ReliaStar Life Insurance Company Review (2022)
Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina.
He has also earned an MFA in screenwriting from Chapman Univer…
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Written by
Jeffrey Johnson
Insurance Lawyer
Benjamin Carr was a licensed insurance agent in Georgia and has two years’ experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.
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Reviewed by
Benji Carr
Former Licensed Life Insurance Agent
UPDATED: Feb 10, 2022
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The Facts of Life
ReliaStar provides group term and whole life insurance
ReliaStar offers several ways to customize a policy
ReliaStar has been rated an A by A.M. Best
ReliaStar provides group term and whole life insurance for business owners to supply for their employees. The company has several options and riders that businesses can provide for employees to customize their policies. Additionally, ReliaStar has excellent financial strength.
Knowing more about ReliaStar Life Insurance will help you decide if it’s the right choice for your business.
Before starting this ReliaStar Life Insurance review, enter your ZIP code to get free life insurance quotes in your area.
What are the ReliaStar Life Insurance rates?
Life insurance companies use a customer’s risk of death when determining rates. In most cases, a higher-risk person will receive a higher rate as it’s more likely that the company will have to pay out benefits.
Most life insurance companies place applicants into risk classes. The most significant determining factor is whether someone smokes, but companies consider other health aspects. The risk classes include:
Preferred plus
Preferred
Standard plus
Standard
Substandard
Customers that fall into the preferred plus class will experience the lowest rates, and those that fall into the substandard category will receive the highest rates. Despite providing coverage to groups, companies class each person individually.
Examining insurance companies’ average rates help determine if they are a cost-effective option. For example, the following chart shows the monthly affordable ReliaStar Life Insurance rates for a 40-year-old male seeking a $250,000 policy for a 20-year term by underwriting class.
Average Monthly ReliaStar Life Insurance Rates for a 40-Year-Old Male’s $250,000, 20-Year Term Policy by Underwriting Class
Underwriting ClassAverage Monthly ReliaStar Life Insurance Rates
Preferred plus nonsmoker$21.44
Preferred nonsmoker$25.38
Standard plus nonsmoker$31.06
Standard nonsmoker$37.63
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As you can see, customers classed as preferred plus nonsmokers will receive the lowest rates. Meanwhile, rates increase as the customer’s health decreases.
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What coverages are available from ReliaStar Life Insurance?
In the past, individual life insurance policies were available from ReliaStar. However, its parent company, Voya Financial, sold this offering in 2019. As a result, ReliaStar now only sells group term and whole life insurance.
Group plans aren’t as customizable for individuals because the only available coverages are those purchased by business owners. However, since these plans are available for all employees regardless of health, you won’t experience a denial of coverage.
While the affordability of coverage largely depends on your health, payments are easier for employees in a group plan. This ease is because monthly payments are taken directly from payroll deductions instead of employees being responsible for making payments.
Most group plans only cover employees currently employed. If the employee leaves, their coverage stops. What separates ReliaStar is that employees remain covered if they change companies or retire.
ReliaStar’s group term life plan is a low-cost option that provides coverage for a specific number of years. The company doesn’t specify coverage amounts or other requirements, but term life plans are generally cheaper than whole life options.
In addition to the standard term life plan, businesses can include various other coverages for their employees. However, these coverages are only available for employees if their employer purchases them. These additional coverages include:
Supplemental life insurance
Accidental death and dismemberment insurance
Spouse and child life insurance
Employee Assistance Program (EAP)
Funeral planning
Travel assistance
ReliaStar allows employees to convert their term life coverage into whole life plans. These conversions ensure that the insured remains covered for the remainder of their life and feature a higher death benefit.
Group whole life insurance provides long-term coverage at fixed rates. Employees receiving this type of coverage won’t see an increase in their rates over time. These policies also build cash values, and employees can borrow against the policy.
Does ReliaStar Life Insurance offer riders?
Most life insurance companies provide options that customers can add to a policy. These options are called riders and allow customers to customize their coverage. While group plans feature limited options, riders are available for employees.
The most common rider is an accelerated death benefit, allowing customers to access a portion of their death benefit before death if they have a chronic, critical, or terminal illness. This rider is often included free of charge with permanent life policies.
In addition to the accelerated death benefit rider, additional options provided by ReliaStar include:
Accidental death benefit
Waiver of a premium
Children’s term insurance
Living benefit
Additional insured
ReliaStar offers fewer riders than some competitors and more than others. Adding any riders to a policy increases ReliaStar Life Insurance quotes.
How is ReliaStar Life Insurance rated?
Credit rating agencies determine the financial strength of insurance companies and provide ratings. These ratings inform customers of the likelihood that they’ll receive a payout when they file claims.
ReliaStar has been rated an A by A.M. Best, S&P, and Fitch. Additionally, the company has been rated an A2 by Moody’s. These ratings are solid and indicate that customers will receive payouts whenever they file claims.
The Better Business Bureau (BBB) also rates companies based on their business practices. For example, the BBB has rated ReliaStar a B, indicating that the company is usually trustworthy when dealing with customers.
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Does ReliaStar Life Insurance have any complaints?
The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) review complaints made about insurance companies. Looking over these reviews allows customers to determine the quality of service they’ll receive.
At the time of this review, the BBB has received 25 complaints about ReliaStar over the past three years. The majority of these complaints have been about the company’s products or services. The remaining complaints are about the company’s billing practices.
According to the NAIC, customers have made 13 complaints about ReliaStar. The company’s complaint index ratio is listed at 0.21 on the NAIC website, indicating that the company has far fewer complaints than a company of a similar size.
How can you contact ReliaStar Life Insurance?
ReliaStar allows customers to contact the company by phone or online. However, there is no contact for ReliaStar itself. Instead, customers can contact Voya Financial if they have any questions about a policy, need to make changes, or wish to cancel their plan.
Customers can contact Voya insurance customer service by phone at 800-955-7736. Representatives are available Monday through Friday from 8 a.m. to 9 p.m. (EST). You can also contact Voya life insurance by filling out an online form, which emails the company.
What are the pros and cons of ReliaStar Life Insurance?
Every insurance company has positives and negatives that customers should consider. Examining these pros and cons is an excellent way to determine if a company is a good fit for your life insurance needs.
Positives of ReliaStar include its nationwide coverage, low number of complaints, and financial strength. Customers that buy ReliaStar Life Insurance are generally happy with the company, and they’re likely to receive a payout when filing a claim.
Negatives of the company include limited online information, no individual policies, and few coverage options. ReliaStar doesn’t provide much coverage information online, and you can only obtain coverage through your employer.
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Who is ReliaStar Life Insurance?
The ReliaStar Life Insurance Company began when the Northwestern National Life Insurance Company acquired the North Atlantic Life Insurance Company of Jericho, NY, and the Northern Life Insurance Company of Seattle. The companies united under the ReliaStar name in 1995.
ING acquired the company in 2000, rebranding it ING ReliaStar. In 2014, ING rebranded itself as Voya Financial. As a result, the company’s life insurance subsidiary became Voya ReliaStar Life Insurance.
ReliaStar Life Insurance: The Bottom Line
ReliaStar is a subsidiary of Voya Financial, providing group term and whole life insurance to businesses. The company has few coverage options but several riders and has been rated an A by A.M. Best.
Learning more about ReliaStar Life Insurance will help you decide if the company fits your employees’ needs.
Now that you know about ReliaStar Life Insurance, enter your ZIP code to find free life insurance quotes in your area.
