1/28/2024 0 Comments Compareme voya.com![]() ![]() A benefit that can be purchased in addition to an existing term life policyĮmployees are typically only eligible for coverage if they work 20 or more hours per week.Fixed premiums that never change, regardless of age or health.Employees can borrow against their policy for emergencies or to supplement a retirement fund.Policies can build a cash value that can grow tax-deferred.Employees can qualify without answering health questions or undergoing a medical exam.Employee gets coverage for a set period, usually 10 to 30 years.A form of supplemental group life insurance. ![]() Employees can enroll in or purchase life insurance through these employers. Voya Financial offers group insurance products to mid- and large-size businesses. Coverage maximums depend on your state and specific employer plan, but are typically limited to $500,000 or less. Individual participants may lose their coverage if they leave their employer. The company sold its individual life insurance segment in 2019 to Resolution Life Group Holdings. VOYA Cons: No longer offers individual life insurance policies, where the company previously offered individual term, whole, and universal life insurance policies. Employees can add coverage for a spouse, domestic partner, or child. That makes VOYA group life insurance a great option for individual participants who may not be able to get affordable coverage on their own. No health or medical tests are required for employer-provided term coverage. VOYA Pros: Individual customers can make payments through payroll deduction. Group life insurance is offered in all 50 states, but coverage limits and eligibility vary by location and employer.Also offers retirement planning, investment services, and other employee benefits plans.After selling its individual life insurance business in 2019, VOYA only offers group life insurance through mid-size and large corporations.Voya Financial was founded in 1975 and was once a part of ING Group.
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