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Voya Financial Insurance Review & Complaints: Life & Retirement Insurance

Voya Financial life insurance is offered as a group benefit under their workplace category while the company's main products including retirement, workplace benefits, and investing coverage. Voya Financial insurance ratings are improving with a recent bump up to an A- by the Better Business Bureau.

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Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best...

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UPDATED: Sep 14, 2020

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Voya Financial is the former U.S. branch of international financial services company ING, operating now independently. They focus mainly on retirement and investment products, as well as life insurance offered on an employee benefits basis.

About Voya Financial

Voya Financial as a brand has only been around for about six years, but the company goes back to 1845 and the founding of the Fire Insurance Company of the Netherlands. That company became a part of ING Group in 1991, growing well beyond Europe to become one of the biggest financial services companies in the world.

ING entered the U.S. market even before taking on that well-known name, acquiring Security Life of Denver Insurance Company in 1977. It was not until after the merger that created ING, however, that the company started to make a name for itself, acquiring Cigna Financial in 2000 and CitiStreet eight years later.

In 2013, ING U.S. became Voya Financial, separating itself slowly from ING over the following years. Today Voya is completely independent of ING, which sold off the last of its shares in 2018.

That same year, Voya announced that it would exit the individual life insurance market, and no longer writes any new individual life policies.

Voya’s headquarters is located in New York City, with branch offices across the country. Products are sold through financial professionals across the country, with products sold in every state.

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Voya Products

Voya is mainly focused on retirement, workplace benefits, and investing. They still offer life insurance, but only as a group benefit under their workplace category. Individual investment and retirement products are still available.

Employee Benefits

Voya offers several group policies that can be offered as part of an employer-paid benefits package or as employee-paid voluntary benefits.

Life Insurance is available with both term life insurance and whole life insurance options to choose from. Both policies may be portable, and coverage options vary based on what the employer chooses to offer and what the employee chooses to carry.

Term life is offered without medical questions, making it easier to qualify for. Both plans offer rider options including accelerated benefits and child or spouse riders.

Disability Income Insurance provides a selected monthly benefit to replace income in the event that the insured is disabled and cannot work. These plans may be available without medical questions, depending on the options chosen.

Critical Illness insurance is a lump sum policy that pays out upon diagnosis with one of the listed conditions. These include heart attack, stroke, kidney failure, and more. This benefit can be used for any purpose, not only medical bills.

Accident Insurance is a similar policy, but rather than covering serious illness, the benefits are paid out after a covered accident. This can include fractures, burns, lacerations, and more. The plan includes benefits for medical bills as well as benefits that can be used for any purpose.

Hospital Confinement Indemnity insurance is designed to pay on a per-day basis when the insured is hospitalized. Again, benefits can be used for any purpose, including excess medical costs and to pay for everyday expenses.

Workplace Retirement

In addition to group insurance, Voya offers a full range of retirement investment options.

These include the most common retirement plan, the 401(k), a well as other options: 401(a), 403 (b), and 457. They also offer IRA options, in addition, the other retirement investment plans, both SEP and SIMPLE IRAs.

The type of plan available depends on the organization, as eligibility varies.

Health Savings Accounts

Voya offers a range of Health Savings Accounts (HSA) and Flexible Spending Accounts. These can be used to put aside money intended to pay medical costs on a pre-tax basis,

The right type of account for each individual depends on several factors, including what type of major medical health insurance they carry.

Other Investments

Voya offers individuals a long list of options for investing. These include mutual funds and brokerage.

They also offer a wide variety of individual IRAs and college savings plans including the most common option, the 529 College Savings Plan. Each investment option has a different purpose and risk tolerance level, which is best discussed in detail with a financial professional.

Rates

Since they do not offer any individual life insurance policies, there are no rates available online. Rates for group policies vary quite a bit since they are depending on the options selected by the employer and how much, if any, of the premium is being paid by the employer.

As a general rule, group insurance is more affordable than individual insurance, which is what makes it a benefit when offered at work. Group rates are not really comparable to individual insurance rates.

Claims

Voya offers online claims submission as the primary method of filing. The website takes the insured through the steps of getting the claim started and how to upload the required documents. The site states that the claims process takes about 10-12 days.

There is a video that provides step by step assistance with filing a claim, and an entire library of claims forms.

There is no single phone number listed for a claims department, but the site will again walk the visitor through finding the correct person to whom their claims questions can be directed. Overall, it is a very helpful and informative claims section, which is not always the case with this type of company.

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Ratings and Consumer Reviews

Voya’s reputation has improved somewhat since we last reviewed them; at the time of our last look at this company, they appeared to have suffered somewhat from the split with ING.

The company’s Better Business Bureau (BBB) rating has improved to an A- from a B. There are 33 complaints on file in the past three years, and the company has been dinged on the rating for failing to respond to two of those. The seven reviews left on the page are all negative, and mainly to do with issues involving investment accounts.

Voya did not improve much in terms of reputation in the 2018 J.D. Power Life Insurance Study, possibly a reflection of the plan already in process to leave that market. They received two out of five overall in the annual study, which is below average.

There are 131 reviews of Voya on Consumer Affairs, with an overall one-star rating that is based on 41 ratings submitted over the past year. Complaints are varied, ranging from difficulty with claims to billing issues and paperwork problems.

With Voya’s exit from the individual life insurance market, it will take a little time for ratings and reviews to catch up. Not all of the reviews we found were focused on life insurance, however, and customers did have complaints about other products. Based on the size of this company, however, we did not find the volume of the complaints to be high.

The Bottom Line

If you are being offered Voya benefits through work at a reasonable price, they are likely a good choice. Those looking for individual investments, however, may want to do a little more research and speak to an objective professional regarding investment options before deciding where to put their money.

For a list of companies that we recommend, visit our Best Insurance Companies page.

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Review Information

Summary
Review Date
Reviewed
ING (Voya Financial)
Author Rating
41star1star1star1stargray

About Eric Stauffer

Author: Eric StaufferI am a former insurance agent and banker turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

94 Comments

  1. I withdrew my money from Voya and now all the sudden nowhere will cash my check!

    I have been everywhere.

    Is there somewhere specific I need to go to get my check cashed?

    This is ridiculous the struggle for your own money

    Reply
  2. My mother passed away over a month ago.

    Her life insurance was supposed to be paid out a certain percentage, but they lowered that percentage cause she was on short term disability.

    Her disability form she signed had no mention that her life insurance would be altered.

    Although Voya claims it should be reduced.

    Every time I call they give me a different amount I’m supposed to receive. WTF…

    Reply
    • You may need to get a lawyer. This company is HORRIBLE.

      I have been urging people not to do business with this corrupt company if you don’t want to be taken for a helluva rollercoaster ride.

      Good luck

      Reply
  3. Working with a financial advisor to roll over several 401k plans. All have gone off without a hitch – except Voya. Two times they failed to process a faxed spouse agreement for the rollover. No direct line to call processors. Third time we faxed and overnighted document. They sent the letter back they couldn’t process due to address differences between faxed doc and their system. A call revealed they made a mistake keying in the address, not us. They told us to send the request a 4th time as they corrected system address over the phone. They couldn’t answer why they wouldn’t process form but sent two huge checks with the bad address in the system!!

    Bottom line: NEVER USE THEM! My financial advisor who does this for a living says they are THE WORST she has ever worked with. Incompetent, broken processes, inability to directly talk with other corporate divisions, force customer to resubmit CORRECT PAPERWORK OVER AND OVER DUE TO THEIR OWN INCOMPETENCE. No desire to proactively address these issues.

    I am a business owner with a 401k plan and I will NEVER use them and will advise every other business owner to avoid.

    Reply
  4. I am currently negotiating through a ridiculous mess with Voya. I am a retired teacher. They have held my hard earned money in a 403B for six years. I was told it would be available for withdrawal without penalty in January 2017. At that time, my representative told me that the date was actually January 2018. Last month, (January 2018), I called My representative twice in ten days to find out how to get my money transferred to my IRA account. When I didn’t get a callback, I called Voya. I was told by the customer service rep that I could make a transfer from my account for a fee of $1500 because now, my eligibility for withdrawal without penalty will be May 2018. I said I wanted a copy of the form with my signature on it that says that is what I signed up for. She said that was hard to find. After an hour on two phone calls with customer service, I requested to speak to a supervisor. Then I was told that a supervisor would be given the information and would call me, probably within 2days. Three days later, I got a call from Supervisor [Redacted], who told me that I was told accurate information by customer service. I said that cannot be correct. Eventually, she agreed that I was actually eligible for withdrawal of all my funds in January 2017.That was over a year ago! I could have been using my hard earned money all this time and be receiving much higher returns than the 1% they had me locked into. Now that I filled out all of their forms from their difficult and cumbersome website And faxed them twice, the supervisor told me that it will be 20 business days from when my forms are approved before I get my money. Seriously??? All they have to do at this point is complete a simple computer transaction sending the funds to my Merrill Lynch Account. I said I wanted to appeal to this by speaking with someone with more authority in the company. She told me I would need to write a letter to the head of Voya Financial Compliance. I asked for the name and number of the person to contact. It took her an entire week to get back to me with that! She said there was no email, phone, or fax number I could use for this purpose. Unbelievable!! So I wrote the letter to the unnamed person and sent it from the U.S. Postal Service via Priority Mail. I requested that they release my money immediately. I am so frustrated. This cannot be legal. I want to see a class action suit started against this crooked company that lies to its customers and steals from them. I can’t believe they have been getting away with this behavior for such a long time. Isn’t there some kind of oversight?

    Reply
    • First, if someone has time, report this to the Better Business Bureau, Consumer Affairs, Attorney General in that state, start an online petition with change.org about this scam company. So if someone can do these things to get started then I will stand with you because my plate is full right now. I just know Voya/ formally ING needs to be stopped. Thx

      Reply
  5. Bought a term life insurance years ago and according to contract the payment goes up every 5 years. Received a ltter in September about the increase and consequently I increased my monthly payment! Got a letter yesterday that they lowered the insurance amount due to not having received the increase but only teh ‘old’ insurance payment. I do have proof that the increase has been sent to them by the Defense Accounting service every month as of 1 October. Submitted the proof but they still insist they NEVER received that money!!!

    Reply
  6. ReliaStar Life Insurance is the worst life insurance company I’ve ever had to deal with. Period.

    Their customer service is horrendous, and their claims handling even worse. To file a death claim, you’ll have to call the parent company (now Voya) but you’ll be lucky if they can help you since Reliastar seems to exist in its own backwater alternate universe. You might be transferred to a Reliastar number (or you might have to call yourself) and speak with a person in Texas, which is when thing get surreal. They will collect all the information to get a claim started, which they then have to SNAIL MAIL to MN, before that office will SNAIL MAIL you some claim forms to fill out. It’s like this company has never heard of computers, or the internet, or email, or even a fax machine. Incompetence? Or purposeful inefficiency designed to hold on to your money for as long as possible? Read on…

    Claim paperwork might arrive by mail within the next month. I’ve had to file 2 death claims in the past 5 years, and their process has not improved a bit in that time. Fill out the forms, provide a certified copy of the death certificate, etc… all pretty straightforward. They do provide an “overnight” mailing address for the return of the claim package, but the rest of their process is so painfully slow that it really doesn’t matter. Now you wait…

    and wait…

    For my mom, it was over 2 months from first call to receipt of a payment package – in the form of a checkbook. It’s apparently impossible to get them to simply cut a check — instead, they will force you into one of their checking/line-of-credit accounts, and force you to draw down the balance by writing out checks. Yet another ploy yo hang noto your money even longer. Add delays for theses checks to clear. Then, when the account falls below a certain amount, they will close out the account and send a check for the balance – maybe a month later if you’re lucky.

    Absolutely ridiculous!

    FOR GOD’S SAKE, if you’re considering their life insurance, do your heirs a favor and DON’T!

    If you already have a policy with them, then you have my condolences.

    Reply
    • Exactly! I ‘ve been trying to tell people that for years…they are the #1 worse. Don’t put your money anywhere near them or you will be so sorry?

      Reply
    • Wow, my feelings exactly! What do we have to do to start a class action suit against this company and receive some compensation for the loss of funds with the irresponsible and seemingly criminal business practices of Voya/Reliastar?
      I wish I had known what I know now when I signed up with them in 2012 when they were ING. And when they became Voya, I wish I had been given a choice of whether I wanted my funds to stay with them. They are truly the worst. Stay away from doing business with them if you have a choice!

      Reply
  7. Voya is a real joke. I pay through my employer for critical illness ins and when I filed a claim for my stroke they first said I didn’t have to right kind of stroke. Then they said I wasn’t having treatment for a stroke so I wasn’t entitled to the payout. I have had an echo bubble study, several MRI’s and have an Implantable Loop Recorder. All this has been done since my stroke to find out why it happened. I take multiple meds to help with all kinds of stroke related issues. My neurologist filled out all their paperwork and wrote a diagnoses of STROKE on each form. I filed the appeal they said I could send in and wonder of wonders, they say it was never recd, and now the time has passed to appeal.
    Do not ever give any money for any type of coverage to this sad excuse for an ins company. Run fast and run far if anyone mentions Voya. As soon as I can change my coverage, I will. I’m stuck now paying them for useless coverage until our yearly ins renewal.

    Reply
    • There are too many complaints against voya , formally known as ING, for there not to have a class Action law suit. This is a horrible corrupt crooked company.

      Reply
      • My son is having the same exact problems with Voya that you are, he’s been off work for almost 3 months now and is still waiting for a check! Time for a lawyer, enough is enough, can’t live on air alone!

        Reply
        • Exactly!

          Reply
  8. I recently retired after 18 years as an office manager for a CFP ( Certified Financial Planner). A few years back, our Broker/Dealer (our governing agency for securities, life insurance and annuities) was sold to ING (now Voya). Since my employer offered all of the above products, we now had to go through ING for all new Brokerage (Investment accounts), life insurance and annuities. Of course they wanted you to use their products rather than sell out-of-house but at the time they did offer excellent life and annuity products so it was a good fit. The new accounts were opened in record time with very few problems. Unfortunately that’s where it ends. The service department was horrible, long wait times just to get through, rude, clueless, ignorant staff, outdated forms, a website that was clumsy to navigate and down half of the time. And I was calling the producing agents direct number, I can’t imagine how bad it is for a client to get help. Needless to say, my employer dumped ING at the first opportunity. Now I am having flashbacks, my husbands employer is moving the company retirement plan to Voya. I’m beside myself, I cannot imagine why they would leave a reputable, long standing company like John Hancock for this. I don’t care what they are calling it now, they are still an ING company, (you can put lipstick on a pig but it is still a pig), with all of the bad products, service and administration that comes with it. I don’t have a good feeling about this. My husband leaves our financials up to me, so it is time to talk with my CFP for other retirement savings options. Good luck to you all.

    Reply
    • Voya is horrible no if ‘s and’s about it. A warning to all. Or you will be sorry

      Reply
  9. Received a letter from Voya in regards to approaching an eligible anniversary date Referred to as Exercise date in Rider listing 2 hypothetical projections are estimates of my annuity. If I were to exercise the Annuity Benefit options and elect to apply all of the MGIB Benefit Base to either of the MGIB Income Options listed on the next Exercise Date- I am not exactly sure what to do?? Or do I do nothing at all?

    I think just a way to get more $$$

    Reply
    • I would leave it alone unless you need cash now. I cashed early due to health reasons or i wouldn’t have touched it. Sounds like a waived penalty (surrender charge) option for early withdrawal which is nice but you still have some income tax implications. If you don’t absolutely need the money, I would leave it alone. If they are offering you to transfer to higher rate annuity with no cost or penalty, that would be a different situation, as you are not actually taking money out and there would be no tax implications to transfer. Based on your questions, it appears you may have a higher than market rate annuity, and they are hoping you pull money out of it? I think you answered your question – Just do nothing at all?

      Reply
      • Thanks Bobby, exactly what I thought.

        Reply
  10. Voya is absolutely the worst company my family and I have delt with!! It’s been over a year since our mother passed away unexpectedly, and we are still getting the run around from this company. No clear answers, and constantly requesting “faxes”, 1985 is over, upgrade to a more reliable form of communication. They claim to have been voted “the most ethical company” apparently it’s a term they’ve yet to look up the meaning of. Piss poor!!

    Reply
  11. Eric is not a consumer advocate, he’s a shill for this terrible insurance company. He deleted my negative comments about Voya and he has left the statement on his website that Voya has an A+ rating with the BBB when in fact it is a C-. All these other negative comments and the hundreds of others on other websites should be a clue as to what a terrible company this is when you try to get your money out.

    Reply
    • Hi Ben,

      I have no affiliation with ING or VOYA.

      When reviews are researched and published, there is a chance that something can change before our scheduled rewrite catches the latest information. When in question, its advisable to check the publish date of the review listed at the top.

      In regards to deleting a previous comment of yours, I have no specific record I can find of it. Comments that are deleted tend to be vulgar in nature, or provide no actual usable information that would be beneficial for others.

      Best,
      Eric Stauffer

      Reply
  12. This is my second post and I’ve already been back to work over a month and am still battling with these people for my disability!! They have received documentation from both of my physicians and I’ve even been told that I have supporting documentation for my leave BUT they STILL need more documentation from one of my physicians who has already gone into great detail on the forms already provided. My claim was already denied until I had to send in firms from another doctor which were not previously requested and I feel now they are just prolonging another denial. This is all rediculous and I’m going to my employer today with this information and complaining. I’m surprised a class action suit has not been filed on this company already but it’s a good idea!!!

    Reply
    • As I understand it, the standing rule is that you only need to wait 90 days after the company receives your request to pay a claim and you can then start legal actions against the company, it’s ‘up to three years’ after the claim that you have the option to take legal actions.

      You can also contact your State Department of Insurance, Insurance Commissioner’s office websites may have forms available online and information regarding filing requests for assistance with your problems, as well as filing formal complaints. Best of Luck!

      Reply
    • Run is right! Parents bought a rather bogus Universal Life policy. So much smoke and mirrors that it’s gagging.
      Calling them is an exercise in utter frsutration. Wound up having to contact the State Insurance Department to learn what was they have been doing. Legal but highly unethical and extremely disconcerting if you had th emisfortune of buying into one of their products in the 1980’s and are in need of coverage now. Avoid them people! Avoid them like the plague.

      Requested a supervisor. Placed on hold several times and each time someone picked up it was not a supervisor. Assured me (each time) that they could manage my issue — they could not.

      Something has ot be done by this powerful and shady outfit. Somethign has to be done to help seniors victimized (legally) by these people.

      Customer service seems highly trained — at stalling and hoping you’ll go away.

      Reply
      • You are so right. ING aka Voya and Washington national insurance Co.aka Conseco Are the two worse all time bad companies to get involved with. Run, steer clear . you have been warned

        Reply
      • This is the worse company ever. Please don’t get caught up with this horribly run company that doesn’t care about its client, only getting your money and giving you hell to get your own money.

        Reply
    • I agree – received at least 10 denials on Waiver of Premium Disability and 1 Formal Denial Letter. After pushing extremely hard for a copy of the actual Life Policy the Claims Rep. put me on hold and came back to me about 10 minutes later, and said that I was in fact covered. I had Group Employer Policy that was portable so I never received actual policy. I requested copy in 2002 and just got it today. Now they are only going to recognize reimbursement of premium to 12 months prior to claim forms sent. I became disabled in 2006 and was never offered to file a claim for Disability Waiver because they said the policy did not cover it, when in fact it did. Class Action? Maybe.

      Reply
      • Voya, formerly known ING is nothing but a rip off company. Beware to anyone thinking about doing business with them. You will be sorry. A class action law suit is the way to go because they have rip so many people off.

        Reply
        • I guess the Government Bail Out gave them a false sense of security?

          Reply
      • Voya is a bad company all away round. Don’t get involved with them or you will be sorry.

        Reply
  13. Run away and dont waste your money. Its been Almost 6 weeks and still no money from them. Vehicle has been repoed, water is shut off. Kids are going back to school tomorrow and cant get them anything they need. This is the WORST company i have ever dealt with. For 3 weeks they knew i had to sign a form and never called or wrote me about it. Now that im calling everyday they finally send me the form. I seriously hope my employer gets a new short term disability company. Like how is a heart attack a pre existing condition. I have released every medical paper to them and still nothing. Lets hope they pay me before i lose my house next.

    Reply
  14. If you’re considering VOYA for any service, I beg of you to please turn on your heel and run away as quickly as possible.

    Not only did VOYA apparently never update my beneficiaries from when I requested it TWO YEARS AGO (yes, I’m just now finding this out–isn’t it great?), but they also require you to jump through near-impossible hoops to access your accounts. You have to use the random numeric password they send to you via mail; and if you have no access to your mail via USPS, then you simply aren’t getting your money or access to your account. And heaven forbid you try entering some passwords to see if you can guess it; you can’t, and now you’re locked out of your account for at least an hour, which is probably exactly when their customer service hotline closes.

    I offered every piece of personal information to get access to my account, but a randomly generated numeric code they sent via snail mail almost a year ago is apparently my only hope for accessing my account. And, again, no current access to USPS, so I’m up a creek without a paddle.

    VOYA will ensure they make it difficult for you to access your money, because they want to keep it. They do not want you to have it, and they will make sure you don’t have access to it.

    Reply
  15. I’ve been trying to get Voya to start paying out on my Long Term Disability claim. I filed 4 months ago and have yet to have a determination, even after having every stitch of medical documentation and 2 physician’s statements stating I cannot work at the present time. As a parent with several children heading back to school soon and a failing car, it’s ridiculous that I paid my premiums on time and now that I need to use the service I paid into for years I am being jerked around and left with responses of “I don’t know when the medical team will be done” “They’re working on it”…. this doesn’t pay the bills this damn policy was supposed to help with! I can’t tell my landlord and utility companies “Oh, they said they’re working on it… maybe another month”. I’ve dealt with other companies like Aetna and Cigna for LTD and this is by far the worst experience I’ve had trying to file and get payment for insurance I paid for and needed to use.

    Reply
    • Hello, I understand your frustration!! I filed a short term claim recently and provided all the needed documents just for to be told they have to request more information to justify me being on medical leave, which I don’t understand because a physician is who put me off work and I sent in all needed supporting documents, and they are still asking for more!!! They certainly don’t make any illness better putting people through all this drama. I hope you get resolution soon, best wishes!!

      Reply
      • I am having the same issue right now. I had a baby five weeks ago and they are looking into my medical history for the past five years just to find something to deny me. I wasn’t aware you could be pregnant for five years. I work for a school system that contracts with them. When I complained the school system informed me that they will not be renewing a contract with them because of the issues many people have had. RUN AWAY

        Reply
  16. I am POA. for my Mother-in-Law, trying to get thru the “Smoke and Mirrors” of a Voya Annuity.
    At 73, My In-Laws purchased an ING annuity and the Advisor placed $450k into 2 Moderately Aggressive Mutual Funds [ back in 2007]. Due to Extreme Negligence and unsuitable Strategy at this age, the Contract lost $188k. ING became Voya across the years; However, they are still Manipulating the appearance of the Funds to purposefully confuse the Owner. ING / Voya has Failed to Properly Supervise and / or diversify the assets and has further Failed to help manage the Risk of the Retirement Funds. After 9 years, Voya has an Accumulated Value that is $136k LESS than if same funds were purchased on the “Street”…………….and here we have MORE “Smoke and Mirrors”. Put YOUR money in a Cookie Jar so you can Steal from Yourself.

    Reply
    • Hopefully people are reading these reviews before they do any business with this horrible con company that was once called ING now Voyage. If you like long delays, run arounds, stalling, , lying or holding your money hostage then Voyage would be the place for you. Don’t get get caught up in this frustrating, stressful situation with a company once you put in your money, they will do everything to keep you from taking it out. BE WARE YOU HAVE BEEN WARNED. READ THE REVIEWS FIRST. VOYAGE AND WASHINGTON NATIONAL INSURANCE COMPANY ARE THE WORSE AROUND.

      Reply
      • AS AN UPDATE ON PROGRESS…………Well, There’s NONE! I’ve been contact with……..

        [Redacted]

        I’ve asked now TWICE for Voya to show the calculation and explain the Fees and all COSTS associated with my Contract. I am still waiting over a Month later. Ladies and Gents consider this kind of “Service” before you Sign that Contract. Just be prepared for LOTS of Smoke and Mirrors.

        Reply
  17. I called Voya to have a retirement account transferred. Went through the entire process only to be told that they had a system error that wouldn’t allow it to transfer. I was asked to call back in a few days to try again. I called back a week later and was told the error was still not fixed, but that they could process the request manually. I went through the entire phone process again (45 minutes) and was told my funds would arrive at the new custodian in 12-20 business days (depending on processing and mail times). I waited for the funds to arrive, they didn’t come. I called again and was lied to and told there was no record of the previous request. After demanding to speak to a supervisor, I was told that the manual request was noted, but the documents were never submitted. The only option was to go through the request process again and wait another month for processing. They refused to waive any of their fees and would not expedite the mailing of the check without charging an additional $50 fee that they also refused to waive. Beware! They do not own up to the mistakes they make and do nothing to make it right!

    Reply
    • This one of the worse insurance Co. Voya is no good. They will keep you waiting forever for your own money. Bad service. Don’t waste your time and be disappointed. This company will give you a hard time. Don’t waste your time. It will take forever to get your own money.

      Reply
  18. I’m really not happy with them, I enrolled for 401k and had problems form very beginning. When creating my account online my info got mixed up with someone else so I had view to somebody’s personal, record social and so on, called “customer service ” they said they need 3 days to fix it , it took them week no one every called me back like they promise to explain what happened and how it happened. now cant access my account online tried to call number it shows on their website and their operating hours are mon-fri 8-5 .. really for such a world class company they cant afford 24 phone service/ help …

    Reply
    • Be Ware Everyone..I had to learn the hard way- Voyage is a bad , bad country all the way round. They were formerly ING Relistarthen changed their because they were getting so many complaints just like their newly named Voya- -bad services and policy all the way. Don’t learn the hard way be Warned!!

      Reply
  19. If you can avoid Voya, do so at all costs. They currently say they are the Most Ethical Company. Must have been awarded by Bernie Madoff. I tried to apply for a hardship form. First, the customer rep said I could. He sent wrong forms. But they didn’t inform me that. I called again, they said they would send me the correct forms and post them to my online account. They did neither. I called a third time, and they said I couldn’t take the hardship withdrawal. They sent one email saying that I could get forms online, then sent another one saying I had to call. They either don’t know what they are doing, or it is all stall tactics to keep your money.

    Reply
  20. I really wish people would research and read these posts about voyage before getting a bad experience with a company that doesn’t care about their clients, only their clients money. They used to be ING relistar so why did they change theiir name to voya?

    Reply
  21. Voya is the worst company to have your investments in. I had to go through so many hoops and after several phone calls and a month and half, I still haven’t received my withdrawal Check. What makes it worst is that they charge to withdrawal, they don’t provide the option to update your address on the website (you have to call and wait 20 minutes and 7-10 business days for it to update), they don’t provide you a tracking number so you don’t know where the heck your check is. On top of that, the customer service is no help, and not remorseful. Terrible service, terrible company…

    Reply
  22. Just rolled over a Voya 401 k to a Voya traditional Ira 7 months ago the original balance is already down 17 k is that normal

    Reply
    • Hi Mike,

      I can’t answer your question specifically, but I can say the market goes up and down, with an emphasis on down in recent weeks. So depending on the total value of your IRA, yes its totally possible to lose $17,000 over the previous seven months.

      Best,
      Eric Stauffer

      Reply
  23. Please listen if you have a universal life insurance policy.
    We have two policies that we have been paying for since 1984.
    We were told when we bought the policies that the premiums would never go up, but now that I am 70 we got a letter today stating that my policy premium is going to more that double next year plus they added $532.00 more to my premium which is already paid up for the year.
    We have never posted anything on the web but if we can help anyone to stop believing the lies they are telling you and save you the money that we have lost over the years this will be worth it.
    PLEASE GET INFORMED. DON’T BELIEVE THE LIE LIKE WE DID. WE HAVE THE ORIGINAL CONTRACT BUT IT MEANS NOTHING.

    Reply
    • good for you for speaking out. now maybe consult with a lawyer, because they are stealing from people. voya is a no good insurance company.

      Reply
      • I purchased a life ins policy nearly 18 years ago now my payment went up over 6x the amount I was already struggling to pay. I did not know this would happen. I am 75 years old and my earning potential certainly is not going to increase. I just wanted my kids to get a little something when I died
        50k I was a single mother and gave them all I had but they deserved more.
        Now with minimal notice they I do not have enough to pay as it will increase monthly . I AM AFRAID TO GIVE THEM MORE IF I HAD IT THEY ARE DEFRAUDING PEOPLE. PLUS THEY OUTSOURCE TO FOREIGN COUNTRIES.
        AMERICA NEEDS THESE JOBS STAY AWAY FROM THESE COMPANIES

        Reply
    • In 1986, I also bought their UL policy. Just received the same notice. They increased minimum premiums from $94/mo. to $550/mo. I’m now 64 yrs old and face the possibility of not having the coverage I paid 32 years for. This should be illegal.

      Reply
  24. I have a retirement account with Voya. Starting on 8/24 and continuing through today, 8/27, I have been unable to get quotes for the value of my accounts – this is true of all accounts according to their website – because they are unable to calculate some value or other. Particularly at a time of market volatility, this information would be valuable. What if you want to rebalance? Voya’s incompetence is extensive. Just try navigating the website.

    Reply
    • Never Invest Your Money in VOYA; Never trust [Redacted];

      My wife and I were lured in by a VOYA representative at a foot race expo in DC, his name is [Redacted].

      Mark did everything to convince us to invest $1,000.00 a piece/a month as a life and retirement insurance, but he NEVER explained that if you withdraw your funds before retirement you’ll lose all the money you invested.

      After one year of a $1,000.00 a month contribution, we finally received the statements saying that value of each account was only $6,000.00 (versus $12,000.00), we decided to terminate the insurance and LOST $10,000.00 each (each got a $2,000.00 check back).

      The bottom line is: DO NOT invest at VOYA and do not trust [Redacted], if he ever approaches you.

      Reply
      • too bad you lost your money dealing with voya, but this is what they do. They make sure they take a good chuck of your money when you want to withdraw. I encourage everyone to do their homework, research, read the reviews so that you won’t get ripped off by voya. This is the worse company to invest your money with. Good luck and be careful out there people.

        Reply
      • I too was so called “lured in” by two Voya financial representatives. One of them had seven FINRA disclosures with violations ranging from fraud to misrepresentation of products. At the time, I did not know about FINRA. Voya lets their representatives operate with disclosures, as long as they bring in large amounts of revenue. This rep was number 20 in the country for bringing in the revenue for alternative investments. I was put in two high risk funds, at age 68, and told they were conservative and stable. Never deal with Voya. Always check Broker Check on FINRA. I never knew there was such an agency.

        Reply
  25. Been trying to access 401k for emergency issue gave them all the necessary paperwork & waited the 8 days then get a letter saying needed to go & get a loan from a bank. Why?? Then send voya the paperwork from said loan… makes no sense… IF I want to use the funds it should be up to us not someone else who thinks my emergency isn’t good enough.

    Reply
    • now, you have gotten first hand experience dealing with a company that doesn’t put its clients first.

      Reply
  26. I have a disability insurance policy with Voya. They have been fooling with processing my short-term disability for so long. I’m back to work.

    What’s the point of having Short-term disability if its not available during the short-time you out of work.

    The customer service is very poor and there is no sense of urgency.

    Reply
    • you are right.so we all can’t be wrong about Voya. They are not the ones to do business with. they really have a serious problem with giving folks their money when they want it. i would advise folks not to do business with Voya, because they make the situation for getting your own money very complicated, long and stressful. .

      Reply
  27. The reps I talk to are nice enough ….. but I have been having trouble getting my funds after termination of employment ans all over a keypunch glitch that I was not responsible for …. they are horrible at returning phone calls …. nobody seems to be able to give me an answer except that :we are working on it…. they were supposed to respond withiin 7 days of receipt of my materials which they say are in order …. here it is day 15 ….. still waiting ….

    Reply
    • that’s Voya for you. once they get a hold of your money, it’s hard for them to turn it a loose and expect for them to come up with some fee or ways to get some of your money before sending it to you. good luck to anyone trying to get your own money from Voya. .

      Reply
      • I know and I am in the same boat. I have been waiting patiently enough, for the Sponsor to do their part. I mean, I had already had to wait long enough, before the Administrator where I used to work at finally accepted my withdrawal etc. It is craziness and then one has to wait even longer after they accept the withdrawal and who even knows after you have a direct deposit set up, if they will mail a check or what back. Rediculous.

        Reply
  28. So my uncle passed away in January 2015, with a big account we did get everything processed and they sent our check, and then a month later they sent us a second check, which we thought was life insurance policy check. All is good, until today when we got a letter saying they made mistake and want us to pay $. So during this process we also could not get anyone to talk to us and got the run around, I bet they talk to me now!! So what happens if the $ has already been spent and no $ coming in and don’t own a thing? How do they think there going to get the $ back, hum…… I will ask my lawyer. The thing is “what comes around goes around”

    Reply
  29. Regret i went with ING, now known as Voya. They have a problem when you withdraw money from your annuity account. Then they make it extremely difficult with filling out all the paper work, then they won’t call or email if they need more paper work or if you made an error. Then it goes to Omni, the third party for approval. Then you have to wait 7 days for them to process papers and another 10 days for them to send you your money by mail. This company has noisy policies and procedures for its clients. I recommend AXA for teachers annuity, not voya. So glad to withdraw the money i had left with them, but they did find a way to beat me out of $116 for surrender charge on a 5 year matured annuity account. The account had matured, so why charge me . I will tell every teacher friend and everyone i know, not to do business with Voya,formerly ING.

    Reply
    • Debbie – I wanted to respond to your email –
      I have been thinking about moving my annuity contract to Voya – just thinking about it.
      Now after reading what you posted, I don’t feel safe with moving my funds. I have been with AXA for a number of years and I have been pleased. The only concern is the lower interest rate on my account. I just called AXA and the customer service agent told me that there is a possibility for a higher interest rate if the interest rates go up –
      So I think I will be more patient and keep my money where it is – thank you again for posting what you did.

      Reply
      • to each his own, i know my many years of experience with ING,now called Voya and they are no where near the right company to to put your money in for annunity saving or anything else. when it comes time to pull out your own money, they make it very difficult, and it takes a long period of time to get your own money, especially if you need it fast . I had been with AXA for many years and never had a problem withdrawing my own money fast. and everybody can’t be wrong from reading the other reviews .

        Reply
  30. My father passed away January 2nd of this year. It is now May and I am just now receiving a letter stating I will have access to funds within 7 to 10 days. Thankfully the funeral home director was understanding though he says he normally gets paid in a couple weeks.

    Reply
  31. I have been dealing with Voya for several months regarding a policy my parents took out in 1989 for burial costs. My mom, now almost 93 has still been making monthly payments into it, having paid over the value of the policy. When I called to see what would happen if I stopped payment, I was told it would automatically roll over to a loan. They are absolutely terrible to work with and not working for the best interest of their clients in any way, shape or form! Disgusting. Luckily I have family who work in the financial industry and called on my behalf. She knew the questions to ask that they couldn’t ignore.
    I will steer very clear of this company in the future!

    Reply
  32. My 10 year index annuity matured on 2-17-15. After getting my check, I requested to know how they had figured out how much I had earned. I have spoken by phone with at least 4 staff members of Voya and they have been unable to tell me . The second staff member told me that it was difficult to explain but that someone would send me an explanation by letter. It will be 2 months at the end of this week, and I am still waiting. I am not a happy camper!!

    Reply
  33. AVOID VOYA AT ALL COST! My Father had a $12,000 life insurance policy through a post-retirement plan. I have NOT been able to cut through the smoke and mirrors of their customer service group to find out if or when they will ever pay his death benefit – even though he died more than a month ago. I am an experienced Chief Financial Officer and I know how to smell when there is obfuscation going on and this company is DEFINITELY guilty of it. I would strongly suspect they have a well-organized “I’m dumb” script to drag out or even possibly avoid paying claims altogether.

    Reply
  34. Worst Customer Service…Ever.
    I called to check the status of the transfer of my funds and, while their rep told me it was in process, it was in fact NOT transferred. No need to mention that the funds are no longer in my retirement account. I have no idea where my money is, and nobody seems to care.

    Reply
  35. Update: I have still not been able to access my retirement information on line. The password they gave me does not work. My e-mails are answered with automated responses and so are my phone calls. This has been going on for more than 3 months.

    Reply
  36. My employer (Exelis) recently hired Voya to manage all of our 401K plans (As of 2015). I have not been able to access my account information despite repeated attempts. The temporary password they provided did not work. The password that was mailed to me did not work. The password reset feature on the website did not work. They answer my questions with automated e-mail responses. Their customer service number is also a menu of automated responses. I am still locked out of my account. My HR department can offer no help either. If they can’t resolve what should be a simple problem, how confident can I be about their management of my retirement investments? With no other choices, I am in the process of consulting with my attorney.

    Reply
    • They have messed me all up regarding my 401k, by not giving me correct information when I called. No apologies, they simply don’t care.
      Then they tried telling me another route, but if I hadn’t asked, they weren’t going to tell me it would be taxed twice.
      Double check everything with them. Don’t trust them.

      Reply
    • William, I am retired and my 401k was with Exelix and I am having the same problem with Voya. I cannot access my account, password didn’t work, the temporary passwords don’t work, with a couple of attempts the system returned the statement my SSNo was not found. I have talked with 4 different customer service reps to no avail. Two attempted to persuade me to move funds to their IRA, but I have read some comments from persons who have done that and lost money. I am exploring legal options and will file a complaints with any and all government regulatory agencies who will listen. I am sure if they do business in my state the Attorney General will be interested. It would seem since Exelis contracted with Voya they would have some responsibility in the matter also.

      Reply
  37. I whent to ER spitting up blood on 1/28/15. The doc on that day found a 4cm mass. So I would no bleed in my lungs thay cut a trake in. It would help me breath better. That same nite I was transported to Beth Israel Deaconess Medical Center I spent 5 days in ICU well there I was told I had CANCER wow that was very hard. I got moved to the cancer floor. hospital services was helping me with Voya. That was 4 weeks and still there possessing my claim. Im in a rehab now and just about to go home. I still have 14 more radation treatment and 1 more chemo treatment. I have no money to get back and forth to treatment or money for my co pays. This is the reason we get disability ins in case we get sick. There got to be some help out there for me to fight then. I get cancer. Im in a fight for my life every day.

    [Email address has been redacted. If you would like to reach the author of this comment, email info@expertinsurancereviews.com]

    Reply
  38. My life insurance with Voya recently lapsed. I lost all of my coverage. I told them I did not receive a letter warning me that the payment had not been received and coverage would lapse.
    Well I found the letter they sent, it was postmarked the day the coverage lapsed/ended. The letter is meant to be received with plenty of time to mail in a payment there is even an envelope provided. How do I show them what they have done? This is my only life insurance. The company withheld the warning letter till after the policy had lapsed.

    Reply
  39. I will never recommend this company. My mother-in-law has an annuity and passed away on October 30. It is now March and still no payment from VOYA. I have spent so much money faxing as many documents as I can. Every follow up call I make I’m told “the paperwork is being reviewed”. The automated message “a call will be returned in 24 hours” is a joke. I have never had a return call. I received a letter that if the annuity is not claimed the funds will be sent to my state unclaimed account. I’M TRYING TO CLAIM IT!!! My most recent follow up call was taken by a representative that told me “leave a message”. I was also told as long as I’m corresponding regarding this account then it will not be sent to the state unclaimed account. How many more moths will I have to correspond before the payment is made??? This company is a waste of my time. I’m sure if my family member knew of these problems she would have NEVER let them take her money. No more follow up calls or messages will be left for this company by me. I will be seeking advice from our family attorney. Really hard to mourn a loved ones unexpected death when dealing with a company that won’t allow us to settle the estate.

    Reply
  40. Voya is impossible to work with, I have been trying to roll money into my savings account for over six weeks and the customer service department is stringing me along by giving me just a little bit of information but not everything that I need. I hate that this investment fund it through my employer because I would end my business with them faster than they can say “how can I help you”.

    Reply
  41. I wish I could give Voya Financial a good review, but I simply cannot; while the customer service individuals I talk to are pleasant and helpful, everyone else at Voya seems to be careless. Similar to many whom have posted here I cannot give a positive review. I have been trying to roll over a Voya account into another account for over a month now. The latest incident I am dealing with now is that the individual that issued my check sent it to a random address that appears to be a hybrid of my home address and the address of the other bank where I wanted the check to go to.

    Voya has my phone and email; if there were questions about where to send the check, they could very easily call me, but they did not. So I wait until I wonder what happened and then call and find out. I am frustrated that I need to hold their hand to get something so simple as sending a check done.

    Reply
  42. My mother had an ING annuity that was funded via two 1035 exchanges from annuities elsewhere, and 3/4 of the money in the ING annuity (120K) was transferred to yet another company in 2010. ING decided to report a cost basis of zero for the 120K to the subsequent company (instead of the 60K amount the previous company had reported to them); ING also recorded the cost basis for the amount that remained at ING incorrectly (by about 10%). Voya refuses even to answer my letters about this problem, which cost my brother and me over 20K in federal taxes that we should not have had to pay. Do NOT buy annuities; the very modest earnings in them are taxed at one’s regular tax rate, and they are currently the only thing one can inherit that does NOT receive a step-up in cost basis to the date-of-death value.

    Reply
  43. VOYA IS A SCAM. I HAVE BEEN TRYING TO GET MY SMALL SAVINGS FOR A MONTH AND THEY STALL, LIE AND ARE TOTTALY SLEAZY.WOW!

    Reply
  44. My mother-in-law passed away in June, 2014 at 104 years and directed that the proceeds of her annuity be shared among the three siblings and 10 % is to go to her estate. We have been given the run around by VOYA, conflicting advice from them as to how to proceed, and mother’s trusted financial adviser is tearing his hair out trying to assist us. We finally received the three distributions to the beneficiaries, but we are still waiting for the 10% to materailize and are getting nowhere. We are not talking millions here, but only a few thousand dollars that mother designated to pay for her funeral and we are struggling to abide by her wishes and settle her modest estate. It has been five months of wrangling, constant phone calls. All we need is a letter from VOYA stating the value of the 10% so we can file papers with the State of Florida. Two weeks ago her financial adviser was promised 36-48 hours that a letter would be produced. Going into the third week and sixth month and still no letter or proceeds. This is shameful business practice, transition or no transition.

    Reply
  45. Voya insurance is awful–it’s not worth the premiums paid. I have a policy to provide payment if involved in an accident. An example is emergency tooth extractions; denied because it was performed at my dentist’s office as opposed to a hospital. Also, a claim for several PT sessions “over-looked” and paid for only one. very convenient hoping we don’t catch the mistakes.

    Reply
  46. I made an additional contribution to my annuity account in July. It was a teller check from my bank. They told me it was not accepted for some reason and never posted to my account. My bank said they never received it back. I looked at the confirmation notice online and it was posted on my account as an additional payment but not added to the accumulation value. It has been almost five months and I cannot get any answers. They mailed me a copy of the check and the transfer paperwork as I requested, but no explanation. I would not have known about this if I had not gone online to check my balance. No one from Voya contacted me. I have spent hours on the phone trying to straighten this out. I will be moving my funds elsewhere when I get this worked out. The music you have to listen to while on hold is annoying as well. I would have done better if I buried the funds in a coffee can in my backyard.

    Reply
  47. Voya customer service is horrible. And they do everything they can to stall payment and require more information until they find a reason to deny your legitimate claim. I’m about to have to file bankruptcy and sue Voya due to these sleazy tactics. I feel like they are trying to prove I’m a fraud when I’m only trying to get the benefits my company has paid Voya to provide. A one week waiting period and then 70% of your salary? I’d laugh but it’s just not even laughable. Not a healing experience. AVOID!!!

    Reply
  48. I agree with Dave…ING-Voya has held my dad’s life insurance claim check for 2 months now! My mom is needing to pay bills, and they are indifferent. Horrible customer service!!!! We are now in contact with an attorney.

    Reply
  49. Ing/Voya a lousy customer oriented company. Got wrong info on annuity surrender check sent to me and not my new annuity company. They would not let me do a 1035 exchange and now I am stuck with a large tax bill. Hartford Ins let me do the 1035. Will never invest with Ing/Voya again. Lousy company.

    Reply
  50. I am trying to research Voya. Everything I find looks like Voya is a “standalone” company, but their asset value, customer base, financial rating and company review and description refer to ING U. S. If they are “standalone” I want to know about their strength, rating in the insurance industry and their ability to perform under the provisions on the annuity contract provisions which are stated in Annuity contracts previously issued by ING. If they are strong, why are they trying to get people to annuitize??

    Reply
    • Hi MJ,

      ING has re-branded themselves as Voya. That is why a lot of information refers back to ING for historical purposes. They recently sold ING-Direct to Capital One, and now are changing their US-based insurance and annuity business to Voya. Its the same company, just new name.

      Best,
      Eric Stauffer

      Reply
      • BETTER EXPLANATION:

        In year 2000, ING Group purchased Aetna’s financial service area and ReliaStar Life Insurance Company to then have a significant presence in North America. Near the same time, ING Group rolled out its ING Direct product in the USA market place.

        After the banking crisis of 2008, the European regulators forced ING (like others) to separate their banking and insurance interests. ING Group chose to retain the banking side of things within the “ING brand” and spin off each of its major insurance subsidiaries into their own separate companies with separate branding. In the USA, ING’s insurance area became Voya Financial. As of today, ING Group does not own any significant portion of Voya.

        ING Direct was sold off to Capital One directly by ING Group having nothing to do with the Voya spin-off (i.e., ING Direct is a banking operation).

        Reply
  51. Trying to get my money out of ING is like pulling teeth , gets longer and longer to get your own money. Over two weeks is ridiculous. [Redacted] dm office. Poorest service even when you sign your service papers right there.

    Reply
    • You’re so right. I fully agree. So glad i withdrew all my money from Voya . They always find a way to take money for some kind of fees.

      Reply

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