Voya Financial vs. Assurity Life Insurance Company Life Insurance: Which is better?
Navigating the intricacies of life insurance providers can be a challenging task, particularly when faced with choices like Voya Financial and Assurity Life Insurance Company.
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Dani Best
Licensed Insurance Producer
Dani Best has been a licensed insurance producer for nearly 10 years. Dani began her insurance career in a sales role with State Farm in 2014. During her time in sales, she graduated with her Bachelors in Psychology from Capella University and is currently earning her Masters in Marriage and Family Therapy. Since 2014, Dani has held and maintains licenses in Life, Disability, Property, and Casualt...
Licensed Insurance Producer
UPDATED: Sep 13, 2024
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Sep 13, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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Navigating the realm of life insurance options can be a daunting task, especially when comparing major players like Voya Financial and Assurity Life Insurance Company. In this detailed analysis, we delve into the intricacies of their offerings to help you make an informed decision. Voya Financial, with its rich history dating back to 1858, emphasizes personalized solutions for retirement plans, investment management, and insurance products. On the other hand, Assurity Life Insurance Company, rooted in over a century of service, specializes in providing peace of mind through reliable life insurance policies. Join us as we explore the nuances of their policies, including coverage, benefits, and customer service, to determine which company stands out in meeting your unique needs.
Voya Financial Life Insurance
Pros:
- Rich History: Voya Financial has a long history dating back to 1858, showcasing its financial stability and reliability.
- Comprehensive Financial Services: Apart from life insurance, Voya Financial offers retirement plans and investment management services, providing a holistic approach to financial planning.
- Innovative Products: Voya Financial provides a variety of life insurance products, including term life, universal life, indexed universal life, and variable universal life, offering customers flexibility based on their needs.
- Customization: Voya Financial emphasizes personalized solutions, working closely with clients to develop customized strategies that align with specific financial goals.
Cons:
- Complexity: The variety of products and options may lead to complexity for customers who prefer a simpler decision-making process.
- Potentially Higher Premiums: While offering comprehensive coverage, premiums at Voya Financial may be relatively higher compared to some competitors.
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Assurity Life Insurance
Pros:
- Long-Standing History: Assurity Life Insurance Company has been in operation since 1890, showcasing a century-long commitment to providing financial protection.
- Diverse Product Offerings: Assurity offers a range of life insurance policies, including term life, whole life, and universal life, catering to various preferences and needs.
- Customer-Centric Approach: The company places a strong emphasis on customer service, offering dedicated customer support and online tools for policy management.
- Innovation: Assurity has a history of introducing innovative products, such as being one of the first to offer term life insurance.
Cons:
- Limited Financial Services: Unlike Voya Financial, Assurity focuses primarily on life insurance, lacking the broader range of financial services.
- Less Variety in Investment Options: For those seeking life insurance products with more extensive investment options, Assurity may provide fewer choices.
Best Overall: Voya Financial
After a comprehensive analysis of Voya Financial and Assurity Life Insurance Company, Voya Financial emerges as the superior choice when considering a life insurance provider. Several factors contribute to this conclusion.
Financial Stability and Rich History: Voya Financial’s extensive history, dating back to 1858, demonstrates a remarkable track record of financial stability. This long-standing presence in the industry instills confidence in customers, assuring them that Voya Financial is a reliable and enduring institution.
Holistic Financial Services Approach: Unlike Assurity Life Insurance Company, Voya Financial offers a broader spectrum of financial services, including retirement plans and investment management. This holistic approach enables customers to integrate their life insurance needs seamlessly with other financial goals, creating a comprehensive and coordinated strategy.
Innovative and Customizable Products: Voya Financial stands out with its diverse range of life insurance products, catering to different preferences and needs. The availability of term life, universal life, indexed universal life, and variable universal life policies provides customers with a wide array of options to choose from.
Commitment to Personalization: Voya Financial’s commitment to personalized solutions further enhances its appeal. The company works closely with clients to understand their unique financial situations, offering tailored strategies to meet their goals. This client-centric approach underscores Voya Financial’s dedication to providing a superior customer experience.
Customer Service Excellence: While both companies prioritize customer service, Voya Financial’s established reputation for delivering exceptional service is a notable factor. The company’s multiple channels for assistance, coupled with access to financial professionals, ensures that customers receive prompt and reliable support throughout their policy journey.
Voya Financial’s combination of financial stability, comprehensive services, innovative product offerings, commitment to personalization, and excellent customer service positions it as the best overall choice. For individuals seeking a reliable and versatile life insurance provider that goes beyond basic coverage, Voya Financial stands out as the preferred option.
Understanding Life Insurance
Life insurance is a crucial financial tool that provides financial protection and security to your loved ones in the event of your death. It ensures that they are not burdened with the financial responsibilities that may arise after your demise. Life insurance offers a lump sum payout, known as the death benefit, to your beneficiaries upon your passing.
The Importance of Life Insurance
Life insurance acts as a safety net for your family, giving them the financial support they need during a difficult time. It can be used to cover funeral expenses, outstanding debts, mortgage payments, education expenses, and more. With a life insurance policy in place, you can have peace of mind knowing that your loved ones will be taken care of financially.
Key Terms in Life Insurance
Before diving into the details of Voya Financial and Assurity Life Insurance Company’s life insurance policies, it is important to understand some key terms:
- Premium: The amount of money you pay regularly to keep your life insurance policy in force.
- Death Benefit: The lump sum amount your beneficiaries will receive upon your death.
- Cash Value: Certain types of life insurance policies build cash value over time, which can be accessed during your lifetime.
- Riders: Additional benefits that can be added to your life insurance policy to enhance coverage.
Now, let’s delve deeper into each of these key terms to gain a better understanding:
Premium: The premium is the regular amount of money you pay to the insurance company to keep your life insurance policy active. It is typically paid on a monthly, quarterly, or annual basis, depending on your preference and the terms of your policy. The amount of the premium is determined by various factors, including your age, health, occupation, and the amount of coverage you choose. It is important to pay your premiums on time to ensure that your policy remains in force and your loved ones are protected.
Death Benefit: The death benefit is the lump sum amount of money that your beneficiaries will receive upon your death. This money can be used to cover various expenses, such as funeral costs, outstanding debts, mortgage payments, and even provide financial support for your family’s future needs. The amount of the death benefit is determined when you purchase the life insurance policy and is based on factors such as your income, financial obligations, and the level of protection you want to provide for your loved ones. It is important to review and update your policy periodically to ensure that the death benefit adequately reflects your changing circumstances.
Cash Value: Certain types of life insurance policies, such as whole life and universal life, build cash value over time. The cash value is a portion of the premiums you pay that accumulates in a separate account within the policy. This cash value grows over time, typically at a guaranteed minimum interest rate, and can be accessed during your lifetime. You can borrow against the cash value or even surrender the policy for its cash value if needed. However, it is important to note that accessing the cash value may reduce the death benefit and have tax implications, so it should be done carefully and after considering all the options.
Riders: Riders are additional benefits that can be added to your life insurance policy to enhance coverage and customize it according to your specific needs. There are various types of riders available, such as a waiver of premium rider, which waives the premium payments if you become disabled and are unable to work; an accelerated death benefit rider, which allows you to receive a portion of the death benefit if you are diagnosed with a terminal illness; or a child rider, which provides coverage for your children. Adding riders to your policy can provide extra protection and flexibility, but it is important to carefully review the terms and conditions of each rider before making a decision.
Understanding these key terms is essential when considering life insurance policies offered by Voya Financial and Assurity Life Insurance Company. By having a clear understanding of the premiums, death benefit, cash value, and riders, you can make informed decisions that align with your financial goals and provide the best possible protection for your loved ones.
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Introduction to Voya Financial
Voya Financial is a leading provider of retirement plans, investment management, and insurance products. With a long history dating back to 1858, Voya Financial has a proven track record of financial stability and reliability.
At Voya Financial, their mission is to help Americans plan, invest, and protect their savings to get ready to retire better. With a focus on providing personalized solutions, Voya Financial strives to empower individuals and businesses to achieve their financial goals.
With a team of highly skilled professionals, Voya Financial is dedicated to offering innovative and comprehensive financial services to their clients. They understand that everyone’s financial situation is unique, and they work closely with their clients to develop customized strategies that align with their specific needs and objectives.
History of Voya Financial
Originally known as ING U.S., Voya Financial became an independent company in 2013 through a public offering. This marked a significant milestone in the company’s history, as it allowed them to operate as a standalone entity focused solely on providing exceptional financial services.
Since its inception, Voya Financial has continuously evolved and adapted to the changing needs of their clients. They have embraced technological advancements and leveraged them to enhance their products and services, ensuring that they remain at the forefront of the industry.
Over the years, Voya Financial has built a strong reputation for its commitment to financial education and empowerment. They have established various initiatives and programs aimed at educating individuals and communities about the importance of financial planning and retirement readiness.
Life Insurance Products Offered by Voya Financial
Voya Financial offers a range of life insurance products tailored to meet the unique needs of individuals and families. They understand that life insurance is an essential component of a comprehensive financial plan, providing financial protection and peace of mind.
When considering Voya Financial’s life insurance products, it is essential to assess factors such as coverage amounts, premium rates, cash value accumulation potential, and flexibility. Voya Financial offers term life insurance, which provides coverage for a specific period, universal life insurance, which offers flexibility in premium payments and death benefit, indexed universal life insurance, which allows potential cash value growth based on the performance of an underlying index, and variable universal life insurance, which offers investment options to potentially grow cash value.
Furthermore, Voya Financial understands that life insurance needs may change over time, and they provide options for policyholders to customize and adjust their coverage as their circumstances evolve. They offer riders and add-ons that can enhance the policy’s benefits and provide additional protection.
At Voya Financial, they believe that life insurance is not just about financial protection; it is about creating a legacy and ensuring that loved ones are taken care of in the event of an unexpected tragedy. Their life insurance products are designed to provide the necessary financial support to help families navigate difficult times and maintain their financial stability.
In conclusion, Voya Financial is a trusted and reputable financial services company with a rich history and a strong commitment to helping individuals and businesses achieve their financial goals. Their comprehensive range of life insurance products, combined with their personalized approach, makes them a reliable choice for those seeking financial protection and peace of mind.
Introduction to Assurity Life Insurance Company
Assurity Life Insurance Company has been providing financial protection and solutions since 1890. With a strong focus on customer service and innovative product offerings, Assurity Life Insurance Company has earned a reputation for its commitment to policyholders.
At Assurity Life Insurance Company, we understand that life is full of uncertainties. That’s why we have dedicated ourselves to providing individuals and families with the peace of mind that comes with having a reliable life insurance policy. Our team of experienced professionals works tirelessly to ensure that our policyholders receive the protection they need, when they need it most.
When you choose Assurity Life Insurance Company, you can rest assured knowing that you are partnering with a company that has a long-standing history of financial stability and reliability. We have weathered the storms of the past century, adapting and evolving to meet the changing needs of our policyholders.
History of Assurity Life Insurance Company
Assurity Life Insurance Company has a rich history spanning over a century. It all began in 1890 when a group of forward-thinking individuals came together with a vision to provide affordable life insurance to the masses. Since then, we have grown and flourished, becoming one of the leading life insurance providers in the industry.
Throughout our history, we have embraced innovation and embraced change. We were one of the first insurance companies to introduce term life insurance, providing individuals with a flexible and affordable option for protecting their loved ones. Over the years, we have continued to expand our product offerings, introducing whole life insurance and universal life insurance to meet the diverse needs of our policyholders.
As Assurity Life Insurance Company celebrates over a century of service, we remain committed to our founding principles of integrity, reliability, and customer-centricity. We strive to honor the legacy of our founders by providing innovative solutions that empower individuals and families to secure their financial future.
Life Insurance Products Offered by Assurity
Assurity Life Insurance Company provides a variety of life insurance policies to cater to the unique needs and preferences of our policyholders. Whether you are looking for a simple term life insurance policy or a more comprehensive whole life insurance plan, we have the perfect solution for you.
Our term life insurance policies offer affordable coverage for a specified period, providing financial protection during critical years. With flexible terms and competitive premium rates, our term life insurance policies are designed to fit within your budget while ensuring that your loved ones are protected.
If you are looking for lifelong coverage, our whole life insurance policies are an excellent choice. These policies not only provide a death benefit but also accumulate cash value over time. With the potential for cash value growth, our whole life insurance policies offer a unique combination of protection and savings.
For those seeking flexibility and control, our universal life insurance policies are a popular choice. These policies allow you to adjust your coverage and premium payments as your needs change, providing a customizable solution that adapts to your evolving financial situation.
When considering Assurity’s life insurance products, it is important to evaluate factors such as policy terms, coverage options, premium rates, and additional benefits provided through riders. Our knowledgeable team of insurance professionals is always available to guide you through the decision-making process, helping you choose the policy that best suits your needs and goals.
At Assurity Life Insurance Company, we believe that life insurance is not just a financial product; it is a promise to protect and support your loved ones when they need it most. With our comprehensive range of life insurance products and our unwavering commitment to customer service, we are here to help you build a secure and prosperous future.
Comparing Life Insurance Policies
Policy Types: Voya Financial vs Assurity
Voya Financial and Assurity Life Insurance Company offer various types of life insurance policies. Voya Financial provides term life insurance, universal life insurance, indexed universal life insurance, and variable universal life insurance. Assurity offers term life insurance, whole life insurance, and universal life insurance policies.
Each type of policy has its unique features and benefits, and the choice depends on your individual needs and preferences. It is essential to carefully review the terms, coverage options, and flexibility provided by each company to make an informed decision.
Coverage And Benefits: Voya Financial vs Assurity
When comparing the coverage and benefits offered by Voya Financial and Assurity, it is important to consider factors such as death benefit amounts, policy terms, flexibility in adjusting coverage, premium rates, and potential cash value accumulation. Both companies strive to provide comprehensive coverage and additional benefits through various riders.
By thoroughly evaluating the coverage and benefits offered by each company, you can select the policy that aligns with your financial goals and offers the best value for your money.
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Customer Service And Support
Customer Service at Voya Financial
Voya Financial is committed to delivering exceptional customer service and support to its policyholders. They provide multiple channels for assistance, including phone support, online account management, and access to financial professionals who can guide you through the policy selection and claims process.
When considering a life insurance policy from Voya Financial, you can expect prompt and reliable customer service to address your queries and concerns.
Customer Service at Assurity Life Insurance Company
Assurity Life Insurance Company places a strong emphasis on customer service and support. They offer a dedicated customer service team that is available to assist with policy-related inquiries, claims, and other support needs. Additionally, Assurity provides online tools and resources to help policyholders easily manage their policies and access important information.
When choosing Assurity as your life insurance provider, you can rely on their customer service team to provide the assistance you need throughout your policy journey.
As you explore life insurance options, it is essential to thoroughly evaluate the policies offered by Voya Financial and Assurity Life Insurance Company. By comparing policy types, coverage, benefits, and customer service, you can make an informed decision that aligns with your financial goals and provides the necessary protection for your loved ones.
To make the process even easier, consider using the free tool to compare insurance quotes from different companies online. This will help you review insurance rates and find the best options to save money while ensuring you have the right coverage for your needs.
Remember, life insurance is a crucial step in protecting your family’s financial future. Take the time to research and choose a policy that meets your unique requirements, ensuring your loved ones are provided for even in your absence.
Frequently Asked Questions
What is the difference between Voya Financial and Assurity Life Insurance Company?
Voya Financial and Assurity Life Insurance Company are two different insurance providers. Voya Financial offers a wide range of financial services, including life insurance, retirement plans, and investment options. Assurity Life Insurance Company, on the other hand, specializes in life insurance policies.
Which company offers better life insurance coverage, Voya Financial or Assurity Life Insurance Company?
The quality of life insurance coverage depends on individual needs and preferences. Both Voya Financial and Assurity Life Insurance Company have their strengths and weaknesses. It is recommended to compare their policies, coverage options, premiums, and customer reviews to determine which one suits your specific requirements better.
What types of life insurance policies does Voya Financial offer?
Voya Financial offers various types of life insurance policies, including term life insurance, universal life insurance, indexed universal life insurance, and variable universal life insurance. Each policy type has its own features and benefits, catering to different financial goals and circumstances.
What types of life insurance policies does Assurity Life Insurance Company offer?
Assurity Life Insurance Company offers term life insurance, whole life insurance, universal life insurance, and accidental death insurance policies. These policies are designed to meet different needs, such as providing financial protection for a specific period, lifelong coverage, or additional coverage in case of accidental death.
How can I compare life insurance policies from Voya Financial and Assurity Life Insurance Company?
To compare life insurance policies from Voya Financial and Assurity Life Insurance Company, you can start by reviewing the coverage options, policy terms, premium rates, riders or additional benefits offered, and the financial strength and reputation of each company. It is also advisable to consult with a licensed insurance agent or broker who can provide personalized guidance based on your specific requirements.
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Dani Best
Licensed Insurance Producer
Dani Best has been a licensed insurance producer for nearly 10 years. Dani began her insurance career in a sales role with State Farm in 2014. During her time in sales, she graduated with her Bachelors in Psychology from Capella University and is currently earning her Masters in Marriage and Family Therapy. Since 2014, Dani has held and maintains licenses in Life, Disability, Property, and Casualt...
Licensed Insurance Producer
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.