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In this Voya ING life insurance review we will discuss the pros and cons of the company as well as whether you should buy life insurance from them. Voya Financial Inc. debuted as a financial services company in April of 2014. Formally known as ING-Reliastar, this company is one of the leading retirement services and life insurance providers in the United States.
Voya is a conceptual name derived from the word “Voyage,” which name exhibits momentum and optimism. According to the company’s core values, “Voya’s vision is to be America’s Retirement Company©.” With the uniting of ING/Reliastar and other financial firms over the years, Voya has become a financial powerhouse. As of 2017, the company has more than 14,000,000 customers and has received numerous accolades of being a premier financial services firm and insurance provider.
Here are some key features of Voya ING life insurance policies:
1. Competitive term life insurance pricing
2. Liberal underwriting for: Type 2 Diabetics over age 60, Occasional Cigar smokers, Applicants with a family history of cancer
3. Term conversion feature up to age 70
Voya ING Life Insurance Review – Financial Strength
Voya has a very strong outlook for financial strength and claims paying ability. The company is very highly rated by the insurer rating agencies.
A.M. Best gives Voya an A rating (Excellent) – The 3rd highest of 15 ratings based on a company’s financial strength and ability to meet obligations to contract holders.
Moody’s – A2 (Good) – The 6th highest of 21 ratings. Low credit risk
Standard & Poors – A (Strong) – The 6th highest of 20 ratings AA- from Standard and Poor’s. Measures a company’s financial security.
Fitch Ratings – A (Strong) – 6th highest of 19 ratings. Financially secure.
Voya ING Financial – The Positives
There are many good things to say about this company. Along with being a very financially stable company, Voya has carved out some specific niches for offering life insurance policies to people with certain lifestyle habits or health conditions.
Preferred Plus For Cholesterol Readings up to 300
Not many other insurance companies would offer their top rates and lowest pricing to people with elevated cholesterol but Voya does. As long as your ratios are below 5.0 for males and 4.5 for females, you can qualify for their best class – preferred plus. If you are shopping for a life insurance policy and have high cholesterol, you should consider Voya as an option.
Preferred Rates for Type 2 Diabetics?
Yes. Voya is very aggressive for offering the top rates for people with type 2 diabetes. If you are over the age of 60 and have been diagnosed with type 2 diabetes less than 5 years ago, you can be offered top class rates. As long as your condition is being controlled with medication, you have no other health issues and regularly see your doctor, preferred rates are available.
If you have diabetes and do not meet the above requirements, check out our Term Life Insurance for Diabetics page.
Non-Smoker Rates For Occasional Cigar Smokers
Occasional cigar smokers that smoke less than 52 cigars per year can qualify for preferred rates. Cigar smoking must be admitted on your application and must correspond with your doctor’s records. The insurance company medical exam must also be negative for nicotine in your urine analysis.
Preferred Rates For Applicants With Family History of Cancer
Most companies will automatically give you a few “debits” if you have an immediate family member that has cancer. The best-case scenario would be Standard or Standard Plus based on actuarial studies of descendants of cancer patients. Voya will offer preferred rates. They are one of the few companies that will not penalize you for a family history of cancer.
Voya ING Life Insurance Review: Term Products
Life insurance policies are underwritten by VOYA subsidiary ReliaStar. This company was originally owned under the ING name but is now part of the VOYA family of companies. Voya has 2 term life products:
Voya Term Smart
TermSmart is very competitive in price with other carriers. Voya’s Term Smart product is a guaranteed level premium term product. Your premiums and death benefit are guaranteed to never increase for the length of the term. Policies available are: 10, 15 and 20-year term only (no 30 year term available). You can get a VOYA quote by filling out the quote form on the left side of this page. This product is not available in New York.
Issue ages are between ages 18 to 80 with a minimum amount of $100,000 of coverage. Voya TermSmart is convertible to permanent insurance with no evidence of insurability up until age 70. Most companies will only allow conversion up to age 65.
Voya Return of Premium (ROP) Endowment Term
ROP Endowment Term is a term policy that builds cash value which is very similar to a permanent insurance policy. However, this is term insurance product that provides a return of premium feature should you outlive the term. During the term period, you will have access to cash value that you can borrow from and you can convert to a permanent policy under the same conditions as TermSmart.
A Return of Premium policy is considerably more expensive than a regular term policy but some people are willing to pay more for the feature of getting all their money back at the end of the term.
Issue ages are: 0 to age 60 for the 20-year term. 0 to age 50 for the 25-year term and 0 to age 55 for the 30 year term. This product is not available in all states.
VOYA Indexed Universal Life Insurance Series
Like many other insurance companies, Voya offers several types of universal life product to meet the needs of different people.
VOYA Universal Life-CV: A flexible premium product which allows clients the opportunity to have coverage while building tax-deferred growth in a cash value account. Funds grow at a competitive, fixed interest rate and can be withdrawn at any time and in any amount.
Indexed Universal Life by Voya: Comes in many different offerings: Protector, Accumulation, Global Choice, Global, and Accumulator Survivorship Universal Life.
Strategic Accumulator Survivorship Universal Life: Is used in estate planning and business continuation cases. It is also known as second to die or Joint Life insurance. This type of policy provides a death benefit payout on the death of the surviving spouse or business owner.
Voya ING Financial – The Negatives
Voya is a great choice for many people but like many financial firms, not one company will be the right fit for everyone. For example, if you have recently quit smoking, Voya will not have favorable rates like other companies because they will consider you a smoker for a least 2 years. Contact us if you have recently quit smoking for competitive rates.
Another negative about Voya is they currently do not offer No Medical Exam life insurance products. No exam life insurance is becoming very popular throughout the industry and many companies are now offering these policies but Voya does not. In our view this is a big drawback because many people do not like the inconvenience of providing blood samples or medical records.
Overall, Voya is a solid financial company with very innovative insurance and financial products. If you would like more information about a Voya ING life insurance policy or a free quote, feel free to contact us at: 914-633-1717
