Voya Whole Life Insurance Review 2025: Understanding Your Options

Life insurance is a cornerstone of sound financial planning, providing peace of mind and security for your loved ones. Among the various types available, whole life insurance offers lifelong coverage with a unique savings component. You might have come across Voya Financial in your research, perhaps specifically looking into Voya whole life insurance. But is it the right choice for you in 2025? The answer, like most things in insurance, isn’t a simple yes or no.

The insurance landscape is constantly shifting. Companies change focus, merge, or sell parts of their business. Understanding these dynamics is crucial when making long-term financial decisions. While Voya has been a recognized name, their position in the *individual* life insurance market has changed significantly. This makes it more important than ever to work with experts who understand the current market and can guide you to the best solutions available *today*.

That’s where Insurance By Heroes comes in. Founded by a former first responder and military spouse, our agency is staffed by professionals who share a background in public service. We understand the unique needs and challenges faced by those who serve our communities. As an independent agency, we aren’t tied to any single insurance carrier. Instead, we partner with dozens of top-rated insurance companies across the nation. This allows us to shop the market extensively on your behalf, comparing policies and tailoring coverage to find the absolute best fit for your specific situation and budget. Our mission is to provide clear, unbiased guidance, helping you navigate complex options like whole life insurance.

What Exactly is Whole Life Insurance?

Before diving deeper into Voya or other specific carriers, let’s clarify what whole life insurance entails. Unlike term life insurance, which covers you for a set period (like 10, 20, or 30 years), whole life insurance is designed to provide coverage for your entire lifetime, as long as premiums are paid.

Key features typically include:

• Lifelong Coverage: The policy remains in force for your whole life, offering a guaranteed death benefit payout to your beneficiaries upon your passing, regardless of when that occurs.
• Level Premiums: In most standard whole life policies, the premium amount you pay is fixed and guaranteed not to increase over the life of the policy. This predictability can be very helpful for long-term budgeting.
• Cash Value Accumulation: A portion of each premium payment contributes to a cash value component within the policy. This cash value grows on a tax-deferred basis at a guaranteed minimum interest rate. Think of it as a built-in savings element.
• Potential Dividends: If the policy is “participating,” it may be eligible to receive dividends from the insurance company. Dividends are not guaranteed but can be used to increase the death benefit, reduce premiums, or accumulate as additional cash value.
• Policy Loans and Withdrawals: Once sufficient cash value has accumulated, you can typically borrow against it or make withdrawals. Loans accrue interest, and outstanding loans or withdrawals will reduce the death benefit payable to beneficiaries. Accessing cash value should always be done with a clear understanding of the potential impact on your coverage.

People often choose whole life insurance for reasons like covering final expenses (funeral costs, medical bills), leaving an inheritance, estate planning purposes, or supplementing retirement income through cash value access. However, it’s crucial to understand that the guarantees and cash value growth come at a cost – whole life premiums are significantly higher than term life premiums for the same initial death benefit amount.

Comparing whole life options requires looking beyond just the premium. The guaranteed interest rate, dividend history (if applicable), loan provisions, and available riders all play a role. This complexity underscores the value of working with an independent agency like Insurance By Heroes, as we can break down these details across multiple carriers for you.

Understanding Voya Financial’s Role

Voya Financial is a well-known financial services company offering retirement, investment management, and employee benefits solutions. You might recognize the name from its previous incarnation as ING U.S. Voya has generally maintained solid financial strength ratings from independent rating agencies like AM Best, Standard & Poor’s, and Moody’s, which indicates a strong ability to meet its financial obligations to policyholders.

However, when discussing Voya whole life insurance for *individuals* today, there’s a critical piece of information: **In early 2021, Voya Financial completed the sale of its individual life insurance business, including in-force policies and new sales capabilities, to Resolution Life US.**

What does this mean for you?

• If you currently hold an individual Voya life insurance policy (term, universal, or whole life), it is likely now serviced by Resolution Life. Your coverage details generally remain the same, but the administrative company has changed.
• If you are looking to purchase a *new* individual whole life insurance policy, you generally cannot buy one directly branded as “Voya” anymore. Voya has shifted its strategic focus primarily to workplace benefits and retirement solutions.

While Voya remains a strong player in the employee benefits space (we’ll touch on that next), the landscape for individuals seeking new whole life coverage has changed. This doesn’t diminish the value of understanding whole life concepts, but it highlights why relying on a single brand name from past research might lead you down the wrong path. The best policy for you might now come from a different carrier altogether – one that Insurance By Heroes actively partners with and can compare for you.

Voya Whole Life Insurance Through Employee Benefits

Although Voya no longer actively sells *individual* life insurance policies directly to consumers, they remain a significant provider of employee benefits packages. It’s possible that your employer might offer group life insurance options through Voya, and sometimes this can include a group whole life insurance component.

How does group whole life typically differ from individual policies?

• Simplified Underwriting: Often, group plans offer guaranteed acceptance or simplified underwriting up to a certain coverage amount, meaning less stringent medical questioning or exams.
• Payroll Deduction: Premiums are conveniently deducted directly from your paycheck.
• Potentially Lower Face Amounts: Coverage amounts offered through group plans may be lower than what you might need for full financial protection.
• Portability Issues: A major consideration is what happens if you leave your job. Some group whole life policies may not be portable (meaning you can’t take the coverage with you), or the premiums to keep the coverage might increase significantly once you are no longer part of the employee group.

While having access to group whole life through an employer like Voya can be a valuable benefit, it’s often insufficient as a standalone solution for comprehensive financial protection. The coverage amounts might be limited, and the lack of portability can be a significant drawback. Many people find they need to supplement group coverage with a personally owned individual policy.

This is another area where Insurance By Heroes can provide valuable guidance. We can help you evaluate your employer-sponsored benefits (whether through Voya or another provider) and determine if additional, individual coverage is needed to fully protect your family. We can then shop the market among carriers actively offering strong individual whole life policies to find the right supplement for your specific needs.

Key Features Common to Whole Life Policies (Including Legacy/Group Voya)

Even though new individual Voya whole life policies aren’t being issued, understanding the typical features helps you evaluate any whole life option, whether it’s a legacy Voya policy managed by Resolution Life, a Voya group plan, or a policy from another carrier recommended by Insurance By Heroes.

Guaranteed Death Benefit

This is the core promise: a tax-free sum paid to your beneficiaries upon your death. As long as premiums are paid, this benefit is guaranteed for life.

Level Premiums

Most traditional whole life policies feature premiums that are designed to remain level throughout the policy’s life. This makes budgeting easier compared to policies where premiums might increase over time. Some variations exist, like “limited pay” policies where you pay higher premiums for a set period (e.g., 10, 20 years, or until age 65), after which the policy is “paid-up” and no further premiums are due, but coverage continues for life.

Cash Value Growth

This is a defining feature. Part of your premium funds the death benefit, while another portion builds cash value, similar to equity in a home. This value grows tax-deferred based on a guaranteed minimum interest rate set by the insurer. If it’s a participating policy, non-guaranteed dividends can further enhance this growth.

Policy Loans and Withdrawals

You can typically borrow against the accumulated cash value without credit checks. The loan accrues interest, and the outstanding loan balance plus interest is deducted from the death benefit if not repaid. Withdrawals are also possible, but they permanently reduce the cash value and death benefit. Accessing cash value can be a useful feature but requires careful planning.

Policy Riders

Riders are optional additions that customize your policy for an extra cost. Common riders include:

• Waiver of Premium Rider: Waives future premium payments if you become totally disabled.
• Accidental Death Benefit Rider: Pays an additional amount if death occurs due to a covered accident.
• Accelerated Death Benefit Rider: Allows access to a portion of the death benefit while living if diagnosed with a qualifying terminal, chronic, or critical illness. Availability and terms vary significantly by carrier.
• Child Rider: Provides term life insurance coverage for your eligible children.
• Guaranteed Insurability Rider: Allows you to purchase additional coverage at specified future dates without proving insurability.

The availability and cost of riders differ greatly between insurance companies. When comparing policies, whether related to Voya whole life insurance discussions or exploring options from other carriers, understanding the available riders is crucial. An independent agent at Insurance By Heroes can explain which riders might be beneficial for your situation and find carriers offering the best options.

Pros and Cons of Whole Life Insurance

Whole life insurance can be a powerful tool, but it’s not suitable for everyone. Understanding the advantages and disadvantages is key.

Potential Advantages:

• Permanent Coverage: Guaranteed protection for your entire life, as long as premiums are paid.
• Premium Stability: Level premiums provide budget predictability.
• Guaranteed Cash Value Growth: Offers a conservative, guaranteed way to build savings tax-deferred.
• Potential Dividends: Participating policies offer the possibility of dividends, enhancing value.
• Loan Access: Provides a source of funds you can borrow against without credit checks.
• Estate Planning Tool: Can provide liquidity to cover estate taxes or facilitate wealth transfer.

Potential Disadvantages:

• Higher Cost: Premiums are significantly higher than term life insurance for the same initial death benefit. This cost can make it prohibitive for some or limit the amount of coverage they can afford.
• Slower Initial Growth: Cash value growth is typically slow in the early years of the policy.
• Complexity: Understanding illustrations, dividend options, and loan provisions can be complex.
• Less Flexibility: Compared to universal life, traditional whole life offers less flexibility in adjusting premiums or death benefits.
• Surrender Charges: If you surrender the policy (cancel it for its cash value) in the early years, hefty surrender charges can significantly reduce the amount you receive.

It’s vital to weigh these factors against your personal financial situation, goals, and timeline. Because of the higher cost, ensuring you can comfortably afford the premiums long-term is paramount. This is why a thorough needs analysis, like the one provided by Insurance By Heroes, is so important before committing to a policy.

Why a Single Carrier (Like Voya Historically, or Any Other Today) Isn’t Always the Best Fit

Focusing solely on one company, whether it’s researching legacy Voya whole life insurance or considering a quote from any single carrier, can limit your options and potentially lead to a policy that isn’t optimal for you.

Here’s why comparison shopping through an independent agency is critical:

• Varying Underwriting Standards: Insurance companies assess risk differently. One company might offer favorable rates for someone with well-managed diabetes, while another might be more lenient towards certain occupations or hobbies. A company that might have been a good fit under the Voya name historically may not be the best choice now available through Resolution Life or compared to other active market players. Insurance By Heroes understands these underwriting niches and can guide you to carriers likely to view your profile most favorably.
• Different Product Features: While the core concept of whole life is similar, the specifics vary. Guaranteed interest rates, dividend scales (for participating policies), loan interest rates, and the availability and cost of riders can differ significantly. One company might offer a robust accelerated death benefit rider crucial for your peace of mind, while another might not offer it at all.
• Price Differences: Even for similar coverage, premiums can vary substantially between top-rated companies. Shopping the market ensures you’re not overpaying.
• Evolving Market: As seen with Voya’s sale of its individual life business, the insurance market changes. Companies enter and exit lines of business, adjust product offerings, and update pricing. An independent agent stays current with these changes.
• Your Unique Needs: Your age, health, budget, family situation, and financial goals are unique. The “best” policy is the one that aligns perfectly with *your* circumstances, not a one-size-fits-all solution.

Insurance By Heroes was founded precisely because we recognized the need for personalized, unbiased advice, especially for communities like first responders, military members, veterans, and their families. We know the sacrifices made and the importance of reliable protection. Our commitment is to leverage our independence and market knowledge to find the coverage that truly serves *you*, comparing dozens of carriers to ensure you get the right policy at a competitive price.

The Insurance By Heroes Advantage: Your Partner in Protection

Choosing the right life insurance is a significant decision. Navigating the complexities of whole life insurance, understanding the current market players (especially after changes like the Voya/Resolution Life transition), and comparing nuanced policy details can feel overwhelming. This is where Insurance By Heroes makes the difference.

As an independent insurance agency founded by individuals with roots in the first responder and military communities, we bring a unique perspective. We understand the value of service, integrity, and looking out for one another. Our team is composed of licensed professionals, many with backgrounds in public service, who are dedicated to serving you with the same commitment.

Here’s how we help:

• Needs Assessment: We start by listening. We take the time to understand your financial situation, your goals for life insurance (e.g., income replacement, final expenses, legacy planning), and your budget.
• Market Comparison: We leverage our relationships with dozens of highly-rated insurance carriers across the country. We gather quotes and policy details for options that fit your profile, including top providers of whole life insurance currently active in the market.
• Clear Explanations: We translate complex insurance jargon into plain English. We’ll explain the differences between policies, the pros and cons of each option, how cash value works, the details of any riders, and what the illustrations mean.
• Unbiased Recommendations: Because we are independent, our loyalty is to you, not to any single insurance company. We provide objective advice aimed at finding the solution that best meets your needs.
• Application Support: We guide you through the application process, making it as smooth and efficient as possible.

Whether you were initially researching Voya whole life insurance or are just beginning to explore your options, partnering with Insurance By Heroes ensures you have a knowledgeable advocate on your side. We cut through the confusion and empower you to make an informed decision.

Finding Your Ideal Whole Life Policy: Steps to Take

If you’re considering whole life insurance, follow these steps to ensure you find the right fit:

1. Define Your Purpose: Why do you need lifelong coverage? Is it primarily for final expenses, leaving an inheritance, supplementing retirement, or something else? Clarity on your goals helps determine the necessary coverage amount and policy features.
2. Assess Your Budget Realistically: Whole life premiums are a long-term commitment. Determine how much you can comfortably allocate each month or year without straining your finances. Remember, it’s better to have a slightly smaller policy you can definitely afford than a larger one you might lapse later.
3. Compare Quotes from Multiple Carriers: This is non-negotiable. Do not settle for the first quote you receive. Use an independent agency like Insurance By Heroes to gather and compare options from various reputable insurers. This step alone can save you significant money and ensure you get better features.
4. Review Policy Illustrations Carefully: Insurers provide illustrations projecting cash value growth and potential dividends. Pay close attention to the guaranteed values versus the non-guaranteed projections (based on current dividend scales, which can change). Understand the difference.
5. Check Carrier Financial Strength: Ensure the insurance company has strong ratings from agencies like AM Best (look for A, A+, or A++). This indicates their long-term ability to pay claims. We help you verify this.
6. Evaluate Riders: Consider which optional riders could add valuable protection for your specific circumstances (e.g., waiver of premium if disability is a concern).
7. Ask Questions: Don’t hesitate to ask your agent to clarify anything you don’t understand. A good agent welcomes questions and ensures you’re comfortable with your decision.

Take Control of Your Financial Future Today

Whole life insurance offers valuable long-term security and savings potential, but navigating the options requires careful consideration and expert guidance. While you might have encountered the term “Voya whole life insurance,” it’s important to understand their shift away from the individual market and the necessity of exploring currently available policies from other strong carriers.

Don’t leave your family’s financial security to chance or try to navigate the complex insurance market alone. The dedicated team at Insurance By Heroes is ready to put our expertise and commitment to service to work for you. As an independent agency founded by those who understand service and sacrifice, we prioritize your needs above all else.

Let us help you compare whole life insurance options from dozens of top-rated carriers, ensuring you find the policy that provides the right protection at the best possible value. Take the first step towards securing peace of mind for yourself and your loved ones.

Ready to explore your options? Get your free, no-obligation whole life insurance quote today by filling out the simple form on this page. Let Insurance By Heroes serve you.