Reliance Standard Overview: Annuity Products, Ratings and More
Reliance Standard Life is an annuity company owned by Japanese insurance conglomerate Tokio Marine Group. It offers fixed and fixed index annuities in all 50 states, D.C. and the Virgin Islands.
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Read More- Published: March 21, 2023
- Updated: July 17, 2024
- 5 min read time
- This page features 7 Cited Research Articles
- Financially Reviewed By
- Reliance Standard sells a variety of fixed and fixed index annuities to customers all over the country.
- The company's products come with varying guarantee periods, minimum premiums, and bonuses.
- Although the company has strong financial stability ratings, Reliance Standard scored poorly on customer satisfaction metrics.
Products Offered
Reliance Standard offers two types of annuity products: fixed annuities and fixed index annuities. The company sells a few different products within each type.
Reliance Standard's Fixed Annuities
Reliance Standard sells three fixed annuity products: one traditional fixed annuity and two multi-year guaranteed annuities (MYGAs).
- The Apollo series is Reliance Standard's traditional fixed annuity. The annuity has an annually declared interest rate, a seven-year surrender charge term, and free withdrawals of up to 10% of the premium amount or account value. An Apollo annuity can be purchased with a $5,000 minimum premium and with or without a market value adjustment (MVA) provision. Apollo annuities also have a unique advantage: owners receive a 4% bonus if they annuitize their contract.
- The Eleos series is a MYGA with a five-year guarantee period and 10% penalty-free withdrawals. These annuities can also be purchased with or without an MVA provision, but the minimum premium is $10,000.
- The Reliance Guarantee series of MYGAs offers various guarantee periods: five years, seven years or ten years. Reliance Guarantee annuities have a $20,000 minimum premium and a nursing home waiver that allows owners to access up to 25% of the annuity's value penalty-free each year that the annuitant is confined to a nursing home or hospital.
Reliance Standard's Fixed Index Annuities
Reliance Standard also offers two fixed index annuity products: the Keystone and the Reliance Accumulator.
- Keystone is a fixed index annuity with interest tied to the S&P 500. It has a $10,000 minimum premium and surrender charge periods of five years, seven years or 10 years. Keystone annuity owners can choose from crediting strategies, including point-to-point capped, point-to-point participation rate and monthly average capped.
- Reliance Accumulator also has five-year, seven-year and 10-year surrender charge periods but a $20,000 minimum premium. It offers more customization options, with crediting strategies linked to the S&P 500 or the S&P MARC 5% index. This product also comes with a provision allowing the owner to access the entire annuity value after the first contract year if the annuitant is diagnosed with a terminal illness.
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Reliance Standard Overview
Reliance Standard Life was originally founded in 1907 as Central Standard Life Insurance Company. The company got its name during a 1963 acquisition by Reliance Insurance. In 2012, Reliance’s parent group was acquired by Tokio Marine Group, a global insurance conglomerate and the leasing property and casualty insurer in Japan.
Reliance Standard sells insurance and annuity products in all 50 states, the District of Columbia and the Virgin Islands. The company has over $20 billion in assets under management. In 2023, Reliance Standard sold over $2.3 billion in individual annuities, owning a 0.67% market share in the U.S. according to data from the National Association of Insurance Commissioners (NAIC).
Reliance Standard's Reputation and Financial Standing
Reliance Standard has a strong reputation for financial stability, receiving high ratings from three of the major credit rating agencies. An annuity company’s financial strength rating reflects its overall stability and creditworthiness.
Because annuities are only backed by the guarantees of issuing companies, it’s important to purchase an annuity from a financially sound provider.
| Rating Company | Credit Rating |
|---|---|
| AM Best | A++ (Superior) |
| Moody's | A1 (Good) |
| S&P | A+ (Strong) |
Customer Satisfaction
Reliance Standard has had some issues with customer satisfaction in recent years. In 2023, the company had four complaints from annuity customers reported to state insurance commissioners, according to data gathered by the NAIC.
The NAIC tracks consumer complaints each state’s insurance commission receives each year. These are used to compile a company’s NAIC Complaint Index.
The index score is calculated by dividing the company’s share of complaints in the U.S. market by the company’s share of premiums in the U.S. market. The National Complaint Index is always 1.00, so a score of 2.00, for example, is twice as high as expected in the market.
| All Policy Types | 0.13 |
| Individual Annuities Only | 1.06 |
These numbers indicate that Reliance Standard received a higher-than-average number of complaints regarding individual annuities but significantly fewer complaints than the insurance industry average.
Reliance Standard did not appear in the 2023 J.D. Power Annuity Customer Satisfaction Study, which scored annuity companies on a 1,000-point scale of overall customer satisfaction.
Pros and Cons of Reliance Standard
Like any other annuity company, Reliance Standard has pros and cons. Before purchasing an annuity from any provider, consider the company’s and products’ benefits and drawbacks.
- Apollo Annuitization bonus: Reliance Standard's Apollo fixed annuity offers a 4% bonus to owners who annuitize their contract.
- Variety of fixed and fixed index options: Reliance Standard offers multiple fixed and fixed index annuity products, each with different features and benefits.
- Wide availability: Reliance Standard's annuities are available in all 50 states, D.C. and the Virgin Islands.
- No variable or immediate annuities: Reliance Standard doesn't offer any variable or immediate annuity contracts
- High minimum premiums on some products: A few of Reliance Standard's annuities have a minimum premium of $20,000.
- Poor customer satisfaction score: Reliance Standard has received a higher-than-average number of complaints to state insurance commissions.
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7 Cited Research Articles
- Reliance Standard Life. (2023, December 31). About Reliance Standard Life. Retrieved from https://www.reliancestandardlife.com/about-us
- Reliance Standard Life. (n.d.). Apollo Annuities. Retrieved from https://www.reliancestandardlife.com/product/traditional-fixed-annuity/apollo
- Reliance Standard Life. (n.d.). Eleos Annuities. Retrieved from https://www.reliancestandardlife.com/product/traditional-fixed-annuity/eleos
- Reliance Standard Life. (n.d.). Keystone Annuities. Retrieved from https://www.reliancestandardlife.com/product/fixed-index-annuity/keystone
- Reliance Standard Life. (n.d.). Reliance Accumulator Annuities. Retrieved from https://www.reliancestandardlife.com/product/fixed-index-annuity/reliance-accumulator
- Reliance Standard Life. (n.d.). Reliance Guarantee Annuities. Retrieved from https://www.reliancestandardlife.com/product/traditional-fixed-annuity/reliance-guarantee
- NAIC. (n.d.). Consumer Insurance Search Results. Retrieved from https://content.naic.org/cis_consumer_information.htm
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