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Voya Life Insurance Review

Jan. 2, 2019
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at a glance

  • Offers a variety of permanent universal life insurance policies.
  • Does not offer term life insurance.


Shopping for life insurance during the pandemic? Be aware that insurers may have changed their products and policy applications. For the latest information on how to cope with financial stress during this emergency, see NerdWallet’s financial guide to COVID-19.

Formerly known as ING U.S. Inc., the company became Voya Financial Inc. in 2014. It offers an array of financial products and services, including universal life insurance products, a type of permanent policy.

» MORE: Compare life insurance quotes

Take care of what matters most

Your family is unique — your life insurance should be, too.

Voya life insurance

3.5 NerdWallet rating

Voya earned 3.5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account complaint data from the National Association of Insurance Commissioners and financial strength ratings from A.M. Best.

Consumer complaints: Better than the median

Voya’s life insurance policies are issued by subsidiaries ReliaStar Life Insurance Co. of New York and Security Life of Denver Insurance Co. Both companies drew relatively fewer complaints to state regulators than insurers with similar market share, according to scoring by the National Association of Insurance Commissioners.

The association assigns a consumer complaint ratio score to each insurance company, based on the number of complaints to regulators, adjusted for market share. Voya’s subsidiaries together had a score of 0.23 for individual life insurance in 2017. The median is 1, with scores lower than 1 indicating fewer complaints compared with other companies.

J.D. Power ratings: GENERALLY below AVERAGE

Voya Financial scored among “the rest” of companies, the lowest rating, in four categories and “about average” in one category in J.D. Power’s 2018 life insurance customer satisfaction study. The company’s overall customer satisfaction index score from J.D. Power placed it at No. 20 among 23 life insurers surveyed.

Customer satisfaction category Voya's score
Overall satisfaction"The rest"
Billing and payment"The rest"
Price"About average"
Policy offerings"The rest"
Interaction"The rest"

» MORE: The best life insurance companies

Voya life insurance coverage options

Traditional, indexed and variable universal life: Voya sells three varieties of universal life insurance offering varying degrees of risk and potential to accumulate cash value in the policies. The traditional policy guarantees a minimum fixed interest rate for cash value growth.

Indexed universal life ties the cash value growth in part to an index, such as the S&P 500. Voya offers three index strategies and a guarantee that the rate will not fall below zero if the index values fall.

Variable universal life ties the cash value growth to underlying investments, similar to mutual funds, chosen by the policyholder. More than 50 investment options are available. This policy offers the greatest potential for returns along with a risk for losses.

Survivorship life insurance: Voya also offers a variable universal survivorship policy. A survivorship policy insures two lives, usually a married couple, under one policy. The policy pays the death benefit when the second person dies.

More about Voya

Types of life insurance soldOther products and services
  • Universal life.
  • Indexed universal life.
  • Survivorship universal life.
  • Variable universal life.
  • Brokerage accounts.
  • College savings plans.
  • Employee benefits.
  • Individual retirement accounts.
  • Workplace retirement accounts.
  • Methodology: Life insurance ratings

    NerdWallet’s life insurance ratings are based on weighted averages of complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and financial strength ratings from A.M. Best, which indicate a company’s ability to pay future claims. To calculate each insurer’s rating, we adjusted the NAIC and A.M. Best scores to a curved 5-point scale.

    These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews.

    Methodology: Insurer complaints

    NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2016-2018. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home (including renters and condo) and life insurance.