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Jeffrey Johnson
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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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UPDATED: Oct 23, 2023
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Life insurance is an essential financial product that provides protection and peace of mind for individuals and their loved ones. When it comes to choosing the right life insurance policy, however, the options can seem overwhelming. Two prominent companies in the life insurance industry are Voya Financial and Assurity Life Insurance Company. In this article, we will compare the policies offered by these two companies to help you make an informed decision about which is better suited to your needs.
Before diving into the specifics of Voya Financial and Assurity’s life insurance policies, let’s first establish a basic understanding of life insurance itself. Life insurance is a contract between an individual and an insurance company. The policyholder pays regular premiums, and in return, the insurance company provides a lump-sum payment, known as a death benefit, to the policyholder’s beneficiaries upon their death.
Life insurance plays a crucial role in safeguarding your family’s financial future. It provides a financial safety net to ensure that your loved ones can maintain their standard of living even after you are no longer around to provide for them. The death benefit received from a life insurance policy can be used to cover various expenses, such as mortgage payments, education costs, and day-to-day living expenses.
As you explore different life insurance policies, it’s important to familiarize yourself with some key terms. These include:
Now that we have covered the basic concepts of life insurance, let’s delve deeper into the different types of life insurance policies available in the market. There are two main categories: term life insurance and permanent life insurance.
Term life insurance provides coverage for a specific period, typically 10, 20, or 30 years. It is designed to provide financial protection during the policyholder’s working years when they have dependents and significant financial obligations. Term life insurance policies do not accumulate cash value, but they offer higher coverage amounts at a lower cost compared to permanent life insurance.
On the other hand, permanent life insurance provides coverage for the entire lifetime of the policyholder. It includes policies such as whole life insurance, universal life insurance, and variable life insurance. Permanent life insurance policies not only provide a death benefit but also have a cash value component that grows over time. This cash value can be used for various purposes, such as supplementing retirement income or paying for emergencies.
When choosing a life insurance policy, it’s essential to consider your financial goals, budget, and long-term needs. Assessing your current and future financial obligations will help you determine the appropriate coverage amount and policy type.
Additionally, it’s worth noting that life insurance policies may have optional riders that can enhance your coverage. These riders provide additional benefits, such as accelerated death benefits, which allow you to access a portion of the death benefit if you are diagnosed with a terminal illness. Other riders may include waiver of premium, which waives future premium payments if you become disabled, and child term rider, which provides coverage for your children.
Now that you have a better understanding of the key terms and different types of life insurance policies, you can make an informed decision when selecting a policy that suits your needs and provides the necessary financial protection for your loved ones.
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Voya Financial is a well-established insurance and financial services company that offers a range of products, including life insurance. With a solid reputation and a strong financial standing, Voya Financial has become a trusted name in the industry.
Founded in 1991, Voya Financial has grown steadily over the years, expanding its offerings and reaching a wide customer base. The company’s commitment to providing excellent customer service and innovative solutions has earned it numerous accolades and recognition in the industry.
With a team of experienced professionals, Voya Financial is dedicated to helping individuals and families secure their financial future. Whether it’s protecting loved ones with life insurance or planning for retirement, Voya Financial offers comprehensive solutions tailored to meet the unique needs of each customer.
Voya Financial provides various life insurance options to cater to different needs and budgets. They offer both term life insurance and permanent life insurance policies.
Term life insurance is a straightforward and affordable option that provides coverage for a specific period, typically 10, 20, or 30 years. It offers a death benefit if the insured person passes away during the policy term. Voya Financial’s term life insurance policies can be converted into permanent life insurance policies if the policyholder’s needs change over time.
Permanent life insurance, on the other hand, offers lifelong coverage and includes a cash value component that grows over time. This type of policy provides not only a death benefit but also a savings element that can be accessed during the policyholder’s lifetime. Voya Financial’s permanent life insurance policies offer flexibility and the potential for long-term financial growth.
When it comes to choosing a life insurance policy, Voya Financial understands that everyone’s needs are different. Their team of knowledgeable agents is available to guide customers through the process, helping them select the right coverage amount and policy type based on their unique circumstances.
Voya Financial stands out from other insurance providers with its focus on financial wellness and planning. They offer several additional features and benefits that policyholders can take advantage of, such as access to financial advisors and educational resources to help plan for their financial goals.
One of the key features offered by Voya Financial is their financial planning services. They understand that life insurance is just one piece of the puzzle when it comes to securing a solid financial future. That’s why they provide personalized financial planning assistance to help customers create a comprehensive strategy that aligns with their goals and aspirations.
In addition to financial planning, Voya Financial also offers access to a network of experienced financial advisors. These professionals can provide expert guidance on a wide range of financial matters, from retirement planning to investment strategies. With their support, policyholders can make informed decisions and navigate the complexities of the financial landscape with confidence.
Furthermore, Voya Financial recognizes the importance of financial education. They offer a wealth of educational resources, including articles, videos, and interactive tools, to help customers enhance their financial literacy. These resources cover various topics, such as budgeting, saving for college, and retirement planning, empowering individuals to make informed financial decisions for themselves and their families.
Overall, Voya Financial’s commitment to financial wellness sets them apart in the industry. They go beyond simply providing life insurance policies, striving to empower their customers to take control of their financial future and achieve their long-term goals.
Assurity Life Insurance Company has been in operation for over 130 years and has a strong reputation for providing reliable life insurance products. They are known for their commitment to customer service and their dedication to helping individuals protect their loved ones.
Founded in 1890, Assurity Life Insurance Company has stood the test of time, establishing itself as a trusted provider in the insurance industry. With a rich history spanning more than a century, Assurity has built a solid foundation of expertise and experience, ensuring that their customers receive the highest level of service and support.
Throughout its long history, Assurity has remained true to its core values of integrity, innovation, and compassion. These values are deeply ingrained in every aspect of the company’s operations, from the products they offer to the way they interact with their policyholders.
Assurity’s commitment to customer service is unparalleled. Their team of dedicated professionals goes above and beyond to ensure that each policyholder receives personalized attention and guidance. Whether it’s answering questions, assisting with claims, or providing expert advice, Assurity’s customer service team is always ready to lend a helping hand.
Assurity Life Insurance Company offers a range of life insurance products, including term life insurance, whole life insurance, and universal life insurance.
Term life insurance from Assurity provides coverage for a specified period and pays a death benefit if the policyholder passes away during that time. It offers individuals the flexibility to choose the coverage amount and duration that best suits their needs. With Assurity’s term life insurance, policyholders can have peace of mind knowing that their loved ones will be financially protected in the event of their untimely demise.
Assurity’s whole life insurance policies, on the other hand, offer lifetime coverage with level premiums and the potential to accumulate cash value over time. These policies provide a solid foundation for long-term financial planning, ensuring that policyholders can leave a lasting legacy for their families.
In addition to term and whole life insurance, Assurity also offers universal life insurance. This type of policy provides both a death benefit and a cash value component, allowing policyholders to build savings while maintaining life insurance coverage. With Assurity’s universal life insurance, individuals can enjoy the flexibility of adjusting their coverage and premiums to meet their changing needs.
One of the unique features of Assurity Life Insurance Company is their accelerated underwriting process. This streamlined process allows for quicker approval of policies, often without the need for a medical exam.
Assurity understands that time is of the essence when it comes to life insurance, and their accelerated underwriting process reflects their commitment to providing efficient and convenient service. By leveraging advanced technology and data analysis, Assurity is able to assess an applicant’s risk profile quickly and accurately, expediting the underwriting process and reducing the need for extensive paperwork.
Furthermore, Assurity’s accelerated underwriting process is not only fast but also fair. It takes into account various factors beyond just medical history, such as lifestyle choices and family medical history, ensuring that individuals with good overall health can benefit from a simplified application process.
With Assurity’s accelerated underwriting, individuals can obtain the life insurance coverage they need in a timely manner, giving them peace of mind and financial security without the hassle and delays often associated with traditional underwriting methods.
Both Voya Financial and Assurity Life Insurance Company offer a range of policy types to suit different needs. While there may be some variations, the essential types of policies provided by both companies include term life insurance, whole life insurance, and universal life insurance.
When comparing the coverage and benefits offered by Voya Financial and Assurity, it is essential to consider factors such as policy limits, riders, and additional benefits. These factors will vary depending on the specific policy selected.
It is important to carefully review the details of each policy to determine which company offers the coverage and benefits that align with your specific needs and preferences.
Pricing is a significant consideration when choosing a life insurance policy. Premiums, the regular payments made by the policyholder, can vary based on several factors, including age, health, coverage amount, and policy term.
When comparing Voya Financial and Assurity, it’s essential to obtain personalized quotes that consider your unique circumstances to get an accurate picture of the costs associated with each policy.
While it’s difficult to provide a general cost comparison since prices will vary depending on individual factors, comparing quotes from Voya Financial and Assurity can give you a better understanding of their pricing models and affordability.
It’s important to strike a balance between cost and coverage when selecting a life insurance policy. Assess your budget and needs carefully to determine which option provides the best value for your specific situation.
Choosing between Voya Financial and Assurity Life Insurance Company is a personal decision that depends on your individual needs and preferences. Consider factors such as policy types, coverage options, additional benefits, and pricing to make an informed choice. Remember, both companies have a solid reputation and offer reliable life insurance products.
When in doubt, consulting with a licensed insurance professional can provide valuable guidance and help you navigate the intricacies of selecting the right life insurance policy. Ultimately, the most important thing is to secure a comprehensive life insurance policy that offers the financial protection and peace of mind that you and your loved ones deserve.
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Voya Financial is a financial services company that offers a range of products and services, including life insurance, retirement plans, investment management, and employee benefits.
Assurity Life Insurance Company is a mutual insurance organization that provides life insurance, disability income insurance, critical illness insurance, and annuities.
When comparing Voya Financial and Assurity Life Insurance Company, you should consider factors such as the types of life insurance policies offered, coverage options, policy terms, premium rates, financial strength and stability of the companies, customer service, and any additional benefits or riders available.
Both Voya Financial and Assurity Life Insurance Company are reputable companies with strong financial ratings. It is recommended to review the latest ratings from independent rating agencies such as A.M. Best, Moody’s, or Standard & Poor’s to assess their current financial strength.
Voya Financial and Assurity Life Insurance Company offer a variety of life insurance policies, including term life insurance, whole life insurance, universal life insurance, and indexed universal life insurance. The specific policy options may vary, so it is advisable to visit their respective websites or contact their agents for detailed information.
Yes, both Voya Financial and Assurity Life Insurance Company provide the option to request personalized quotes for life insurance. You can visit their websites or contact their agents to get a quote based on your specific needs and circumstances.
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