As a global brand, ING Group is a massive player not only in life insurance but in numerous other areas of financial planning and banking. For a quick understanding of the size of ING Group, consider that the corporation has more than 55,000 employees around the globe. The name ING Group has been used since 1991, although the roots of this Netherlands-based company can be traced back for centuries.
More recently, ING Group converted its life insurance operations in the United States to the name Voya Financial. And, in the years since, ING Group has divested from this new company, and no longer holds an ownership position. So, in the content below, we will be touching on the life insurance products and services you can now get under the Voya Financial name. You can take a look at the information below to learn more about what Voya Financial offers, how it operates, and whether or not it might be a good fit for your next policy purchase.
Types of Life Insurance Offered
Voya Financial offers life insurance products that fall in line with what is commonly seen in the rest of the market. If you are looking for a standard life insurance policy from one of the main categories of coverage, you’ll have no trouble finding it here. Among the options available are the following –
Universal life– This is the type of insurance policy you would take out if you want a guaranteed death benefit, as the policy will last under the insured dies. Also, with universal life, you’ll have a financial planning tool that will accumulate a cash value over its duration. That cash value can be used in a number of ways depending on your needs and goals.
Term life– Unlike universal life, term life insurance does have an expiration date. When you take out the policy, you decide how long you want that coverage to last. For example, if it is roughly a decade until you are going to retire, and you want to have coverage to take care of your family if you pass away suddenly, you might opt for a 10-year term. These kinds of policies are far more affordable than universal coverage, as there is a good chance that no payout will be made.
Survivorship Universal life-An interesting option, survivorship universal life is a type of policy that covers two people at the same time. If you are married, the policy could cover you and your spouse, for example. In this case, the death benefit is only paid out when the second of the two people pass away. At that time, the policy will pay a benefit to those named as beneficiaries. This is a way to obtain a universal life policy with a lower monthly premium, so it will be attractive to buyers in the right situation.
Getting a quote on coverage from Voya is the best way to determine if this insurer is right for your needs. While they do offer all the main types of life insurance, you can’t be sure that their prices and coverage levels will suit your requirements until you get a direct quote and see what it looks like.
If you are new to shopping for life insurance, the concept of a rider may be foreign. Fortunately, the idea is simple enough – riders are optional features that can be added to a life insurance policy. By adding riders, you can effectively customize your coverage to make it fit your needs perfectly. While riders usually add to the cost of your premium, the additional benefit gained may be worth it. Carefully consider your rider options when shopping for a policy with Voya or any other carrier. Some of the common options for riders seen with Voya and others include the following –
Accidental Death Benefit
You may see an accidental death benefit rider referred to as a double indemnity policy. In other words, if the insured individual dies in an accident during the term of the coverage, the death benefit will be doubled. It should be said that not all accidental death benefit riders lead to a doubling of the benefit payout, so be sure to look closely at the fine print before you decide to add this rider.
Disability income. If you have ever thought about the difficulty that your family would have making ends meet if you become disabled, you might want to add this rider to your life insurance policy. As the name suggests, you’ll receive disability payments if you are hurt or become ill and can’t work. In this way, your life insurance policy can actually payout while you are still living.
Waiver of Premium Rider
This is another way your life insurance policy can work for you while you are alive. If you become critically ill, or are seriously hurt, this rider may lead to the elimination of your premiums on the policy. That means you can keep the policy in good standing without having to pay monthly premiums, which could be a big boost to your family’s financial situation. This is critical because once people become disabled, they may struggle to pay bills. Life insurance may be more important than ever because they may have a higher chance of dying sooner after they are injured. If you find yourself in this situation, you do not want your life insurance policy to lapse.
Riders come in all shapes and sizes, and there are various restrictions on who qualifies for which types of riders. Think about what additional types of coverage would make your life insurance even more useful and then look for riders that customize the policy appropriately.
Notable Features of ING Group Life Insurance
One notable feature of this insurer that might appeal to you is the lack of a medical exam requirement on some of their policies. Some individuals may not want to deal with the hassle of an exam, or they might not be able to pass the exam to qualify for another policy. Without that hurdle, you may be able to get coverage that you’ve otherwise been denied. More life insurance companies are going away from medical exams and ING is no exception.
As part of doing your due diligence when looking for life insurance, it’s a good practice to check quickly on financial ratings. The Voya website lists the ratings from all major ratings agencies. Most of the big names in the industry will have solid financial scores from reviewers, but it’s still worth taking a look to make sure no warning signs have popped up.
With Voya, as you might expect, the financial ratings are strong. Their life insurance operation has received an A+ rating from Standard and Poor’s, and an A from Fitch. If a claim is filed on your policy at any point, you can rest assured that Voya should be in a strong financial position to make the payout as designated in the policy.
Those who are shopping for life insurance tend to want to avoid medical exams whenever possible – it’s just a hassle and can lead to higher premiums. So, it’s no surprise that people leave positive reviews about the lack of exams required for taking out a term life policy. Consumer affairs lists them as having four and a half stars out of five. Also, another commonly cited positive with Voya is the ability to have your premiums taken out of your paycheck regularly. That means you no longer have to worry about making the payments – and you won’t accidentally let the policy lapse because you fell behind. The money will just come out of your check and you can forget about it.
The lack of individual plans being offered is a major drawback for Voya, however. If you don’t have access to a group plan through your work, as would be the case for the many people who are self-employed, you won’t have access to this provider. With that said, it’s worth noting that many people are able to maintain their policies when they leave the place of employment where they first secured coverage. So, if you are happy with your policy and would like to keep it even after you change jobs or step away from the workforce, you will likely be able to do just that.
Application Process Overview
It should be noted that the only way to acquire Voya life insurance is through your employer. They offer group plans, so seeking coverage means going through your place of employment if Voya coverage is available. From there, you should receive directions from human resources or a manager on what you’ll need to do to complete the application process. As mentioned previously, some policies don’t require a medical exam, so you might not have to head to the doctor to put your coverage in place.
Is ING Group Life Insurance Legit?
Given the size of Voya Financial, and the strong track record that it brings to the table, you’ll know immediately that this is a legit insurer. If you find a policy that you like available through Voya Financial, you shouldn’t have any hesitation about trusting this corporation with your coverage. Take some time to see what Voya offers, and see how those offerings compare to other brands on the market and select the policy that will serve your family well moving forward.