Voya Financial Launches Next Generation Critical Illness Insurance
MINNEAPOLIS--(BUSINESS WIRE)-- Voya Financial, Inc. (NYSE:VOYA) announced today that it has launched the next generation of its critical illness insurance, part of Voya Employee Benefits’ Compass product suite of group voluntary benefits. In addition to a lump-sum check, the new Compass Critical Illness Insurance1 includes reconfigured modules, additional coverage conditions and new benefits to complement the employer’s benefit strategy. Product highlights continue to include: a Perpetual Guaranteed Issue, for which there are no health questions to answer to obtain coverage; portability, if the insured chooses to continue their coverage when employment is terminated; and self-administered billing for the employers’ ease of administration. The product can also be included on virtually any enrollment platform or benefits administration system.
“We’ve learned a lot from both our employer and employee customers over the years and based on their feedback, we revamped this product to make it easier for our end consumer, the employee, to understand and included the features they value most,” said Rob Grubka, president, Voya Employee Benefits. “Our new Compass Critical Illness Insurance goes beyond just a payout and includes options to help insureds get through some of the complexities that come along with a critical illness diagnosis.”
To partner with companies’ efforts to improve the overall health and morale of its employees, employers that include wellness programs for their employees may select the new Health Reward Increase Benefit option. This option gives employees participating in their company-sponsored wellness program an opportunity to earn an annual increase to their Compass Critical Illness Insurance benefit amount.
To help address both the physical and financial toll a critical illness can take, Voya Employee Benefits also now offers the Compass Care Package2 as an option the employer may choose with Compass Critical Illness Insurance. This option provides counseling and support to help insured employees and their families more easily understand the benefits, billing and other resources related to the diagnoses and treatment of the critical illness.
“We all know someone who has dealt with a critical illness. Sometimes the complexity of diagnoses, billing and other paperwork can take a toll on the insured and their loved ones, when they should be focusing on their wellness,” said Grubka. “The Compass Care Package helps round out our insurance product by guiding people, as well as helping them find emotional and educational support.”
Voya Employee Benefits’ Compass insurance products offer “voluntary” or employee-selected coverage that is processed and administered similarly to traditional group insurance. With Compass Critical Illness Insurance, employers may choose to fund the plan for their employees; offer it as an option employees can purchase through their workplace benefits; or create a combined option in which the employer pays a portion of the benefit and the employee can purchase additional coverage.
Voya’s Employee Benefits business offers stop loss, group life, voluntary benefits and disability income insurance products to employers and their employees. 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 helping Americans retire better, Voya Financial is committed to delivering on its vision to be America’s Retirement Company®, and its mission to make a secure financial future possible – one person, one family, one institution at a time.
About Voya Financial ®
Voya Financial, Inc. (NYSE:VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 14.7 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $8.6 billion in revenue in 2017. The company had $555 billion in total assets under management and administration as of Dec. 31, 2017. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya’s vision is to be America’s Retirement Company®. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has been recognized as one of the 2018 World’s Most Ethical Companies® by the Ethisphere Institute, one of the 2018 World’s Most Admired Companies by Fortune magazine and one of the Top Green Companies in the U.S. by Newsweek magazine. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.
|1 Compass Critical Illness Insurance is underwritten by ReliaStar Life Insurance Company (Minneapolis, Minnesota), a member of the Voya® family of companies. Voya Employee Benefits is a division of ReliaStar Life Insurance Company. Compass Critical Illness Insurance is a limited benefits policy and not health insurance. It does not satisfy the requirement of minimum essential coverage under the Affordable Care Act (ACA). Product provisions, exclusions, limitations and availability may vary by state.|
|2 Compass Care Package services are provided by ComPsych® Corporation, Chicago, IL.|