or do not look into cardiovascular family history at all. Voya does not offer a “no medical exam” product which is problematic for those that fear needles.
Voya Life Insurance Products
Voya’s term life policies offer term lengths of 10, 15, 20, 25 and 30 years, during this time your rates are guaranteed to remain the same. The minimum coverage amount is $100,000, and a paramedical exam is required for all applications. Term life policies can be used to pay off mortgages, car loans, short term expenses and even college tuition. Certain riders may be added to the policy. These riders include:
Children’s Term Insurance- for an additional premium adds a death benefit for each insured child aged 15 days to 25.
Additional Death Benefit for an additional premium this rider will pay in addition to the base policy death benefit in the result of an accidental death of the insured.
Voya Life Insurance Products Include:
Universal Life is a permanent life insurance solution that with benefits. Features include:
Income tax-free death benefit payable to beneficiaries
Ambitious fixed interest rate credited monthly to cash value
No income taxes on cash value growth. Cash value accumulates on a tax deferred basis.
Access to policy’s cash value using tax-free income loans and withdrawals.
Number and amount premium payments can be adjusted
Death benefit can be changed down or up (with evidence of insurability)
Indexed universal life insurance provides death benefit protection and the opportunity to build money inside the policy; increases in market index increase cash value of the policy.
The guaranteed minimum interest protects your investment, even if the indexes dip.
Death benefit protection
Money inside the policy grows income tax-deferred in fixed account
Moreover, indexed strategies offer greater growth potential than traditional universal life
Warranted not to have a negative index crediting rate even in a down market
Flexibility in how to pay premiums
Variable universal life offers death benefit security plus the flexibility of universal life insurance. You also have the possibility to build money in the policy using over 55 variable investment options from top financial firms. Features include:
Income tax-free death benefit payable to beneficiaries
Helps money build tax-deferred with variable investment options
55 variable investment choices managed by leading firms to choose from
Policy loans available for borrowing from the policy
Solid asset allocation solutions each diversified to meet risk tolerance
Automatic rebalancing available to support specified allocations
Dollar cost averaging to benefit from market changes
Survivorship life insurance insures the lives of two people paying the death benefit when the second person dies. It can be an important part of a financial strategy, particularly for large estates that need protection. It costs less than other policies since it pays after two people have passed on.
More Financial Planning Options:
Income tax-free death benefit1 paid to beneficiaries after the second insured dies
Helps money inside the policy called cash value grow tax-deferred
Less expensive than buying two individual life policies with like coverage
Death benefit proceeds can provide quick cash to pay any estate taxes due
Policy loans available so you can borrow from the policy
Voya Life Insurance Company Summary
When it comes to choosing the right product, there can be many things to consider. Be sure to discuss your current and future financial goals with your life insurance professional to determine what the best life insurance solution is. Voya Life Insurance Company is a top rated company and positioned to continue its growth.
To find out about other lower priced options available to you, please click on our “View Your Quotes” button in addition you can speak with a licensed agent by calling 866-936-3831. Gary W Blackmon is helping customers from California to New York find cheap life insurance.