Some benefits of ReliaStar life insurance compared to others include the fact that the company does not inquire into family history for cancer. It also has lenient underwriting standards for blood pressure and cholesterol. These factors allow more consumers to fall into the best rate class, saving them money.
General benefits of maintaining life insurance include financial protection for an insured person's family and loved ones. Also, with certain life insurance products, an owner may borrow against the cash value of the policy to assist with retirement income or for other purposes.
There are also tax benefits associated with life insurance. Death benefits are typically paid to beneficiaries free of income tax, and those paid to a surviving spouse that is a U.S. citizen are not taxable, since they qualify for the marital deduction. Also, the cash value of a policy can grow without being subject to income tax, and a policy owner may withdraw funds from the policy, up to the amount of his tax basis, without incurring an income tax. Policy owners may also exchange one life insurance policy for another, or a life insurance policy for an annuity without incurring income taxes.
ReliaStar Life Insurance is administered under the umbrella of Voya Financial, which was formerly ING U.S.