Voya Financial is not a recommended life insurance carrier because of customer complaints left on Best Company. While it's not a recommended company, it does have nice options if you're an employer looking to add a life insurance plan to your employee benefits package. It has earned high financial strength ratings and offers term and permanent policies.
Voya Financial also provides financial services like planning and advice in addition to employer-offered life insurance products. It also offers other products and services, including annuity products, IRAs, retirement plans, employee benefits, and college savings.
Voya Financial has earned high financial strength ratings from well-known ratings agencies. Voya Financial has several different insurance companies:
All companies received an A+ rating from Standard & Poor's in May 2019. Some of the insurance companies have also been rated highly by Moody's, Fitch, and A.M. Best. High financial ratings are a good sign because they indicate the insurer's ability to meet its claims obligations to clients.
Voya Financial offers term life insurance that employers can include in their benefits package. Term life insurance only offers coverage for a set period of time. Voya Financial's term life insurance includes an accelerated death benefit if the insured receives a terminal illness diagnosis.
Voya Financial also offers support services for beneficiaries. These services offer financial advice to beneficiaries.
One of the biggest concerns of only purchasing life insurance through your employer is that the policy typically ends once you leave for another opportunity. With Voya Financial's life insurance, you may be able to retain your life insurance coverage even if you take another job.
Voya Financial also offers whole life insurance that employers can offer employees. This policy is designed to be lifelong. With whole life insurance you can benefit from the cash value accrual you can access while living.
Like the term life insurance policy, you may be able to continue if you leave your current employer.
Voya Financial does not state whether or not an accelerated death benefit is available with this policy.
Voya Financial provides customers with a phone number and online email form to reach their own customer service agents. Both methods of communication are reliable and customers can easily reach a helpful representative.
Customers who left reviews on Best Company gave Voya Financial low ratings. Complaints include difficulty with the claims process and payment, miscommunication on fees, and increasing premiums.
Many of these complaints came from people who purchased their own policies through one of Voya Financial's subsidiaries. While things may be different with its employer options, these concerns indicate that potential clients should proceed with caution.
Voya Financial's life insurance policies are only available as part of employers' benefits packages. If you want to purchase your own life insurance policy, you'll need to consider other companies.
Employers interested in offering a universal life policy to employees will need to find another insurer.
For those seeking information on life insurance premiums, you'll need to contact Voya Financial directly. Life insurance quotes vary based on the underwriting process. While it may be inconvenient not to have this information readily available online, you'll get the best information by talking to a Voya Financial insurance agent.
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