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Voya Life Insurance Review 2019

Jan. 2, 2019
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at a glance

  • NerdWallet ranking: No. 16 life insurance company.
  • Offers a variety of permanent universal life insurance policies.
  • Does not offer term life insurance.

Overview

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: The best life insurance companies

Learn more about each element that goes into our review of Voya by clicking below.

NerdWallet rank: 16th

Voya Financial was ranked No. 16 out of the 20 best life insurance companies as scored by NerdWallet. The rankings are based on composite scores that include A.M. Best financial strength ratings, J.D. Power customer satisfaction scores and the number of complaints to state regulators, adjusted for market share. NerdWallet scores the largest life insurance companies that sell policies to individuals.

A.M. Best financial strength rating: A (excellent)

Voya’s subsidiaries, ReliaStar Life Insurance Co. and Security Life of Denver Insurance Co., have excellent financial strength, according to ratings firm A.M. Best. Financial strength is important because it reflects the ability of insurance companies to pay claims. It’s especially important when choosing a life insurance company, because claims might not be made until decades after a policy is purchased.

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 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.
  • Life insurance 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.