Standard Life Insurance Review

Group life insurance provider with a very high number of complaints

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The Standard Life Insurance Company

Our Take

The Standard Life Insurance Company only sells group term life insurance, so it’s not an option if you’re looking for an individual policy. But the company received few complaints for its group coverage over the last three years, which is a good indication that customers are relatively satisfied with their plans.

  • Pros & Cons
  • Company Overview
  • specifications
Pros & Cons
Pros
  • Comprehensive coverage calculator

  • Riders available

  • Few complaints for group coverage

Cons
  • Only offers group life insurance

Company Overview

The Standard Life Insurance Company, also known as The Standard, was founded in 1906 and is headquartered in Portland, Oregon. The company was originally founded as The Oregon Life Insurance Company and changed its name to The Standard Life Insurance Company in 1946. The Standard exclusively sells group life insurance and does not offer any individual policies. Group life insurance from The Standard is sold in all 50 states and Washington, D.C.

specifications
AM Best Rating
A
NAIC Score (avg.)
N/A
Years In Business
N/A
Policy Types
Term
Accepts Credit Cards
No
Why Trust Us We collected over 5,000 data points from 91 life insurance companies to measure financial stability, customer satisfaction, product and feature variety, and the overall buying experience. We then evaluated each company based on 55 metrics to develop unbiased, comprehensive reviews. Read our Full Methodology
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Pros Explained 

  • Comprehensive coverage calculator: The Standard’s online coverage calculator can help you figure out how much life insurance is necessary for your family based on variables like your income, mortgage, college costs, and total expenses.
  • Riders available: There are a few optional riders you can add to a group life insurance policy from The Standard if you want additional protection beyond what your base policy offers. 
  • Few complaints for group coverage: The Standard received very few consumer complaints for its group policies over the last three years, which suggests that customers are generally satisfied. 

Cons Explained 

  • Only offers group life insurance: The Standard only sells group term life insurance. Unless your employer offers life insurance benefits from The Standard, you can’t purchase a policy from the company. 

Complaint Index

The Standard has fewer complaints than expected for its size, based on the National Association of Insurance Commissioners (NAIC) Complaint Index. The Complaint Index helps consumers compare insurance companies of different sizes based on the number of complaints they receive. 

For example, companies with a number of complaints expected for their size have an index of 1.00. Companies with more complaints than expected have an index above 1.00, and companies with fewer complaints than expected have an index below 1.00. Companies with no complaints have an index of 0.0.

To better understand The Standard’s complaints, we averaged its annual index for group coverage over a three-year period, resulting in an index of 0.19. That means The Standard has a very low number of complaints for a company of its size. Most of the best life insurance companies we reviewed also have indexes below 1.00.

Third-Party Ratings

The Standard has an A (Excellent) rating from AM Best for financial strength, which means it has an excellent ability to meet policyholder obligations and pay life insurance claims. AM Best is a credit ratings agency that scores companies based on financial stability, on a scale of A++ to D. Some of the specific factors that contribute to AM Best scores are balance sheet strength, operating performance, and total debt.

Policies Available 

You can only purchase life insurance from The Standard if your employer offers its policies as an employee benefit. The Standard does not sell any individual life insurance policies. In addition, the only type of group life insurance available from The Standard is term life insurance. The company does not offer permanent policies like whole life insurance or universal life insurance.  

Term Life Insurance

Term life insurance is a temporary life insurance policy that lasts for a period of time. If you pass away during the term, your beneficiary receives a death benefit, which can be used for any purpose and is usually tax-free. If you outlive the term, your policy expires. For example, your term coverage may renew every year with your employer.

Some group life insurance carriers allow you to “port” your term coverage or take it with you if you leave your job. You also may be able to convert it to a permanent policy and keep it for life.

Available Riders

There are a handful of riders that can be added to a group term life insurance policy from The Standard. Life insurance riders are optional endorsements that provide additional coverage.

Child Term Rider

A child term rider provides a small amount of life insurance coverage for each of your eligible children, including biological, adopted, and stepchildren. The rider expires when the child becomes an adult, at which point, they have the option to convert the rider into a permanent policy that can provide lifetime protection. 

Waiver of Premium Rider

If you become totally disabled, a waiver of premium rider will waive your life insurance premiums. While the rider is in effect, your life insurance coverage remains in force. If you pass away during this time, your beneficiary can still receive the death benefit.

Terminal Illness Rider

A terminal illness rider is a type of accelerated benefit rider (ABR). If you’re diagnosed with a terminal illness that will significantly shorten your life expectancy, a terminal illness rider allows you to collect some of the money from your death benefit while you are still living. 

Using a terminal illness rider (or any ABR) will typically reduce your death benefit by the amount of money you withdraw, leaving less money for your beneficiaries when you pass away. 

Customer Service

To reach a customer service agent at The Standard, you can call (888) 937-4783 for general inquiries or fill out the online contact form to send a message. Existing customers can call (800) 628-8600 for life insurance-related questions, or (800) 378-6059 if you live in New York. You may also be able to access some  life insurance forms online, including a waiver of premium claim packet.

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.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. NAIC. “Results by Complaint Code.”

  2. AM Best. “Guide to Best’s Financial Strength Ratings - (FSR).”