Pros Explained

• Online claim filing available: Voya’s website features an online claim filing option. This is a nice perk relative to some companies that require you to call and download claim forms.
• Educational resources available online: Voya offers online educational materials to help customers better understand how life insurance works and how it can fit into their financial plan.
• Low number of customer complaints: Voya received fewer complaints than expected over the last three years, according to the National Association of Insurance Commissioners (NAIC).

Cons Explained

• Limited policy types available: Voya’s policy offerings are limited to term life and whole life, and are generally only available if your employer offers them.
• No live chat available: Voya’s website has no option for customers seeking real-time answers to their questions.

Complaint Index

The National Association of Insurance Commissioners (NAIC) releases an annual complaint index for U.S.-based insurance companies. This index is used to compare companies of different sizes in terms of customer satisfaction, as measured by the number of complaints filed.

A company with an expected number of complaints for its size has a complaint index of 1.00. A number less than 1.00 means the company received fewer complaints than expected for its size, while a number greater than 1.00 means it received more. An index of 2.00, for example, would indicate a company received twice the expected number of complaints.

Reliastar Life Insurance Company, the company that issues Voya life insurance policies, had a three-year average complaint index of 0.02. This means that almost no complaints were registered against it during that period as would be expected for a company of a similar size.

Third-Party Ratings

The American credit rating agency AM Best publishes a yearly list ranking U.S. insurance companies by financial strength, which can help consumers determine which companies are in the best position to pay future insurance claims. Reliastar, the company that underwrites Voya’s life insurance policies, received an A (Excellent) rating for financial strength. This means Voya has an excellent ability to honor its ongoing insurance obligations, such as paying claims.

Policies Available

Voya offers two life insurance policies: term life and whole life. The policy types, and the company’s specific products, are described below.

Term Life

Term life insurance guarantees payment of a stated death benefit to the insured's beneficiaries if the insured person dies while the term policy is in force. Unlike permanent life insurance policies, term policies typically have no savings component and no value other than the death benefit. They expire at the end of the term period unless they are renewed or converted to whole life. Group term policies are often renewable on an annual basis.

Voya offers term life policies with the option to convert to a whole life policy if you leave your job or lose your eligibility for term life coverage.

Whole Life

Whole life insurance pays a benefit to beneficiaries when the policyholder dies. It is guaranteed to remain in place for the insured’s entire lifetime if the premiums are paid. Over time the policy builds cash value, which the insured can borrow against as necessary. Premium rates are locked in for the life of the policy.

Voya offers whole life insurance policies as an employee benefit, which you can take with you if you leave your job.

Available Riders

Riders are provisions in an insurance policy that extend protection or provide additional coverage. Riders may require an additional payment on top of any regular policy premium.

Accelerated Death Benefit

Voya’s term and whole life policies feature optional accelerated death benefits, specifically for terminal illnesses. These enable policyholders to access a portion of the face value of their policy while they are still alive if a physician determines they have a terminal illness.

Children’s Term Life Benefit Rider

Voya’s policies also feature this rider, which adds term life insurance to the policyholder’s base policy to cover existing and future children.

Waiver of Premium for Disability Rider

Some of Voya’s policies offer a rider that allows the plan to stay in force if the insured becomes unexpectedly disabled because of illness or injury and cannot pay the policy’s premium.

Customer Service

Voya’s website can be accessed anytime at . Life insurance assistance can be reached at (877) 886-5050 Monday through Friday from 9 a.m. to 7 p.m. ET. Claims assistance is available at (877) 886-5050 from 9 a.m to 5 p.m. ET. Customers may also send email inquiries through its company portal at .

Final Verdict

Voya's offerings are typically only offered through employers. However, if your workplace offers insurance through Voya, their relatively low number of complaints, A rating from AM Best, and selection of riders make it a life insurance option worth checking out.

FAQs

Can I Borrow From My Voya Life Insurance?

Yes, you can borrow against the cash value portion of your Voya whole life insurance policy. Keep in mind that the amount you borrow will reduce the death benefit, as will any accrued interest. If you do borrow from your Voya life insurance policy,

How Long Does It Take Voya to Process a Life Insurance Claim?

When you file a life insurance claim with Voya, you can expect the company to process it within five days, as long as they have the required paperwork. It may take several additional days for the payment to reach you by mail.

Does Voya Life Insurance Have Cash Value?

Yes, whole life policies with Voya have a cash value component. As long as you pay your premiums as agreed, the cash value will build. You can borrow against it if needed, and bring it with you if you change jobs.

Who Bought out Voya Life Insurance?

Voya still offers group life insurance, but it sold off its individual life insurance business. Resolution Life completed the acquisition of Voya's individual life insurance and legacy annuities offerings in 2021.

Methodology

We designed a comprehensive ranking methodology based on consumer priorities and life insurance company fundamentals to rank more than 90 insurers across five general categories:

1. Financial stability
2. Customer satisfaction
3. Product and feature variety
4. Overall buying experience
5. Cost

In order to do this, we collected over 5,000 data points and scored each company based on 55 metrics. We grouped metrics by category to see how insurers performed in each; we then weighted category scores to determine how companies performed overall.

To learn more, read our full Life Insurance Methodology.