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If you’re an employer looking to provide group term life insurance to your employees, Reliance Standard offers a plan with several riders. It also offers voluntary individual term coverage your employees can purchase. Though it’s in a strong financial position, Reliance Standard has an extremely high number of customer complaints. In addition, consumers can’t purchase life insurance directly through this company without going through their employer.
- Pros & Cons
- Company Overview
Superior financial rating
Offers bereavement counseling with policies
Guaranteed issue for employees and often spouses
Only offers term life insurance
Policies only available through participating employees
Limited information available on the company website
Reliance Standard Life Insurance was founded in 1907. It’s a member of the Tokio Marine Group, which is incorporated in Japan and is one of the world’s largest property and casualty insurance, reinsurance, and life insurance companies.
Reliance Standard specializes in employee benefits. It offers group term life insurance and has a voluntary individual term life policy that employees can purchase. Reliance Standard sells group life insurance nationwide except in New York, Puerto Rico, the U.S. Virgin Islands, and Guam.
In New York, employers can purchase term life insurance for their employees through First Reliance Standard Life Insurance Company. This subsidiary of Reliance Standard has fewer customer complaints than its parent company.
- Superior financial rating: Reliance Standard has an A++ (Superior) rating from AM Best. This is the top rating available, which indicates its a financially stable company able to satisfy its ongoing insurance obligations, such as claims.
- Offers bereavement counseling policies: Losing someone you love is tough. To help you through the process, Reliance Standard offers telephonic counseling services from qualified professionals to all covered employees and their family members. The call center for this service is open all day, every day, year round so you can reach out whenever you need.
- Guaranteed issue for employees and often spouses: If you meet your employer’s requirements, you’re automatically approved for group term life insurance coverage as long as you sign up before your employee benefits deadline. Reliance Standard also offers additional voluntary term life policies with guaranteed coverage. In many instances, you can purchase guaranteed coverage for your spouse as well.
- Only sells term life insurance: Reliance Standard sells term policies. You can get group term life if your employer signs up for it and you can voluntarily sign up for additional term coverage, but there’s no permanent life insurance available unless you convert an existing term policy to permanent coverage.
- Policies only available through participating employees: Reliance Standard sells policies to employers with at least 10 employees. Individuals cannot sign up for a policy. If your employer doesn’t use Reliance Standard as a part of your benefits package, you won’t be able to purchase this coverage.
- Limited information available on the company website: Reliance Standard’s website is hard to navigate. Most of the information available is for employers, not policyholders.
Reliance Standard Life Insurance Company received somewhat more complaints than expected over the past three years for its group policies, based on its size. The National Association of Insurance Commissioners’ (NAIC) calculates a complaint index to help readers compare different companies.
A complaint index of 1.00, indicates a company received an expected number of complaints based on its size. An index less than 1.00, shows the company received fewer complaints than expected; greater than 1.00 means it received more complaints than expected.
From 2019 through 2021, Reliance Standard Life Insurance Company had a score of 1.29 for its group-issued policies. This shows that the company received slightly more complaints than expected based on its market share.
Reliance Standard earned a financial strength rating of A++ (Superior) from independent credit rating agency AM Best. This is the highest grade available—in fact, only nine of the 91 life insurance companies we reviewed received an A++ (Superior) rating. This indicates that the company has a superior ability to honor its ongoing insurance obligations, such as paying claims.
Reliance Standard has a very limited selection of insurance plans.
Group Term Life Insurance
You get group life insurance through your employer. If your employer offers this benefit, you can sign up and pay for the coverage through payroll deductions. Group life insurance is typically guaranteed issue. That means you can’t be denied coverage due to your health. If you have a hard time getting approved for other types of life insurance, group term could be a good option.
Voluntary Term Life Insurance
Reliance Standard also gives employees the option of applying for voluntary term life insurance for themselves and their spouses. These are individual policies that you pay for if you wish to increase your coverage. You, and often your spouse, can get approved without a medical exam.
Many voluntary term life policies are portable. That means you have the option to take the policy with you if you leave your job. Some, like Reliance Standard’s are also convertible to permanent policies as well. Be sure to check with your employer for details.
You can customize your life insurance policies with riders. Reliance Standard offers a few choices.
A child rider allows you to add temporary insurance coverage to your policy for your dependent children. If your child passes away while you have this rider, you’ll receive a small death benefit.
Waiver of Premium
Group policies include a waiver of premium rider, which makes it possible to stop paying your insurance premiums while you recover from a total disability.
Accelerated Death Benefit: Terminal Illness Rider
If you’re diagnosed with a terminal illness that shortens your life expectancy, you may be able to use the terminal illness rider to access a portion of your life insurance death benefit early. This type of rider is known as an accelerated death benefit. You can use the money to pay for medical expenses or anything you wish. However, it will reduce the death benefit for your beneficiaries.
Reliance Standard has limited options for customer support. You can reach out to its customer care center on weekdays from 8 a.m. through 7 p.m. ET by calling 800-351-7500. If you’re an existing customer, you may be able to get some basic questions answered through your secure online account.
Our Methodology: How We Review Life Insurance Carriers
We designed a comprehensive ranking methodology based on consumer priorities and life insurance company fundamentals to rank more than 90 insurers across five general categories: financial stability, customer satisfaction, product and feature variety, the overall buying experience, and cost.
In order to do this, we collected over 5,000 data points and scored each company based on 55 metrics. We grouped metrics by category to see how insurers performed in each; we then weighted category scores to determine how companies performed overall.
To learn more, read our full Life Insurance Methodology.