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Tokio Marine, the parent company, is Japan’s oldest and largest property and casualty insurer. It holds many American companies, including Matrix Absence Management and Safety National Casualty Corporation.
Reliance Standard is headquartered in Philadelphia, PA and offers life insurance, long-term disability and extended medical benefits. Policies are sold through group agencies around the country, with many plans being sold to employers to distribute among their workers.
As with most other Reliance Standard policies, life insurance is offered on a group basis and brokered primarily to employers. Reliance Standard offers a group term life and accidental death or dismemberment policy for employees. This is available for groups of 10 or more people and can extend to retirees.
Additionally, Reliance Standard sells “business travel accident” insurance, specifically designed as life insurance for employees who travel. Aside from death benefits, this policy offers insurance for total disability, including weekly income replacement.
Reliance Standard does not sell individual life insurance products.
Aside from life insurance and travel accident insurance, Reliance Standard sells several group policies:
- Long and short term disability insurance, providing alternative income to insured individuals who become disabled due to an injury or illness.
- Group dental and vision benefits to work alongside an existing major medical policy.
- Critical illness insurance to work alongside major medical coverage, providing additional assistance for the expenses that arise during a serious illness.
In addition to the above, Reliance Standard also offers Identity Theft Solutions and Travel Assistance.
Companies and human resources departments interested in Reliance Standard’s pricing should consult a licensed agent for an individualized quote. Since they do not offer individual policies, there are no tools for online or over the phone quotes.
Because Reliance Standard policies are sold as group benefits, individual claims should be handled through the employer’s HR department.
The Reliance Standard website does have a “Customer Care“ center that includes the necessary forms and contact information for logged-in members. Alternatively, you can call their customer care center between 8am and 7pm ET, Monday through Friday, at 800-351-7500.
Reliance Standard is not accredited with the Better Business Bureau, however the site gives the company a B- rating. The BBB states the reason for the poor rating is due to the company failing to respond to one complaint. There is only one complaint listed on the BBB in the last three years, it has not been closed.
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Reliance Standard is a branch of Tokio Marine Group that focuses on group life insurance policies for businesses. Individuals looking to buy coverage on their own will want to look elsewhere, since these types of policies are unavailable.
Business owners and HR professionals looking for group policies may want to check out Reliance Standard. While nothing jumps off the page as overly great, they appear to be a fairly middle-of-the-road group life insurance policy provider.
For a list of companies that we recommend, visit our Best Insurance Companies page.