Introducing Lifetime Life Insurance

As employers continue to grapple with the challenge of differentiating their benefits offerings in a way that meets employee needs — while striving to improve their own hiring competitiveness and retention — Voya is pleased to offer Lifetime Life Insurance, a new product that offers two layers of protection.

A hybrid form of group term life insurance, Lifetime Life combines both a death benefit and optional living benefits, offering employees a lifetime of coverage that will be there when they need it, during their working years and beyond. And as a flexible, 100% employee-paid benefit, it provides employers with another tool they can use to diversify and enhance their benefits menu.

“We’re thrilled to see Voya, a market leader in voluntary benefits, enter this market,” said Steve Cain, Director Sales & Business Development at J. Manning & Associates. “Given their strong relationship management, cutting-edge technology and their detailed focus on product implementation and delivery, we’re confident they’ll lead in this product category too.”

Lifetime Life Insurance: The basics

While many employers make conventional life insurance available as a standard offering, it’s worth considering whether that’s enough coverage for their employees’ needs — especially as those employees face the challenges of rising costs of living, college education, elder care and more. These challenges are helping drive an increase in worksite life sales, particularly in the area of “perm term” products like Lifetime Life:

• Worksite life sales in 2023 totaled $672.8 million in premium (up 11.6% from 2022)¹
• And 17% of those sales were from “perm term” products¹

By offering both conventional, employer-provided term life insurance and employee-paid Lifetime Life insurance, employers can offer employees the opportunity for additional security and flexibility with advantages like these:

• Payroll deduction – Premiums are employee-paid through convenient payroll deductions.
• Coverage isn’t tied to employment – When employees leave their job or retire, they can take their coverage with them and pay the insurance company directly.
• Premiums don’t fluctuate – The coverage and the payment amounts are guaranteed to be fixed for the duration of coverage if the required premium payments are met.²

How Lifetime Life Insurance compares to term and whole life insurance*

*Comparison of coverages issued by ReliaStar Life Insurance Company only. Does not speak to all variables and product provisions.

Accelerated Benefit for Long Term Care³

Lifetime Life further differentiates itself from traditional term life insurance offerings with the availability of optional, accelerated⁴ living benefits like an Accelerated Benefit Rider for Long Term Care (LTC).

Why LTC? Eye-opening statistics like these can help explain the need:

• Seven in 10 people will require long-term care in their lifetime⁵
• Yet only 3.1% of Americans have LTC coverage⁶
• There’s a near 70% chance that someone turning 65 today will need LTC⁷

If those figures alone aren’t compelling enough, how about this: The annual median base cost of a semi-private nursing home in 2024 is $98,057.⁸ Considering that health insurance may not cover long-term care services, a product like Lifetime Life can be a useful tool for helping employees close the LTC funding gap.

“With so many Americans needing LTC at some point in their life, it’s become an issue that touches most households,” said Dennis Leclair, vice president of Voluntary Product Distribution at Voya. “Lifetime Life with the accelerated benefit rider for LTC helps address that need and is intended to protect assets from being depleted and avoid putting financial and caregiver pressure on family members.”

Additional product features add flexibility

Employers can customize Lifetime Life coverage by selecting from a variety of optional benefits to offer to their employees. These include:

• Accelerated benefit for terminal illness: Allows employees to access up to a designated percentage of the eligible death benefit when they’re diagnosed with a terminal illness.⁴ The amount of life insurance is reduced if an accelerated death benefit is paid.
• Restoration of benefits: While the policy death benefit is reduced by the amount of the long- term care payments, this feature restores a specified percentage of the death benefit that is paid as a result of receiving qualified long-term care.⁹
• Extension of benefits: This feature increases the duration of long-term care benefits available.
• Spouse coverage: An employee’s spouse can apply for coverage with no underwriting requirements.
• Child coverage: Children ages 0 through 25 are also eligible to apply for several coverage options.

Advantages for employers

Lifetime Life is an attractive and easy addition to an employer’s benefit suite for a number of reasons, including the same streamlined billing, enrollment and reliable service already available with our supplemental benefits. Plus:

• Enhanced benefits menu: More choices may help increase employee satisfaction and offer the potential to help retain or attract new talent.
• 100% employee-paid premiums: Expanding their benefits menu comes at a cost-effective option for the employer, thanks to benefits paid completely by the employee.
• Adaptable to most enrollment systems: Can be included on virtually any enrollment platform or benefits administration system. Employees can select their benefits as part of their annual or open enrollment process.
• Ease of billing administration: Employers can simply provide us with the lives and volumes to reconcile each month — both payroll deduction and direct bill/ACH options are available.

“Voya took a strategic approach to entering the perm-term space, knowing this product will be a comprehensive way to round out our supplemental product offering,” said Christin Kuretich, vice president of Supplemental Products at Voya. “We’ve leaned on the strength and ease of our supplemental health trio and incorporated that mindset into Lifetime Life: group contract, self-administered billing, and rate and benefit flexibility with the intent to be system friendly — all while ensuring we have the most critical product components well in-hand: an accelerated benefit for qualified LTC services, optional riders to enhance the benefit, full portability, and guaranteed life benefits.”

With every new product we develop, we aspire to help our customers clear their path to financial confidence for more fulfilling lives. Lifetime Life Insurance was created to help employees provide for their family’s security, now and in the future — while also helping employers meet the challenges of differentiating their benefit offerings in a meaningful way.

Interested in adding Lifetime Life Insurance to your employee benefits suite? Contact your Voya representative today to learn more.