The Standard Life Insurance Company sits quietly among America’s insurance landscape, carrying 160 years of history while competing against marketing giants that dominate television commercials and online advertisements. When families research life insurance options, The Standard rarely appears in the first wave of Google results, yet this Portland-based insurer manages billions in assets and serves hundreds of thousands of policyholders who discovered them through employer benefits or broker recommendations.
The challenge many consumers face isn’t just choosing between well-known carriers – it’s determining whether a company like The Standard, with its strong financial foundation but lower public profile, can provide the coverage reliability your family needs. Our comprehensive analysis reveals both the compelling strengths and notable limitations of The Standard’s life insurance offerings, helping you understand whether their approach aligns with your protection goals and budget requirements.
What Is The Standard Life Insurance Company?
Key insight: The Standard Life Insurance Company represents one of America’s oldest continuously operating life insurers, founded in 1906 and headquartered in Portland, Oregon. The company operates as a mutual insurer, meaning policyholders technically own the company rather than external shareholders.
The Standard focuses primarily on group insurance benefits through employers, with individual life insurance representing a smaller portion of their overall business model. This employer-centric approach has shaped their product development and customer service infrastructure over the past century.
Bottom Line
The Standard operates as a mutual life insurance company with deep roots in employee benefits, offering individual coverage in addition to its primary group insurance focus.
Unlike household names that invest heavily in consumer marketing, The Standard built their reputation through relationships with employers and benefits administrators. This B2B focus means individual consumers often encounter The Standard through workplace benefits rather than direct marketing campaigns.
“The Standard’s mutual structure creates an interesting dynamic where policyholders have ownership rights, but this structure also means less pressure for quarterly earnings growth that affects publicly traded insurers.”
– IBUSA Management Team
How Financially Strong Is The Standard?
Key insight: The Standard maintains solid financial strength ratings across major rating agencies, though not at the highest levels achieved by industry leaders like Northwestern Mutual or New York Life.
The Standard Financial Strength Ratings
| Rating Agency | Current Rating | Outlook |
|---|---|---|
| A.M. Best | A+ (Superior) | Stable |
| Moody’s | A1 | Stable |
| Standard & Poor’s | A+ | Stable |
| Fitch | A+ | Stable |
The Standard’s financial metrics demonstrate consistent performance with total assets exceeding $30 billion and a diversified investment portfolio. Their mutual structure provides stability during market volatility, as they’re not subject to shareholder pressure for short-term profits.
Key Financial Takeaways
- Consistent A+ ratings across major agencies indicate strong claims-paying ability
- Mutual structure provides policyholder ownership and long-term stability
- Diversified business model reduces dependence on any single market segment
- A conservative investment approach maintains steady financial performance
While The Standard’s financial strength ratings place them in the “strong” category, they haven’t achieved the AAA or A++ ratings reserved for industry titans. For most consumers, their current ratings provide sufficient assurance of claims-paying ability over typical policy terms.
What Coverage Options Does The Standard Offer?
Key insight: The Standard’s individual life insurance portfolio focuses on traditional products with straightforward features, reflecting their conservative approach to coverage design and risk management.
Term Life Insurance
The Standard offers term life insurance with coverage periods of 10, 20, and 30 years. Their term products include level premiums during the initial period, with conversion options to permanent coverage without additional medical underwriting.
Coverage amounts range from $100,000 to $5 million, depending on age and underwriting requirements. The Standard’s term policies include standard features like accelerated death benefits for terminal illness and waiver of premium riders for disability.
Bottom Line
The Standard’s term life insurance provides competitive rates for healthy applicants, though their underwriting guidelines may be stricter than some competitors.
Whole Life Insurance
The Standard’s whole life products follow traditional designs with guaranteed death benefits, cash value accumulation, and fixed premium payments. Their whole life policies participate in company dividends, providing potential for additional cash value growth beyond guaranteed amounts.
Policy features include paid-up additions, reduced paid-up insurance options, and policy loans against accumulated cash value. The Standard’s dividend history shows consistent performance, though not at the levels achieved by mutual insurance leaders.
Universal Life Insurance
The Standard offers both traditional universal life and indexed universal life products. Their universal life policies provide flexible premium payments and adjustable death benefits, while indexed products link cash value growth to stock market index performance with downside protection.
“When evaluating The Standard’s universal life products, consider their conservative crediting rate approach, which may limit upside potential but provides more predictable performance than aggressive competitors.”
– Insurance Brokers USA Team Strategy
Their indexed universal life products offer participation in market gains up to specified caps, typically ranging from 8% to 12% annually, with guaranteed minimum crediting rates to protect against market downturns.
What Are The Standard’s Advantages and Disadvantages?
Key insight: The Standard’s strengths align with consumers seeking stability and straightforward coverage, while their limitations may frustrate those wanting cutting-edge features or highly competitive pricing.
Advantages of The Standard Life Insurance
- Financial stability: A+ ratings across major agencies provide confidence in long-term claims-paying ability
- Mutual structure: Policyholder ownership creates alignment between company and customer interests
- Simplified products: Straightforward policy designs reduce confusion and unexpected limitations
- Conservative management: Risk-averse approach provides predictable performance during market volatility
- Employer relationships: Strong group insurance presence may provide workplace coverage continuity
Bottom Line
The Standard excels in providing stable, predictable coverage for consumers who prioritize financial strength over cutting-edge features or aggressive pricing.
Disadvantages of The Standard Life Insurance
- Limited innovation: Product features often lag behind industry leaders in development and enhancement
- Pricing competitiveness: Rates may exceed more aggressive competitors, particularly for preferred health classes
- Underwriting strictness: A Conservative approach may result in higher rates or coverage denials for some applicants
- Distribution limitations: Fewer agents and online resources compared to major consumer-focused carriers
- Customer service accessibility: Business-focused infrastructure may not provide optimal individual customer experience
Decision Factors
- Choose The Standard if financial stability and predictable performance outweigh pricing considerations
- Consider alternatives if you need innovative features, highly competitive rates, or extensive customer support
- Evaluate alongside 3-4 other carriers to ensure optimal coverage and pricing for your situation
Who Should Consider The Standard Life Insurance?
Key insight: The Standard serves specific consumer segments effectively, particularly those who value financial stability and straightforward coverage over innovative features or aggressive pricing.
Ideal Candidates for The Standard
- Conservative investors: Individuals who prioritize financial stability and predictable performance over maximum return potential will appreciate The Standard’s risk-averse approach to product management and investment strategies.
- Employer benefit participants: Employees who currently have group coverage through The Standard may find value in supplementing workplace benefits with individual policies from the same carrier, creating potential administrative efficiencies.
- Traditional coverage seekers: Consumers who prefer straightforward policy designs without complex riders or features that may create confusion during claims processing or policy management.
“The Standard works best for individuals who view life insurance as a long-term financial foundation rather than an investment optimization tool.”
– Insurance Brokers USA Team Analysis
Who Should Look Elsewhere
- Price-sensitive shoppers: Consumers primarily focused on obtaining the lowest possible premiums may find better rates with more competitively priced carriers, particularly in the term life insurance market.
- High-net-worth individuals: Wealthy clients seeking sophisticated estate planning tools and advanced policy features may find The Standard’s offerings too basic for complex financial strategies.
- Health-challenged applicants: Individuals with medical conditions or lifestyle factors may encounter more favorable underwriting with carriers specializing in substandard risk acceptance.
Bottom Line
The Standard serves middle-market consumers seeking reliable coverage from a financially stable carrier, though specialized needs may be better served elsewhere.
Before committing to The Standard, consider comparing their offerings with carriers like Northwestern Mutual, New York Life, or more competitive term providers to ensure optimal coverage alignment with your specific protection goals and budget constraints.
How Does The Standard’s Application Process Work?
Key insight: The Standard follows traditional underwriting procedures with emphasis on medical history verification and financial documentation, reflecting their conservative risk assessment approach.
Initial Application Steps
The Standard’s application process begins with completion of their standard life insurance application, which covers personal information, medical history, financial details, and coverage preferences. Applications can be submitted through licensed agents or online platforms, depending on policy type and coverage amount.
For coverage amounts exceeding $250,000, The Standard typically requires medical examinations, including blood work, urine testing, and basic health measurements. Higher coverage amounts may necessitate additional testing, such as EKGs, stress tests, or specialized medical reports.
The Standard Underwriting Requirements
| Coverage Amount | Medical Requirements | Financial Documentation |
|---|---|---|
| $50,000 – $250,000 | Application questions only | Income verification |
| $250,001 – $1,000,000 | Medical exam, blood/urine tests | Tax returns, financial statements |
| $1,000,001+ | Comprehensive medical, specialized tests | Detailed financial review, CPA verification |
Underwriting Timeline and Decision Process
The Standard’s underwriting timeline typically ranges from 4-8 weeks for standard applications, with simplified issue products potentially approving within 1-2 weeks for qualified applicants. Complex cases involving medical conditions or high coverage amounts may extend beyond standard timeframes.
Their underwriting team reviews applications using traditional actuarial models, with limited use of accelerated underwriting technologies that other carriers employ for faster approvals. This conservative approach may result in longer processing times but often produces more accurate risk assessments.
Application Success Tips
- Complete all application sections thoroughly to avoid processing delays
- Schedule medical exams promptly to maintain application momentum
- Organize financial documentation in advance for coverage amounts exceeding $250,000
- Work with experienced agents familiar with The Standard’s underwriting preferences
During the underwriting process, The Standard may request additional information through Attending Physician Statements (APS) from your doctors or clarification on financial details. Responding promptly to these requests helps maintain processing timelines and demonstrates cooperation with their review process.
For Maximum Financial Strength
If financial stability represents your primary concern, Northwestern Mutual and New York Life maintain AAA ratings and larger asset bases than The Standard. These mutual giants offer enhanced dividend performance and broader product portfolios, though typically at higher premium costs.
MassMutual provides another high-rated alternative with innovative product features and strong digital customer service platforms that exceed The Standard’s technology offerings.
For Competitive Pricing
Price-conscious consumers may find better value with carriers like Haven Life, Ladder, or Bestow for term life insurance. These digital-first companies offer streamlined applications and competitive rates, particularly for younger, healthy applicants.
For permanent coverage, consider exploring options with top-rated life insurance companies that balance competitive pricing with strong financial ratings and comprehensive product features.
“Rather than settling for The Standard’s conservative approach, consider obtaining quotes from 3-4 carriers to identify optimal coverage combinations that may provide better value or features.”
– Insurance Brokers USA Team Strategy
For Specialized Needs
- Health challenges: Carriers like AIG, Prudential, or John Hancock may offer more favorable underwriting for applicants with medical conditions or lifestyle factors that concern traditional insurers.
- No medical exam coverage: If you prefer avoiding medical examinations, explore no exam life insurance options from carriers specializing in simplified underwriting processes.
- Senior coverage: Older applicants may find better options with carriers offering guaranteed acceptance or final expense insurance products designed specifically for mature market segments.
Bottom Line
While The Standard provides solid coverage, exploring alternatives often reveals better pricing, features, or service that more closely align with your specific protection needs.
Before making final decisions, contact experienced brokers who can compare multiple carriers simultaneously, ensuring you receive a comprehensive coverage analysis rather than limiting your options to a single company’s offerings.
Frequently Asked Questions
Is The Standard Life Insurance Company financially stable?
Yes, The Standard maintains strong financial stability. The company holds A+ ratings from major agencies including A.M. Best, Standard & Poor’s, and Fitch, with A1 rating from Moody’s. These ratings indicate superior ability to meet policyholder obligations, though they fall short of the highest AAA ratings achieved by industry leaders.
The Standard’s mutual structure and conservative investment approach provide additional stability factors that protect policyholder interests during economic volatility.
How competitive are The Standard’s life insurance rates?
The Standard’s rates typically fall in the middle range of the market. Their conservative underwriting approach and mutual structure often result in premiums that exceed the most competitive carriers, particularly for term life insurance and younger applicants.
However, their rates may prove competitive for certain risk profiles or older applicants, where their conservative approach provides advantages over more aggressive pricing models that include higher future rate increase potential.
What types of life insurance does The Standard offer?
The Standard offers term, whole, and universal life insurance products. Their portfolio includes 10, 20, and 30-year term policies, traditional whole life with dividend participation, and both fixed and indexed universal life options.
Coverage amounts range from $100,000 to $5 million, depending on underwriting requirements and policy type. Their products focus on traditional designs rather than innovative features or specialized riders.
How long does The Standard’s application process take?
Standard applications typically require 4-8 weeks for completion. Simplified issue products may approve within 1-2 weeks for qualified applicants, while complex cases involving medical conditions or high coverage amounts often extend beyond standard timeframes.
The Standard uses traditional underwriting methods rather than accelerated approval technologies, which may result in longer processing times but often produces more thorough risk assessment.
Can I convert The Standard’s term life insurance to permanent coverage?
Yes, The Standard’s term policies include conversion options. Most term policies allow conversion to whole or universal life insurance without additional medical underwriting, typically within the first 10-15 years of the policy term or until a specified age.
Conversion options provide flexibility for changing coverage needs, though the permanent policy rates will reflect your age at conversion rather than original issue age.
Does The Standard offer no medical exam life insurance?
The Standard offers limited no-exam options for smaller coverage amounts. Simplified issue products may be available for coverage up to $250,000, depending on age and health questionnaire responses.
For applicants seeking comprehensive no-exam coverage options, other carriers may provide more extensive simplified underwriting programs with higher coverage limits and more flexible health requirements.
Should I choose The Standard over other highly-rated insurance companies?
The Standard works well for specific situations but may not be optimal for all consumers. Consider The Standard if you prioritize financial stability and traditional coverage designs over cutting-edge features or highly competitive pricing.
However, comparing options with top-rated life insurance companies often reveals better value propositions, particularly for term coverage or specialized needs like coverage with pre-existing medical conditions.
I received a letter from American Life insurance asking for information from my doctors and my social security number along with funeral home information I need to know if I can get a refund from standard Life insurance
Larry,
Upon first glance, it doesn’t appear like you applied for life insurance using our services here at InsuranceBrokersUSA (we could be mistaken though), which is why we would recommend that you contact the life insurance agent that you are working directly with.
That said however, we can tell you that typically when applying for life insurance, the cost associated with obtaining those records is usually covered by the insurance company you are applying with. Unfortuantely though because we are not familiar with the specifics of your situation, we wouldn’t want to say those costs will be covered for you in your situation without knowing more.
Thanks,
InsuranceBrokersUSA.