Reliance Standard Life Insurance Review [2022]

This Reliance Standard life insurance review will take you through the specifics of this company and its group life insurance product offerings. If you think group life insurance coverage is simply not enough, Reliance Standard also offers additional coverage through voluntary group life insurance plans. Read more to find out about the life insurance products offered by Reliance Standard and compare rates.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Written by Rachael Brennan
Licensed Insurance Agent Rachael Brennan

Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent Benji Carr

UPDATED: Jun 29, 2022

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Quick Facts

  • Reliance Standard Life Insurance Company specializes in handling employee group term life insurance policies.
  • Individual voluntary group term life insurance policies are also available for employees to help round out their insurance coverages.
  • Reliance Standard Life Insurance company was founded in 1906 and has been doing business for over 100 years.
  • Company headquarters are in Philadelphia, PA.

How much life insurance do you need if you are getting employer-based group life insurance? Read our Reliance Standard life insurance review to learn about this company’s group life insurance services and whether this coverage will be sufficient in meeting your needs.

Reliance Standard has been in business for over 100 years and serves all U.S. states with the exception of New York. You won’t be able to buy Reliance Standard life insurance products directly since they only sell group life insurance plans to businesses and organizations.

However, you may be afforded the opportunity to buy additional term life insurance coverage through your employer to round out your group life insurance benefits.

The best part about group life insurance when it is provided through an employer is that you often don’t even have to pay for it. Let’s take a closer look at Reliance Standard as an insurance carrier, the life insurance products they offer businesses and organizations, and their overall financial strength.

Ready to compare Reliance Standard life insurance rates with competitors? Enter your ZIP code above to see life insurance quotes from the top companies in your area.

What life insurance products does Reliance Standard offer?

Reliance Standard has a number of employee benefit product offerings including group long-term disability benefit policies, group short-term disability benefit policies, business travel accident insurance, group dental insurance, and group vision insurance, but what we are concerned with is their group life insurance.

Sample AIG Life Insurance Average Monthly Rates by Age, Gender, and Coverage
Gender and CoverageAge 25 Average Monthly Rates Age 35 Average Monthly Rates Age 45 Average Monthly Rates Age 55 Average Monthly Rates
$100,000: 20-Year Term (Male)$10.94$11.17$17.59$37.26
$100,000: 20-Year Term (Female)$10.60$11.07$14.42$27.46
$250,000: 20-Year Term (Male)$12.90$13.53$28.28$69.89
$250,000: 20-Year Term (Female)$11.33$12.69$23.06$52.58
$500,000: 20-Year Term (Male)$19.57$21.28$48.60$124.83
$500,000: 20-Year Term (Female)$16.67$18.37$38.47$90.58
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As you can see there are pros and cons to group life insurance. However, if your employer is offering you free or very cheap group life insurance, there is little reason to reject this coverage.

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What is group life insurance?

Group life insurance is a type of life insurance policy sold to entire groups like a business or organization. These policies are given out to employees as part of their benefits package. Oftentimes employees don’t even need to pay for this life insurance coverage.

This type of insurance coverage is great because you can get it for free or at a very low cost. For many older people, this type of life insurance is the best coverage they can get at a reasonable rate.

Reliance Standard group life insurance plans not only provide the basic death benefit but also provide accelerated death benefits, premium waivers in the event of critical illness, family and medical leave absence coverage, and life insurance for dependents.

The specifics of your Reliance Standard life insurance policy will depend on the policy purchased for your group by your business administrator. Typically, there are flexible employee benefit packages that allow each employee to make their own decision about what employee benefits insurance options are right for them. If you have any questions about your Reliance Standard group life insurance you can reach out to your HR representative or Reliance Standard directly.

Will Reliance Standard group life insurance be enough coverage?

Are you concerned that your group life insurance from Reliance Standard won’t be enough life insurance coverage? This is a common concern many people with group life insurance policies have.

Reliance Standard wants to give you peace of mind as well as quality group life insurance. That is why the company allows eligible members to purchase voluntary group life insurance as a way to supplement the life insurance coverage they get with their group benefit plans.

Reliance Standard allows eligible employees to purchase additional group term life coverage for themselves, their spouses, and their children as well, on top of their employee benefits insurance plans.

You can also choose just to buy extra life insurance coverage for your spouse and children if you feel like the benefits you receive as part of your group life insurance plan are sufficient coverage for yourself.

Voluntary group term life insurance policies offer employees the flexibility to add the coverages they feel like they need at the great prices afforded by group insurance. The best part is that these costs can be added as a payroll deduction to your paycheck so you don’t have to worry about paying premiums.

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What type of life insurance policy is a group life policy written as?

In almost all cases group life insurance plans are written as term life insurance policies. Term life insurance policies are cheaper than whole life insurance policies, and they expire at the end of a set term. Some allow you to renew your insurance plans at the end of your term, if that’s the best decision for you. Some of them can even convert to whole life policies; however, that’s not an option with this provider.

Whole life insurance policies do not expire, and they maintain and grow a cash value over time. These are excellent life insurance policies if you are interested in them, but Reliance Standard does not offer group benefit options that include whole life insurance, nor do they sell individual whole life insurance.

All group life insurance policies from Reliance Standard are written as term life insurance policies.

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If I lose or leave my job will I lose my life insurance?

This is one of the major drawbacks of group life insurance. If you leave or lose your job you often lose your life insurance coverage. Reliance Standard allows members to port or move their life insurance policy in the event that they lose or leave their job, instead of defaulting to a termination of benefits.

This feature allows you to maintain some sort of life insurance coverage even if you leave the group your life insurance is associated with, which is unique in this area of the insurance industry.

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What is the financial strength of Reliance Standard Life Insurance Company?

Recently Reliance Standard’s financial rating was upgraded from A + to A++ by independent financial reviewer A.M. Best. This means that the company has a very strong financial rating and is likely to pay its benefits in a timely manner.

Although you won’t have the choice of group life insurance provider as an employee, it is still good to know how strong your life insurance provider’s financial rating is.

If you’re looking to purchase voluntary coverage, you may want to reconsider your decision if the company has a less than great financial rating.

What’s the bottom line?

This company offers group life insurance and voluntary group life insurance amongst a host of other employee benefits. Reliance Standard has high financial ratings and a good line of insurance products for businesses and organizations.

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