Is Reliance Standard a Good Insurance Company?
Over 100 Carriers to Quote From. Here are a few of them!
Is Reliance Standard a good insurance company? At Diversified Insurance Brokers, we work with over 100 top-rated carriers to help retirees and pre-retirees protect their assets, generate guaranteed income, and plan for long-term financial stability. Reliance Standard Life Insurance Company, founded in 1907, is known for its strong financial ratings, customer-focused service, and diverse product portfolio. While the company is widely recognized for its group benefits and disability coverage, it also offers competitive annuity products designed for safe growth and reliable retirement income.
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About Reliance Standard Life Insurance Company
Headquartered in Philadelphia, Reliance Standard is a member of the Tokio Marine Group, one of the largest and most respected insurance organizations in the world. This affiliation provides financial strength and global resources while maintaining a customer-focused approach. The company serves both individuals and businesses, offering annuities, life insurance, and employee benefit solutions.
Popular Reliance Standard Products
- Fixed Annuities: Guaranteed interest rates with no market risk.
- Multi-Year Guaranteed Annuities (MYGAs): Lock in competitive rates for a fixed term.
- Group and Individual Disability Insurance: Protects income in the event of illness or injury.
- Life Insurance Policies: Affordable coverage options for families and individuals.
Who Reliance Standard Is a Good Fit For
- Retirees looking for safe, predictable growth
- Pre-retirees seeking competitive MYGA rates
- Individuals and business owners needing income protection
- Those who value financial stability backed by a global insurance group
Pros of Reliance Standard
- Over 100 years of proven history
- Strong financial ratings and backing from Tokio Marine Group
- Competitive fixed and MYGA annuity rates
- Wide range of insurance and benefit products
Considerations
- Not as widely recognized in the retail consumer annuity market as some competitors
- Product availability may vary by state
Our Take
At Diversified Insurance Brokers, we consider Reliance Standard a financially strong and reliable carrier, particularly for clients seeking fixed and MYGA annuities. Backed by the resources of the Tokio Marine Group, they offer competitive rates and a strong commitment to customer service. For retirees and pre-retirees seeking predictable income and asset protection, Reliance Standard is a carrier worth considering.
FAQs: Is Reliance Standard a Good Insurance Company?
What financial strength ratings does Reliance Standard have?
Reliance Standard is rated A++ (Superior) by A.M. Best; A+ (Strong) by Standard & Poor’s; and A1 (Strong) by Moody’s. These top-tier ratings reflect its ability to reliably pay claims and meet long-term commitments.
How long has Reliance Standard been in business?
Reliance Standard was founded in 1907, giving it well over a century of operation in the U.S. insurance and employee benefits space.
What types of products does Reliance Standard offer?
The company specializes in group/employer benefits like disability income and group term life, plus voluntary benefit options. It also offers annuities (fixed and fixed indexed) through brokers.
What are its strengths?
Strengths include excellent financial stability (strong ratings, large asset base), being part of the Tokio Marine Group, long operational history, and a broad reach in employer-based benefits.
What are some common complaints or weaknesses?
Some policyholders report negative experiences in claims handling, particularly delays or communication issues, especially for disability claims. Its customer satisfaction and complaint reviews are mixed depending on product and region.
