I started Insurance Blog by Chris™ because I have a passion for insurance. Here at the blog, our job is to educate and inform people about the best insurance for them. Since then, we have grown into national brands with a large team of researchers helping people understand all forms of insurance.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu...

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Reviewed by Rachael Brennan
Licensed Insurance Agent Rachael Brennan

UPDATED: Apr 14, 2021

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What’s New In 2021 For Voya Life Insurance

Voya Life Insurance is a Fortune 500 company that covers over 14 million customers, including both individuals and organizations. 

How Has Covid-19 Affected Voya Life Insurance?

In response to Covid-19, the management at Voya has generated a business continuity program. The adjusted policies include:

  • Creation of a pandemic crisis management team involving all major departments from the company.
  • Workplace replacement for employees where applicable, cross-training employees, and a work-from-home policy.
  • Observance of local, state, and governmental laws and collaboration with healthcare providers.
  • Providing all workplaces with protective supplies such as sanitizers, tissues, and more.

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New Products or Changes

On March 31, 2021, Voya announced an update to its myHealthMoney online application, programmed to help workers choose the best workplace benefits, be it health or financial. 

On March 23, 2021, Voya introduced a new service, the advisor-managed accounts advisory program. The program assists Registered Investment Advisors (RIAs) in providing the best (after retirement) financial management and investment advice to working professionals.

On March 18, 2021, Voya launched Voya Claims 360, an integration model which supports workplace individuals’ ability to claim supplemental health insurance from employers hassle-free. 

Voya Life Insurance in the News

Voya made it among Ethisphere Institute’s 2021 honorees list of the World’s Most Ethical Companies, the eighth time in a row. 

Voya also made it to the 2021 list of Great Place to Work’s Fortune Best Workplaces in Financial Services & Insurance

2021 Latest Voya Life Insurance Reviews

Voya’s customers seem to appreciate the dedication and hard work that Voya agents put into their jobs. Customers say that the agents strive to go the extra mile to meet the client’s needs. 

Clients are happy overall about the courteous customer service. They say that representatives quickly address their concerns and provide thorough and knowledgeable answers to their questions. One customer made an online claim on March 16, 2020, and received her check on April 6, happy with the smooth and fast service.

Customers are often vocal about their pleasant experience with Voya regarding timing. Many were thrilled with how soon they received checks against their claims, with some customers waiting as few as five to seven business days.

Happy customers have also shared how easy-going the process can be and how their insurance matters are in professional hands. Voya has an open communication channel with its clients, some of whom have used Voya services for years. 

If an issue does arise, Voya representatives respond and react promptly to resolve the problem. One client could not access his account due to technical difficulties, so he reached out to Voya’s customer support. The support team investigated the matter and promptly responded to the client with the appropriate solution. 

If you are considering using VOYA life insurance to protect your family you’re in the right place.

I’ve covered everything you may need to know before deciding to choose Voya Insurance Company in this comprehensive review.

VOYA Reliastar Life Insurance Company was previously known as ING insurance and just recently re-branded itself so you can relax knowing that this company actually has a long and established history.

So how does Voya Life Insurance rate as an insurer?

Tabel of Contents:

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What Is Voya?

The name VOYA is an acronym for “Voyage” which is the perfect word to describe the long history of this ever-changing life insurer.

You could say VOYA life insurance actually began in 1928 as Security Life of Denver Insurance Company, which became a part of Nationale-Nederlanden in 1977.

Over the decades, many other life insurance companies were acquired and integrated. Some notable additions were Life of Georgia in 1979 and Equitable Life Insurance Company of Iowa & Furman Selz in 1997.

Furman Selz operated as an employee-owned investment bank with global offices located in London, Dublin, and Tokyo which were rolled into this ever-evolving company.

In 2000, ReliaStar Voya was purchased, which has since grown into one of the largest financial services organizations in the US. As if this was not enough, the company went on to acquire Aetna Financial Services and in 2008 added Citistreet to its roster.

RELATED: 5 Critical Tips You Must Know Before Buying Life Insurance

The company began to consolidate and reorganize its services and eventually rebranded their enterprises ING Life Insurance. It began trading as a public company on the NYSE under the ticker symbol VOYA, which would be its future brand identity.

In summary, VOYA Insurance Company is an extraordinarily enterprising organization and justifiably takes up some prime real estate in the life insurance arena. Check out just a few of their awards and recognition:

  • Listed as #252 in the 2016 Fortune 500 list
  • Named by the Ethisphere Institute in 2016 as one of the World’s Most Ethical Companies
  • Recognized as one of the Top U.S. Green Companies by Newsweek magazine

* VOYA reviews show that it has also been bestowed many other honors, much to the credit of this outstanding organization. 

VOYA Financial Reviews – Ratings

So, with all its rebranding, you might be wondering how Voya Financial Rating ranks in terms of financial strength and stability.

After all, if you are going to buy a policy you want to be sure the company will be able to pay your claim many years down the road.

ALWAYS check out the financial ratings of any life insurer you are considering.

You need to have confidence that the company is being properly managed.

Each rating agency evaluates insurers slightly differently, but ratings are generally based on factors such as a company’s financial holdings and how much it is collecting in premiums compared with how much it’s paying out in claims.

One tool you could use is the overview provided by the leading financial rating companies. This is an assessment of the overall health of the insurer you are considering. Financial reviews are conducted on an annual basis and give you quite a bit of insight into how the organization is run.

In a nutshell, VOYA life insurance is clearly very financially secure. You should have little doubt, that your long term life insurance investment with this company is secure.

VOYA Life Insurance Products

I will preface this section by letting you know all life insurance products provided by VOYA Reliastar Life Insurance Company are sold through ReliaStar Life Insurance Co. (Minneapolis), ReliaStar of New York (Woodbury) and Security Life of Denver Insurance Co. (Denver).

Variable Voya Universal life insurance products are available through VOYA America Equities Inc.

RELATED: Check Sample Life Insurance Rates by Age (No Personal Info Required)

Rest assured, despite the confusing names, all of these companies are members of the Voya® family. 

Guaranteed Universal Life Insurance 

After clearing that up, let’s look at the life insurance products which this company sells:

If you aren’t familiar with life insurance, let me start by saying that Voya Term Life Insurance is the most basic and affordable form of life insurance and has the lowest premiums. Term policies are purchased for specific periods of time.

Voay Term life insurance involves a regular premium in exchange for guaranteed benefit should you die during a set “term” — say, the next 20 years.

In the vast majority of cases, this kind of policy is best…How to Pick the Best Life Insurance Policy, USA Today

Permanent policies, such as Voya Universal Life Insurance, are much more expensive. This is because they not only provide death benefits throughout your lifetime, but they also include a cash value accumulation feature which builds throughout your policy.

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VOYA Term life Insurance

VOYA offers 2 types of term policies that include:

VOYA ROP Endowment Term

Premiums are returned in full if you survive to the end of the term selected. You can choose 20, 25 and 30 years of coverage.

The policy can also be converted into permanent life insurance. VOYA ROP Endowment Term also contains an automatic premium loan feature where premiums are paid through loans.

A 20-year term is available for those 0 -60 years of age. A 25-year term is available for those 0 – 55 years of age, while a 30-year term is available for those 0 -50 years of age. These policies are not available in all states.

VOYA TermSmart

Benefit payouts begin at $100,000 and include 10, 15 and 20-year coverage for those who are 18 -80 years of age (not available in New York State). The policy can be converted to permanent life insurance.

Click here for more information on VOYA TermSmart NY 

VOYA Universal Life Insurance

Let’s take a look at what types of Voya Universal life insurance products are available through VOYA:

Variable VOYA Universal Life CV (Sold in NY as VOYA Universal Life CV, NY)

This policy offers a competitive fixed interest rate for the cash value accumulation portion of the policy. Death benefits can be adjusted up or down. Premium amounts and frequency are also adjustable.

You can also access tax-free loans and withdrawals from the cash value portion. Various life insurance riders are also available which may be built into the policy or bought separately for an additional premium.

Available for ages 0 – 90 where the minimum age for premium financing is age 18. Has a minimum death benefit of $50,000.

Charges and fees apply.

Riders available include:

  • Accelerated Benefit Rider
  • Adjustable Term Insurance Rider
  • Additional Insured Rider
  • Overloan Lapse Protection Rider
  • Premium Deposit Fund Rider
  • Cost of Insurance Waiver Rider
  • Waiver of Specified Premium Rider
  • Waiver of Surrender Charge Rider

VOYA Indexed Universal Life – Global Choice

This life insurance policy allows you to choose between fixed and 3 indexed crediting strategies for the cash value accumulation portion.

Not only that, VOYA Insurance Company provides a concierge service and offers a 2% guaranteed annual credited interest rate and 0% annual credited interest rate connected to any indexed strategy.

The minimum death benefit is $50,000 and policies are available for those 0 – 90 years of age. There are also 2 types of loans that may be accessed.

This policy is subject to fees and charges and is not available in N.Y. State.

Riders available include:

  • Accelerated Benefit Rider
  • Adjustable Term Insurance Rider
  • Additional Insured Rider
  • Chronic Illness Rider
  • Early Cash Value Rider
  • Overloan Lapse Protection Rider
  • Premium Deposit Fund Rider

* Please note that some of these riders cost extra and are subject to state limitations and availability.

VOYA Variable Universal Life – DB

This option has a number of tax-deferred with variable investment options and provides lower policy charges with over 55 variable investment options.

Automatic rebalancing and dollar-cost averaging are included. A minimum policy starts at $100,000 and is available for those 0 – 90 years of age. Provides a guaranteed minimum credited rate per year of 2%.

(Not available in N.Y.)

Fees and charges apply.

Riders available include:

  • Accelerated Benefit Rider
  • Additional Insured Rider
  • Adjustable Term Insurance Rider
  • Guaranteed Death Benefit Rider
  • Overloan Lapse Protection Rider
  • Waiver of Cost of Insurance Rider
  • Waiver of Specified Premium Rider

Some riders cost extra and are subject to state limitations and availability.

VOYA Survivorship Variable Universal Life –CV

This choice provides coverage for 2 people with 55 variable investment options. There is also a minimum guaranteed 3 % interest rate for a general account and offers policy loans.

Minimum and maximum joint equivalent ages are 16 – 85. Minimum death benefits are $250,000, and fees and charges apply.

(Not available in N.Y.)

Riders available include:

  • Accelerated Benefit Rider
  • Adjustable Term Insurance Rider (with Estate Preservation Option)
  • Guaranteed Minimum Accumulation Benefit Rider
  • Overloan Lapse Protection Rider

VOYA Reliastar Life Insurance Company has a broad and diverse range of products available for the average American consumer.

VOYA Strategic Accumulator Survivorship Universal Life

This policy provides coverage for 2 people where death benefits are paid after the second person dies. It offers a 3% guaranteed minimum interest rate and no surrender charges.

Policy loans are also available. Age limits are for a minimal joint equivalent age of 16 to a joint equivalent age of 85. Minimum death benefits start at $250,000.

Fees and charges apply.

Riders available include:

  • Accelerated Benefit Rider
  • Adjustable Term Insurance Rider (with Estate Preservation Option)
  • Guaranteed Minimum Accumulation Benefit Rider
  • Overloan Lapse Protection Rider

How VOYA Underwriting Stacks Up

Underwriting guidelines ultimately determine the premium you will pay. You will be asked to take a medical exam and then the underwriter will use the information provided by your doctor along with answers submitted through your application to assess your case.

I am going to show you how Reliastar VOYA insurance company stacks up to the competition by comparing their guidelines to Metlife Insurance and Protective Insurance.

Each company uses a distinct set of guidelines which are unique to that particular insurer. It is very important to understand which underwriting niches the company you are looking to use specialize in. This will determine how they view your particular medical situation.

Life insurance companies absolutely factor pre-existing conditions into their underwriting decisions and pricing. Chris Huntley, MainStreet.com

To give you a better understanding of Reliastar VOYA’s approach, I am going to compare them with MetLife and Protective. For these purposes, I am using rates for a male client who qualifies for a “Preferred Plus” Term life policy who is at 5’ 11 “tall. The underwriting features we will examine are:

  • Height & Weight Ratio
  • Smoking
  • Blood Pressure
  • Cholesterol Levels
  • Family History

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Reliastar VOYA Insurance Company Compared To Competitors

Height & Weight Ratio

Ages 16 -60, a male or female who is 5’ 11 “tall can weigh between 129 – 208 pounds. Ages 61 plus, a male or female who is 5’11’ tall can weigh between 129 – 222 pounds

Tobacco Use

No tobacco or nicotine use for 5 years.

Blood Pressure

Ages 16-60, no history of the treatment of hypertension and no current or prior blood pressure reading in excess of: Male: 135/90, Female: 135/85, Ages 61 plus, average of past 2 years blood pressure readings not in read excess of 140/95 plus no pulse pressure greater than 70.

Cholesterol HDL Ratio

Ages 16-60 (treated or untreated) cholesterol maximum of 300. Maximum HDL Ratio Male 5.0 / Female 4.5.  Ages 61 plus (treated or untreated) cholesterol maximum 300. Maximum HDL ratio male 6.0 / Female 5.5. Minimum serum albumin male 4.0 / female 3.9

Family History

Ages 16-60, no cardiovascular deaths in parents prior to age 65.

Met Life Insurance (Elite Plus)

Height & Weight Ratio:


A 5’ 11” Male can be no heavier than 193 pounds. A 5’11’ Female can be no heavier than 189 pounds

Tobacco Use

No nicotine use for the past 60 months and negative nicotine test.

Blood Pressure

Age 40 and under (130/80), age 41 – 54 (135/85), age 55 – 69  (140/85), age 70 and over (40/90).

Cholesterol HDL Ratio

ages 54 and under (220/4.5), ages 55 – 69 (230/4.5), age 70 and Over (140/90).

Family History

No cardiovascular disease or cancer (some cancers may qualify) in either parent or siblings before age 60.

Protective Life Insurance

Height & Weight Ratio


5”11” – 201 pounds maximum weight. 

Tobacco Use

No nicotine use for the past 5 years (urine nicotine negative). Will allow up to 6 celebratory cigars over the past 12 months if usage is admitted on the application and/or medical examination and current urine specimen is negative for nicotine.

Blood Pressure

Average from the current medical exam and history reading within the last year do not exceed 135/85 through age 60 or 140/85 for ages 61 – 70. Treated blood pressure must have been controlled for 1 year with favorable APS readings throughout the year.


Total cholesterol not greater than 275 including treated cholesterol and cholesterol/HDL ratio is 4.5 or less.

Family History

No history of, or death from cancer*, heart disease or any cardiac-related condition, of either natural parent or sibling prior to age 60. Waived if the applicant is actual age 60 or older unless both natural parents died from one of the same prevailing impairments prior to age 60.

Protective Life Insurance can be a great alternative to VOYA if they aren’t right for you.

* Family history cancers are limited to those types that clearly demonstrate a genetic predisposition i.e. Breast, colon, prostate, ovarian, melanoma, lung cancer.

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SUMMARY OF VOYA Life Insurance Underwriting

VOYA life insurance company rates quite well when it comes to its underwriting practices.

It has several very lenient underwriting niches. One in particular that I noted was their easygoing approach to type 2 diabetes for those over the age of 60.

For this to be of help to you, the diagnosis must have been made within the preceding 5 years and under control.

Affordable Insurance with Diabetes

VOYA is also quite permissive when it comes to cholesterol levels. This company allows a 300 level with an HDL rating of 5.0 for males and 4.5 for females.  The good news is if you meet this criterion, you can rate as high as a “Preferred Plus”. 

VOYA is also considered lenient for:

  • The occasional cigar users who may qualify for “non-smoking” rates. You can smoke as many as 52 cigars per year but must have negative results for nicotine and cotinine levels during your life insurance exam.
  • Family history for cancer is not considered in the life insurance evaluation. Many other companies will penalize you should a family member die from cancer before a certain age.
  • VOYA uses a unisex height/weight chart which is very favorable for females.

VOYA is less competitive in other areas. First of all, the company does not offer no-exam life insurance.

Secondly, they are fairly restrictive when it comes to a family history of cardiac issues. The underwriting requirements specifically require that no family member will have died from cardiovascular disease before age 65. Many other insurers use age 60 as their maximum date.

Since underwriting requirements vary so drastically amongst insurers, it’s very important that you consult with an independent life insurance agency. We know which companies are more liberal for a variety of pre-existing medical conditions and will find you the best insurer for your circumstances.

How VOYA Life Insurance Cost Compared

Are VOYA life insurance products competitive with other companies in terms of pricing?

To give you a snapshot of the sort of premiums you will be looking at we are going to provide you with some quotes for non-smoking men and women of various ages that qualify for a Preferred Plus rating seeking $500,000 in coverage for a 20-year term.

These quotes are generated by Term4Sale.com and I am using Met Life and Protective to illustrate where their premiums fall price-wise.

Get a Term Quote Today 

VOYA Quotes (ReliaStar Which Issues Term Policies for VOYA)

  • 25 Year Old Female – $19.69 monthly – $225.00 annual
  • 35 Year Old Female – $25.81 monthly, $295.00 annual
  • 45 Year Old Female – $49.88 monthly, $570.00 annual
  • 25 Year Old Male – $22.75 monthly, $260.00 annual
  • 35 Year Old Male – $27.56 monthly, $315.00 annual
  • 45 Year Old Male – $60.38 monthly, $690.50 annual

MetLife Quotes

  • 25 Year Old Female – $21.51 monthly, $234.00 annual
  • 35 Year Old Female – $21.06 monthly, $239.00 annual
  • 45 Year Old Female – $45.81 monthly, $509.00 annual
  • 25 Year Old Male – $21.96 monthly, $244.00 annual
  • 35 Year Old Male – $24.66 monthly, $274.00 annual
  • 45 Year Old Male – $59.76 monthly, $669.00 annual

Protective Insurance Quotes

  • 25 Year Old Female – $17.58 monthly, $204.42 annual
  • 35 Year Old Female – $19.88 monthly, $231.18 annual
  • 45 Year Old Female – $42.07 monthly, $489.26 annual
  • 25 Year Old Male – $20.31 monthly, $236.13 annual
  • 35 Year Old Male – $22.96 monthly, $266.97 annual
  • 45 Year Old Male – $54.46 monthly, $633.33 annual

VOYA is unfortunately somewhat more costly than other companies in regard to their term insurance quotes. Don’t get me wrong, it’s by no means the most expensive insurer and tends to fall into the top 15 -25  companies in terms of pricing.

This appears to apply to both genders. The bottom line is, although their rates are more affordable than many other insurers, you can get lower-cost premiums if you shop around.

Final VOYA Life Insurance Reviews

Based on the availability of products, underwriting criteria, and premium costs, VOYA life insurance reviews can be summarized as follows:

  • Good range of life insurance products and riders, but does not offer no-exam life insurance.
  • Fairly lenient underwriting niches make it competitive with other companies.
  • Term life insurance premiums are relatively competitive but more expensive than a number of other life insurers.

Who do we think rate as the top 10 life insurance companies? Check out our article entitled: “The Top 10 Life Insurance Companies for 2020.”

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