MINNEAPOLIS–(BUSINESS WIRE<\/a>)– \nVoya\u2019s critical illness insurance pays a lump-sum benefit upon the diagnosis of a covered illness or condition, such as a heart attack, cancer or stroke. This benefit can be used for out-of-pocket medical costs, as well as household expenses like paying rent, utilities or mortgage. Voya has now made the following enhancements available on its critical illness insurance offering:\n<\/p>\n \nNew Voya research shows 81% of employees are interested in employer support that would help improve their overall financial wellness, and 75% of working Americans want help navigating an unexpected life event such as a critical illness.1<\/sup><\/p>\n \n\u201cThe pandemic has shined a spotlight on the convergence of health and wealth, and the value workplace benefits can provide in helping employers better prepare their employees for unexpected life events,\u201d explained Rob Grubka, CEO of Health Solutions for Voya Financial. \u201cFor example, prior to the global pandemic, an infectious disease benefit, while available, was not always top of mind for employers and brokers. Now, it has become a common discussion point with our customers, and we want to ensure it\u2019s clear that our infectious disease benefit includes COVID-19, which is a severe infectious disease that Voya has been covering since the pandemic first started.\u201d\n<\/p>\n \n\u201cVoya\u2019s enhanced critical illness insurance offering allows a covered individual to focus on what matters most \u2014 their recovery,\u201d added Grubka. \u201cPlus, the absence from employment premium waiver is a differentiator in the market as this benefit provides additional financial relief to employees who might need to leave work for a period of time to care for a loved one who suffers a critical illness. It allows them to not worry about having to make premium payments while on an employer-approved leave of absence, while also keeping their critical illness coverage active.\u201d\n<\/p>\n \nCaregivers of people with special needs and disabilities regularly incur significant out-of-pocket expenses, and unexpected medical costs and potential insurance gaps can drastically affect their overall financial wellness. In a survey conducted by Voya Cares\u00ae<\/sup> \u2014 a program that underscores Voya\u2019s commitment to making a positive difference in the lives of people with disabilities and special needs \u2014 nearly half of caregiving employees (47%) report living paycheck to paycheck and are barely getting by financially, compared to 3 in 10 general population employees.2<\/sup> The pandemic has not made these financial challenges any easier. Voya research reveals 1 in 5 of caregivers (21%) report an increased difficulty in meeting the financial needs related to providing special care for themselves and\/or their family due to COVID-19.3<\/sup><\/p>\n \n\u201cWhen caregivers are faced with an unexpected situation, the added emotional and financial challenges can be overwhelming,\u201d said Jessica Tuman, vice president of the Voya Cares\u00ae<\/sup> Center of Excellence at Voya Financial. \u201cVoya provides support and guidance through our Voya Cares program, in addition to offering valuable workplace benefits like critical illness insurance, to help employees address both their own and their families\u2019 complex health and wealth needs when circumstances change. At Voya, we are committed to providing solutions and services to help all Americans achieve the quality of life they seek today and through retirement.\u201d\n<\/p>\n \nVoya\u2019s supplemental insurance solutions \u2014 including the enhanced critical illness insurance product \u2014 are offered through the workplace as \u201cvoluntary\u201d or employee-selected coverage that is processed and administered similarly to traditional group insurance. Employers may choose to: fund the plan for their employees; offer it as an option employees can purchase through their workplace benefits; or create a combined option in which the employer pays a portion of the benefit and the employee can purchase additional coverage.\n<\/p>\n \nAs an industry leader focused on the delivery of health, wealth and investment solutions to and through the workplace, Voya Financial is committed to delivering on its mission to make a secure financial future possible for all Americans \u2014 one person, one family, one institution at a time.\n<\/p>\n \n1) Based on the results of a Voya Financial survey conducted June 3-4, 2021, on the Ipsos eNation omnibus online platform among 1,005 adults aged 18+ in the U.S.\n<\/p>\n \n2) \u201cFor the Benefit of All: How Organizations Win When They Recognize and Support Caregivers and Employees with Disabilities,\u201d Voya Cares, May 2019.\n<\/p>\n \n3) Caregiving and special needs in the time of COVID-19, Voya Financial, results based on AYTM COVID-19 Consumer Tracker conducted via online survey among 1,000 adults. The sample includes 252 adults who are part of the special needs community, which is defined as an individual with a special need or disability or a parent\/caregiver of a person with a special need or disability. The research was conducted May 6-7, 2020.\n<\/p>\n About Voya Financial\u00ae<\/sup><\/b><\/p>\n \nVoya Financial, Inc. (NYSE: VOYA), provides health, wealth and investment solutions that enable its approximately 14.8 million individual, workplace and institutional clients to achieve their financial wellness goals with confidence. With a vision to be America\u2019s Retirement Company\u00ae<\/sup>, Voya\u2019s products, solutions and digital capabilities help create a better financial future for all. Voya is a Fortune 500<\/i> company that had $7.6 billion in revenue in 2020 and $721 billion in total assets under management and administration as of June 30, 2021. Certified as a \u201cGreat Place to Work\u201d by the Great Place to Work\u00ae<\/sup> Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has earned recognition as one of the World\u2019s Most Ethical Companies\u00ae<\/sup> by the Ethisphere Institute; as the No. 1-ranked financial services firm among Barron\u2019s<\/i> 100 Most Sustainable Companies for three consecutive years; as a member of the Bloomberg Gender-Equality Index; and as a \u201cBest Place to Work for Disability Inclusion\u201d on the Disability Equality Index. For more information, visit voya.com<\/a>. Follow Voya Financial on Facebook<\/a>, LinkedIn<\/a> and Twitter @Voya<\/a>.\n<\/p>\n About Voya Cares\u00ae<\/sup><\/b><\/p>\n \nAn extension of Voya’s vision and mission to help all Americans have the quality of life they seek in retirement, the Voya Cares program is committed to being a leader in making a positive difference in the lives of individuals with special needs and disabilities \u2014 as well as their families, caregivers and other providers \u2014 by offering a depth of resources focused on education, planning and solutions. Go to voyacares.com<\/a> to learn more.\n<\/p>\n \nInsurance products are issued by ReliaStar Life Insurance Company (Minneapolis, MN) and ReliaStar Life Insurance Company of New York (Woodbury, NY). Within the State of New York, only ReliaStar Life Insurance Company of New York is admitted, and its products issued. Both are members of the Voya\u00ae family of companies. Voya Employee Benefits is a division of both companies. Product availability and specific provisions may vary by state.\n<\/p>\n \nVOYA-EB\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210818005107\/en\/<\/a><\/span><\/p>\n Media: KEYWORDS:<\/b> United States North America Minnesota<\/p>\n INDUSTRY KEYWORDS:<\/b> Professional Services Insurance Human Resources Finance<\/p>\n
\nVoya Financial, Inc. (NYSE: VOYA), announced today that it has enhanced its critical illness insurance offering to help employers meet the evolving financial wellness needs of their employees. The enhancements come at a time when, as a result of the COVID-19 pandemic, concerns of getting sick and possibly being out of work or incurring unexpected medical costs have become a focus for American workers \u2014 and they are increasingly looking to their employer for solutions.\n<\/p>\n\n
\n
<\/p>\n
\n<\/b>
Bill Sutton
\n<\/i>
Voya Financial
\n<\/i>
Office: (860) 580-2626
\n<\/i>
Cell: (315) 373-9685
\n<\/i>
William.Sutton@voya.com<\/a><\/i><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20210818005107\/en\/900060\/3\/3407450_voy_r_fin_rgb_grd_pos_1567.jpg\")
<\/td>\n<\/tr>\n