What is ING Life Insurance?
Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states.
After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in…
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Written by
Rachael Brennan
Licensed Insurance Agent
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 25, 2022
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Quick Facts
ING is now Voya Financial
ING offers group term and whole life insurance
ING Life Insurance has been rated an A by A.M. Best
ING Life Insurance sells coverage as Voya Financial and provides group term and permanent life insurance options to businesses. The company also offers multiple riders, has fewer complaints than the average competitor, and is rated an A by A.M. Best.
Let’s look deeper into ING Life Insurance.
Does ING Life Insurance have competitive rates?
The cost of coverage is a primary factor when choosing a life insurance company. Multiple factors impact the cost of coverage, with high-risk customers receiving the highest rates. Factors used to determine rates include:
Age
Gender
Location
Personal health history
Family health history
The best way to determine the most cost-effective option is to compare multiple companies. For example, the following chart compares ING and other life insurance companies for a 20-year term at $250,000.
As you can see, ING has competitive rates compared to other popular life insurance companies.
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What coverages are offered by ING Life Insurance?
ING only provides group life insurance for businesses to offer employees. The company previously sold individual policies, but they withdrew the offering in 2019. As a result, the only way to obtain coverage is through an employer.
There are pros and cons to receiving group coverage. First, plans are available to all employees, and you won’t be denied coverage due to your health. Also, payments are taken directly from payroll, so employees don’t have to worry about making payments.
However, the problem with employer-provided life insurance is that it’s not as customizable as individual policies. For example, ING only offers group term life and whole life plans.
A common problem with group plans is that employees can’t take their coverage when they change companies or retire. But ING is different in that employees can take their policy with them if they leave their employer.
The ING group term life plan allows customers to obtain coverage for a specified period. The company doesn’t specify the coverage amount or term lengths, but terms are usually in intervals of five or 10, and coverage is cheaper than permanent life options.
Customers can convert ING term life policies into whole life plans. As a result, the short-term policies can be changed into a permanent policy, lasting for the remainder of the policyholder’s life.
ING’s group whole life option offers long-term coverage at a fixed rate. This plan builds a cash value that employees can borrow against for a financial emergency.
In addition to these two options, Voya Financial offers other coverages, including:
Supplemental life insurance
Accidental death and dismemberment insurance
Spouse and child life insurance
Employee Assistance Program (EAP)
Funeral planning
Travel assistance
While the company offers various additional options, they are only available if an employer includes them in their specific benefits plan.
Does ING Life Insurance offer any riders?
Most life insurance companies provide options that customers can add to a policy. These options are known as riders and allow policyholders to customize their plans.
ING and Voya Financial provide multiple riders that employees can add to their group policy. The following table shows the riders offered by the company and a description of each one.
As you can see, there are multiple ways that ING customers can customize a life insurance policy. However, your employer must include riders for them to be available, and adding riders will increase your monthly rates.
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How is ING Life Insurance rated?
Credit rating agencies review life insurance companies and grade them on their financial strength. Customers can use these grades to determine the likelihood of receiving a payout when they file claims.
ING’s ratings are through its parent company, Voya Financial. Voya has been rated an A by A.M. Best, S&P, and Fitch and an A2 by Moody’s. These are solid ratings and indicate that customers will receive a payout in most situations.
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Does ING Life Insurance have any complaints?
The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) review complaints made about insurance companies. Customers can use these reviews to determine a company’s quality of service.
As previously mentioned, ING now sells life insurance under the Voya name. As a result, the BBB has reviewed Voya instead of ING.
At the time of this review, the BBB has received 23 complaints about Voya life insurance during the past three years. Of those 73 complaints, 35 have come in the last 12 months and are primarily about the company’s products and services.
The NAIC reviews the company as ReliaStar and lists the company as having 13 complaints and a complaint index ratio of 0.21. These numbers indicate that ING Life Insurance has fewer complaints than the average company of a similar size.
How can you file ING Life Insurance claims?
ING allows customers to file life insurance claims online or by phone. The Voya Financial website has a claims center with three links. These links include:
Start a claim. Begin the process of filing a claim.
Continue a claim. Add forms or documents to existing claims.
Track a claim. Check the status of a previously submitted claim.
After selecting the appropriate link, policyholders must enter their Voya Life Insurance login to access the specific policy.
Policyholders can also file claims by calling the ING Life Insurance phone number at 888-238-4840. Representatives are available Monday through Friday from 9 a.m. to 6:30 p.m. (EST) to assist with claims.
When can you cancel an ING Life Insurance policy?
Employees with an ING Life Insurance policy can cancel at any time. Most life insurance companies require that policyholders call the company to cancel, and ING is no different.
Customers that want to cancel a policy must call an agent at 800-334-3444. The agent will likely attempt to change your mind during the call, but this is the only way to end a policy.
When the coverage ends depends on the type of policy. For example, while whole life plans end immediately, term life policies end the month following the final payment.
Additionally, whole life plans might include a surrender fee, depending on how long the policy was in force. When a whole life plan is canceled, the insured will receive a check after the cancellation for the cash value minus the surrender fee.
Meanwhile, term life plans don’t have any surrender fees because the policy doesn’t include a cash value.
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What is ING Life Insurance?
The ING Life Insurance and Annuity Company dates back to 1995 with the founding of ReliaStar. ING acquired ReliaStar in 2000, creating ING ReliaStar Life Insurance.
In 2014, ING ReliaStar Life Insurance rebranded as Voya Financial. The company now sells life insurance coverage under that name.
ING Life Insurance: The Bottom Line
ING now provides life insurance to businesses under the name Voya Financial and only sells group term life and whole life policies. However, group life insurance has some positive aspects. Knowing more about ING Life Insurance will help you determine if it’s a good choice.
