You have probably landed on our site because you have a Voya or Reliastar life insurance policy.
If so, we strongly recommend reading our Voya Reliastar Life Review!
Voya Life Insurance is not a household name compared to other life insurance companies across America.
It was formerly known as ING U.S. Life Companies, which sold life insurance under Reliastar Life Insurance.
Many agents and consumers commonly referred to the company as ING Reliastar until it was re-branded with the new name Voya Financial.
So, what’s happening with Voya Financial?
Voya Financial has decided to stop selling term life insurance and guaranteed universal life products.
Companies like Principal, American National, Lincoln Benefit, and Genworth have made similar decisions over the past few years.
So, moving forward, Voya will continue to offer only non-guaranteed universal life insurance, which has more moving parts and is not contractually guaranteed.
Voya made the following statement:
“To achieve our vision to be America’s Retirement Company, Voya must continually evolve our strategy in response to change and often challenging market conditions.
The insurance industry faces strong headwinds, including historically low interest rates, heightened market volatility, and regulatory changes.
In response to these conditions and as part of our evolution as a company, there will be several changes to our product offering.
In 2017, Voya will suspend its Guaranteed Universal Life and all level-term insurance sales while offering cash-value life insurance products. In the future, all products will be non-guaranteed until further notice.”
2018 Voya Update
Then, in early 2018, Voya announced that it plans to sell its annuity business and is also uncertain about its future in the life insurance business.
Voya executives will decide on the future of the life division after the sale of the annuity business, according to a recent Insurance News Net article. In the meantime, Voya took a massive write-down of $2.4 billion to account for the sale.
2021 Voya Update
In 2020, Voya Financial, Inc. finally announced that it now expects to complete the divestment of its life insurance business in the fourth quarter of 2020.
Voya had previously announced that it had sold these businesses to Resolution Life Group Holdings in late 2019.
So. Voya will no longer be in the life insurance business. So sometime in 2021, you must call Resolution Life for service on your existing Voya life insurance policy.
Voya Suspend Sales, Now What?
Voya Financial may be using low-interest rates and a volatile market environment as an excuse for canceling these products.
However, these policies from Reliastar Life Insurance have been around for many years and were created and approved by the company and the National Association of Insurance Commissioners in the same interest-rate environment.
Over the years, Voya and ING Life Insurance have consistently lowered Reliastar’s term life insurance rates to stay competitive.
This was probably the only way to remain popular with big internet agencies like Select Quote, which sold thousands of their guaranteed products.
Furthermore, guaranteed life insurance products, like term insurance, usually represent a considerable portion of new sales for most insurers.
For years, these term life products have been an essential product line for the Reliastar Life Insurance Company and its many agents.
Instead of eliminating all their guaranteed products, Voya Reliastar could have raised their premiums to compensate for lower interest rates on newly issued Reliastar life insurance policies.
We have represented Voya Reliastar for years and have hundreds of current clients who have purchased a policy from us.
Unfortunately, we can no longer sell these once-popular Reliastar life insurance policies because they are no longer available.
Without guaranteed life insurance products, Voya Financial faces a significantly diminishes role in the life insurance business.
This is because all the competitive life insurance companies in the marketplace offer guaranteed products.
So, it becomes very difficult or impossible for a life insurance company to compete without any term products and with expensive universal life products that are not contractually guaranteed.
Moving forward, Voya Financial will simply be managing future premium inflows and current assets like a mutual fund.
In our opinion, this may not be a sustainable strategy for long-term success for any life insurance company.
Voya Financial Ratings
Voya Financial RatingsWe answer hundreds of phone calls from clients each year asking whether Voya is still a good company.
It seems the buyouts and name changes have left many Voya Reliastar policyholders worrying about the company’s future.
One key concern you might be thinking about is whether or not the company will be able to honor death benefits in the future.
Remember, Voya has sold its individual life insurance business to Resolution Life US.
So, all current policyholders of the following companies will now deal with Resolution Life.
- Voya Retirement Insurance and Annuity Company
- Voya Insurance and Annuity Company
- Midwestern United Life Insurance Company
- ReliaStar Life Insurance Company
- ReliaStar Life Insurance Company of New York
- Security Life of Denver Insurance Company
Resolution Life claims the Voya transaction will not affect the policyholders, and your current agent relationship will remain the same.
Resolution Life is A (Excellent) rated, which is the 3rd highest of 15 ratings from A.M. Best.
A.M. Best Company assigns ratings from A++ to F based on an insurance company’s financial strength and ability to meet obligations to contract holders.
It’s good to know that the life insurance industry is heavily regulated, and it is rare for an insurance company to go bankrupt.
Even if Resolution Life did go bankrupt, your life insurance coverage would be provided through the Insurance Guaranty Association, which ensures that your claim will be paid subject to your state’s coverage limits.
Current Voya Life Insurance Policyholders
Current Voya Life Insurance PolicyholdersHave you purchased a Voya Life Insurance product, and are you concerned about your policy’s future performance?
If you feel it would give you peace of mind, you might consider getting a new quote from an A+ rated carrier.
Before making any quick decisions, it will also depend on what type of life insurance policy you have purchased from Voya Reliastar Life Insurance.
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Voya Term Life
What should I do if I have an existing Voya term life policy now?
If you do have Voya term product now, you probably recognize the name Reliastar Life.
This is because most Voya term policies were underwritten under the name of its subsidiary, ReliaStar Life Insurance Company.
Healthy Reliastar policyholders can easily replace their existing Reliastar term coverage as their needs change or coverage expires.
If you have had significant medical issues, contact Resolution Life to see if a conversion option is available with your current term policy.
When converting term to universal life insurance, you automatically qualify for a new policy with no additional health questions asked.
Hopefully, with Resolution Life acquiring Voya, existing policyholders can convert their term coverage to a guaranteed universal life product.
You can use our insurance calculator to instantly compare term life insurance from highly rated companies within your home’s privacy.
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Voya Universal Life
What should you do if you have Voya universal life now?
Most Voya universal life policies were issued by its subsidiary, the Security Life of Denver. Resolution Life and its customer service team now administer these policies.
In the past, the Voya Life Insurance Company and its subsidiaries did sell some moderately priced universal life insurance policies.
So, current Security Life of Denver policyholders have several things to consider before buying a new policy.
Should I Keep My Existing Voya Policy?
First, before making any drastic changes, you should look at your current Security Life of Denver policy to see if it offers contractually guaranteed premiums.
If your current policy is guaranteed and priced reasonably, it usually is not a good idea to replace your policy.
Next, you should find out if surrender charges will be applied if you switch policies. If you face surrender penalties, you may be better off keeping your existing policy.
A “surrender period” is the period (usually 10-15 years) that a policyholder must wait before receiving the total cash value of the policy upon canceling.
If you cancel your Voya policy before the end of the surrender period, you will not likely receive your policy’s total cash value.
Voya Universal Life Insurance Replacement
Has your Voya Universal Life policy gone off course? It is not too late to begin smooth sailing once again!
If you have a current Voya Reliastar or Security Life of Denver policy which is not guaranteed, it may be worth taking a serious look at your policy.
These policies were often labeled adjustable life insurance and have premiums that can fluctuate based on interest rates and the cost of insurance associated with your policy.
How do I know if my policy is not performing?
All Voya Reliastar and Security Life of Denver policyholders receive an annual statement showing how your current policy performs each year.
You should pay attention to your policy statement’s current interest rate and the minimum interest rate column.
These statements can be confusing and may not contain the proper information to determine how your existing policy is performing.
Many current policyholders make a more educated evaluation by contacting Affordable Life USA to conduct a policy audit.
How a Voya Policy Audit Works
First, we will have Voya Financial run several “in-force” illustrations that calculate your current policy’s future under four scenarios.
- How long will your Security Life of Denver policy last, assuming you keep paying the current premium?
- How much more would you pay to maintain the current benefit until your target age?
- How much will a smaller death benefit cost you?
- If Security Life of Denver is crediting your policy with more than the minimum guaranteed return, a guaranteed illustration so that you will have a worst-case scenario.
Secondly, a market evaluation will determine if a new policy could benefit you.
First and foremost, new policies are also medically underwritten, so checking whether you can qualify for coverage is essential.
If you can qualify for new coverage, you have two options to consider:
- So, your first option would be to keep your cash surrender values and buy a new policy with higher premiums. Illustrations will be generated on the new guaranteed premium policy for the death benefit you require without using your policy’s cash surrender values.
- Another option would be to transfer your existing Security Life of Denver cash values using a 1035 tax-free exchange.
- Following the 1035 exchange rules, you can directly transfer the money from your old Security Life of Denver cash values into a new insurance contract.
- Illustrations will be created on the new guaranteed premium policy for the death benefit you require by transferring you’re using existing policy’s cash surrender value.
- This strategy could lower your future premiums and eliminate the potential taxes by surrendering your Security Life of Denver policy.
- More importantly, the newer contract will be contractually guaranteed; these new policies are called guaranteed universal life insurance.
Now you need to decide the best option for you.
Depending on your specific policy, you might get by simply monitoring your existing Security Life of Denver life insurance policy.
If your policy is not performing, you can use our calculator to shop for a new policy immediately.
Guaranteed Universal Life Quotes
Guaranteed Universal Life Quotes- Select Lifetime
- Select Amount
- Press Get Quote
Since many companies sell life insurance, it is often difficult to know which carriers can offer you the best guaranteed universal life policy.
We have a “silky smooth” process for shopping for life insurance for our clients.
We monitor a network of the best life insurance companies in the United States including Lincoln Financial, Prudential, Pacific Life, and Transamerica.
We are not a call center like Select Quote or AIG Direct and will not bother you with endless phone calls.
Here is a shortlist of companies that currently offer affordable rates and have the highest ratings from the Better Business Bureau, AM Best, and J.D. Power.
| COMPANY | BBB | AM Best | JD Power |
| AIG | A+ | A | 718 |
| AXA Equitable | A+ | A+ | 752 |
| Banner Life | A+ | A+ | N/A |
| Brighthouse | A+ | A+ | N/A |
| Guardian Life | A+ | A++ | 760 |
| John Hancock | A+ | A+ | 739 |
| Lincoln Financial | A+ | A+ | 744 |
| Mass Mutual | A+ | A++ | 780 |
| Metlife | B- | A+ | 780 |
| Mutual of Omaha | A+ | A+ | 766 |
| Nationwide | A+ | A+ | 806 |
| Pacific Life | A+ | A+ | N/A |
| Principal Financial | A+ | A+ | 774 |
| Protective | A+ | A+ | 742 |
| Prudential | A | A+ | 770 |
| SBLI | A+ | A+ | N/A |
| Transamerica | A+ | A+ | 720 |
Voya Life Customer Service
Thanks for taking the time to read our Voya life insurance review. We appreciate your time on our website dedicated to learning more about your limited options with the Reliastar Life Insurance Company.
Have you purchased a Voya Life Insurance product?
An excellent first step is to call the Voya customer service number to learn more about your existing policy.
This number applies to policies issued by each Voya life insurance company:
- ReliaStar Life Insurance Company
- ReliaStar Life Insurance Company of New York
- Security Life of Denver Insurance Company
Voya Customer Service Number
After gathering information about your existing policy, we can help you decide whether switching your coverage is viable.
Trending Life Insurance Reviews
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Affordable Life USA is dedicated to providing comprehensive life insurance solutions to families and business owners throughout the United States.
For over thirty years, our agency has provided a platform for comparing hundreds of life insurance policies without the stress of high-pressure sales tactics.
Our experienced team of financial planners has helped thousands of clients obtain affordable coverage through our efficient online application process.
Our founder, Eric Van Haaften, expanded our consumer-centric sales model nationally by leveraging the influence of renowned publications such as Time, Newsweek, and The Wall Street Journal.
Eric acquired his love for quantitative analysis while getting his business degree from Ferris State University, which provided a solid foundation for his analytical approach to financial planning.
Eric Van Haaften, LUTCF
1-877-249-1358
