Voya Financial Enhances Workplace Solutions with Newly-Designed Group Term Life Insurance
MINNEAPOLIS, June 10, 2015 /PRNewswire/ -- Voya Financial, Inc. (NYSE: VOYA), today announced that its Employee Benefits business has launched a newly-designed Group Term Life1 product, offering employers increased ease and flexibility when providing life insurance options to their employees.
Industry research shows that simply having the opportunity to purchase coverage through the workplace prompts the majority of employees to pursue life insurance coverage. This is particularly true among Generation X and Y, who make up approximately three-quarters of workplace life insurance customers.2
"Our Group Term Life offering is yet another example of our approach to putting customers at the center of everything we do," said Heather Lavallee, President of Voya Employee Benefits. "By offering an affordable, flexible and portable product that eases administration for employers, we can help more individuals protect the financial security of their loved ones. This supports our plans to continue expanding into the mid-market as we advance Voya Financial's mission to help Americans build a secure financial future."
Voya Employee Benefits' Group Term Life offering complements the company's existing portfolio of voluntary benefits solutions, which are designed with a focus on simplicity and ease of use for employers and employees. The enhanced features include a variety of coverage options for employees, and life insurance benefits that can be used to help cover everyday expenses including funeral costs, medical bills, mortgage payments and college tuition. Through an optional rider, an insured employee may be eligible to receive a portion of their benefit if they should become permanently confined to a healthcare facility. This benefit can be paid on a monthly basis, providing a stream of income for an employee or their family.
Voya Employee Benefits' Online Beneficiary Management allows employees to name, change or review their beneficiary designations themselves, alleviating the burden on employers. Coverage is also portable and Voya Employee Benefits handles billing, collection and ongoing support if an employee chooses to continue their coverage after a job change.
Voya Employee Benefits offers stop loss, group life, voluntary and disability income insurance products to mid-sized and large employers and their employees, covering 4.4 million individuals. The business has extensive experience in the design, implementation and administration of employee benefits plans, and it offers a full range of supplemental voluntary products that include critical illness, accident and hospital confinement indemnity insurance.
As an industry leader and advocate for greater retirement readiness, Voya Financial is committed to delivering on its vision to be America's Retirement Company™ and on its mission to make a secure financial future possible — one person, one family, one institution at a time.
Office: (860) 580-2690
Cell: (860) 839-1589
1. Life insurance is underwritten by ReliaStar Life Insurance Company, a member of the Voya® family of companies.
2. "Shopping for Life Insurance: Seeking Simplicity at the Workplace," LIMRA, 2014.
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), is composed of premier retirement, investment and insurance companies serving the financial needs of approximately 13 million individual and institutional customers in the United States. The company's vision is to be America's Retirement Company™ and its guiding principle is centered on solving the most daunting financial challenge facing Americans today — retirement readiness. Working directly with clients and through a broad group of financial intermediaries, independent producers, affiliated advisors and dedicated sales specialists, Voya provides a comprehensive portfolio of asset accumulation, asset protection and asset distribution products and services. With a dedicated workforce of approximately 6,500 employees, Voya is grounded in a clear mission to make a secure financial future possible — one person, one family, one institution at a time. For more information, visit voya.com or view the company's 2014 annual report. Follow Voya Financial on Facebook and Twitter @Voya.
SOURCE Voya Financial, Inc.