Reliance Standard Life Insurance sells group term life insurance, so coverage is only available through your employer. Not only are the policies limited, but the company only offers a few riders and the website is pretty outdated, with no online resources or quote generator.
- Pros & Cons
- Key Takeaways
- Company Overview
Great financial strength ratings
Online claim submissions
Nationwide coverage available
Few local offices
No individual life insurance policies
No online resources or calculators
- Reliance Standard exclusively sells group term life insurance and other voluntary employee benefits.
- You can customize your policy with several optional riders for added protection.
- The company has limited customer support options and only a few local offices.
- Reliance Standard’s website lacks the online tools and resources that many other providers offer.
Reliance Standard Life Insurance was founded in 2006 and has hubs in Philadelphia and New York City. The company is a member of the Tokio Marine Group, which is one of the largest property and casualty insurance, reinsurance, and life insurance companies in the world.
Reliance Standard specializes in group term life insurance and other employee benefit solutions. Reliance Standard sells group life insurance nationwide, and in Puerto Rico, the U.S. Virgin Islands, and Guam. Employers can purchase coverage by calling an independent agent.
- Year Founded 2006
- Kinds of Plans Group term life insurance
- Number of Plans 2
- Payment Plan Options Monthly, annually
- Customer Service Phone: (800) 435-7775; Email: firstname.lastname@example.org
- Official Website https://www.reliancestandard.com/home/
Reliance Standard is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.
- Great financial strength ratings: Reliance Standard has an A++ rating from AM Best, which proves that it’s a financially stable company with a favorable outlook.
- Online claim submissions: With Reliance Standard, you have the option to file a claim online, without contacting an agent or calling customer service first.
- Nationwide coverage available: You can purchase Reliance Standard life insurance in all 50 states and Washington D.C., plus a few U.S. territories.
- Few local offices: Reliance Standard maintains about 30 regional offices, so unless you live in a major metropolitan area, there may not be an office near you.
- No individual life insurance policies: Reliance Standard’s only life insurance product is group term life insurance, so you can’t buy individual policies or permanent coverage.
- No online resources or calculators: Unlike some of the top life insurance providers, Reliance Standard doesn’t offer any online tools, resources, or calculators that can help you compare policies and choose the right amount of coverage.
Reliance Standard offers two group term life insurance policies, so your options are pretty limited. Keep in mind that you can only get Reliance Standard life insurance if your employer offers it. These are the two available policies:
Voluntary Group Term Life Insurance
Reliance Standard sells voluntary group term life insurance that allows employees to insure themselves, their spouse, and their children. The policy premiums are automatically deducted from your paycheck, so you never pay out-of-pocket. You can get coverage between $10,000 and $500,000, and every policy includes an accelerated death benefit rider, waiver of premium rider, and a conversion feature.
This policy is only available to full-time employees who work at least 30 hours per week. Additionally, you must be under 75 years old to apply. If you apply for coverage before age 70, you can get a limited amount of coverage without taking a medical exam. The company doesn’t disclose exactly which term lengths are available, but it does mention that coverage is available in five-year, age-banded periods.
Group Term Life Insurance/Accidental Death and Dismemberment (AD&D)
Reliance Standard’s other policy is a hybrid group term life insurance and accidental death and dismemberment (AD&D) policy. It’s available for full-time and part-time employees, with $10,000 to $500,000 in coverage for you and/or your spouse. You can also insure your dependent children until they turn 26 years old.
If you apply for this policy before age 70, you can get up to $100,000 in coverage without taking a medical exam. The group life/AD&D policy also includes a number of free perks, including an accelerated death benefit rider, a waiver of premium with critical illness benefit rider, a conversion and portability feature, family and medical leave of absence coverage, bereavement counseling services, dependent coverage, and supplemental life coverage.
Accidental death and dismemberment insurance (AD&D) provides a death benefit to your beneficiaries if your death is accidental, and it can also provide living benefits if you lose a limb or become paralyzed in an accident.
Reliance Standard offers two riders that can provide additional protection beyond what your basic policy covers. Depending on the type of policy you have, these riders may come at no extra charge, or you may need to purchase them individually.
Accelerated Death Benefit Rider
An accelerated death benefit rider allows you to use money from your death benefit while you are still living if you get diagnosed with a terminal illness that is expected to shorten your lifespan.
Waiver of Premium Rider
The waiver of premium rider will temporarily pause your premiums if you become sick or disabled and are physically unable to work.
Reliance Standard has average customer service. It doesn’t offer 24/7 support, and you can’t reach the company on the weekends. To get in touch with Reliance Standard, you can call the company at (800) 435-7775 on weekdays between 8 a.m. and 7 p.m. EST. You can also connect via email at email@example.com.
The National Association of Insurance Commissioners (NAIC) Company Complaint Index scores licensed insurance companies based on customer feedback around claim settlements, policy premiums, customer service, and cancellation issues.
In 2020, Reliance Standard had a complaint score of 0.24, which is below the industry average of 1.0. Over the last three years, the company has had fewer than average complaints, with 13 complaints in 2020, 20 complaints in 2019, and 36 complaints in 2018.
One of the biggest advantages of Reliance Standard is that the company has excellent financial strength, with an A++ rating from AM Best, which is the highest score possible. That means the company had enough money to repay policyholders in full after a covered claim, and it also indicates that the company is not at risk of going bankrupt or closing entirely.
Reliance Standard isn’t rated by any other industry research organizations, like J.D. Power, which publishes an annual report that scores the largest life insurance companies on overall customer satisfaction.
You can cancel a group term life insurance policy at any time without paying a surrender charge. However, you will not receive any compensation from the insurance company because term life insurance doesn’t build cash value. To start the cancellation process, you can contact your regional agent or call the general customer support number.
Life insurance premiums are specific to everyone’s individual circumstances. Insurance companies look at factors like your age, overall health, and the amount of coverage you want when they calculate your rate.
Reliance Standard doesn’t have an online quote tool, but it does include a premium table for the group term/AD&D policy. For someone between the ages of 40 and 44, a policy with $400,000 in coverage would cost $75.20 per month. For someone between the ages of 30 and 34, a policy with $200,000 in coverage would cost $19 per month. For someone between the ages of 65 and 69, a policy with $300,000 in coverage would cost $471.30 per month.
Another factor that impacts your life insurance premium is your gender assigned at birth. Individuals who identify as non-binary can still get life insurance, but you will likely have to mark “M” or “F” as your gender on the application. We recommend reaching out to Reliance Standard to learn more about their underwriting process for transgender and non-binary applicants.
Men typically pay higher life insurance rates than women, because historical data shows that males have a shorter life expectancy.
If you’re in the market for life insurance, we suggest looking into State Farm, which is one of the biggest and best life insurance companies out there. In J.D. Power’s 2020 U.S. Life Insurance Study, State Farm took first place for overall customer satisfaction, whereas Reliance Standard wasn’t rated at all.
State Farm is a much better life insurance provider than Reliance Standard if you want multiple policy options to choose from. State Farm has 10 individual life policies, including term, whole, and universal life, compared to Reliance Standard’s two group life insurance policies.
Additionally, State Farm offers online tools and resources that Reliance Standard does not. With State Farm, you can get a quote online for certain policies, and you can use the Calculate My Life tool to figure out what type of coverage and how much coverage is right for you.
|Reliance Standard||State Farm|
|Market Share||N/A||7th largest, 2.87% of market share|
|Number of Plans||2||10|
|Dividends for 2020||Not applicable||Not applicable|
|Wellness Program Discounts/ Quit Smoking Incentives||Not applicable||Not applicable|
|AM Best Rating||A++||A++|
|Price Rank||About average||About average|
|Complaints Trend||0.24 (below average)||0.19 (below average)|
Reliance Standard is a decent life insurance company, but there are far better options out there. You can’t purchase individual life insurance, so unless your employer offers group coverage through Reliance Standard, you won’t be able to buy a policy. Additionally, the policies and riders available are very limited, the customer support is average, and the website lacks basic tools and resources that are becoming standard in the industry.
Our reviews of life insurance companies are based on a quantitative methodology that analyzes each insurer based on their stability and reliability, customer service, claims experience, diversity of product lines, and cost. We compare the terms of each type of policy offered—including available coverage amounts, optional riders, and premium payment options—with that of other major life insurance companies. Lastly, we look at how the company is rated by third-party organizations to determine its reliability and overall reputation.
NAIC. "Reliance Standard Life Ins Co National Complaint Index Report." Accessed May 11, 2021.
J.D. Power. "Life Insurance Customer Satisfaction Flatlines Despite Pandemic Fears, J.D. Power Finds." Accessed May 11, 2021.