The Standard Disability Insurance Review 2023

The Standard Disability Insurance Review 2023

The Standard logo

The Standard Insurance Company

The Standard Insurance Company was founded by Leo Samuel in 1906 as the Oregon Life Insurance Company, and its name was later changed to The Standard Insurance Company in 1946. Today, it remains headquartered in Portland, Oregon. The Standard Insurance Company’s president and chief executive officer is Dan McMillan.

As of Feb 28th, 2023, The Standard has high ratings and rankings from all of the top financial analysts, which include:

Standard & Poor’sA+(Strong)5th of 20 ratings
Moody’sA1(Good)5th of 21 ratings
A.M. Best*A(Excellent)3rd of 13 ratings
Source: Our Financial Strength and Resiliency,

What is The Standard’s disability insurance policy?

The Standard insurance company provides a range of group disability insurance products, such as group long-term disability insurance and short-term disability insurance, that employers can give to their employees.

You might be covered by group long-term disability insurance or group short-term disability insurance. What’s the difference between group disability insurance?

If you become disabled during your own occupation and are unable to work for a short while due to your health condition, short-term disability can help with the expenditures.

If you become disabled while performing your own occupation and are unable to work for an extended period of time due to your health condition, long-term disability can assist in covering your bills.

Short-Term Disability Insurance from The Standard

Short-term disability insurance has monthly benefits of three to six months. However, some providers give a benefit period for up to a year. This type of disability insurance is designed to protect you in case of a temporary disability that interferes with your ability to work for a short period of time.

A surgeon who broke his wrist and required 12 weeks off work to recover, for instance, would receive benefits from a short-term disability.

When a sickness or injury keeps you from working for a while, short-term disability insurance can help with your financial needs.

You may need Short-Term Disability Insurance if you have:

  • Pregnancy
  • Digestive disorders
  • Joint problems
  • Fractures, sprains, and strained muscles

Long-Term Disability Insurance from The Standard

Long-term disability insurance, also known as Total Disability, can help you pay your bills if a serious injury or sickness stops you from working for a lengthy period of time. Long-term disability benefit periods might extend for 2, 5, or 10 years, depending on the policy you purchase. Or for as long as it takes the policyholder to reach age 65.

For instance, long-term disability or total disability insurance may provide disability benefits until the policyholder is healed or has reached retirement age if a person has cancer and cannot work for several years.

Long-Term Disability Insurance may be required if you have the following:

  • Cancer
  • Arthritis
  • Back pain
  • Heart attack or stroke
  • Mental health issues

Available Riders

The Standard insurance company offers insurance riders, commonly referred to as endorsements, that you can add to your policy, much like other life insurance companies. While some are common across all policies, others will raise your premiums. The standard riders allow you to modify or improve your coverage.

The Standard offers the following riders: 

Accelerated Benefits

With the accelerated benefits rider, eligible employees diagnosed with a terminal illness can receive up to 75% of their disability benefit, up to a maximum of $500,000.

Accidental Death and Dismemberment

As a policyholder, if you add an accidental death and dismemberment rider to your disability insurance policy, you will be entitled to additional compensation if you pass away unexpectedly in an accident. You can also be qualified for the disability benefit if an accident results in the loss of a limb or your vision.

Dependent Coverage 

The Standard allows employees to get coverage for their spouse or children at the group coverage rate, unlike other life insurance companies. 

Waiver of Premium

If an employee becomes permanently disabled, their coverage can remain in effect, and their premiums will be waived if the waiver of premium rider is added to their policy. 

How The Standard Long-Term Disability Denials Work

The Standard may reject your disability claim for a variety of reasons. Your disability claim can be denied if you lack documentary evidence or your medical records are insufficient. It could be dangerous for your disability claim if The Standard sends representatives to visit your home to conduct an interview with you or sends you for additional evaluations by their own doctors.

While filling disability claim, note that the following may cause your denial:

  • Missed deadlines
  • Insufficient evidence
  • The Standard uses their own experts to evaluate you
  • Video and social media surveillance
  • Changes in your definition of disability

Complaints About The Standard Disability Insurance

An insurance company’s performance is compared to other companies in the market using the complaint index. The National Complaint Index always has a value of 1.00. This indicates that a particular insurance company has more complaints than the market would expect if its complaint index was higher than 1.00.

The Standard has received fewer complaints than might be expected for an insurance company of its size and market share. The National Association of Insurance Commissioners (NAIC) publishes complaint ratios that illustrate how many consumer complaints are made in relation to the size of the insurance company.

The Standard’s complaint ratio for its group life insurance segment in 2021 was 0.32, which was significantly lower than the industry average of 1.0.

Third-Party Ratings of The Standard Disability Insurance

A financial strength rating (FSR) expresses an opinion regarding the viability and financial stability of an insurance company. In other words, it’s a review of the insurance company’s financial situation and an evaluation of its capacity to meet claims and settle debts.

AM Best, a credit rating agency that evaluates insurance companies, provides financial strength ratings to companies. The Standard’s A (Excellent) rating was confirmed by AM Best in 2021 in recognition of the company’s solid operating performance and business profile.

The Standard was not included in the 2020 J.D. because it solely provides group life insurance plans. Power U.S. Individual Life Insurance Study The survey looked at 21 leading insurance companies and ranked them according to the plans they offered, the price, and the customer service they provided.

How do Disability Insurance Claims work?

You can decide the steps you need to take to appeal your case once you understand why your long-term disability claim was rejected. You’ll probably want to gather stronger or new types of evidence and address any weak areas in your disability claim. During the appeals process, it’s extra important to get the appropriate evidence on the record.

Always verify the following before filing a claim:

  • Make sure your evidence is up to date
  • Acquiring additional medical evidence
  • Obtaining vocational evidence
  • Getting a report from your treating physician
  • Statements from personal acquaintances

Common Questions About The Standard Disability Insurance

Is getting disability insurance worth it?

In a scenario where you are injured and unable to work as a result of an accident or sickness, disability insurance will pay part of your salary. Disability insurance helps in paying for expenses such as food, a mortgage, education, and other utilities.

What kind of company is The Standard?

The Standard is an insurance company that sells group life insurance products along with accidental death and dismemberment plans. The Standard does not offer individual life insurance, unlike other providers. Thus you can only get insurance from it if you work for a participating employer.

What is disability insurance coverage?

Disability insurance coverage offers financial support in the event that a policyholder develops a disability that prevents them from working or earning an income.

A disability insurance policy promises to pay out a portion of your earnings in the case of a disabling condition in return for regular premium payments. “It replaces some of your income if you’re too ill or injured to work.”

What is the difference between temporary and permanent disability insurance?

Some states mandate temporary disability insurance, which your employer offers for relatively short periods of disability. While permanent disability insurance covers a person’s living costs in the event that they become permanently disabled as a result of a sickness or injuries sustained in an accident and are unable to support themselves.

What is a common age to get disability insurance?

Age is not a factor when applying for a disability insurance policy. However, you should be aware that applicants over 65 must abide by a few additional requirements. A thorough assessment of your medical records is necessary if you are over 65 in order to identify any potential age-specific deficits caused by aging.

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