A Complete Reliance Standard Life Insurance Review

Feb 21, 2024 By Susan Kelly

The amount of life insurance that you require depends on the amount of life insurance that your employer provides. Read our assessment of Reliance Standard's life insurance policy offerings to see whether this coverage is enough for your requirements. More than a century after it was founded, Reliance Standard is still in operation and services all of the United States except for New York. Reliance Standard exclusively sells group life insurance policies to corporations and organizations; therefore, you can't purchase their products directly.

But your company could allow you to get supplementary term insurance coverage to fill out the group life insurance advantages. As a bonus, group life insurance supplied by an employer generally comes with no out-of-pocket costs. Look into Reliance Standard Life Insurance Review:

Pros and cons

Pros Explained

  • Good Financial Rating

AM Best gives Reliance Standard an A++ (Outstanding) rating. An insurance firm with this level of financial stability is able to meet its continuing commitments, such as claims, with this rating.

  • Provides Bereavement Consultation Policies

It's hard to lose someone you care about. Telephonic counseling services are available to all workers and their families who are covered by Reliance Standard's insurance policies. For your convenience, the contact center for this facility is open 24 hours per day, seven days per week, and 365 days per year.

  • Issued to Workers and Spouses

Group term life coverage is automatically granted to those who satisfy the criteria of their company and sign up before the employee benefits time limit. Additional optional term life insurance plans are also available through Reliance Standard, which provides assured coverage for those who choose. In many cases, you may also get assured coverage for your spouse.

Cons Explained

  • Offers Only Term Life Insurance Policies

Reliance Standard offers term plans. The only way to get everlasting life insurance is to switch current term insurance to a permanent one, which may be done only if your company agrees to participate in group term life insurance.

  • Participating Workers Only Get Policies

At least ten workers are required to purchase a policy from Reliance Standard. Individuals cannot purchase insurance coverage. Obtaining this coverage is impossible if your company does not have Reliance Standard in your benefits package.

  • The Website Has Little Info

Reliance Standard's website is difficult to use. More information is provided for employers than policyholders.

What Is The Purpose Of A Company's Life Insurance Policy?

Individuals in large groups, such as businesses or organizations, may purchase group life insurance policies. Workers get these plans as an element of their compensation. In many cases, the company's life insurance is free of charge to the workers. Free or low-cost premiums make this sort of insurance coverage an attractive option for many people. Life insurance for the elderly may be the greatest option available at a fair price for many individuals.

Various additional advantages are available via Reliance Standard's group life insurance policies, including accelerated death advantages, premium exemptions for serious sickness, family & medical leave protection, and insurance for heirs.

Reliance Standard insurance policy details will be determined by the policy your company's manager has acquired for your group. Employee benefit plans are often customizable, allowing each employee to choose the insurance coverage that best suits their needs. You may contact your HR manager or Reliance Standard immediately if you have any queries concerning your Reliance Standard insurance cover.

Reliance Standard Life Insurance Enough?

Do you fear that the life insurance provided by Reliance Standard's group plan would be insufficient? It's a prevalent worry for those who have group life insurance plans. You can count on Reliance Standard to provide you with both peace of mind and high-quality group life insurance. In order to make sure that its employees have enough life insurance policy, the firm permits them to obtain additional coverage via an optional group life insurance policy.

Additional group term life insurance may be purchased for workers, their wives, and their offspring, in addition to the worker benefits insurance policies provided by Reliance Standard. Alternatively, if you believe that your corporate life insurance plan provides enough coverage for you, you may purchase additional life insurance policies for your husband and children.

Workers may take advantage of the low rates offered by group insurance by purchasing optional term life insurance plans. The greatest thing is that you don't have to think about paying premiums since these charges may be deducted from your salary.

Is My Life Insurance Cancelled If I Lose Or Quit My Job?

Group life insurance has this as a key downside. Your life insurance policy is often canceled if you quit your job or are fired. Members of Reliance Standard can move or port their life insurance coverage if they lose or quit their work, rather than having their benefits terminated. A first in the insurance business, this provision lets you keep your life insurance plan, although if you quit the company with which it's affiliated.

Bottom Line

In addition to a number of other employee perks, this firm provides group life coverage and optional group life insurance. Reliance Standard's financial ratings are excellent for corporations and organizations, and the company offers a wide range of insurance coverage options. You've decided to purchase life insurance via Reliance Standard.

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