Know About Voya Reliastar Life Insurance and Its Changes

Insurance

Reliastar Life Insurance Company is an ING Group indirect subsidiary. ING is a global financial institution that is European based featuring a strong background. Reliastar was acquired in September 2000 by ING Group and is now licensed as an accredited insurer in all states. Reliastar, the insurance company is responsible for the insurance product obligations issued by Reliastar. In Atlanta, GA, the administrative offices of Reliastar is located.

ING US, in 2014 officially came to be known as Voya Financial Inc and it was referred in the past commonly by many consumers and agents as ING Reliastar. However, now ING Reliastar is re-branded fully in the name Voya Financial, though the products of life insurance are underwritten still by Reliastar insurance company and subsidiaries.

Voya Financial is referred as Voya Reliastar and ING puts a halt to the sales of its insurance products. In fact, even the agents were taken by surprise that were representing Voya Reliastar and ING versions. In a press release recently, Voya Life insurance confirmed they will not be offering universal or term life products with lifetime guarantees any more.

Thus, Voya will be moving forward by offering universal life insurance that is non-guaranteed. The Voya remaining fixed life insurance products include:

  • Voya Universal Life CV
  • Strategic Accumulator Survivorship Universal Life
  • Indexed Universal Life Global choice

Note: The other Voya Life policies encompass moving parts and are not guaranteed contractually. However, you can get Voya Reliastar life insurance quotes on this great site affordable life usa.

In 2016, Voya confirmed that their insurance industry wishes to make regulatory changes. They wish to evolve strategy with respect to changes and market conditions that are always challenging. By the end of 2016, Voya suspended its guarantee with term and Universal life insurance and initiated offering cash value insurance products.

2018 Update

Voya announced early 2018 that it will be selling its annuity business and is uncertain about their life insurance business future. Voya, at the same time considered a $2.4 billion, a huge write-down for sale.

The Reliastar life insurance policies are for many years and stay around. However, ING and Voya life insurance have lowered consistently the term life insurance rates of Reliastar to stay competitive. In fact, term insurance accounts for most sales of the company and is essential line for Reliastar for years.

Voya Reliastar may consider raising premiums on Reliastar policies, instead of canceling the guarantee. Thus, without life insurance products guarantee, Voya Financial has diminished Voya Reliastar in this business of life insurance.