Company Spotlight: VOYA / ReliaStar Life Insurance Company

Our ReliaStar Life Insurance Company review finds the company was rebranded and now operates as VOYA Financial Company. VOYA Financial is composed of premier retirement, investment, and insurance companies.

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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 in...

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Written by Rachael Brennan
Licensed Insurance Agent Rachael Brennan

Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent Benji Carr

UPDATED: Jun 29, 2022

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Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

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Important Note: VOYA / ReliaStar Life Insurance Company no longer sells term life insurance. The content in this page is old, but may be helpful to existing VOYA customers. That’s why we kept it. It now includes information about Voya life insurance policies. Please keep this in mind as you read through the information and contact us if you have any doubts or questions.

As an online insurance broker, we’re not limited to working with one specific life insurance company. By definition, a broker typically works with several companies but represents you, not the company.

Every insurance company we make available to you has been carefully chosen to provide competitive prices, fast term life insurance application processing and underwriting (see guidelines here: life insurance underwriting guidelines), and excellent customer service. Today, we’ll take a closer look at one such company: VOYA / ReliaStar Life Insurance Company.

ReliaStar Life Insurance Company is Now Voya Financial

ReliaStar Life Insurance Company (also called ING ReliaStar Life Insurance Company) is a United States Voya Financial company, which has rebranded from ING U.S. Voya is composed of premier retirement, investment, insurance products, and insurance companies serving the financial needs of approximately 13 million individual and institutional customers in the U.S. The company was founded in 1885.

ReliaStar Life has an A financial rating from AM Best rating service, and an A- rating from Standard & Poor’s financial strength rating service.  These company ratings represent a measure of a company’s claims-paying ability and overall performance.

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What features are included with a Voya life insurance policy?

These features are often called “riders” in insurance lingo. This simply means they “attach to” or “ride-along” with your policy. These two are included for free with your policy.

Accelerated Death Benefit Rider

VOYA Financial includes an Accelerated Death Benefit (ADB) rider at no extra cost to you (in approved states). This benefit allows you to receive a portion of the death benefit if you become terminally ill, with a life expectancy of 12 months or less. The policy owner can request payment of up to 25 percent of the eligible death benefit, not to exceed $250,000.

Conversion Option

A Conversion Option (CO) is included with no extra premium. You may convert the policy to select permanent life insurance policies issued by life insurer.  You do not need to show evidence of insurability to convert your policy, as long as you do it during the guarantee period of the policy, not to exceed age 75.

What extra features can you add to your Voya life insurance policy?

You can buy these optional riders and they will also become a part of your Voya life insurance policy.

1. Waiver of Premium Rider

A Waiver of Premium (WOP) rider is available with extra premium. If you have a total disability before you reach age 60, and after a waiting period of six months, your premiums will be waived retroactively from the beginning of the disability. The premiums will continue to be waived for the duration of your total disability. The maximum face amount for a policy with this rider is $5,000,000. You can buy this rider if you are between the ages of 18-55. It will expire on the policy anniversary nearest your 60th birthday.

2. Accidental Death Benefit Rider

An Accidental Death Benefit (ADB) rider is available with an extra premium. This rider pays in addition to the base policy death benefit if you were to die in an accident. The benefit amount is up to the face amount of the base policy or a maximum of $300,000 on any one life (includes any such benefit already in force). For example, let’s say you have a $250,000 term life policy with the ADB rider attached. If you die in a covered accident, Voya Financial will pay your beneficiary an additional $250,000 death benefit, for a total payout of $500,000.

You can buy this rider if you are between the ages of 18-60. It will expire on the policy anniversary nearest your 65th birthday.

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3. Children’s Term Insurance Rider

The Children’s Term (CT) rider is also available with an extra premium when buying life insurance for children. It provides level term insurance on each insured child, up to age 25. Each unit of coverages provides $1,000 in death benefit per child. A minimum of two units and a maximum of ten units are available. The cost per unit is $6.00 annually, regardless of the number of children covered. You can buy this Rider if you are between the ages of 18-60 and your children are between the ages of 15 days to 18 years. It expires if you die, if you reach age 65, or when your youngest child reaches age 25, whichever happens first.

What Voya / ReliaStar life insurance policies are available?

VOYA term life policies include term lengths of 10, 15, 20, 25, and 30 years, during which your rates are guaranteed to remain the same. The minimum coverage amount is $100,000. A paramedical exam is required to apply for all policies.

Remember, working with an online broker has its advantages. Buying online allows you to complete the process at your own pace while avoiding pressure to buy. It also gives you a variety of companies to choose from.

Get started with a free term life insurance quote and let us know if you’d like one of our licensed Insurance Professionals to help you choose the best life insurance company for you and your unique circumstances.

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