Is The Standard Insurance Company Legit?; Overview, Contacts, Claims, Services, Ratings, and Benefits

Is The Standard Insurance Company Legit? Yes, The Standard Insurance Company is a real insurance company. It started in 1906 and can sell insurance in all 50 states and the District of Columbia. 

A Bit of History About The Standard Insurance Company

• Start: In 1906, it began as the Oregon Teachers Mutual Life Insurance Company.
• Growth: It added more products and expanded its reach.
• Changes: In 1963, it became The Standard Insurance Company.

Mission and Values Of The Standard Insurance Company

• Mission: They want to give peace of mind and financial security to people and families in the U.S.
• Values: They believe in honesty, putting customers first, being financially strong, coming up with new ideas, and giving back to communities.

Contact Information of The Standard Insurance Company

Filling Claims with The Standard Insurance Company

Filing a claim can seem hard, but The Standard wants to make it easy. Here’s a simple guide:

Before You Begin:

1. Get Your Papers: Gather your policy number, date of birth, Social Security number, and any papers related to your claim, like medical bills or police reports.
2. Check Your Policy: Read through your policy to know the rules and deadlines. You can find this info in your policy documents.

How to File:

1. Online: Use The Standard’s secure online portal for a quick and easy process.
2. Phone: Call the claims hotline at 1-800-777-4545 anytime.
3. Mail: Fill out the claim forms and send them by mail. You can get these forms from the website or ask for them on the phone.

What Happens Next:

After you file, a claims rep will take care of your case. They might ask for more papers. The processing time can be quick or take a bit, depending on how complicated the claim is—anywhere from a few days to a few weeks.

Services and Products Offered by The Standard Insurance Company

Life Insurance

• Term Life: Protects for a specific time (like 10, 20, or 30 years). If the person with the policy passes away during this time, their loved ones get money.
• Whole Life: Covers for the whole life, as long as payments are made. It also builds up cash that you can use.
• Universal Life: Mixes term and whole life, with flexible payments and the chance to build cash.
• Guaranteed Standard Issue Individual Disability Insurance: Offers money if you can’t work because of a disability, no matter your health history.
• Children’s Term Life Insurance: Gives affordable coverage for kids until they grow up.

Disability Insurance

• Short-Term Disability Insurance: Provides money if you can’t work because of a short-term illness or injury.
• Long-Term Disability Insurance: Offers money if you’re disabled and can’t work for a longer time.

Health Insurance

• Supplemental Health Insurance: Gives extra coverage for medical costs, like critical illness, hospital stays, or accidents.

Retirement Planning

• Individual Retirement Accounts (IRAs): Tax-advantaged savings for retirement.
• Annuities: Guarantee a steady income in retirement.

Ratings

Financial Strength

• A.M. Best: Rated A+ (Superior), showing excellent financial strength and the ability to meet policyholder obligations.
• Moody’s Investors Service: Rated A1 stable, indicating strong financial position and creditworthiness.
• Standard & Poor’s Global Ratings: Holds an A+ rating, further confirming financial stability and commitment to customers.

Customer Reviews

• Consumer Affairs: Reviews are mixed. Some say it’s hard to get claims approved and there are delays. But, many like the good customer service and competitive rates.
• Better Business Bureau: Rated A+, showing high customer satisfaction and a commitment to solving complaints.
• J.D. Power: The Standard consistently ranks high in J.D. Power’s U.S. Individual Disability Insurance Customer Satisfaction Study.

Canceling your policy

1. You can cancel anytime: You have the right to cancel your policy, but be ready for:
   • Fees for canceling early: You might have to pay fees for the part of the premium you didn’t use.
   • Extra charges: These cover the company’s costs for canceling.
   • Possible higher future costs: Canceling might make your future premiums more expensive.
2. The company can cancel too: The Standard Insurance Company can cancel your policy if:
   • You don’t pay: If you don’t pay within the grace period, they can cancel.
   • You lie or commit fraud: Giving false info can lead to cancellation.
   • More risk: If your risk goes up (like using your insured car for work), they might cancel.
   • Breaking the rules: Breaking policy terms can lead to cancellation.

Renewing your policy

1. Normal renewal: The company will send you a notice before your policy ends. It tells you about your options, like changes to your premium or coverage.
2. Renewal costs: Your new premium might be more or less based on your history, risk, and market trends.
3. Not renewing: The company might not renew if:
   • Bad claims history: Lots of or big claims might mean no renewal.
   • New rules: If their rules change, you might not qualify.
   • Company decision: They might stop offering your type of policy.

Benefits of Joining The Standard Insurance Company

Joining The Standard Insurance Company comes with several benefits that can give you peace of mind and protection. Here are some key advantages:

1. Comprehensive Coverage Options: The Standard Insurance Company offers a range of coverage options to suit your specific needs. Whether you’re looking for auto, home, or life insurance, they have you covered.
2. Financial Security: Being a part of The Standard Insurance Company means you have the backing of a financially stable and reputable institution. This financial strength ensures that they can fulfill their commitments to policyholders.
3. Competitive Premiums: The company strives to provide competitive premiums, helping you get the coverage you need at a price that fits your budget. This affordability makes quality insurance accessible to a wide range of individuals.
4. Prompt and Fair Claims Processing: In the unfortunate event that you need to make a claim, The Standard Insurance Company is known for its efficient and fair claims processing. They aim to settle claims promptly, providing you with the support you need during challenging times.
5. Customer Support: The company values its customers and offers excellent customer support services. If you have questions, or concerns, or need assistance, you can rely on their dedicated customer service team to provide guidance and information.

FAQs

1. What types of insurance does The Standard Insurance Company have?

• Answer: The Standard Insurance Company provides a range of insurance options, including auto, home, life, and potentially other specialized coverage.

2. How can I initiate a claim with The Standard Insurance Company?

• Answer: To start a claim, contact The Standard Insurance Company’s claims department through their dedicated hotline or online portal. Provide necessary details and documentation for prompt processing.

3. Are there discounts available for policyholders with The Standard Insurance Company?

• Answer: Yes, The Standard Insurance Company often offers various discounts. Eligibility criteria may include factors such as a good driving record, bundling policies, or participating in certain safety programs.

4. What sets The Standard Insurance Company apart from other insurers in New York?

• Answer: The Standard Insurance Company stands out for its comprehensive coverage options, competitive premiums, efficient claims processing, and commitment to customer service. Its financial stability and community involvement further contribute to its reputation.

Conclusion