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Voya Financial
Company Review
Voya Financial is a member of the ING family of companies and is a wholly-owned indirect subsidiary of ING Groep N.V. (ING Group). With more than 51,000 employees offering retail and wholesale banking services to customers in over 40 countries, ING is a European-based global financial institution with a strong background.
Voya Financial
- 230 Park Avenue
New York, NY 10169
Voya Financial, originally incorporated in Minnesota on September 15, 1885, was acquired by ING Group in September 2000. Voya Financial is currently licensed in all states and is an accredited reinsurer in NY. Voya Financial's administrative offices are located in Atlanta, GA.
Advantages of Voya Financial
Voya Financial, and by extent ING, is extremely financially sound. It offers top-of-the-line investment products, retirement plans, and even college savings plans. It’s term life policy boasts great coverage at low rates, with potential underwriting for those with pre-existing conditions. For companies and employers in the market for group term life insurance for their organization, Voya is a solid choice.
Disadvantages of Voya Financial
Unfortunately, Voya Financial has ceased selling all individual life insurance policies, making it a poor choice for anyone but employers looking to provide coverage options for their employees. As we’ll cover in a moment, there are only two life insurance products available with a limited number of riders or customization options.
Available Products
The only two life insurance products that Voya offers now is a group term policy and a group whole life policy available through employment. Like all term policies, it provides a death benefit of the policyholder dies within the specific time period that the policy is in force. The benefit is tax-free and can be paid as a lump sum or in installments. It also offers an accelerated death benefit rider, allowing you to access your death benefit if you are diagnosed with a terminal illness in order to pay for medical expenses.
Voya Financial Ratings
Purchasing life insurance is a long-term commitment. To make such a commitment, you need to be confident that the company you are purchasing from will maintain its financial strength for the long haul. Fortunately, ING, now Voya, is highly rated on all four major financial strength rating agencies.
Voya Financial Ratings
Purchasing life insurance is a long-term commitment. To make such a commitment, you need to be confident that the company you are purchasing from will maintain its financial strength for the long haul. Fortunately, ING, now Voya, is highly rated on all four major financial strength rating agencies.
| Agency | Rating | Description |
| A.M. Best | A | Excellent |
| Standard & Poor´s | A | Excellent |
| Moody´s | A2 | -- |
| Fitch | A | -- |
Conclusion
Because Voya Financial does not offer individual life insurance policies for the time being, you may want to look elsewhere for your coverage needs. However, for employers looking to provide quality group policies to their employees, Voya has products that may work for your goals.
After doing your research on life insurance companies, it’s important to work with an independent agent or company that has access to more than one insurance carriers to discuss your needs. This way you will be able to make an objective comparison of the best term life insurance companies, their benefits, available policies, and premium quotes.
We will help you in your process of choosing the best life insurance company. We work with many top life insurance carriers in the marketplace today and will provide you with all the needed information in order to help you make a more informed purchase decision. You don’t even need to meet in person with a life insurance agent, everything is done online quickly and easily. Contact us today to get started.
