Voya (Formerly ING Reliastar) Insurance Company Review

by Jeff Rose on April 19, 2012 · 0 comments

in Life Insurance Company Reviews

ING Reliastar Life Insurance Company ReviewWhen you invest your money, do you notice that your investment company may offer life insurance as well?

ING is a reliable financial investment company, catering to clients’ needs, and even offering life insurance as well.

If you’ve been investing with ING then this is a great chance to have a secure, dependable life insurance policy with ING Reliastar.

From the term life insurance to variable universal life insurance, you can find a plan that’s right for you and your family and you can find out the cost of life insurance for you by getting a quote from the company.

As an investor you may have more benefits available to you, so be sure to check with your agent/broker and obtain several quotes from other great companies out there such as Americo Insurance Company, Banner Life Insurance Company,Fidelity Life Insurance Company or American General Insurance before you make your final decision.

Voya/ING Reliastar Benefits

A fantastic feature of ING Reliastar term life policies is that they have multiple terms for you to choose from. If you need coverage for the next five years, but could then move to a universal policy, select a five-year term policy, or if you need security for a longer period, choose a 20-year term policy. Premium endowment is also a great term life insurance policy.

No one wants to shell out money for something they’ll never use, so why not get your premiums back at the end of your term? A premium endowment policy will return all premiums paid during the term at its end. With such a unique and fantastic offer, it’s no wonder ING Reliastar is quickly becoming a name among term life insurance companies.

A universal policy is quite a step up from term life, bringing better benefits for long-term goals and ideals. Prepare a college fund for your children, leave security for your family when you’re gone, or supplement your retirement funds, it’s possible with a universal life policy. Pay when you want, how much you want, even in advance, a universal life policy customizes itself to you.

Being an investment company, ING Reliastar also has an excellent variable universal life insurance policy. Who better to offer a chance to increase the accumulated cash value of your than a company that has knowledge and experience in investing. Your life insurance is still protected, but a chance to leave behind something greater than what you initially bought can give your family the security they need after you’re gone.

The first term policy I ever purchased was with ING Reliastar. At the time, they offered the cheapest $250,000 term policy for a 20 year-old.

Voya/ING Reliastar Overall Company Review

ING Reliastar began its operations in the mid-1970s, and it is headquartered in Des Moines, Iowa – Although, the company can trace its initial roots all the way back to 1885. This is because ING Group’s original predecessor began to build the company when it acquired the majority of Wisconsin National Life Insurance Company in 1975 – followed by Midwestern United Life Insurance Company the next year.

Throughout the years, the company has acquired some additional insurers, including Equitable of Iowa, Relia Star, and Life of Georgia. It also obtained ING Reinsurance, CitiStreet, and ING Advisors Network. In 2014, the company made an overall transition over to a new name of Voya Financial.

The company currently has a workforce of approximately 7,000 employees overall. It serves roughly 13 million individual and institutional customers throughout the United States. As it transitions to its new brand of Voya, it will continue to be branded as a leading retirement, insurance, and investment company.

As of late 2013, ING Reliastar had assets under management of approximately $514 billion. It is considered to be a top-tier independent broker-dealer network in the United States, as well as a primary provider of life insurance coverage. This company provides insurance coverage in all of the U.S. states.

ING Reliastar has attained stellar ratings from the insurance company rating agencies, showing that it is a strong and stable insurer. These ratings include the following:

  • M. Best – From A.M. Best the company has received a rating of A (Excellent). This is the third highest out of 15 categories. This rating is based on the company’s overall strength, as well as its ability to meet its obligations to its policy holders.
  • S & P – From Standard & Poor’s the company has received a rating of an A-. This is 7th out of 20 ratings, which is based upon the company’s overall financial security.
  • Fitch – Fitch has rated ING Reliastar as an A-, which is strong. This is the 7th highest out of 19 categories. This is based upon the company’s overall financial strength.
  • Moody’s Investors Service – Moody’s Investors Service has rated ING Reliastar as an A3, which is Good. This is the 7th highest out of its 21 overall ratings categories.

Insurance Products Offered

As the company has now changed over to its new brand, Voya, the insurance products that are offered include term life, universal life, indexed universal life, variable universal life, and survivorship life insurance coverage.

Term Life Insurance Coverage

There are different term life options to choose from through Voya. These include the following:

  •    Voya TermSmart – The Voya TermSmart is considered to be the most simple, easy, and oftentimes the most affordable life insurance product that is offered by the company. The face amount offered on this particular product ranges from $100,000 to $1 million. The premium on the Voya TermSmart will remain level throughout the entire guarantee period. Periods available include ten years, 15 years, or 20 years of coverage. The policy holder may have the ability to exchange this policy for a cash value plan such as a universal life policy without the need to demonstrate evidence of insurability.
  •    Voya ROP Endowment Term – With the Voya ROP (Return of Premium) Endowment Term policy, policy holders can protect loved ones financially and also possibly even get 100 percent of their premium dollars returned if they outlive the policy (based on certain conditions). With this plan, the premium amount will remain level. Policy terms that are available include 20 years, 25 years, and 30 years of coverage.

Universal Life Insurance Coverage

Universal life insurance coverage is designed to last your entire lifetime. It provides a death benefit, along with cash value build up. Voya offers the following universal life (UL) options:

  • Voya Universal Life CV – This plan provides an income tax-free death benefit that is paid out to beneficiaries. The cash value grows on a tax-deferred basis, meaning that no tax is due on the funds’ growth until the time of withdrawal. The company guarantees to credit the policy no less than a 3 percent minimum interest rate. Policy loans are also available so that the policyholder can borrow funds from the policy for any need that he or she sees fit. (It is important to note that any unpaid funds at the time of the insured’s death will be counted against the death benefit that is paid out to the named beneficiary).
  • Voya Universal Life CV NY – This policy, issued by ReliaStar Life Insurance Company of New York, guarantees to credit the policy no less than a 2 percent minimum interest rate.

Indexed Universal Life Insurance Coverage

An indexed universal life insurance policy offers death benefit protection, as well as the opportunity to build funds inside of the policy based upon the increase of an underlying market index. However, if the underlying index were to fall, these plans offer downside market protection so that principal remains safe. The funds inside of the account also grow on a tax-deferred basis, so that no tax is due on the growth until the time of withdrawal. This can allow funds to grow exponentially – especially over time. Voya offers the following Index UL plans:

  • Voya Indexed Universal Life – Global Choice – This policy offers multiple crediting strategies that can help funds inside of the policy’s cash value account grow. Two global indexed strategies use the S&P 500 and two international indexes where only the top two indexes are used in the index credit calculation. Also, this plan provides policy holders with a concierge service to help with maximizing the benefits of the policy. There is a guaranteed 2 percent annual crediting interest rate in the fixed strategy, and 0 percent annual credited interest on amounts in any indexed strategy – even if the indexes should have a negative performance during a certain period of time.
  • Voya Indexed Universal Life – Guaranteed Death Benefit – As its name implies, this plan provides a guaranteed death benefit up to the policyholders lifetime. Also, fixed and indexed strategies are also employed to help funds that are inside of the policy grow. In addition, the policy offers lapse protection provisions so that the policyholder is more assured that the policy will not lapse. The indexed strategy – based in part on the performance of the S&P 500 Index – provides policyholders with more potential to grow their account values. Should this index rise, the potential index credit will increase along with it – subject to a stated cap.

Variable Universal Life Insurance Coverage

A variable universal life insurance policy can offer the protection of a death benefit, along with the flexibility of universal life insurance. This particular life insurance policy will also provide policyholders with the potential to build cash value using more than 55 variable investment options from top financial firms.

Voya’s Variable Universal Life Insurance options include the following:

  • Voya Variable Universal Life – CV – With this policy, there are more than 55 different investment options to choose from, allowing the policy holder to build substantial cash value for supplementing retirement income, paying college tuition, paying off debt, or building funds for any other reason that they see fit.
  • Voya Variable Universal Life – DB – With the Voya Variable Universal Life – DB plan, the importance of leaving a death benefit to loved ones comes first to policyholders. This plan has reasonably priced premiums while at the same time allowing policyholders to build a nice amount of cash value borrowing or withdrawing in the future.

Survivorship Life Insurance Coverage

With survivorship life insurance, two people are insured with just one life insurance policy. The death benefit pays out when the second person passes away. These plans are frequently purchased by married couples who wish to pay out the death benefit to their children upon the passing of the second parent. Survivorship life insurance is also used a great deal in estate planning strategies.

There are two survivorship life insurance policies that are offered by Voya. These include:

  • Voya Strategic Accumulator Survivorship Universal Life – This policy helps money inside of the policy to grow on a tax deferred basis. Voya guarantees to credit the policy no less than a 3 percent minimum interest rate. With this plan, there is strong early cash value growth potential.
  • Voya Survivorship Variable Universal Life – CV – With this plan, policyholder can obtain life insurance protection on two lives while at the same time maximizing their long-term growth potential using variable investment options from top investment and financial firms.

How and Where to Obtain the Best Quotes

If you are seeking life insurance premium quotes for an ING Reliastar / Voya life insurance policy – or for any carrier’s insurance – the best way to go about finding out this information is to work with a company or an agency that has access to more than just one life insurance carrier. This is because you will be better able to – on an unbiased level – compare multiple insurer’s policies, benefits, and premium quotes, and to in turn, decide which will work best for your particular situation and needs.

When you’re ready to begin the comparison process, we can help. We work with many of the best life insurance companies in the industry today, and we can work with you in obtaining all of the important information that you need to make an informed purchase decision. All you need to do in order to get the process started is to fill out the form on this page.

Should you discover that you have any questions regarding ING Reliastar or Voya – or any questions about life insurance at all – please feel free to contact us directly. Our experts will be happy to help. We can be reached by phone, toll-free, by calling 888-836-7071. We want to ensure that you have all of the details that you need. So, contact us today – we’re here to help.

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