November, 23 2017

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ReliaStar Life Insurance Company of New York Review

ReliaStar Life Insurance Company of New York Review

Author
  • Price
  • Financial Strength
  • Underwriting

ReliaStar Life Insurance Company of New York Review

(aka Voya Financial Life Insurance New York)

 

Pros: Rating– ReliaStar Life Insurance of New York (a subsidiary of Voya Financial, formerly known as ING) has an A (Excellent) rating from the preeminent rating agency A.M. Best. History– ReliaStar Life Insurance has been in business since 1885 and the New York office since 1917. $200,000 Price Break– ReliaStar offers price banding discount at the $200,000 face amount, often making them the lowest priced company in the country for those looking for a $200k life policy. Underwriting– ReliaStar offers very favorable underwriting for seniors over the age of 60. Also, ReliaStar will does not hold any family history of cancer against you for any applicant, unlike most carriers.

Cons: Not too many cons with ReliaStar-Voya NY. One minor drawback is the maximum term length available is a 20 year level term.

Bottom Line: ReliaStar Life Insurance Company of New York and its parent company, ReliaStar Life Insurance Company (aka Voya Financial Life Insurance) is a top life insurer. They have a deep tradition and have an A (Excellent) financial rating in 2015. ReliaStar is especially competitive for those looking for $200,000 worth of coverage. Also, if you have any history of cancer in your immediate family, ReliaStar will not penalize you for that. In addition, applicants over the age of 60 will see competitive underwriting and rates.

About

Type: Public

Underwriter: ReliaStar Life Insurance Company of New York

Founded: 1917

Website: voya.com

Phone: (516) 682-8700

Address: 1000 Woodbury Rd #208, Woodbury, NY 1197

A.M Best Rating 2015: A (Excellent) Third highest of 16 possible ratings

Comdex Ranking: 77 out of 100

BBB Rating: A+

Competitors: New York Life, MetLife, Northwestern Mutual, Prudential, MassMutual, TIAA-CREF, John Hancock, State Farm, Allstate, Nationwide, Farmers, Principal, US Life, William Penn, Companion Life Insurance Company of NY (Mutual of Omaha), AARP, USAA, Symetra Life, Lincoln Life, AXA, Securian.

 

Price Comparisons

Here are a few sample prices for a 40 year male for $200,000, 20 year level term at the best health class in New York.

AmountReliaStar NYPrincipalMassMutualNationwide
$200,000$19.69$20.06$27.58$28.04

 

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