Reliastar Life Insurance Review: Coverage Options, Pros, and Cons

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We collected 4,650 data points from 93 life insurance companies to measure financial stability, customer satisfaction, product and feature variety, and the overall buying experience. We then evaluated each company based on 50 metrics to develop unbiased, comprehensive reviews.

Reliastar Life Insurance is a reputable insurance company that offers a range of life insurance products designed to provide financial stability and peace of mind. Whether you are looking for term life insurance, whole life insurance, or universal life insurance, Reliastar has a policy that can meet your needs. Join us as we take an in-depth look at Reliastar Life Insurance and provide a comprehensive review of its products, policy information, pros and cons, customer service, reviews, and ratings.

Reliastar Life Insurance has been around for over a century and has built a reputation for providing quality insurance products and services. Its parent company, Voya Financial, is a Fortune 500 company that is committed to helping individuals and businesses achieve their financial goals. With a strong financial rating, Reliastar is a reliable choice for those looking for life insurance coverage.

Key Takeaways

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Reliastar Life Insurance Overview

What is Reliastar Life Insurance?

Reliastar Life Insurance is a subsidiary of Voya Financial, a financial services company based in the United States. Reliastar offers a wide range of life insurance policies designed to provide financial stability and peace of mind to its clients. These policies include term life insurance, whole life insurance, and universal life insurance. Reliastar also offers annuities, which have a savings component and can provide retirement solutions.

History of Reliastar Life Insurance

Reliastar Life Insurance Company was originally founded in 1885 as the North Atlantic Life Insurance Company. In 1999, the company was acquired by ING Group and renamed ReliaStar Life Insurance Company. In 2014, Voya Financial acquired ING U.S., including ReliaStar Life Insurance Company. Today, Reliastar operates as a subsidiary of Voya Financial.

Mission of Reliastar Life Insurance

Reliastar Life Insurance’s mission is to provide financial security and peace of mind to its clients. The company aims to do this by offering a range of life insurance policies and retirement solutions that meet the needs of its clients.

Financial Strength of Reliastar Life Insurance

Reliastar Life Insurance has a strong financial strength rating from third-party ratings agencies. The company has an A rating from A.M. Best, an A2 rating from Moody’s, and a Comdex score of 85. These ratings indicate that Reliastar is financially stable and has the ability to meet its policyholders’ obligations.

Reliastar Life Insurance also has a strong assets to liability ratio, with capital and surplus of over $2 billion as of 2022. This indicates that the company has the financial resources to pay out claims and meet its liabilities.

Overall, Reliastar Life Insurance is a reputable insurance provider that offers a range of coverages to meet the needs of its clients. Its policies include a variety of riders, such as the accelerated death benefit and waiver of premium rider, which can provide additional benefits to policyholders. Additionally, Reliastar offers funeral planning and travel assistance to its policyholders. If you’re interested in obtaining a policy from Reliastar, you can get a quote by entering your zip code on their website.

Check Out: Jackson National’s Life Insurance Offerings: An Overview

Reliastar Life Insurance Products

Reliastar Life Insurance offers a range of products designed to provide financial stability and peace of mind to their customers. These products include term life insurance, whole life insurance, universal life insurance, annuities, and variable annuities.

Term Life Insurance

Reliastar Life Insurance’s term life insurance policies offer death benefit protection for a specified period of time, typically ranging from 10 to 30 years. These policies provide affordable coverage for individuals who want to protect their loved ones in the event of their unexpected death. Reliastar’s term life insurance policies are available in various amounts and can be customized to meet the individual needs of the policyholder.

Whole Life Insurance

Reliastar Life Insurance’s whole life insurance policies provide permanent coverage that lasts a lifetime. These policies offer a guaranteed death benefit and can also build cash value over time. The premiums for whole life insurance policies are typically higher than those of term life insurance policies, but the policyholder has the benefit of knowing they are covered for as long as they live.

Universal Life Insurance

Reliastar Life Insurance’s universal life insurance policies provide permanent coverage with flexible premiums and death benefits. These policies offer the policyholder the ability to adjust their coverage and premiums as their needs change over time. Universal life insurance policies also offer the option to build cash value over time, which can be used to pay premiums or taken as a loan.

Annuities

Reliastar Life Insurance offers annuities, which are financial products designed to provide a stream of income in retirement. Annuities can be purchased with a lump sum payment or through a series of payments over time. Reliastar’s annuities offer a variety of options, including fixed annuities and indexed annuities, to help individuals plan for their retirement.

Variable Annuities

Reliastar Life Insurance’s variable annuities offer the potential for growth through investment in a variety of funds. These annuities allow the policyholder to choose from a range of investment options to help grow their retirement savings. Variable annuities do carry some risk, as the value of the investment can fluctuate based on market conditions.

In conclusion, Reliastar Life Insurance offers a range of products to meet the needs of individuals and families at all stages of life. From term life insurance to variable annuities, Reliastar has products to help customers protect their loved ones and plan for their financial future.

Check Out: American Heritage Life Insurance Products Overview

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Reliastar Life Insurance Policy Information

Reliastar Life Insurance offers a wide range of policy options to meet different needs and budgets. Here are some of the key features of their policies:

Coverage Options

Reliastar Life Insurance policies offer coverage for a variety of needs, including term life insurance, whole life insurance, and universal life insurance. Term life insurance policies provide coverage for a specific period of time, while whole life and universal life policies provide coverage for the policyholder’s entire life.

Riders

Reliastar Life Insurance policies also offer a variety of riders that can be added to a policy to customize coverage. Some of the riders available include:

  • Accidental Death Benefit Rider: Provides additional coverage in the event of accidental death.
  • Children’s Term Rider: Provides coverage for the policyholder’s children.
  • Disability Waiver of Premium Rider: Waives premium payments if the policyholder becomes disabled.
  • Guaranteed Insurability Rider: Allows the policyholder to purchase additional coverage at a later date without having to go through another medical exam.

Accelerated Death Benefit

Reliastar Life Insurance policies also offer an Accelerated Death Benefit rider. This rider allows the policyholder to access a portion of their death benefit if they are diagnosed with a terminal illness or require long-term care.

Waiver of Premium

Reliastar Life Insurance policies also offer a Waiver of Premium rider. This rider waives premium payments if the policyholder becomes disabled and is unable to work.

Conversion Option

Reliastar Life Insurance policies also offer a Conversion Option. This allows the policyholder to convert their term life insurance policy to a permanent life insurance policy without having to undergo another medical exam.

Overall, Reliastar Life Insurance policies offer a variety of coverage options and riders to meet different needs and budgets. It is important to review the specific policy details and discuss any questions with a licensed insurance agent.

Reliastar Life Insurance Pros and Cons

When considering purchasing life insurance, it’s important to weigh the pros and cons of each company. Here are some of the pros and cons of Reliastar Life Insurance.

Pros

  • Financial Stability: Reliastar (now Voya Financial) is a financially stable insurance company that has been around for over 100 years. This means that they are likely to be around for many years to come, providing peace of mind to policyholders.
  • Multiple Policy Options: Reliastar offers several types of life insurance policies to meet the needs of individuals and families. These include term life insurance, whole life insurance, and universal life insurance. This means that customers can choose the policy that best fits their needs.
  • Customizable Policies: Reliastar offers several ways to customize a policy, including the ability to add riders such as accidental death, disability, and long-term care. This means that customers can tailor their policy to their individual needs.
  • No Exam Option: Reliastar offers a no exam option for certain policies, which means that customers can get coverage without having to undergo a medical exam. This can be a great option for those who are in good health and want to avoid the hassle of a medical exam.

Cons

  • Limited Availability: Reliastar policies can only be bought as a group through an employer. This means that individuals looking for an individual life insurance policy will need to look elsewhere.
  • No Online Quotes: Reliastar does not offer online quotes, which can be inconvenient for those who want to compare prices and policies before making a decision.
  • Mixed Customer Service Reviews: Reliastar has received mixed reviews regarding their customer service. While some customers report positive experiences, others have had issues with slow response times and difficulty getting in touch with representatives.

Overall, Reliastar Life Insurance offers several benefits, including financial stability, customizable policies, and multiple policy options. However, they do have some drawbacks, including limited availability and mixed customer service reviews. It’s important to carefully consider these pros and cons before making a decision about whether or not to purchase a policy from Reliastar.

Reliastar Life Insurance Reviews and Ratings

When selecting a life insurance policy, it’s important to consider a company’s financial stability and reputation. Here is a breakdown of Reliastar Life Insurance’s ratings and reviews from various third-party entities.

A.M. Best

A.M. Best, a credit rating agency, rates Reliastar Life Insurance as A (Excellent). This rating indicates that the company has a strong financial position and is capable of meeting its obligations to policyholders.

Fitch

Fitch, another credit rating agency, also rates Reliastar Life Insurance as A (Strong). This rating reflects the company’s excellent financial strength and its ability to meet policyholder obligations.

National Association of Insurance Commissioners

The National Association of Insurance Commissioners (NAIC) tracks the number of complaints filed against insurance companies. In 2022, Reliastar had fewer than average complaints, with a score of 0.29 in the NAIC Company Complaint Index. This low complaint index score indicates that customers are generally satisfied with the company’s services.

Complaints

While Reliastar has a low number of complaints, it’s still important to consider the types of complaints that have been filed. According to the Better Business Bureau (BBB), some customers have reported issues with claims processing and customer service. However, it’s important to note that these complaints represent a small percentage of Reliastar’s overall customer base.

Overall, Reliastar Life Insurance has strong financial ratings and a low number of complaints. However, it’s important to carefully review the policy and consider customer reviews before making a final decision.

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Reliastar Life Insurance Customer Service

Customer Service Overview

Reliastar Life Insurance provides customer service through various channels, including phone, email, and online chat. The company’s customer service representatives are available to answer questions, provide information about policies, and assist with claims.

Reliastar Life Insurance also offers a customer service portal on its website, where customers can access policy information, make payments, and submit claims online. The portal is user-friendly and easy to navigate, making it a convenient option for customers who prefer to manage their policies online.

Claims Process

Reliastar Life Insurance’s claims process is straightforward and efficient. Customers can file a claim by phone, email, or online. Once a claim is filed, a claims representative will be assigned to the case and will provide updates throughout the process.

Reliastar Life Insurance strives to process claims quickly and efficiently, and the company has a good reputation for doing so. According to the NAIC Company Complaint Index, Reliastar has fewer than average complaints, with a score of 0.29 in 2022. This suggests that the company’s claims process is generally satisfactory to its customers.

Overall, Reliastar Life Insurance provides good customer service and has a reputation for processing claims efficiently. Whether you prefer to manage your policy online or speak with a customer service representative directly, Reliastar Life Insurance offers a range of options to meet your needs.

Final Verdict

ReliaStar Life Insurance offers a range of life insurance products that can meet the needs of most individuals. The company has a solid financial rating and a low number of complaints, which is a good indicator of its reliability and trustworthiness.

The company’s term life insurance policies are affordable and offer a high level of coverage, making them an excellent option for those who want to protect their family’s financial future. ReliaStar’s universal life insurance policies are also worth considering, as they offer flexibility and the potential for cash value accumulation.

However, it’s important to note that ReliaStar’s policies may not be the best fit for everyone. The company’s underwriting guidelines may be more restrictive than other insurers, which could result in higher premiums or even being denied coverage altogether. Additionally, ReliaStar’s customer service ratings are mixed, with some policyholders reporting issues with claims processing and communication.

Overall, if you’re looking for affordable life insurance coverage and don’t have any major health issues, ReliaStar Life Insurance could be a good option to consider. However, it’s always a good idea to compare quotes from multiple insurers to ensure you’re getting the best coverage at the best price.

Frequently Asked Questions

What is ReliaStar Life Insurance?

ReliaStar Life Insurance is a life insurance company that provides a wide range of life insurance products to its customers. The company was founded in 1885 and is based in Minneapolis, Minnesota. It has over $12 billion in total assets and is rated “A” by A.M. Best.

What are the coverage options with ReliaStar Life Insurance?

ReliaStar Life Insurance offers a variety of coverage options to its customers, including term life insurance, whole life insurance, and universal life insurance. These policies provide coverage for a specific period of time or for the entire life of the insured.

How can I contact ReliaStar Life Insurance customer service?

To contact ReliaStar Life Insurance customer service, you can call their toll-free number at 1-800-643-8190. You can also visit their website at https://www.voya.com/ and use their online contact form.

What is the company address for ReliaStar Life Insurance?

The company address for ReliaStar Life Insurance is 20 Washington Avenue South, Minneapolis, MN 55401.

Who is the current owner of ReliaStar Life Insurance?

ReliaStar Life Insurance is owned by Voya Financial, Inc., which is a publicly traded company listed on the New York Stock Exchange under the ticker symbol “VOYA”.

What is the best life insurance company according to Dave Ramsey?

According to Dave Ramsey, the best life insurance company is one that is financially stable, has a good reputation, and offers the coverage options that meet your needs. While ReliaStar Life Insurance may be a good option for some people, it’s important to shop around and compare quotes from multiple companies to find the best policy for you.

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