MINNEAPOLIS, Aug. 20, 2014 /PRNewswire/ -- Voya Financial, Inc. (NYSE: VOYA), formerly ING U.S., announced today that its Employee Benefits business will now offer the company's Compass-branded Accident Insurance and Specified Disease Insurance (also known as Critical Illness Insurance) products to customers in New York state. Compass products are now available in all 50 states as well as Washington D.C.
Launched in 2012, Voya Employee Benefits' Compass product suite takes a unique approach to "voluntary" or employee selected insurance benefit programs by treating them similarly to a group offering. This approach simplifies the process and administration for employees, employers and financial professionals. The Employee Benefits business has seen an increase in the demand for voluntary benefits as a growing number of employers look to these products to fill the gaps caused by rising healthcare costs and the switch to high deductible health plans.
"With employees becoming increasingly savvy about coverage options, a well-designed benefits package gives employers a competitive advantage and can be used as an important tool in recruiting and retaining top talent," said Heather Lavallee, president of Employee Benefits. "Our strategically-designed Compass products allow employers to mix and match different plan options, ultimately offering their employees a customized menu of products to help them protect assets they have accumulated over their lifetime."
Compass Accident Insurance is offered at five different benefit levels. Employers have the option to fund the plan for their employees following a move to a high deductible health plan, or they can provide the option for employees to purchase their own coverage offered through the workplace. The benefit could be used to help pay for medical costs such as hospital care, co-pays and deductibles, home healthcare costs or to replace income resulting from lost time at work. Compass Specified Disease Insurance pays a lump sum benefit following the diagnosis of several covered diseases or conditions such as heart attack, stroke and cancer. These funds can be used to help cover various costs including mortgage or rent, utilities and child care.
"An unexpected illness or injury can be a challenge on many levels, including financially. Failure to prepare for such an event can have a lasting impact on the future economic and emotional security of an individual and their family," said Lavallee. "Voya is committed to offering products that help Americans meet regular month-to-month expenses in the event of a serious medical condition, without derailing their efforts to prepare for retirement."
Voya Employee Benefits offers stop loss, group life, voluntary and disability income insurance products to mid-sized and large employers and their employees, covering 4.4 million individuals. The business has extensive experience in the design, implementation and administration of employee benefits plans, and it offers a full range of supplemental voluntary products that include critical illness, accident and hospital confinement indemnity insurance.
Compass Products are issued by ReliaStar Life Insurance Company and ReliaStar Life Insurance Company of New York. Within the State of New York, only ReliaStar Life Insurance Company of New York is admitted and its products issued. Both companies are members of the VoyaTM family of companies. Compass Accident Insurance and Specified Disease Insurance are limited benefit policies and not health insurance. They do not satisfy the requirement of minimum essential coverage under the Patient Protection and Affordable Care Act (PPACA).
As an industry leader and advocate for greater retirement readiness, Voya Financial is committed to delivering on its vision to be America's Retirement Company™ and its mission to make a secure financial future possible — one person, one family, one institution at a time.
Office: (860) 580-2690
Cell: (860) 839-1589
About Voya Financial
Voya Financial, Inc. (NYSE: VOYA), which has rebranded from ING U.S., is composed of premier retirement, investment and insurance companies serving the financial needs of approximately 13 million individual and institutional customers in the United States. The company's vision is to be America's Retirement CompanyTM and its guiding principle is centered on solving the most daunting financial challenge facing Americans today — retirement readiness. Working directly with clients and through a broad group of financial intermediaries, independent producers, affiliated advisors and dedicated sales specialists, Voya provides a comprehensive portfolio of asset accumulation, asset protection and asset distribution products and services. With a dedicated workforce of approximately 7,000 employees, Voya is grounded in a clear mission to make a secure financial future possible — one person, one family, one institution at a time. For more information, visit http://voya.com or view our Voya Financial Interactive Company Profile. Follow Voya Financial on Facebook and Twitter @Voya.
SOURCE Voya Financial, Inc.