Voya launches innovative new permanent life insurance offering through the workplace

Rhea-AI Summary

Voya Financial (NYSE: VOYA) has launched Lifetime Life Insurance, a new group term permanent life insurance product offered through workplaces. This innovative solution combines two key protections: life insurance benefits and an accelerated benefit for qualified long-term care (LTC) services.

The product addresses a significant market gap, as research shows that while 70% of people will need long-term care in their lifetime, only 3.1% of Americans have LTC coverage. As a 100% employee-paid benefit, it features unchanging premiums and portable coverage that employees can maintain even after leaving their employer.

Key advantages include:

• Accelerated benefits for illness or qualified long-term care services
• Enhanced employer benefits menus
• Convenient payroll deductions
• Portable coverage through retirement

The offering includes additional services such as bereavement support, funeral planning, and will preparation through Voya's collaboration with Empathy, with caregiving concierge services and estate planning scheduled for later rollout.

Lifetime Life Insurance provides employees opportunity to complement conventional term insurance with two layers of protection, designed to last a lifetime

WINDSOR, Conn.--(BUSINESS WIRE)-- Voya Financial, Inc. (NYSE: VOYA) announced today the launch of its Lifetime Life Insurance* offering, an innovative new solution designed to complement conventional term life insurance offerings through the workplace. As a new group term permanent life insurance that includes an accelerated benefit for long-term care (LTC), Voya’s Lifetime Life Insurance provides enrolled employees with two layers of protection designed to last a lifetime: both a life benefit and an accelerated benefit for qualified LTC services.

“When it comes to planning for one’s future, life insurance can play a critical role in estate planning for individuals, but industry research shows that while seven in 10 people will also require long-term care in their lifetime,¹ only 3.1% of Americans have long-term care coverage,²” said Christin Kuretich, VP, Supplemental Products at Voya Financial. “While many employers make conventional life insurance available as a standard offering, it’s worth considering whether that’s enough coverage for their employees’ needs. By offering a conventional employer-provided term life insurance offering alongside an employee-paid permanent term insurance solution like Lifetime Life, employers can help offer their workforce a lifetime of comprehensive protection, with coverage that has the potential to be there during their working years and beyond.”

As a 100% employee-paid coverage, Lifetime Life offers a cost-effective, valuable benefit, including premiums that never increase,³ and coverage employees can take wherever they go. For employers, Lifetime Life comes with the streamlined billing, enrollment and reliable service already available with Voya’s supplemental benefits. Additional advantages for employers and employees include:

• An accelerated benefit, helping minimize the financial impact of an illness or qualified long-term care services.
• Enhanced employer benefits menus, including more benefit options that may help increase employee satisfaction and offer the potential to help retain or attract new talent.
• Payroll deductions for premiums, providing a convenient system for both employers and employees.
• Lasting, portable coverage to and through retirement, allowing employees who leave their employer or retire to take their coverage with them at the same rate.

“We continue to see employees turning to their employers for help with their comprehensive workplace benefits and savings needs. And, while many employers have made changes to their benefit lineups to help support their employees, workplace benefits remain complex,” added Kuretich. “As a result, more and more employees are becoming interested in solutions that help customize their overall benefits package to their specific needs and preferences.”

The launch of Voya’s new Lifetime Life Insurance solution builds upon the firm’s broad scope of lifetime-planning services. Employees enrolled in Lifetime Life will also have access to bereavement support services, including funeral planning and will preparation, through Voya’s collaboration with Empathy,** which helps families prepare for the future and navigate the emotional and practical challenges associated with loss. Additional support services, including caregiving concierge services and estate planning, are scheduled to roll out later this year.

Voya remains focused on offering innovative solutions and capabilities to help employers and their employees optimize their workplace benefits and savings needs. Recently, Voya announced the launch of a refreshed digital absence portal intended to enhance the leave administration and claims experience for both employees and employers. Voya has also refreshed its hospital confinement indemnity insurance offering to include provisions that further support employees’ mental health — with more solutions and products specific to mental health rolling out in 2025.

As an industry leader focused on the delivery of benefits, savings, and investment solutions to and through the workplace, Voya is committed to its purpose of, together, fighting for everyone’s opportunity for a better financial future.

1. Samuels, Claire. “Long-Term Care Statistics: A Portrait of Americans in Assisted Living, Nursing Homes, and Skilled Nursing Facilities.” APlaceForMom.com, Sept. 13, 2023.
2. “Do Consumers Really Understand Long-Term Care Insurance.” LIMRA, limra.com, Nov. 15, 2022; based on U.S. population estimates and LIMRA estimates.
3. Guaranteed rate applies to base life insurance coverage. Premiums for the long-term rider may not be fixed and may increase.

About Voya Financial^®
Voya Financial, Inc. (NYSE: VOYA) is a leading health, wealth and investment company with approximately 9,000 employees who are focused on achieving Voya’s aspirational vision: “Clearing your path to financial confidence and a more fulfilling life.” Through products, solutions and technologies, Voya helps its 15.2 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company and a leading benefits administration provider, extends the reach of Voya’s workplace benefits and savings offerings by engaging directly with more than 12 million employees in the U.S. Certified as a “Great Place to Work” by the Great Place to Work^® Institute, Voya is purpose-driven and committed to conducting business in a way that is economically, ethically, socially and environmentally responsible. Voya has earned recognition as: one of the World’s Most Ethical Companies^® by Ethisphere; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, Instagram and LinkedIn.

*Life Insurance is issued and underwritten by ReliaStar Life Insurance Company (Minneapolis, MN), a member of the Voya® family of companies. Group Term Life Insurance Policy form #GLL-POL-23. Form numbers, provisions and availability may vary by state.

**Bereavement Support, including Funeral Planning & Will Preparation services, are provided by The Empathy Project, Inc., New York, NY. Provisions and availability of each service may vary by state.

VOYA-EB

View source version on businesswire.com: https://www.businesswire.com/news/home/20250123002745/en/

Media contact:

Olivia Valente

Voya Financial

(203) 528-5284

Olivia.Valente@voya.com

Source: Voya Financial, Inc.

FAQ

What are the key features of Voya's new Lifetime Life Insurance offering?

Voya's Lifetime Life Insurance combines life insurance benefits with accelerated benefits for long-term care services. It features guaranteed premium rates, portability, and is 100% employee-paid with convenient payroll deductions.

How does VOYA's Lifetime Life Insurance address the long-term care coverage gap?

While 70% of people will need long-term care in their lifetime, only 3.1% of Americans have LTC coverage. VOYA's new offering provides an accelerated benefit for qualified long-term care services alongside life insurance protection.

What support services are included with VOYA's Lifetime Life Insurance?

The insurance includes bereavement support services, funeral planning, and will preparation through Empathy. Additional services like caregiving concierge and estate planning will be available later in the year.

Can employees keep VOYA's Lifetime Life Insurance after leaving their employer?

Yes, the coverage is portable, allowing employees to maintain their insurance at the same rate even after leaving their employer or retiring.

What are the premium payment terms for VOYA's Lifetime Life Insurance?

The insurance is 100% employee-paid through payroll deductions, with premiums that never increase for the base life insurance coverage, though long-term care rider premiums may vary.