Whole Life Insurance
Make your insurance plan offerings more comprehensive by adding an employee-paid, Whole Life Insurance option. With Whole Life, employees can fill gaps in coverage and get a lifetime of protection to meet their own specific needs.
With Whole Life offered by Voya Employee Benefits, you offer coverage that includes:
Consistent, convenient premium payments
The purchased insurance coverage and the payment amounts are guaranteed to be fixed for the life of the policy as long as the required premium payments are met. Premiums can be paid via payroll deduction and cash value builds over time. Once cash value accumulates, you can borrow against that value at the rate shown in the policy. The death benefit will be reduced by the amount of any outstanding loan and unpaid accrued interest.
Coverage that stays with the employee
If an employee leaves or retires, they’ll be able to take the policy with them. They’ll be able to choose from a variety of payment plans, and will continue building guaranteed cash value as long as they’re making payments.
Benefits that meet a variety of circumstances
Employers can customize coverage by selecting from a variety of optional additional benefits to offer to employees. Riders include the Accelerated Death Benefit* and the Waiver of Premium. Availability and provisions may vary by state and some require one-on-one enrollment with a licensed insurance producer.
*Receipt of the accelerated benefit may be taxable, or may adversely affect your eligibility for Medicaid or other government benefits. You should consult your personal tax advisor to assess the impact of this benefit.
Beneficiary support services
When it’s time for the proceeds of this Whole Life Insurance to be paid, beneficiaries can receive access to an interest-bearing Voya Personal Transition Account* plus extra support to help them make informed life decisions.
Ready to take the next step? Talk to a Voya Employee Benefits representative to start designing your life insurance offering today.
* Proceeds of $5,000 or more are generally paid into a Voya Personal Transition Account. Voya Personal Transition Accounts are not available in all states.
Insurance products are issued by ReliaStar Life Insurance Company (Minneapolis, MN) and ReliaStar Life Insurance Company of New York (Woodbury, NY). Within the State of New York, only ReliaStar Life Insurance Company of New York is admitted, and its products issued. Both are members of the Voya® family of companies. Voya Employee Benefits is a division of both companies. Product availability and specific provisions may vary by state and employer's plan.