Voya Life Insurance Review 2017


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Voya

  • NerdWallet rating: No. 14 best life insurance company out of 18 considered.
  • Offers a variety of permanent universal life insurance policies.

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.

NerdWallet rank: 14th

Voya Financial was ranked No. 14 out of 18 of the largest life insurers evaluated by NerdWallet. The rankings are based on a composite score that includes three measurements:

  • Number of complaints against the companies to state regulators, adjusted for market share.
  • A.M. Best financial strength ratings.
  • J.D. Power customer satisfaction scores.

» MORE: The best life insurance companies

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

Financial strength is important because it reflects the ability of insurance companies to pay claims. You want to look for an insurance company with a rating of “good” or better. The highest A.M. Best ratings for insurers are A++ and A+, or “superior,” followed by A and A-, or “excellent.”

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. ReliaStar’s complaint ratio score for individual life insurance in 2015, the latest year for which data are available, was 0.39. Security Life of Denver’s score was 0.15. The median is 1. Scores lower than 1 mean fewer complaints, compared with other companies; scores higher than 1 mean more complaints.

J.D. Power ratings: GENERALLY AVERAGE

Voya Financial scored three out of five stars, or “about average,” in two categories and two out of five stars, or with “the rest,” in three categories in J.D. Power’s 2016 life insurance customer satisfaction study. Two stars, or “the rest,” was the lowest rating given. The company’s overall customer satisfaction index score from J.D. Power placed it at 14th among 21 life insurers.

Voya customer satisfaction scores
Overall satisfaction The rest
Billing and payment The rest
Price About average
Policy offerings The rest
Interaction About average
Source: J.D. Power 2016 U.S. Life Insurance Study

 

More about Voya

Types of life insurance soldOther products and services
  • Universal life
  • Indexed universal life
  • Survivorship universal life
  • Variable universal life
  • Annuities
  • Brokerage accounts
  • College savings plans
  • Employee benefits
  • Individual retirement accounts
  • Workplace retirement account
  • 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 to a stock 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 indexes go down.

    Variable universal life ties the cash value growth to underlying investments, similar to mutual funds, chosen by the policyholder. This option offers the greatest potential for returns along with a risk for negative returns.

    Survivorship life insurance: Voya offers two survivorship universal life policies, which insure two lives, usually a married couple, under one policy. The policy pays the death benefit when the second person dies. The “Accumulator” product is a traditional universal life policy with a guaranteed return on cash value. The variable survivorship product ties the cash value to underlying investments chosen by the policyholder.