Pros Explained

• Policyholders have access to a life services toolkit: As a policyholder, you get free access to an online life services toolkit. You can use the provided tools to create a will and plan your funeral. If you pass away, your beneficiaries can get financial, legal, and grief counseling. 
• Coverage is convertible if you switch jobs: If you have coverage through The Standard and leave your employer, you can convert your policy to an individual plan to maintain your coverage. 
• Travel assistance included with some group life policies: If you are traveling 100 miles or more from home, you can take advantage of The Standard’s free travel assistance program. This program includes emergency transportation services, such as a helicopter or ambulance to the nearest hospital, medical and legal assistance, and emergency credit card or passport replacements. 

Cons Explained

• Coverage may be based on your salary: With The Standard’s group life policies, your benefit amount is capped by your employer. Based on your salary or position, you may not be able to get enough coverage for your loved ones. 
• Online quotes not available: You'll need to speak with a representative to get an idea of the cost of a policy. 
• Individual coverage is not available: The only individual policies The Standard sells are disability coverage. It only offers group life insurance; if your employer doesn’t work with The Standard to offer coverage as part of its benefit package, you’ll have to purchase insurance from another company. 

Available Plans

The Standard only sells group life insurance, meaning you can only get coverage if you work for a participating employer. If your employer offers life insurance through The Standard, there are two options: 

Group Life

A group life policy is life insurance where your employer pays some or all of your premiums. It works like a term life policy in that your beneficiaries receive a death benefit while the coverage is in effect; however, your policy will last as long as you’re employed by that company.  With The Standard group life coverage, your benefit amount is gradually reduced as you age. And, your benefit amount may be based on your salary, position, or simply be an amount set by employers. If you leave your employer, your coverage is convertible to an individual policy. However, you’ll be entirely responsible for the premiums.

Voluntary Life

If you want a larger benefit than is offered through a group life policy, The Standard also has voluntary life coverage you can get for an additional cost. You’re solely responsible for the premiums, but you can typically pay for your policy through payroll deductions. 

Available Riders

Like other insurance companies, The Standard has insurance riders, also known as endorsements, you can add to your policy. Some are included on all policies, while others will increase your premiums. You can use riders to adjust or enhance your coverage. 

The Standard offers the following riders: 

Accelerated Benefits

With the accelerated  benefit rider, eligible employees diagnosed with a terminal illness can receive up to 75% of their life insurance benefit, up to a maximum of $500,000. 

Accidental Death and Dismemberment

If an accidental death and dismemberment rider is added to your policy, you or your beneficiaries can receive an additional benefit if you are killed in an accident. You can also receive a benefit if you lose a limb or your sight in an accident.  

Dependent Coverage 

The Standard allows employees to get coverage for their spouse or children at the group coverage rate. 

Waiver of Premium

If an employee becomes permanently disabled, their coverage can remain in effect and their premiums will be waived if the waiver of premium rider was added to their policy. 

Customer Service

You cannot get quotes for The Standard’s policies online. Since the company only sells group life insurance, you must go through your employer’s human resources department for policy information.  If you have general questions, you can reach The Standard by calling (800) 628-8600. You can also to customer support through the company’s website.  The Standard does have an online portal for existing policyholders.

Complaint Index

The Standard has received fewer complaints than is expected for a company of its size and share of the insurance market. The National Association of Insurance Commissioners (NAIC) releases complaint ratios to show the number of complaints submitted by customers relative to the company’s size. 

In 2021, The Standard’s complaint ratio for its group life insurance segment was 0.32, well below the industry standard of 1.0. 

Third-Party Ratings

AM Best, a credit rating agency that evaluates insurance companies, issues its opinions on the fiscal stability of companies through its Financial Strength Ratings. In 2021, AM Best affirmed The Standard’s A (Excellent) rating, recognizing the company’s strong business profile and operating performance. 

Since The Standard only sells group life insurance policies, it was not included in the 2020 J.D. Power U.S. Individual Life Insurance Study. The study examined 21 top insurers and ranked them based on their available policies, prices, and customer service. 

Cancellation Policy

In general, your coverage with The Standard lasts for the duration of your employment. If you choose to leave your employer, you have the option of converting your policy into individual coverage or ending your policy.  The Standard's website doesn't have any information about canceling policies, so you'll have to talk to your human resources department if you’d like to cancel your policy. 

Price

With a group life policy, your coverage is generally part of your benefits package, with most of the premiums paid for by your employer. Your portion is often just pennies on the dollar. If you opt for voluntary life coverage and want to add to your policy, you’ll have to cover the additional cost yourself.  The Standard doesn’t publicly list its pricing or rates, so you’ll have to talk to your human resources representative to discuss your options. 

As with most companies, The Standard requires you to select “male” or “female” when applying for insurance. Being nonbinary doesn’t disqualify you from getting life insurance. However, you should be aware that most insurance companies haven’t updated their underwriting processes to reflect a current awareness of gender issues. 

Competition

Because The Standard’s policies are only available to employees of participating employers, we compared it to State Farm.  Unlike The Standard, State Farm sells a range of individual life insurance policies. You can purchase term, whole, and universal life plans, and customize your coverage with a lengthy list of riders. State Farm even has an instant term option. With this policy, you can get up to $50,000 in coverage without a medical exam.  State Farm stands out from The Standard due to its customer service. State Farm has a robust online portal, but you can also talk to a State farm insurance agent in person for personalized advice.

	The Standard	State Farm
Market Share	N/A	Seventh-largest in the U.S., 2.76%
Number of Plans	2	10
Dividends for 2021	N/A	$600 million
Wellness Program Discounts/Quit Smoking Incentives	N/A	N/A
Service Method	Employer (group), phone	Agents, web
AM Best Rating	A (Excellent)	A++ (Superior)
Price Rank	Not available	Better than most
Complaints Trend	0.32	0.20

Methodology

Our reviews of life insurance companies are based on a quantitative methodology that analyzes each insurer on its 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 those 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.