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However, these policies from Reliastar Life Insurance have been around for many years and were created and approved by the company and the National Association of Insurance Commissioners in the same interest rate environment. Voya Financial may be using low interest rates and a volatile market environment as an excuse for canceling these products. So sometime in 2021, you will need to call Resolution Life for service on your existing Voya life insurance policy.
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Voya will no longer be in the life insurance business.
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Voya had previously announced that it had sold these businesses to Resolution Life Group Holdings in late 2019. finally announced that it now expects to complete the divestment of its life insurance business in the fourth quarter of 2020. In the meantime, Voya took a massive write-down of $2.4 billion to account for the sale. Voya executives will decide on the future of the life division after the sale of the annuity business, according to a recent Insurance News Net article. Then, in early 2018, Voya announced that it now has plans to sell its annuity business and is also uncertain about its future in the life insurance business. Going forward, all products will be non-guaranteed until further notice.” In 2017, Voya will suspend its Guaranteed Universal Life and all level-term insurance sales while offering cash-value life insurance products. In response to these conditions and as part of our evolution as a company there will be several changes to our product offering. The insurance industry faces strong headwinds, including historically low-interest rates, heightened market volatility, and regulatory changes. “To achieve our vision to be America’s Retirement Company, Voya must continually evolve our strategy in response to change, and often challenging, market conditions. In late 2016, Voya made the following statement: Voya’s contractually guaranteed universal life will no longer be available for new policyholders. These remaining Voya Life policies have more moving parts and are not contractually guaranteed. Strategic Accumulator Survivorship Universal Life.Here are the three remaining VOYA fixed permanent life insurance products: So, moving forward, Voya will continue to offer only non-guaranteed universal life insurance. In a recent press release, Voya Life Insurance announced that they would no longer be offering term life or any universal life product with lifetime guarantees. We have seen similar decisions made over the past few years by companies like Lincoln Benefit and Genworth. Voya Financial, also known as Voya Reliastar and formerly ING, has decided to halt most life insurance products. So, what’s happening with Voya Financial? If all this sounds confusing, it is for many agents too! However, Voya life insurance products are still underwritten by ReliaStar Life Insurance Company and its other subsidiaries. ING Reliastar has now been fully re-branded with the new name Voya Financial. In the past, many agents and consumers commonly would refer to the company as ING Reliastar. Life Companies, which sold life insurance under Reliastar Life Insurance. Voya Life insurance is not a household name compared to other life insurance companies across America. If this is the case, we “strongly recommend” reading our Voya Reliastar Life Review. You have probably landed on our site because you have either a Voya or Reliastar life insurance policy.