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Voya Life Insurance Review

voya life insurance

Written By Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

Holly Mitchell  &

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.

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I know it can be uncomfortable thinking about your death, but if you’re looking to the future, you should include life insurance in those plans.

Our finances are an important part of our lives, and a life insurance policy provides a safety net for your loved ones if a disaster occurs.

If you are considering a Voya life insurance policy, learn more about the company and its policy options in this complete Voya Financial review.

Voya Financial

Voya Financial was previously known as ING. A lot of people are unaware that the company changed names, which can sometimes lead to confusion.

In April of 2014, ING Group officially rebranded itself to Voya Financial and remains one of the best life insurance companies in the U.S.

You can read out our previously published ING Life Insurance Review for more information about ING Realistar.

Voya Financial Company Logo

Voya Life Insurance Ratings

Sifting through the sea of life insurance companies can be like trying to pick a needle out of a haystack, in the dark.

How do you know which companies are trustworthy? Do they have reliable financial strength?

Everyone claims they are the best provider, but which ones actually are?

While they have only been branded as Voya for a few years, they have already made a splash in the insurance market.

Voya was awarded one of the “World’s Most Ethical Companies” by Ethisphere Institute.

Fitch rewarded them with an A- grade, and they have the same from Standard & Poors.

A.M. Best Rating has given them an A rating while Moody rated them as a stable company.

Voya has good grades from all of these rating companies, though they are not accredited with the Better Business Bureau.

Life Insurance Products

Now that you know their background, we can look at the types of life insurance coverage offered by Voya.

One thing you’ll notice if you head over to their website that Voya offers 2 main types of life insurance: Group Term and Whole Life Insurance.

Voya Term Life Insurance

Term life insurance is the most popular form of coverage as it’s the cheapest and easiest to understand.

Voya does offer a term insurance plan, but it’s only for businesses looking to cover their employees.

If you want an individual term policy, you should compare term life insurance quotes from a few companies other than Voya.

Voya Whole Life Insurance

While they don’t sell term, they do sell several types of whole life insurance including:

  • Universal Life
  • Indexed Universal Life
  • Variable Universal Life
  • Survivorship Life

Universal Life

Voya sells two universal plans – Voya Universal Life CV and Voya Universal Life CY NY.

With universal life insurance, once you’ve been accepted, you have coverage until you hit the max-age.

That’s why it is also known as permanent life insurance; you maintain coverage even if you develop a critical illness in the future.

Like other permanent life insurance, universal policies build cash value, and the money grows taxed deferred.

With the flexibility of a universal plan, policyholders can determine how often they pay premiums and the amount of coverage.

The longer you have your policy, the more your needs are going to change. Your plan should be able to change with your life.

Indexed Universal Life

IUL gives you the same benefits as the universal plans we detailed above, except they have more potential for growth.

The cash value inside of the policy is tied to a market indexed. The better the index performs, the more growth inside of your policy.

For anyone who is looking to make some little extra investments, these IUL could be the go-to choice.

IUL plans have a minimum interest rate, which you’re guaranteed to get, but there is a chance it could go much higher.

If you want to buy an IUL plan through Voya, you have the following options:

  1. Global Choice
  2. Global Choice NY
  3. Protector
  4. Accumulator

Variable Universal Life

Variable universal life insurance plans give you the flexibility of being able to change your premiums and death benefit, and the ability to grow the cash value through investments.

Unlike indexed policies, the investments are restrictedly tied to indexed market performance.

You still get returns that grow tax-deferred, but you’ll have more options than you do with the indexed version.

Voya sells two variable universal plans: Voya Variable Universal Life – CV and Voya Variable Universal -Life DB.


Survivorship insurance is very different from a traditional plan because it actually covers TWO people, not one.

The plan doesn’t pay out until the second person named on the policy passes away, making this option popular with older married applicants who are estate planning.

They want to leave behind enough money for their loved ones to pay off taxes and fund a burial.

Because these policies technically cover two people, they are going to have more affordable premium payments.

If you want a survivorship policy, you can buy the Voya Strategic Accumulator Survivorship Universal Life –CV.

Other Products and Services from Voya Financial

Life insurance isn’t the only thing Voya offers. In fact, they have a lot of other insurance and financial products available.

Because we are focused on life insurance, we aren’t going to explore all of their other products, but you should at least be aware of them.

Having all of your insurance and financial tools in one place can be helpful in your personal finance portfolio.

In addition to life insurance, Voya also has a handful of IRA options.

They have IRAs for people who want to manage their own policies or for people who would rather an expert manage the finances.

Voya also has workplace various investment options like retirement plans, employee benefits, mutual funds, college savings plans, and a variety of financial tools and information.

Is Voya a Good Life Insurance Option for You?

Because every person and family has different insurance needs, it’s difficult to say if they are the best for you.

Still, here are some preferred applicants for Voya.

One niche they have carved out are individuals with a family history of cancer seeking life insurance. Voya doesn’t ask about any family history of cancer, which is extremely rare compared to the other companies out there.

Voya is also an excellent option for individuals struggling with high blood pressure. Even applicants who have higher blood pressure can still get their lowest premiums.

If you’re overweight, Voya can be a great choice. Their build chart is much more lenient than other carriers out there. They have a higher range of weight for each height range, meaning their weight chart could save you money every month.

Simply put, Voya is a good option for niche applicants with considerable health hurdles, but not for healthier applicants looking for the cheapest policy or term coverage.

Life insurance rates vary based on the underwriting criteria you meet or in some cases do not meet.

Picture of Doug Mitchell, CLU

Doug Mitchell, CLU

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent close to 30 years in the life insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health. Some other notable items about Doug: Top of the Table Million Dollar Round Table member (MDRT). (MDRT is a global, independent association of the world’s leading life insurance advisors) | Premier Partner with Lincoln Financial and Cabinet Member | Served two years as President of the Auburn/Opelika Association of Financial Advisors | Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award | New York Life, Executive Council Member | Currently serves as President of Ogletree Financial, a life insurance General Agency. | Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

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