Voya IUL Review
First of all, Voya is an up and coming name in the financial industry. It provides consumers with a variety of products, ranging from insurance to retirement to savings.
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Before Voya, the company was known as ING U.S., with its history dating back to the 1970s.
Despite the fact that Voya is a relatively young company, especially when compared to other indexed universal life insurance (IUL) providers, there are a few key statistics that prove just how strong the brand truly is:
- Approximately 14.7 million customers spread throughout the United States
- More than $550 billion combined in assets under management and assets under administration
- Revenue of $8.618 billion in 2017
- 6,300 employees
With all that in mind, you may be wondering what Voya has to offer consumers in the market for indexed universal life insurance. Well, we’re here to give you all the information you need to make an informed decision on the company and its offerings.
The Good
Strong Relationships with Issuing Companies
Voya has a number of strong relationships in place to ensure that customers throughout the country have access to its many life insurance products.
Life insurance products purchased through Voya are issued by ReliaStar Life Insurance Company (Minneapolis, MN), ReliaStar Life Insurance Company of New York (Woodbury, NY), and Security Life of Denver Insurance Company (Denver, CO).
All of these companies are well established within the industry and have a good reputation for being financially secure over an extended period of time.
Above Average Financial Ratings
You don’t get to the type of revenue that Voya has without strong financial ratings. Here’s a breakdown of Voya’s financial ratings, along with its issuing companies:
Voya Retirement Insurance and Annuity Company
- A (Outlook Positive) S&P Global Ratings
- A2 (Outlook Stable) Moody’s Investor Service
Midwestern United Life Insurance Company
- A (Outlook Positive) S&P Global Ratings
- A2 (Outlook Stable) Moody’s Investor Service
Reliastar Life Insurance Company (MN)
- A (Outlook Positive) S&P Global Ratings
- A2 (Outlook Stable) Moody’s Investor Service
Reliastar Life Insurance Company of NY
- A (Outlook Positive) S&P Global Ratings
- A2 (Outlook Stable) Moody’s Investor Service
Security Life of Denver Insurance Company
- A (Outlook Positive) S&P Global Ratings
- A2 (Outlook Stable) Moody’s Investor Service
These aren’t the strongest financial ratings, but you’ll come to find that many indexed universal life insurance are lagging behind. When you combine these ratings with the statistics shared above, you don’t have to worry about the financial stability of Voya.
Best in the Industry Customer Service
Since taking the Voya name, the company has been known for providing potential and current customers with the best (or close to it) customer service in the industry.
If you have questions about indexed universal life insurance, Voya has you covered. Also, if you need to make a change to your policy, you won’t have to wait for an answer. And if you need to file a claim, you can rest assured that there’s someone to help.
The Not So Good
Complicated Policy Structure
Let’s face it: buying indexed universal life insurance is difficult enough. You don’t need anything else getting in your way.
While it’s nice that Voya offers four distinct types of IUL, it can add some confusion to the buying process. Here are your options:
- Voya Indexed Universal Life-Accumulator
- Voya Indexed Universal Life-Global
- Voya Indexed Universal Life-Global Choice
- Voya Indexed Universal Life-Protector
Maybe the following graph from Voya will help you:
In the previous image, you see the term High Funding. You may not be familiar with High Funding or Overfunding an IUL, but it can be a great strategy to build significant cash value.
While each product is unique, there are two things you need to know about all of them:
- There is a minimum death benefit of $50,000 for every policy, with the exception of Voya Indexed Universal Life-Global ($100,000)
- Each policy has a fixed guaranteed minimum interest rate
It can be confusing to compare these four types of policies, but putting in the work will help you find the one that’s best for you, your loved ones and your budget.
Final Word
Finally, Voya and its indexed universal life insurance policies are just now beginning to become more popular.
While, there are better options on the market, such as policies from Securian, or Penn Mutual. Voya is no slouch because of everything we have listed.
It’s a financially strong company with industry-leading customer service and four unique types of indexed universal life insurance.
