The Standard Insurance Review & Complaints: Business & Disability Insurance (2024)

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The Standard Insurance is actually the marketing arm of the StanCorp Financial Group, which operates a variety of companies including insurance, equities, and real estate businesses.

The Standard primarily offers disability and life insurance along with related products, such as annuities. These are sold to individuals or to companies in group plans, but not all products are available to all customers.

Altogether, The Standard’s policies cover about 8.5 million people, primarily through employers – 30,000 companies insure their workers with The Standard. The company sells policies in all 50 states at this time, working directly with employers in most cases to craft the appropriate level of coverage for the business’ needs.

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What insurance products does the company offer?

Individual Policies

The majority of The Standard’s products are offered as group plans to businesses, but there are two things you can purchase as an individual:

• Disability Insurance
• Annuities

Individual disability insurance is a type of insurance that is offered to people who are self-employed or those who need to supplement their employer’s plans. The purpose of disability insurance is to help provide supplemental income through the disability benefits if you become disabled and can no longer work.

There are a couple of different types of disability insurance products available:

• Income Protection Insurance– provides alternative income to people unable to work due to disability. The Standard’s plans come in Platinum Advantage Protector Essential and Protector Platinum packages. As the names would suggest, you get additional perks with higher-grade policies, at an added premium. Some riders and coverage available include survivor benefits for your loved ones, an indexed cost of living rider to keep payments in step with inflation, and a rehabilitation benefit to help with rehab costs after an accident, injury, or illness.
• Business Protection – Offered to small business owners. This is a special type of income protection plan that covers certain business overhead expenses in the event of the owner’s disability. This allows a business owner to continue operating the business while disabled or to ease the sale of the business.
• Guaranteed Standard Issue (GSI)– GSI’s help maintain your lifestyle as well as pay your bills if you are injured at work, sick, or unable to work. Having GSI as a form of additional coverage in conjunction with disability protection can raise your coverage level to an optimal amount or fill a gap in coverage.

Disability insurance through The Standard has elimination periods ranging from zero to seven days for short-term coverage, and 60 to 360 days for long-term.  Short-term disability insurance gives employees peace of mind.

Group Policies

Since most of The Standard’s policies are marketed toward employers, the company offers a variety of group plans.

Among these are group life insurance, long and short-term disability insurance, and accidental death insurance. Additionally, The Standard sells group dental insurance and vision insurance coverage that can help augment other types of plans as most employer-based health insurance does not cover those two items. Most standard policies won’t cover vision or dental.

Employers have the option of offering any number of these coverages to their workers. In some cases, they may opt to provide a “cafeteria” type plan, allowing employees to sign up for insurance coverage that they find useful. For example, a group life plan can have disability and accidental death coverage added to it for an additional cost; Passing this choice on to the employee helps the worker pick an option that makes the most sense at a premium they will be able to afford.

Are the company’s insurance rates competitive?

It’s not clear from The Standard’s website how a potential customer should go about obtaining a policy. There is neither a quote request form nor an agent locator on the site, and the “Contact Us” page lists just one number: 800-628-8600. Presumably, all inquiries should be directed to that number. Under the same tab, however, there is an option to send a message. You simply submit a request or question regarding one of their products and a customer service rep will contact you directly.

When it comes to employer policies, the person in charge of benefits (usually in the HR Department) would be the one to contact the company.

Are consumer research and complaints positive?

The Standard has been accredited by the Better Business Bureau (BBB) since 1958 and is in good standing, with an “A+” rating.

There are only 26 complaints list on the site in the last three years, eight of which were closed in the past 12 months. Of the 26 complaints, 23 concerned products and service.

Other review sites come up with a less flattering image.

The company has a 1-star rating on ConsumerAffairs.com based on 53 ratings. 48 of the ratings were given one star. Many of the reviews state poor experience with customer service and claims handling from the company citing many delays in receiving claimants’ documents.

Overall, short-term disability seems to be the coverage that causes the most complaints. Consumer complaints about annuities, health insurance, and other products are rare. This may be because short-term disability is the most common product, or because employees may not fully understand their policies. From the information available, there’s no clear indication either way.

What’s the company’s financial strength rating?

*The Standard is rated A by A.M. Best and A+ by Standard & Poor’s

Ease of Filing a Claim

The claims process at The Standard Insurance is designed to be convenient and user-friendly. Customers can file claims through various channels, including online through the company’s official website, over the phone with dedicated customer service representatives, or via mobile apps.

The online platform provides a seamless and intuitive interface, allowing customers to navigate through the process with ease.

Average Claim Processing Time

The Standard Insurance takes pride in its efficient claim processing system. The average claim processing time is notably prompt, ensuring that customers receive the assistance they need in a timely manner. This efficiency adds to the overall positive experience during the claims process.

Customer Feedback on Claim Resolutions and Payouts

Feedback from customers regarding claim resolutions and payouts at The Standard Insurance has been largely positive. Clients appreciate the company’s transparency and fairness in handling claims. The resolution process is smooth, and payouts are processed promptly, demonstrating the insurer’s commitment to customer satisfaction and reliability.

Mobile App Features and Functionality

The Standard Insurance offers a robust mobile app with a wide range of features to enhance the overall customer experience. The app allows users to manage their policies, file claims, view policy details, make premium payments, and access important documents. Its user-friendly interface and intuitive design make it convenient for policyholders to stay connected and informed on-the-go.

Online Account Management Capabilities

The online account management capabilities provided by The Standard Insurance empower customers to have control over their policies and accounts. Policyholders can log into their accounts through the company’s website or mobile app to update personal information, review policy documents, track claims, and manage payments.

This digital convenience ensures customers have easy access to their policy details and can make informed decisions.

Digital Tools and Resources

The Standard Insurance offers a range of digital tools and resources to assist customers in understanding their insurance coverage. These include educational materials, FAQs, policy calculators, and interactive tools that help users determine their insurance needs.

These resources are easily accessible through the company’s website and mobile app, contributing to a well-informed and confident customer base.

What’s the bottom line?

The Standard is not one of the top companies you think of when looking at employee benefits insurance, but they seem like a fairly decent company in that niche. The user-unfriendly design of the site coupled with the complaints online are worrying, but since most complaints were centered on a specific product, this company may still be a fine choice for  a wide range  of insurance products. It’s worth calling them for more information and to get a feel for their rates, especially as a business owner.  The company offers a variety of disability insurance options across all 50 states and boasts A grades for financial stability, the best rating available.