Reliance Standard Insurance Review & Complaints: Life & Health Insurance (2024)

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Reliance Standard Life Insurance Company is a life and health insurer specializing in employee benefits. They write group policies for both employer paid and voluntary employee paid benefits.

What is Reliance Standard Life Insurance Company?

Reliance Standard Life Insurance Company was founded in 1906 and provides its products in all states including New York through a sister company.  They also serve Puerto Rico and the U.S. Virgin Islands. They are a part of Japan’s largest insurance holding company, Tokio Marine.

Their products are not aimed at individuals directly, but rather as employee benefits offered both as paid benefits and as voluntary benefits to individuals through an employer. They offer benefits package options to companies of all sizes.

The insurance carrier has its headquarters in Philadelphia, PA, and sells coverage in the life insurance sectors as well as other insurance products through independent agents and brokers.

What types of insurance products are offered?

All of the products available from Reliance Standard  Insurance Company can be selected as either employer-paid at 100%, employer-subsidized in part, or employee-paid. The various plan options can be mixed in these various options to allow employers to create a benefits package made up of their choice of paid and voluntary coverage.

Group Disability

Disability insurance is offered in both short and long-term plans. The maximum benefit on a short-term plan is $1,250 a week, and $8,000 a month on a long-term plan. There are a variety of elimination period options ranging from 7 to 360 days, and benefits can be selected to last up to retirement age.

With the voluntary plan options, the employer will select the elimination period and the benefit duration, and the employee can select the amount of the benefit, up to 60% of their salary.

Group Term Life

These plans provide coverage ranging from $10,000 to $500,000, and the employee can also purchase coverage for a spouse and dependents. The plans include an accelerated death benefit, waiver of premium, and are portable as well as convertible.

The group plans have guaranteed issue as long as the benefits are elected within the required time period and the employee meets the age requirements for coverage.

Accidental Death & Dismemberment (AD&D)

These plans provide coverage for serious injuries or death as a result of an accident. Benefits of up to $500,000 are available, but higher coverage will likely come at an additional cost. Coverage for group members is guaranteed, and the plan can also be extended to spouses or dependents.

Medical Supplement

There are several options for supplementary medical insurance plans available. These include critical illness, accident insurance, and hospital indemnity. Coverage amounts will vary. All of these plans help to pay for medical bills and other expenses that are not covered under major medical insurance, and each serves a specific need.

Dental and Vision

Vision benefits and dental plans can be offered together or separately. There are several levels of dental benefit plans ranging from basic preventative dental exams to comprehensive coverage for higher levels of treatment with varying of cost levels of dental deductibles. Vision coverage plans are also flexible, offering various levels of benefits for patients that can be selected by the employer or by the employee.

Business Travel Accident

This coverage is available for groups of five or more people and provides coverage for accidents occurring during business travel. The coverage can even include company-owned aircraft and employed pilots.

Limited Benefit Medical

These basic coverage plans are available as an alternative for those businesses that do not offer a major medical plan due to cost or other factors. The plans offer guaranteed acceptance, no deductibles, and a PPO network of providers. These plans do not replace major medical but offer some coverage at a reasonable price.

Annuities

Reliance also offers annuities to save for retirement. They are available in two forms: traditional fixed annuity and fixed index products.

While Reliance Standard does seem to have a variety in the types of coverage offered, more comprehensive insurance may need to be found elsewhere.

Does the company offer competitive rates?

Rates are not offered on the Reliance Standard website, but that is common for an insurance company focused on employee benefits. Since each company will have various factors affecting rates, quotes are best handled on a detailed and direct basis.

One of the benefits of a group policy is that they are generally more affordable than purchasing coverage individually. The rate offered to employees will depend on what the company decides to cover and the options selected.

Reliance Standard Insurance Claims Process

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

Reliance Standard Insurance offers multiple options for filing a claim. Customers can choose to file a claim online, over the phone, or through mobile apps. These options provide flexibility and convenience for policyholders, allowing them to choose the method that best suits their needs.

Average Claim Processing Time

The average claim processing time with Reliance Standard Insurance can vary depending on the type of claim and its complexity. Policyholders can expect the company to process their claims efficiently and promptly. However, specific processing times may be outlined in the policy documents.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback on claim resolutions and payouts with Reliance Standard Insurance has been mixed. While some customers have reported positive experiences with timely and fair claim resolutions, others have expressed dissatisfaction with claim denials or delays.

It’s essential for policyholders to thoroughly review their policy terms and conditions and communicate directly with the company regarding any concerns.

Digital and Technological Features of Reliance Standard Insurance

Mobile App Features and Functionality

Reliance Standard Insurance offers a mobile app that provides policyholders with convenient access to their insurance information. The app may include features such as policy management, claims tracking, and contact information for customer support. Users can easily download and use the app to streamline their insurance-related tasks.

Online Account Management Capabilities

Policyholders can manage their insurance accounts online through the Reliance Standard Insurance website. This online portal allows users to view policy details, make premium payments, and access important documents. Online account management enhances the convenience of managing insurance policies.

Digital Tools and Resources

Reliance Standard Insurance may provide digital tools and resources on its website to assist policyholders in understanding their coverage and making informed decisions. These resources may include educational materials, calculators, and FAQs to address common insurance-related inquiries. Customers can leverage these digital tools to enhance their insurance experience.

Are ratings and consumer reviews positive?

Reliance Standard has a D- rating with the Better Business Bureau (BBB) as a result of failure to respond to seven complaints made by customers. There have been total complaints against them closed in the past three years., and five closed in the past year. The six reviews are all negative and cite problems with claim payments and difficulties with customer service.

Pissed Consumer has 24 reviews, with a one-star rating for this company. The complaints are similar to those on the BBB page and cite unpaid claims and difficulty communicating with the company.

There are 77 similar complaints made by customers against this company on Consumer Affairs, and again they earn a one-star rating.

While the complaint volume is not particularly high overall, it is never encouraging when a company fails to respond to complaints. We saw no effort by this company to respond to complaints on any of the sites where they have been filed.

What’s the bottom line?

If this company has been selected by your employer to offer voluntary plans, it’s not a bad idea to look at your options for coverage elsewhere to compare rates and products. While group benefits can be an affordable option, paying less isn’t worthwhile if there are issues when a claim is filed, and this company’s repeated complaints and lack of response does leave us less than confident in their reputation.