Voya to exit individual life sales at end of the year

[DWPCL]

I have a ROP term with Voya at perferred best, if I don’t convert it now, will I lose my chance forever?

If possible I would replace it. They are closing the life block because it is not profitable. Once they close it I would not be surprised if they raised COI in the future on blocks of their life business.

 

[scagnt83]

I have not looked into the JNL options recently. They also no longer pay comp on the conversion.

Oh yeah! I forgot to add the best part !!!

Fckn soul-less company, they try to get me to sell their Fixed Annuities... I always remind them of how they screwed agents and clients on the life side... NO THANKS!

 

[Newby]

Thanks,

Do they usually keep 1 product open for conversations? And close everything for new business?

If you are healthy, compare your other options before you convert. Some term companies have horrible conversion products and should only be used if you are uninsurable for a new underwritten policy elsewhere.

 

[moneycage 2018]

I have heard that some of these online life insurance platforms are changing the game. So companies that focus on F2F and Telesales will slowley start to fade away.

 

[marindependent]

Yep - times are a changing!

 

[Allen Trent]

If possible I would replace it. They are closing the life block because it is not profitable. Once they close it I would not be surprised if they raised COI in the future on blocks of their life business.

That would be true of UL based products, but how would they raise guaranteed level term or ROP?

 

[LGilmore]

Thanks,

Do they usually keep 1 product open for conversations? And close everything for new business?

I would think they would have as they have contracts out there to fulfill. The choices may not be there but something has to be if their term contracts allow for conversions.

I just did one with a term conversion to IUL they were a PITA to work with. Took 4 months for the conversion to be completed. Just got paid for something that should have paid me in May

 

[VolAgent]

Thanks,

Do they usually keep 1 product open for conversations? And close everything for new business?

It would depend upon the exact language of the conversion clause. Odds are they will have something available until the last one expires. That said, no one said it had to particularly good or attractive. As SCAgent83 said, if you're going to convert, better do it now than later.

 

[KRobby]

If a tree falls in the forest and nothing hears it, did it even make a sound?

Voya has been on the path to obscurity even before the insane name change to Voya... but especially after.

“The story of the name is it's your voyage or journey to and through retirement”

 

[scagnt83]

“The story of the name is it's your voyage or journey to and through retirement”

Someone got paid way too much money to think of that.

If they had put in more effort on improving their products and financial ratings they would still be a major player in the market.