ReliaStar Life Insurance Company, Minnesota: Overview, Contacts, Services, Finances, Coverage, Claims, Compliance, Renewal & Cancellations, Reviews

ReliaStar Life Insurance: Your Trusted Partner in Financial Protection and Peace of Mind.

An image illustration of ReliaStar Life Insurance Company
Celebrating Trust and Protection: Discovering Peace of Mind with ReliaStar Life Insurance Company.

ReliaStar Life Insurance Company, a prominent life insurance and annuities provider in the United States, is part of the ING Group, a global financial services company with over 150 years of experience.

In this blog post, we will delve into the company’s:

History, products, services, financial aspects, coverage, claims process, legal compliance, renewals, cancellations, corporate culture, and customer feedback.

Company Details

History and Founding Year:

ReliaStar Life Insurance Company originated in 1885 as Northwestern National Life Insurance Company in Minneapolis, Minnesota.

Over time, it evolved into one of the nation’s largest financial service providers, offering an array of insurance and investment products.

In 2000, ING Group, a Dutch multinational financial services corporation, acquired the company.

Today, ReliaStar operates as a wholly owned subsidiary of ING Group under the ING brand.

CEO and Leadership Team:

The company is led by Rodney O. Martin Jr., who serves as the chairman and CEO of ING Americas, overseeing operations in North America, Latin America, and Asia-Pacific.

With over 40 years of industry experience, he has held various leadership roles at ING and other organizations.

Market Share and Company Size:

ReliaStar holds a market share of approximately 1.5% in the US life insurance industry, as reported by the National Association of Insurance Commissioners (NAIC).

As of December 31, 2020, the company boasts total assets of $21.5 billion and net life insurance in force worth $461 billion.

ReliaStar operates in all 50 states and the District of Columbia and serves as an accredited reinsurer solely in New York.

Company Contacts

Here is essential information about ReliaStar Life Insurance Company:

Phone Number 877-886-5050
Address 20 Washington Avenue South, Minneapolis, MN 55401
Customer Service Contact Customer Service Form
Policy Details Policy Information Form
Email Address customerservice@ing-usa.com
Fax Number 612-372-5339
Operating Hours Monday-Friday, 8:00 AM – 6:00 PM ET

 

Services & Products

The company’s offerings encompass:

  1. Term Life Insurance: This type of life insurance covers a specified period, usually 10 to 30 years. It offers affordable protection and pays out a death benefit to beneficiaries if the insured individual passes away during the term.
  2. Universal Life Insurance: This form of permanent life insurance offers flexible coverage and cash value accumulation. Policyholders can adjust premium payments, death benefits, and cash value to meet their needs.
  3. Variable Universal life insurance: Combining features of universal and variable life insurance, this permanent life insurance allows policyholders to invest the cash value in different subaccounts linked to various investment options, such as stocks, bonds, or money market funds.
  4. Group Life Insurance: Providing coverage to groups affiliated with employers, associations, or organizations, group life insurance offers cost-effective rates and simplified underwriting for members.

ReliaStar also offers specialized packages and bundled services, including:

  • Employee Benefits: A comprehensive package that includes group life insurance, disability income insurance, dental insurance, vision insurance, accident insurance, critical illness insurance, hospital indemnity insurance, and wellness programs for employers seeking competitive and comprehensive benefits for their employees.
  • Retirement Services: Services for individuals and employers planning for retirement goals. Offerings include annuities, mutual funds, IRAs, 401(k) plans, pension plans, and retirement planning tools.

ReliaStar helps people who go or live in other countries, working with big insurance companies around the world to give coverage in more than 50 countries.

Also, the company gives short policies for customers who need coverage for a little time or for a special reason.

Financial Details

Discounts and promotional offers are available to customers who meet specific criteria, including:

  1. Multi-Policy Discount: Offered to customers who purchase multiple policies from ReliaStar, such as life insurance and annuities.
  2. Preferred Risk Discount: Extended to customers with low mortality risk factors, such as non-smokers, healthy individuals, or those with favorable family medical histories.
  3. Loyalty Discount: Available to customers who have maintained a long-term relationship with the company, typically 10 years or more.

The company boasts a high claim payout ratio, with ReliaStar paying out 99.8% of claims received in 2020, surpassing the industry average of 98.9%.

Customers can choose from various payment frequencies:

  • Monthly
  • Quarterly
  • Semi-Annually
  • Annually

Coverage Details

ReliaStar Life Insurance Company offers comprehensive coverage details, including:

  1. Policy Exclusions: Situations or events not covered by the policy, such as suicide, war, fraud, or illegal activities.
  2. Coverage Limits: Maximum amounts payable for death benefits or cash value, depending on the policy type and coverage amount.
  3. Add-Ons or Riders: Additional features or benefits that can be added to the policy for an extra cost, such as accidental death benefits, premium waivers, disability income, or guaranteed insurability.

Claims ReliaStar Life Insurance Company maintains a straightforward and efficient claims process, encompassing the following steps:

  1. Claim Notification: Customers or beneficiaries initiate the process by notifying the company of the insured’s passing or the event triggering a claim. Notification can be made through phone, email, fax, mail, or online.
  2. Claim Form: After telling, customers or people who get money fill out and send a paper with policy, person who died, and person who gets money information. Papers can be got from the company’s website or asked for by different ways of talking.
  3. Required Documents: Supporting documents, such as a death certificate, medical reports, police reports, or autopsy reports, may be requested to substantiate the claim. These documents can be submitted via email, fax, mail, or online.
  4. Claim Approval: The company reviews and either approves or denies the claim, notifying the customer or beneficiary by phone, email, fax, mail, or online. Approved claims are disbursed by check, direct deposit, or wire transfer.

ReliaStar Life Insurance Company maintains an average claim approval timeframe of approximately 10 business days, contingent on claim type and complexity.

Legal & Compliance

ReliaStar Life Insurance Company upholds a rigorous legal and compliance policy, encompassing:

  1. Privacy Policy: Explaining how the company collects, utilizes, shares, and safeguards customer and website visitor personal information.
  2. Terms and Conditions: Governing website and online service usage, including disclaimers, liability limitations, and arbitration clauses.

Renewals & Cancellations

ReliaStar Life Insurance Company offers flexible renewal and cancellation policies:

  1. Policy Renewal Process: The process permits customers to extend policy coverage beyond the initial term or convert to a permanent policy. Renewal procedures vary based on policy type and features, with some policies offering automatic renewal options.
  2. Cancellation Policy and Fees: Customers can stop policies, with costs depending on policy kind and time. Some policies have no costs to stop, while others may ask for money or fees for stopping early.
  3. Grace Periods: Grace periods allow customers to pay overdue premiums without losing coverage. Grace periods typically range from 10 to 31 days, depending on payment frequency.

Company Culture ReliaStar Life Insurance Company has a good and friendly company culture, caring about different people, new ideas, working together, and making customers happy.

Led by its goal, dream, and beliefs:

  • Mission: To help individuals safeguard what matters most and attain their financial objectives.
  • Vision: To be a leading provider of life insurance and retirement solutions that empower individuals to lead better lives.
  • Values: Integrity, excellence, customer focus, teamwork, and social responsibility.

The company helps its workers learn and grow, giving them classes, guides, jobs, and prizes. Also, ReliaStar cares about the people and the planet by helping good things, volunteers, and green things.

Customer Experiences and Reviews

ReliaStar Life Insurance Company has garnered mixed customer feedback.

The company holds an average rating of 3.2 out of 5 stars on Trustpilot, based on 25 reviews.

Customer sentiments range from positive to negative, highlighting both satisfied and dissatisfied experiences.

Here are two representative customer reviews:

  • Positive Review: “I have been with ReliaStar for over 10 years, and I am very happy with their service. They have always been responsive, helpful, and professional. They have paid my claims promptly and without any hassle. They have also offered me competitive rates and flexible options for my life insurance needs. I would recommend them to anyone looking for a reliable and trustworthy life insurance company.”

FAQs

Q: How can I access my policy information online?

A: You can access your policy information online by registering for an online account on the company’s website.

To register, you’ll need your policy number, social security number, and email address.

Once registered, you can view policy details, make payments, update personal information, download forms, and more.

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