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