Standard Insurance Company, Oregon: Overview, Contacts, Finances, Claims, Coverage & Reviews

Guardians of Your Financial Security: Standard Insurance Company.

If you seek a dependable insurance company in Oregon, consider the Standard Insurance Company.

This firm, also known as The Standard, stands as one of the oldest and largest insurance providers in the US.

They offer various products and services to individuals, families, businesses, and organizations.

In this post, we will examine key aspects of Standard Insurance Company Oregon, including its history, products, finances, coverage, claims, and customer feedback.

We’ll also share contact information and details on how to renew or cancel your policy.

Company Overview

Standard Insurance Company was founded in 1906 by Leo Samuel, a German immigrant who aimed to assist people in overcoming challenges and attaining financial well-being.

It began as the Oregon Life Insurance Company and later changed its name to Standard Insurance Company in 1946.

Today, it operates as a subsidiary of StanCorp Financial Group, which was acquired by Meiji Yasuda, a Japanese mutual insurance group, in 2016.

Headquartered in Portland, Oregon, the company owns two buildings: The Standard Insurance Center and the Standard Plaza.

With over 3,400 employees, it serves more than 8.5 million customers across 49 states and Washington, DC.

The company has maintained an “A” rating or higher from A.M. Best Company since 1928, indicating its financial strength and ability to meet obligations.

CEO and Leadership Team:

The company is led by J. Gregory Ness, the executive chair of the board.

Other members of the leadership team include Dan McMillan (vice chair), Scott Hibbs (president and CEO), Rob Erickson (senior vice president and CFO), Kerry Goff (senior vice president and CIO).

Bob Grannum (senior vice president and CHRO), Sandy McCarthy (senior vice president of employee benefits), Patrick Criteser (senior vice president of retirement plans).

Scott Rabinowitz (senior vice president of individual disability insurance).

According to its website, the company’s mission is “to help people achieve financial well-being and peace of mind.

The company is also committed to social responsibility, supporting various causes that aid people with disabilities, provide relief during transitions to independent living, and promote education and health.

Company Contacts

Here’s a summary of some essential details about Standard Insurance Company Oregon:

Phone Number	(800) 247-6888
Address	1100 SW Sixth Avenue Portland OR 97204
Customer Service	Contact Us
Policy Details	Products & Services
Email Address	Email Us
Fax Number	(971) 321-7000
Operating Hours	Monday-Friday: 6 a.m. – 5 p.m. PT

 

Services & Products

Some of the types of insurance provided include:

• Life and AD&D: Offers financial protection in case of death or accidental dismemberment, with options such as term life, whole life, universal life, or group life insurance.
• Short Term Disability: Provides income replacement for a short period due to non-work-related illness or injury, with customizable benefit amounts, elimination periods, and duration periods.
• Long Term Disability: Offers income replacement for a longer period due to non-work-related illness or injury, with flexible benefit amounts, elimination periods, duration periods, and optional features.
• Guaranteed Standard Issue: Provides individual disability insurance coverage without medical underwriting for eligible employees in their employer’s group long term disability plan.
• Individual Disability Insurance: Offers income replacement for self-employed individuals or professionals not covered by a group disability plan.
• Dental: Covers preventive, basic, and major dental services, with options for plan designs, deductibles, coinsurance, and annual maximums.
• Vision: Provides coverage for eye exams, glasses, contacts, and other vision-related services, with choices in plan designs, copays, allowances, and frequency limits.
• Accident: Gives lump-sum cash benefits for covered accidents like fractures, burns, and concussions, with flexibility in benefit amounts, coverage levels, and optional features.
• Critical Illness: Provides lump-sum cash benefits for covered critical illnesses such as heart attack, stroke, and cancer, with various benefit amounts, coverage levels, and optional features.
• Hospital Indemnity: Offers daily cash benefits for hospital stays due to covered illnesses or injuries, with choices in benefit amounts, coverage levels, and optional features.

In addition to these insurance products, Standard Insurance Company Oregon provides retirement plans and services for employers and employees, including:

401(k), 403(b), 457(b), profit sharing, money purchase, defined benefit, and nonqualified deferred compensation plans.

For customers who travel or work abroad, Standard Insurance Company Oregon offers international coverage through a partnership with GeoBlue, a global health insurance solutions provider.

This coverage includes access to quality health care providers, emergency medical evacuation, repatriation of remains, trip interruption, and lost baggage services.

The company also provides temporary or short-term policies for customers with limited coverage needs.

Options include short-term medical insurance and short-term life insurance.

Financial Details

Standard Insurance Company Oregon aims to offer affordable and competitive premium costs to its customers.

Premiums vary based on factors like the type of insurance product, coverage amount, plan design, age, health status, occupation, and location.

Customers can choose from various payment options, including monthly, quarterly, semi-annually, or annually.

Payment methods accepted include check, credit card, debit card, electronic funds transfer (EFT), or payroll deduction.

The company also provides discounts and promotional offers to help customers save money and maximize the value of their policies.

Available discounts and offers include:

• Multi-policy discount for customers with more than one policy with the company.
• Multi-life discount for customers with multiple individuals covered under the same policy.
• Wellness discount for customers participating in wellness programs or activities.
• Loyalty discount for customers who renew their policies for a specified number of years.
• Referral bonus for customers who refer friends or family members to the company, resulting in policy purchases.

Standard Insurance Company Oregon maintains a high claim payout ratio, demonstrating efficiency and reliability in settling claims.

According to their website, the company paid over $2 billion in claims in 2019.

The company’s claim process is fast and straightforward, as we’ll explore in the next section.

Claims

Standard Insurance Company Oregon provides a fast and convenient claim process for customers who experience a covered loss or event.

While the process may vary based on the type of insurance product, it generally involves the following steps:

1. Notify the Company: The customer or beneficiary should contact the company promptly to report the claim and receive the necessary forms and instructions. Communication channels include phone, email, fax, mail, or online.
2. Submit the Claim: The customer or beneficiary must complete and sign the claim form and attach any required documents, such as proof of loss, medical records, death certificates, etc. Claim submission options include mail, fax, or online.
3. Receive the Decision: The company reviews the claim to determine eligibility and coverage. They notify the customer or beneficiary of the decision via mail, email, or phone. Any denial or adjustment reasons are also explained.
4. Get Paid: If the claim is approved, the company pays the benefit amount to the customer or beneficiary as per the policy terms and conditions. Payment methods include check, direct deposit, or wire transfer, depending on the customer’s preference.

The specific documents required for claims may vary depending on the insurance product but often include:

• Claim form providing information about the customer, policy, and the loss or event.
• Proof of loss, which offers evidence of the event triggering the claim, like police reports or medical records.
• Medical records documenting the customer’s medical condition and treatment.
• Death certificate detailing the date, time, place, and cause of death.
• Other documents as requested by the company to verify or support the claim, like income statements or tax returns.

Claim approval times can vary based on the insurance product, generally ranging from a few days to a few weeks.

Legal & Compliance

Standard Insurance Company Oregon complies with all applicable laws and regulations related to its insurance products and services.

The company values and safeguards its customers’ privacy and personal information.

Some legal and compliance aspects customers should be aware of include:

• Privacy Policy: This policy explains how the company collects, uses, shares, and safeguards customers’ personal information, like name, address, email, phone number, social security number.
• Terms and Conditions: These are the terms and conditions governing the relationship between the company and its customers concerning the use of the company’s website, products, services, etc.

These terms outline the rights and responsibilities of both parties, limitations of liability, and the dispute resolution process.

Renewals & Cancellations

Standard Insurance Company Oregon allows customers to renew or cancel their policies as per their needs and preferences.

The renewal and cancellation processes can vary based on the insurance product but typically involve the following steps:

• Policy Renewal Process:This process lets customers keep their protection for more time after their current policy ends.Renewal may mean paying more money, changing their personal details, or showing new proof that they can be protected, depending on the plan.The company tells customers how to renew and what to do before the policy end date.

• Cancellation Policy and Fees:The policy lets customers stop their protection before the policy end date.Stopping may mean paying money, writing a letter, or losing any money they paid too much, depending on the plan.The company gives back any money they didn’t use to customers after taking out any money they need.

• Grace Periods: These are periods that allow customers to pay overdue premiums without losing their coverage.

Grace periods vary depending on the insurance product, typically ranging from 10 to 31 days.

The company sends reminders to customers who miss premium payments before canceling their policies.

Company Culture

Standard Insurance Company Oregon makes a good and helpful company culture that cares about workers, customers, and places.

The company works hard, does the right thing, welcomes different people, includes everyone, and tries new things.

Employees are encouraged to grow, learn, and develop their skills and careers. Some aspects of the company culture include:

• Employee Benefits: The company offers a comprehensive and competitive employee benefits package, encompassing health, dental, vision, life, disability, retirement, and wellness benefits.

They also provide flexible work arrangements, paid time off, tuition reimbursement, employee assistance programs, and recognition programs.

• Corporate Social Responsibility:The company cares a lot about doing good things for the world, helping people who:Have trouble doing things, need help when their life changes, want to learn and be healthy, and love the earth.The company gives money and stuff to good groups and tells its workers to join in and do good things in their places.

Customer Experiences

Standard Insurance Company Oregon boasts high customer satisfaction and loyalty rates, reflecting the quality of its products and services.

The company maintains a responsive and friendly customer service team ready to assist with questions or issues.

Customer reviews and ratings reveal positive experiences with the company:

• John D., Portland, OR: “I have been a customer of Standard Insurance Company for over 10 years, and I am very happy with their service.

They have always been prompting, courteous, and professional in handling my claims and requests.

They have also been very flexible and accommodating in adjusting my coverage and premium according to my needs.

I would highly recommend them to anyone looking for a reliable and reputable insurance company.”

FAQs

Here are some frequently asked questions about Standard Insurance Company Oregon:

Q: How can I get a quote or apply for a policy from Standard Insurance Company Oregon?

A: You can get a quote or apply for a policy from Standard Insurance Company Oregon by visiting their website, calling their toll-free number, emailing them, or contacting an agent near you.

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