What Is Voya Imperial Life Insurance?
Voya Imperial life insurance is a division of Voya Financial that offers whole life and term life policies designed to provide long-term protection and cash value accumulation. These products are typically sold through a network of financial professionals and are positioned for clients who want permanent coverage with a savings component. Voya Imperial policies can include features such as guaranteed death benefits, premium flexibility, and the ability to borrow against the policy's cash value.
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Before purchasing, it is important to understand how these policies work, what they cost, and whether they fit your financial goals. This overview covers the core coverage types, benefits, riders, claims process, and how to get started.
Coverage Types Offered by Voya Imperial
Voya Imperial life insurance primarily focuses on two main categories of coverage:
- Whole Life Insurance: Provides lifelong coverage as long as premiums are paid. A portion of each premium goes into a cash value account that grows on a tax-deferred basis. Policyholders can access this cash value through loans or withdrawals, though outstanding loans reduce the death benefit.
- Term Life Insurance: Offers coverage for a specified period, such as 10, 20, or 30 years. If the insured passes away during the term, beneficiaries receive a death benefit. Premiums are generally lower than whole life but do not build cash value.
Key Policy Features
Both whole life and term policies from Voya Imperial may include options for guaranteed insurability riders, allowing you to purchase additional coverage without a new medical exam. Some policies also offer waiver of premium riders, which suspend premium payments if you become disabled.
Benefits and Living Benefits
Beyond the death benefit, Voya Imperial life insurance policies can include living benefits. These may allow you to access a portion of the death benefit if you are diagnosed with a qualifying terminal or chronic illness. Accelerated death benefit riders can provide financial support during a serious illness, helping cover medical costs or daily expenses.
The cash value component of whole life policies grows based on the insurer's current interest rates, which can vary over time. Policy illustrations provided at the time of sale show projected values, but actual results depend on the company's performance and the specific policy terms.
Riders and Optional Add-Ons
Voya Imperial offers several riders that can customize a policy to fit individual needs. Common riders include:
- Accidental Death Benefit: Provides an additional payout if the insured dies as the result of an accident.
- Long-Term Care Rider: Allows partial use of the death benefit to cover qualified long-term care expenses.
- Family Income Benefit: Provides a stream of income to beneficiaries after the insured's death.
Each rider adds to the premium cost, so it is important to weigh the additional coverage against your budget and priorities.
Claims Process and Customer Service
To file a claim with Voya Imperial, beneficiaries typically need to submit a death claim form along with a certified copy of the death certificate. Voya Financial provides a claims portal and dedicated support line to guide beneficiaries through the process. Processing times can vary depending on the complexity of the claim and the completeness of the submitted documentation.
Existing policyholders can manage their accounts online, make premium payments, and request policy loans or withdrawals through Voya's customer service platform. The company also offers tools such as policy illustrations and annual statements to keep clients informed about their coverage and cash value status.
How to Get a Quote
Because Voya Imperial products are sold through licensed financial professionals, the best way to get a personalized quote is to contact an agent directly. Agents can help you compare coverage amounts, term lengths, and riders based on your age, health, and financial goals. You can also visit the Voya Financial website to locate an agent in your area and request an initial consultation.
When evaluating any life insurance policy, consider factors such as premium affordability, the financial strength rating of the insurer, and how the policy fits into your broader estate or retirement plan.