Voya Financial, formerly known as ING US, is providing Compass-branded Accident Insurance and Specified Disease Insurance (Critical Illness Insurance) products to customers in the state of New York.
Currently available in all 50 states, including Washington D.C., Compass products will be offered by the company’s Employee Benefits business.
Compass Products are provided by ReliaStar Life Insurance and ReliaStar Life Insurance Company of New York which are members of Voya family.
ReliaStar Life Insurance Company of New York will only provide products within the state of New York.
Voya Financial Employee Benefits president Heather Lavallee said the well-designed benefits package gives employers a competitive advantage and can be used as an important tool in recruiting and retaining top talent.
"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," Lavallee added.
Employers will be provided with an 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 can be used to 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, after the diagnosis of different covered diseases or conditions such as heart attack, stroke and cancer and these funds can be used to cover various costs including mortgage or rent, utilities and child care.
Voya Employee Benefits provide stop loss, group life, voluntary and disability income insurance products to mid-sized and large employers and their employees, covering 4.4 million individuals.