Voya Life Insurance Review in 2026: Coverage, Rates, and Financial Strength

Published: June 23, 2026 | Last Updated: June 23, 2026

Voya Financial (NYSE: VOYA) is a name that many Americans recognize — especially those who participate in employer-sponsored retirement plans and workplace benefits. Formerly part of the Dutch financial giant ING Group, Voya spun off as an independent, U.S.-focused company and has since carved out a distinct niche in the retirement and employee benefits space. But when it comes to life insurance, the landscape has shifted dramatically. In this comprehensive Voya life insurance review for 2026, we examine what Voya actually offers today, how its financial strength holds up, what real customers are saying, and how it compares to major competitors like AIG, Corebridge Financial, Hartford, and Lincoln Financial.

If you are searching for an individual life insurance policy you can buy on your own, here is the most important takeaway upfront: Voya no longer sells individual life insurance policies to retail consumers. The company exited that market several years ago. Today, Voya’s life insurance products are available exclusively through employer-sponsored group plans. This review will help you understand what that means for you — whether you are an employee evaluating your workplace benefits or an HR professional researching carriers for your organization.

Overview of Voya Financial

Voya Financial, Inc. is a publicly traded company headquartered in New York City, with shares listed on the New York Stock Exchange under the ticker symbol VOYA. The company traces its roots back to ING Group, the Netherlands-based multinational banking and financial services corporation. ING established a significant presence in the U.S. insurance and retirement market throughout the 1990s and 2000s. In 2013, ING spun off its U.S. operations through an initial public offering, and the newly independent entity rebranded as Voya Financial in 2014.

Today, Voya Financial manages approximately $300 billion in assets and serves millions of Americans through workplace retirement plans, employee benefits, and investment management services. The company operates through three primary business segments:

• Retirement: Employer-sponsored retirement plans including 401(k), 403(b), 457 plans, and IRA products for both corporate and institutional clients.
• Investment Management: Asset management services for institutional investors, including fixed-income, equity, and multi-asset strategies.
• Employee Benefits (Health Solutions): Group life insurance, disability insurance, stop-loss coverage, voluntary benefits, and other workplace insurance products — this is the segment where Voya’s life insurance offerings live.

Voya’s strategic pivot away from individual insurance products was deliberate. By focusing on the employer channel, Voya leverages its established relationships with thousands of businesses and plan sponsors. This B2B2C (business-to-business-to-consumer) model allows Voya to reach employees at scale without the high customer acquisition costs associated with direct-to-consumer insurance sales.

For more context on how other major carriers have evolved their business models, see our reviews of AIG Life Insurance and Corebridge Financial, both of which still maintain robust individual life insurance operations alongside their group offerings.

Voya Life Insurance Products in 2026

As noted above, Voya’s life insurance products are exclusively available through employer-sponsored group plans. Here is a detailed breakdown of what Voya offers in the group life insurance space:

Basic Group Term Life Insurance

This is the foundational coverage that most employers provide at no cost to employees. Basic group term life insurance through Voya typically offers a death benefit equal to one or two times the employee’s annual salary, though some employers may provide a flat amount (e.g., $50,000). Because the employer pays the premium, this coverage is essentially free for employees. Coverage amounts are generally guaranteed-issue, meaning no medical exam or health questionnaire is required.

Supplemental Group Term Life Insurance

Employees who want additional coverage beyond the basic plan can purchase supplemental group term life insurance. This is employee-paid through payroll deductions. Coverage amounts can range from one to eight times annual salary, subject to guaranteed-issue limits. Above certain thresholds, employees may need to provide evidence of insurability (EOI) — essentially answering health questions or undergoing a simplified underwriting process.

Dependent Life Insurance

Voya’s group plans often include options to cover spouses and dependent children. Spousal coverage typically ranges from $10,000 to $250,000, while child coverage is usually a flat amount between $5,000 and $10,000 per child. These policies are generally guaranteed-issue and provide affordable protection for the entire family.

Accidental Death and Dismemberment (AD&D)

AD&D coverage pays an additional benefit if the insured dies or suffers a qualifying injury (such as loss of a limb or eyesight) as a result of an accident. Voya offers both basic AD&D (often bundled with basic life) and supplemental AD&D that employees can purchase separately. AD&D premiums are typically very low because the coverage is limited to accidental causes.

Portability and Conversion Options

One important feature of Voya’s group life insurance is portability. If you leave your employer — whether by choice, retirement, or layoff — you may have the option to continue your group life coverage by converting it to an individual policy or porting it to a term policy. Portability allows you to keep coverage without undergoing new medical underwriting, which can be invaluable if your health has changed since you first enrolled. However, ported policies often come with higher premiums than the group rates you enjoyed while employed.

It is worth noting that Voya does not offer whole life insurance, universal life insurance, indexed universal life, or variable universal life to individual consumers. If you are looking for permanent life insurance or individual term policies, you will need to look at carriers like Lincoln Financial or Symetra Life Insurance, both of which maintain active individual life insurance product lines.

Financial Strength and Ratings

Financial strength is one of the most critical factors when evaluating any life insurance carrier. After all, a life insurance policy is a long-term promise — you need confidence that the company will be there to pay claims decades from now. Here is how Voya Financial stacks up across major rating agencies in 2026:

Voya’s AM Best rating of A (Excellent) places it in solid territory among U.S. life insurers. The A+ (Superior) rating for Voya Retirement Insurance and Annuity Company — one of Voya’s key insurance subsidiaries — is particularly noteworthy. These ratings indicate that Voya maintains strong risk-adjusted capitalization, a stable operating performance, and a well-established market presence in the retirement and employee benefits sectors.

For independent verification of these ratings, you can visit the AM Best Rating Search portal. Additionally, the National Association of Insurance Commissioners (NAIC) provides consumer resources and complaint ratio data that can help you evaluate any insurer’s track record.

It is also worth noting that ReliaStar Life Insurance Company, headquartered in Minneapolis, Minnesota, operates as a Voya subsidiary and underwrites many of Voya’s group life insurance policies. ReliaStar carries its own strong ratings from AM Best, adding another layer of financial backing to Voya’s group life products.

Pros and Cons of Voya Life Insurance

Every insurance carrier has strengths and weaknesses. Here is an honest assessment of Voya’s advantages and disadvantages based on our research and analysis of customer feedback:

Customer Reviews and Complaints

Customer experience is where Voya’s reputation takes a noticeable hit. While the company’s financial metrics are solid, feedback from actual policyholders and beneficiaries paints a less flattering picture. Here is what we found across multiple review platforms and consumer complaint databases:

Trustpilot Reviews

On Trustpilot, Voya Financial has accumulated approximately 97 reviews, and the sentiment is predominantly negative. Many reviewers describe their experience with phrases like “functionally nonexistent customer service” and “administrative nightmare.” Common complaints include:

• Unresponsive customer service: Multiple reviewers report waiting on hold for hours, receiving no callbacks, and being transferred repeatedly without resolution.
• Claims processing delays: Beneficiaries have reported waiting months for life insurance claims to be processed, causing financial hardship during an already difficult time.
• Account access issues: Users frequently cite problems with Voya’s online portal, including login failures, incorrect account information, and difficulty updating beneficiary designations.
• Poor communication: Many customers say they received conflicting information from different Voya representatives or were given incorrect details about their coverage.

InsuredBetter.com Rating

InsuredBetter.com, an independent insurance review platform, gives Voya a 2.5 out of 5 stars rating. This below-average score reflects the gap between Voya’s financial stability and its customer experience delivery.

NAIC Complaint Index

The National Association of Insurance Commissioners (NAIC) maintains a complaint index that compares the number of complaints an insurer receives relative to its market share. A score of 1.00 represents the industry average. While Voya’s complaint index varies by subsidiary and product line, some of its entities have registered complaint ratios above the national median, particularly for life and annuity products. Consumers can review the latest complaint data on the NAIC Consumer Resources page.

It is important to contextualize these reviews. Group life insurance is administered through employers, and many of the administrative frustrations customers experience may stem from their employer’s HR department or benefits administrator rather than Voya directly. That said, the volume and consistency of negative feedback about Voya’s customer service suggest systemic issues that prospective policyholders should be aware of.

Voya vs Competitors: How It Compares

To help you understand where Voya stands in the broader life insurance landscape, we have prepared a head-to-head comparison with four major competitors. This table highlights key differences in product availability, financial strength, and customer experience:

As the table illustrates, Voya occupies a unique position. It is the only carrier among these five that has fully exited the individual life insurance market. For employees whose workplace offers Voya group life, the coverage can be a valuable benefit — especially the employer-paid basic coverage. But for anyone seeking an individual policy they own and control, competitors like AIG, Hartford, and Lincoln Financial are far more suitable options.

How to Get Voya Life Insurance Coverage in 2026

Since Voya no longer sells directly to individuals, the path to obtaining Voya life insurance coverage is straightforward but limited:

1. Check your employer’s benefits package. Review your employee benefits guide or speak with your HR department to determine whether Voya is your company’s group life insurance carrier.
2. Enroll during open enrollment. Most employers hold an annual open enrollment period (typically in the fall) during which you can sign up for or adjust your benefits elections, including supplemental life insurance.
3. Enroll as a new hire. When you start a new job, you typically have a 30- to 60-day window to enroll in benefits without needing to provide evidence of insurability for basic and supplemental coverage up to the guaranteed-issue limit.
4. Consider a qualifying life event. Marriage, divorce, birth of a child, or loss of other coverage may trigger a special enrollment period outside of the regular open enrollment window.
5. Evaluate supplemental coverage needs. If the employer-paid basic coverage (typically 1-2x salary) is insufficient, calculate how much additional supplemental coverage you need and enroll during the eligible period.
6. Designate beneficiaries. Make sure to name primary and contingent beneficiaries through Voya’s online portal or paper form. Review and update these designations after major life events.

If your employer does not offer Voya — or if you need individual coverage that you own independently of your job — you will need to explore other carriers. Our reviews of Corebridge Financial and Symetra provide detailed guidance on individual term and permanent life insurance options.

Group Life Insurance Through Employers: What to Know

Group life insurance — whether through Voya or any other carrier — operates differently from individual policies. Understanding these differences is essential for making informed decisions about your coverage:

Advantages of Group Life Insurance

• Low or no cost for basic coverage: Most employers pay the full premium for basic group life insurance, making it effectively free for employees.
• Guaranteed issue: No medical exam or health questions required for coverage up to the guaranteed-issue limit, which is a major advantage for employees with pre-existing conditions.
• Convenience: Premiums are deducted from your paycheck, and enrollment is handled through your employer’s benefits portal — no shopping around or agent meetings required.
• Supplemental options: You can typically purchase additional coverage beyond the basic amount at group rates, which may be lower than individual policy rates for healthy individuals.

Disadvantages of Group Life Insurance

• Coverage ends with employment: Unless you port or convert your policy, your life insurance protection terminates when you leave your job — whether voluntarily or involuntarily.
• Limited customization: You cannot tailor the policy to your specific needs. Coverage amounts are based on salary multiples, and you cannot add riders like long-term care or critical illness benefits.
• No cash value: Group term life insurance is pure death benefit protection with no savings or investment component.
• Employer controls the plan: Your employer chooses the carrier, negotiates rates, and can change or discontinue the benefit at any time. You have no say in these decisions.
• Portability costs: If you port your coverage after leaving your job, the premiums typically increase significantly compared to the group rates you paid while employed.

Should You Rely Solely on Group Life Insurance?

Financial advisors generally recommend that group life insurance serve as a supplement to — not a replacement for — an individually owned life insurance policy. Here is why:

1. Job mobility: The average American changes jobs 12 times over their career. Each job change risks a gap in life insurance coverage if you rely exclusively on employer-provided group policies.
2. Coverage adequacy: Basic group life coverage of 1-2x salary is rarely sufficient for families with mortgages, young children, or other significant financial obligations. Most financial planners recommend 10-15x annual income in total life insurance coverage.
3. Health changes: If you develop a health condition while covered only by group life and then lose that coverage, you may find it difficult or expensive to obtain an individual policy later.

The optimal strategy for most people is to layer their coverage: take full advantage of free or low-cost group life through your employer, and supplement it with an individually owned term life policy that stays with you regardless of where you work. For guidance on individual term life options, see our Hartford Life Insurance review.

Frequently Asked Questions About Voya Life Insurance

1. Does Voya Financial still sell individual life insurance policies in 2026?

No. Voya Financial no longer sells individual life insurance policies directly to retail consumers. The company exited the individual life insurance market several years ago and now focuses exclusively on employer-sponsored group life insurance and workplace benefits. If you are looking for individual coverage, you will need to explore other carriers such as AIG, Corebridge Financial, or Lincoln Financial.

2. What is Voya’s financial strength rating from AM Best?

Voya Financial’s primary insurance subsidiaries hold an A (Excellent) rating from AM Best. Specifically, Voya Retirement Insurance and Annuity Company carries an A+ (Superior) rating with a Stable outlook. ReliaStar Life Insurance Company, a Voya subsidiary based in Minnesota, also maintains strong ratings. These ratings indicate that Voya has a strong ability to meet its ongoing insurance policy and contract obligations. You can verify current ratings at the AM Best website.

3. How do I get life insurance coverage through Voya in 2026?

Since Voya no longer offers individual policies, the only way to obtain life insurance through Voya in 2026 is via your employer. If your company offers Voya as part of its workplace benefits package, you can enroll during your employer’s open enrollment period or when you first become eligible as a new hire. Coverage amounts are typically a multiple of your annual salary, and premiums are often payroll-deducted.

4. What types of group life insurance does Voya offer?

Voya offers several types of employer-sponsored group life insurance, including basic group term life insurance (often employer-paid), supplemental group term life insurance (employee-paid for additional coverage), dependent life insurance for spouses and children, and accidental death and dismemberment (AD&D) coverage. Some plans also include portability options that allow you to take your coverage with you if you leave your employer.

5. How does Voya compare to other life insurance companies like AIG or Hartford?

Voya differs significantly from carriers like AIG, Corebridge, Hartford, and Lincoln Financial because Voya no longer sells individual policies. While Voya’s financial strength is solid with an A (Excellent) AM Best rating, its customer service reputation is notably weaker, with many Trustpilot reviewers reporting poor experiences. Competitors like AIG and Lincoln Financial offer both individual and group coverage with stronger customer satisfaction ratings. However, for employer-sponsored group life insurance specifically, Voya remains a reliable and financially stable provider.