Voya Life Insurance Review [2025 Update]

Choosing the right life insurance policy is one of the most important financial decisions you can make to protect your loved ones. With numerous carriers in the market, understanding your options is crucial. Voya Financial is a well-known name in the insurance and financial services industry, offering a range of life insurance products. But is Voya life insurance the right fit for you and your family? This comprehensive review, updated for 2025, explores Voya’s offerings, considers their potential strengths and weaknesses, and explains why working with an independent agency like Insurance By Heroes is often the best way to find truly personalized coverage.

At Insurance By Heroes, we understand the weight of this decision. Founded by a former first responder and military spouse, our agency is staffed by professionals who share a background in public service. This commitment to serving others drives our mission: to provide honest, tailored insurance advice. We aren’t tied to any single company like Voya; instead, we partner with dozens of top-rated carriers. This independence allows us to shop the entire market on your behalf, comparing policies and rates to find the optimal solution for your unique circumstances, budget, and goals.

Understanding Voya Financial

Voya Financial, Inc. is a large American financial, retirement, investment, and insurance company based in New York City. It evolved from ING U.S., which was the United States operating subsidiary of ING Group. Following its initial public offering (IPO) in 2013, the company rebranded as Voya Financial in 2014. The name “Voya” is derived from the word “voyage,” reflecting the company’s focus on helping customers navigate their financial journeys.

Voya offers a broad spectrum of products and services, including retirement plans (like 401(k)s), investment management, and various insurance products, including life insurance. They serve millions of individual and institutional customers across the United States.

When considering any insurance carrier, assessing their financial stability is important. Financial strength ratings from independent agencies like AM Best, Moody’s, S&P Global Ratings, and Fitch Ratings can provide insights into an insurer’s ability to meet its long-term obligations, such as paying claims. Voya Financial generally holds strong ratings, but these can change. It’s always wise to check the latest ratings directly from the rating agencies when making a decision. Remember, while financial strength is important, it’s just one piece of the puzzle. A highly-rated company might not offer the policy features or pricing that best suit your individual needs, which is why comparing multiple carriers through an agency like Insurance By Heroes is so valuable.

Voya Life Insurance Products: An Overview

Voya offers several types of life insurance designed to meet different needs and financial goals. Understanding the core differences is key to determining if their products might align with your requirements. However, it’s critical to remember that the details, availability, and pricing of these products can change and may vary by state.

Here’s a general look at the types of life insurance Voya has typically offered:

• Term Life Insurance: Provides coverage for a specific period (term), such as 10, 15, 20, or 30 years. If the insured person passes away during the term, the death benefit is paid to the beneficiaries. Term life is generally the most affordable type of life insurance, offering straightforward protection without a cash value savings component. It’s often suitable for covering temporary needs like mortgage protection or income replacement during working years.
• Universal Life (UL) Insurance: A type of permanent life insurance offering lifelong coverage as long as premiums are paid. UL policies include a cash value component that grows tax-deferred based on a minimum guaranteed interest rate or current interest rates declared by the insurer. They often feature flexible premiums and death benefits, allowing policyholders to adjust coverage (within limits) as their needs change.
• Indexed Universal Life (IUL) Insurance: Similar to traditional UL, IUL offers permanent coverage and flexible premiums. The key difference lies in how the cash value grows. Instead of being tied solely to declared interest rates, IUL cash value growth is linked to the performance of a market index (like the S&P 500), but with protection against market losses (often a 0% floor) and typically a cap on potential gains. This offers the potential for higher returns than traditional UL, but growth is not guaranteed and depends on index performance.
• Variable Universal Life (VUL) Insurance: Another form of permanent life insurance that combines a death benefit with investment subaccounts. Policyholders can allocate their cash value among various investment options (similar to mutual funds), offering the potential for significant market-based growth. However, VUL policies also carry investment risk; if the chosen subaccounts perform poorly, the cash value can decrease, potentially requiring higher premiums to maintain coverage. VUL policies are considered securities and require specific licenses to sell.

While Voya provides these options, are they the best options *for you*? That’s the crucial question. Every individual and family has unique financial situations, health profiles, risk tolerances, and long-term goals. A policy structure or feature that benefits one person might be unsuitable or too expensive for another. Insurance By Heroes helps you cut through the complexity by analyzing your specific needs and comparing Voya’s relevant offerings against dozens of other leading carriers to ensure you get the right fit, not just a product from a single company’s shelf.

A Closer Look at Voya Term Life Insurance

Term life insurance is often the starting point for many individuals seeking life insurance due to its affordability and simplicity. Voya has historically offered term life policies with various term lengths (e.g., 10, 15, 20, 30 years) and coverage amounts.

Features Often Found in Voya Term Policies:

• Level Premiums: Premiums typically remain the same for the duration of the chosen term.
• Guaranteed Death Benefit: The coverage amount is guaranteed as long as premiums are paid on time.
• Convertibility Option: Many term policies, potentially including Voya’s, offer the option to convert the term policy into a permanent policy (like UL or IUL) before the term expires or by a certain age, usually without needing a new medical exam. This can be valuable if your needs change or your health declines.
• Range of Coverage Amounts: Designed to accommodate various needs, from covering final expenses to replacing significant income streams.

Who Might Consider Voya Term Life?

Voya’s term products could be a consideration for individuals seeking straightforward death benefit protection for a defined period. This often includes:

• Young families needing income replacement for the primary breadwinner.
• Individuals with mortgages or other large debts they want covered.
• Business owners needing coverage for key person insurance or buy-sell agreements.
• People seeking the most coverage for the lowest initial cost.

The Importance of Comparison

Even within term life insurance, carriers differ significantly. Underwriting guidelines vary – one company might offer better rates for someone with well-managed diabetes, while another might be more favorable for smokers trying to quit, or for individuals with hazardous occupations or hobbies. Voya might be competitive for certain age groups or health classifications, but less so for others. Furthermore, the specifics of conversion options or available riders can differ.

This is where Insurance By Heroes provides immense value. We don’t just look at Voya; we look at the entire market. Our team, drawing on their public service backgrounds emphasizing diligence and care, meticulously compares term policies from numerous carriers based on *your* health profile, lifestyle, budget, and coverage needs. We can identify which company, whether it’s Voya or one of the many others we represent, offers the most advantageous terms and pricing for *you*. We ensure you understand the nuances, like conversion privileges, before you commit.

Exploring Voya Permanent Life Insurance (UL, IUL)

For those seeking lifelong coverage and the potential for cash value accumulation, permanent life insurance options like Universal Life (UL) and Indexed Universal Life (IUL) come into play. Voya has offered products in these categories, designed for longer-term financial planning.

Voya Universal Life (UL)

Traditional UL policies from Voya would typically offer:

• Lifelong Protection: Coverage lasts your entire life, provided sufficient premiums are paid.
• Cash Value Growth: Accumulates cash value on a tax-deferred basis, earning interest based on rates declared by Voya (subject to a guaranteed minimum).
• Premium Flexibility: Allows you to adjust premium payments (within policy limits) after the initial payment, potentially skipping payments if sufficient cash value exists (though this can impact long-term performance and guarantees).
• Adjustable Death Benefit: May allow you to increase or decrease the death benefit amount as your needs evolve (subject to underwriting for increases).

Voya Indexed Universal Life (IUL)

Voya IUL policies aim to provide potentially higher cash value growth compared to traditional UL by linking interest crediting to the performance of market indices:

• Index-Linked Growth Potential: Cash value growth is tied to indices like the S&P 500, offering the potential for higher returns than fixed-interest UL in up-market years.
• Downside Protection: Typically includes a floor (often 0%) to protect against market losses. Your cash value won’t decline due to negative index performance in a given crediting period (though policy fees and charges still apply).
• Caps and Participation Rates: Growth potential is usually limited by caps (a maximum interest rate credited) or participation rates (the percentage of index gain credited to the policy). These can change over time.
• Permanent Coverage & Flexibility: Like UL, provides lifelong coverage and premium/death benefit flexibility.

Considerations for Permanent Policies

Permanent life insurance, especially IUL and VUL, are more complex than term life. Understanding how cash value accumulates, the impact of policy loans and withdrawals, the structure of index crediting (for IUL), investment risks (for VUL), and the effect of fees and charges is crucial. Illustrations showing projected policy performance are based on assumptions that may not be realized.

Is a Voya UL or IUL policy the best permanent solution for your long-term goals, such as estate planning, supplemental retirement income, or covering final expenses? Maybe. But maybe another carrier offers a policy with more favorable internal costs, stronger guarantees, different index options, higher caps, or more suitable riders for your situation. Because Insurance By Heroes works with dozens of carriers, we can provide objective comparisons of permanent policies from Voya and its competitors. We help you understand the intricate details and potential outcomes, ensuring the policy aligns with your risk tolerance and financial objectives. Our commitment, rooted in the public service values of our team, is to find the policy that truly serves *your* interests, not the sales targets of a single company.

Understanding Voya Life Insurance Riders

Life insurance riders are optional additions to a base policy that provide extra benefits or coverage, allowing you to customize the policy to your specific needs. Voya, like most major insurers, typically offers a selection of riders for their life insurance products. Availability can vary depending on the policy type (term vs. permanent) and state regulations.

Common types of riders that Voya might offer include:

• Waiver of Premium Rider: If you become totally disabled (as defined by the policy) and unable to work, this rider waives your life insurance premiums, keeping your coverage active without further payment.
• Accidental Death Benefit Rider (ADB): Provides an additional death benefit if the insured dies as the direct result of an accident. This is sometimes called “double indemnity.”
• Child Term Rider: Allows you to add term life insurance coverage for your eligible children onto your own policy, usually at a relatively low cost. The coverage can often be converted to a permanent policy for the child later.
• Accelerated Death Benefit Rider (ADBR): Allows the policyholder to access a portion of their death benefit while still living if diagnosed with a qualifying terminal, chronic, or critical illness. This can help pay for medical expenses or other needs. Terms and conditions vary significantly.
• Guaranteed Insurability Rider: Guarantees the right to purchase additional life insurance coverage at specified future dates or life events (like marriage or birth of a child) without proving insurability (i.e., without a new medical exam).

The specific definitions, costs, limitations, and availability of riders are crucial details. For example, the definition of “total disability” for a Waiver of Premium rider can differ between insurers. The trigger conditions for an Accelerated Death Benefit rider also vary widely.

Choosing the right riders is a key part of tailoring your life insurance protection. Insurance By Heroes helps you navigate these options effectively. We don’t just present Voya’s riders; we explain how they compare to riders offered by other carriers we work with. We help you determine which riders offer meaningful value for your situation and ensure you understand the associated costs and benefits, integrating them into a comprehensive protection plan sourced from the best carrier for your overall profile.

Potential Strengths of Voya Life Insurance

When evaluating any insurance carrier, it’s helpful to consider their potential strengths. Based on their market presence and product offerings, Voya may appeal to consumers for several reasons:

• Brand Recognition: As a large, publicly traded financial services company, Voya has significant brand recognition, which can provide a sense of stability for some consumers.
• Range of Products: Offering various types of life insurance (Term, UL, IUL) provides options for different needs and financial goals under one potential roof.
• Financial Services Integration: For individuals already using Voya for retirement or investment services, adding life insurance might seem convenient.
• Potential for Specific Niches: Depending on their underwriting guidelines at any given time, Voya might offer competitive rates or products for certain demographics or health profiles (though this can change).

However, these are general points. A strength for one person (like brand recognition) might be irrelevant to another who prioritizes the absolute best price or a specific policy feature only available elsewhere. Convenience shouldn’t outweigh finding the most suitable and cost-effective coverage. This is why an objective comparison across multiple carriers is essential.

Potential Considerations and Why Comparison is Key

No single insurance company is the perfect fit for everyone. While Voya is a major player, there are important considerations and reasons why comparing them against other options is crucial:

• Pricing Competitiveness: Voya’s rates may not be the most competitive for every age group, health class, coverage amount, or policy type. Other carriers might offer significantly lower premiums for the same coverage, depending on your specific profile.
• Underwriting Niches: Insurance companies develop expertise in underwriting certain risks. Voya might be less favorable for specific health conditions (e.g., certain cancers, heart conditions, diabetes types) or lifestyle factors (e.g., specific occupations, travel, hobbies) compared to other carriers specializing in those areas.
• Product Features and Flexibility: While Voya offers standard product types, another carrier might have a unique rider, a more appealing index crediting strategy on an IUL, stronger guarantees on a UL, or more flexible conversion options on a term policy that better suits your needs.
• Complexity: Permanent products like IUL can be complex. Understanding the illustrations, fees, charges, and potential risks requires careful explanation. Ensuring you get clear, unbiased information is vital.
• Focus Shifts: As a large financial services company, Voya’s strategic focus can shift. While they currently offer life insurance, their emphasis or product innovation in this area might change over time relative to companies solely focused on insurance.

These considerations highlight why relying solely on one company’s offerings can be limiting. Voya life insurance might be a contender, but without comparing it to the broader market, you won’t know if you’re getting the best value or the most appropriate features. Insurance By Heroes removes this limitation by providing access to dozens of carriers and helping you weigh the pros and cons objectively.

Who Might Benefit Most from Voya Life Insurance? (And Why It’s Not That Simple)

Based on their typical product suite, one might generalize that Voya life insurance could be a consideration for:

• Individuals looking for basic term coverage from a recognized brand.
• People interested in permanent policies like UL or IUL for long-term goals, potentially linking cash value growth to market indices (with IUL).
• Existing Voya customers seeking the convenience of bundling services (though convenience should not override suitability or cost).

However, this is a vast oversimplification. The *best* life insurance policy isn’t determined by brand name or product type alone; it’s determined by how well it aligns with *your* individual circumstances. Factors like your age, health history, family medical history, smoking status, occupation, hobbies, income, debts, financial goals, risk tolerance, and desired coverage duration all play a critical role.

A 30-year-old marathon runner needs a different policy assessment than a 55-year-old managing high blood pressure. Someone needing pure income replacement for 20 years has different needs than someone planning for estate tax liquidity. Voya might be excellent for one scenario but less ideal for another.

This is the core reason why generalizations are insufficient. You need a personalized needs analysis and market comparison, which is precisely the service Insurance By Heroes provides. We look beyond the brand name to find the policy and carrier that genuinely fits *you*.

Why Use an Independent Agency like Insurance By Heroes?

Navigating the world of life insurance, especially when comparing complex products from carriers like Voya and others, can be overwhelming. This is where working with an independent agency like Insurance By Heroes makes a significant difference.

Our foundation is built on service. Founded by a former first responder and military spouse, and staffed by professionals with similar backgrounds in public service, Insurance By Heroes operates with a core commitment to integrity, diligence, and putting client needs first – values ingrained from careers dedicated to helping others.

Here’s how that translates into benefits for you:

• Unbiased Advice: We are not captive agents tied to Voya or any single insurance company. Our loyalty is to you, our client. We provide objective advice based on your best interests.
• Access to the Market: We work with dozens of the nation’s top-rated life insurance carriers. This broad access allows us to comprehensively shop the market for you, comparing policies, features, underwriting guidelines, and pricing from a wide range of providers, including Voya.
• Personalized Needs Assessment: We take the time to understand your unique situation – your family structure, financial obligations, health status, and future goals. We don’t believe in one-size-fits-all solutions.
• Tailored Solutions: Based on our assessment and market comparison, we identify the carriers and policy types that offer the best fit for your specific profile. We explain the pros and cons of each option clearly and transparently. Whether a Voya policy turns out to be the best match, or a policy from another highly-rated carrier we represent, you can be confident the recommendation is tailored to you.
• Simplified Process: Applying for life insurance involves detailed applications and underwriting. We guide you through every step, simplifying the complexities and liaising with the insurance carrier on your behalf. Our public service background means we understand the importance of clear communication and efficient processes.
• Long-Term Partnership: Our commitment doesn’t end when the policy is issued. We are here for ongoing service and reviews as your life circumstances change.

Choosing Voya directly means you only see Voya’s options. Choosing Insurance By Heroes means you get a dedicated advocate exploring the best options from across the market, ensuring you secure the right protection at a competitive price, guided by professionals who genuinely care about service.

The Life Insurance Application and Underwriting Process

Regardless of whether you apply for a Voya life insurance policy or one from another carrier through Insurance By Heroes, the general process involves several steps:

1. Quote Request: You provide basic information (age, gender, health status, desired coverage) to get initial premium estimates. Our online quote tool provides a starting point.
2. Application: A detailed application form collects information about your health history, family medical history, lifestyle (smoking, occupation, hobbies), finances, and the beneficiaries you wish to name. Honesty and accuracy are crucial.
3. Underwriting: This is the insurer’s risk assessment process. They review your application, may check databases like the MIB (Medical Information Bureau), prescription history, and motor vehicle records.
4. Medical Exam (Potentially): Depending on the policy type, coverage amount, age, and health history, a medical exam (paramedical exam) might be required. This typically involves measuring height, weight, blood pressure, and collecting blood and urine samples. Some policies offer “no-exam” underwriting, often using data analysis instead, though these may sometimes come with higher premiums or lower coverage limits.
5. Underwriting Decision: The underwriter analyzes all the information and assigns a risk classification (e.g., Preferred Plus, Preferred, Standard Plus, Standard, Substandard/Rated). This classification determines your final premium. In some cases, an application might be postponed or declined.
6. Policy Approval and Issuance: If approved, the insurance company issues the policy documents outlining the coverage, premiums, terms, and conditions.
7. Policy Delivery and Acceptance: You review the policy. If everything is in order, you accept it, pay the initial premium, and your coverage begins. There’s usually a “free look” period (e.g., 10-30 days) during which you can cancel the policy for a full refund.

Insurance By Heroes expertly guides you through this entire process. We help you prepare the application accurately, set expectations for underwriting, coordinate medical exams if needed, and review the final policy offer to ensure it aligns with what was discussed. We advocate for you, especially if underwriting challenges arise, leveraging our knowledge of different carrier guidelines.

Comparing Voya Life Insurance to Other Carriers

Voya Financial is a reputable company offering a range of life insurance products. However, they operate in a competitive marketplace alongside dozens of other excellent insurers, each with its own strengths, weaknesses, and target markets.

Effective comparison involves looking at several factors:

• Pricing: How do Voya’s premiums for your specific age, health class, and desired coverage compare to other top carriers?
• Underwriting Guidelines: Is Voya or another carrier more lenient or favorable for your specific health conditions or lifestyle factors?
• Product Features: Does Voya or a competitor offer specific riders, cash value growth mechanisms (for permanent policies), conversion options, or policy flexibility that better meet your needs?
• Financial Strength Ratings: How do Voya’s ratings compare to other insurers you are considering? (Always verify current ratings).
• Customer Service Reputation: What is the general feedback regarding claims handling and policyholder service for Voya versus competitors?

This level of detailed comparison is difficult, if not impossible, for an individual consumer to perform alone. It requires access to quoting software, knowledge of underwriting nuances across multiple companies, and an understanding of complex policy provisions.

Insurance By Heroes specializes in this comparison. We leverage our expertise and access to numerous carriers to objectively stack Voya’s offerings against the competition based on *your* unique profile. Our goal is simple: to find the best possible coverage and value for you, regardless of which company provides it.

Conclusion: Finding Your Best Fit with Insurance By Heroes

Voya Financial offers a recognized brand and a range of life insurance products, including term, universal life, and indexed universal life options. They can be a viable consideration for some individuals seeking life insurance protection. However, as we’ve explored in this 2025 updated review, Voya is just one player in a vast and varied marketplace.

The most crucial takeaway is that no single insurance company, including Voya, is universally the best choice. The ideal life insurance policy depends entirely on your personal circumstances, health profile, financial goals, and budget. Factors like underwriting niches, pricing competitiveness for your specific situation, and unique policy features or riders mean that the best value and most suitable coverage might come from Voya, or it might come from one of the dozens of other excellent carriers available.

That’s why partnering with an independent agency like Insurance By Heroes is so advantageous. Rooted in the values of public service – integrity, dedication, and client focus – our team is committed to helping you navigate the complexities of life insurance. We don’t push one company’s products; we analyze your needs and shop the market across numerous top-rated carriers to find the policy that truly protects your family and fits your budget.

Don’t guess if Voya life insurance is right for you. Let the experienced professionals at Insurance By Heroes provide a comprehensive, unbiased comparison. Take the first step towards securing peace of mind today.

Ready to find the best life insurance coverage tailored specifically to you? Fill out the quote request form on this page now. The team at Insurance By Heroes will compare options from Voya and dozens of other top carriers to find your perfect fit. Get started today!