The Standard at a Glance: Rates, Products, and Reviews

There are many annuity companies available today, but The Standard remains one of the most familiar. Originally the Oregon Life Insurance Company, The Standard specializes in fixed, index and immediate annuities for your retirement planning. Terms are flexible, and multiple payment options allow you to find the best annuity product that is right for you. If you are considering an annuity from The Standard for your retirement, consider reading on.

The Standard Insurance Company was originally founded as Oregon Life Insurance Company by German immigrant Leo Samuel in 2006. It is one of the first insurance companies to offer a waiver of premium for disabled policyholders. It became a mutual company in 1929 and began selling annuities in 1939, with 401(k) plans coming in 1982. In 1946, Oregon Mutual changed its name to Standard Insurance Company to appeal to a new base in Western states.

In 2016, The Standard merged with Meiji Yasuda Life Insurance Company of Japan. 2022 saw another new addition with The Standard Life Insurance Company of New York, specifically designed to serve New York residents.

The Standard remains a standout among annuity providers for its strong commitment to community. In honor of its 100th anniversary, The Standard launched its community philanthropic endeavor, The Standard Charitable Foundation, in 2016. In 2023, the Standard supported 2,562 nonprofit organizations and schools with $7.1 million in total donations. Through its foundation, it awarded $215,000 in grants to five nonprofits.

The Standard offers three fixed annuities, two index annuities and two immediate annuities.

The Focused Growth Annuity is a single-premium, deferred annuity featuring a market-value adjustment option. You can select a term of three, five, seven or ten years, with issue ages ranging from 80 to 93, depending on the chosen term. The initial premium requirement is between $15,000 and $1 million, and you can make additional premiums within the first 90 days.

The Multi-Choice Annuity is another single-premium, deferred annuity that provides excellent flexibility with four different withdrawal options. It offers rate guarantees for three, five or seven years, with an initial premium of $15,000 to $1 million and additional premiums accepted during the first 90 days.

The Flexible Premium Deferred Annuity is no longer available for new customers; however, it continues to service existing plans and allows for new participants in company pension plans.

The Standard offers two index annuities.

The Index Select Annuity offers both index and fixed interest crediting with a surrender-charge period of five, seven or ten years with no surrender charges thereafter. Issue ages run from 80 to 93 and requires an initial premium of $15,000 to $1 million.

As a single-premium deferred index annuity, the Enhanced Choice Index Plus Annuity offers index-based growth with multiple crediting strategies. Issue ages are 80 to 93, depending on the term, and an initial premium of anywhere from $15,000 to $1 million is required. An optional Legacy Max Enhanced Death Benefit Rider is also available to add to your plan.

In addition to its fixed and fixed index annuities, The Standard also offers two immediate annuities.

The Restricted SPIA annuity requires one single premium payment for purchase and is intended to provide support when an institutionalized spouse qualifies for Medicare. An initial premium ranging from $15,000 to $1 million is required, although higher amounts may be possible with prior approval. The maximum issue age is 93, or 100 if you opt for Medicaid Planning.

The Standard’s Tailored Income Annuity is a single-premium annuity that provides regular payments for a specific term or for life. An initial premium of $15,000 to $1 million is required, with issue ages up to age 90. This policy includes an optional Life Income Commutation that lets you convert a portion of future payments into a lump sum. There is also optional Inflation Protection to shield against future losses.

Flexibility remains a priority with The Standard annuities. For example, the Focused Growth Annuity includes a market-value adjustment feature to protect growth, while the Enhanced Choice Index Plus Annuity gives the option for the Legacy Max Enhanced Death Benefit Rider for those seeking an attached death benefit. If you prefer an immediate annuity, the Tailored Income Annuity offers a flexible payment structure through the optional Life Income Commutation, or you can opt for Inflation Protection to protect your gains.

In addition to annuities, The Standard life insurance is available to supplement your contract. This comes in the form of individual disability income protection, which helps you cover the bills should you become unable to work due to a qualified injury or circumstance.

When evaluating financial products, the strength and stability of the provider are key factors. The Standard, with a long history of sound financial management, has consistently demonstrated its ability to meet obligations and ensure customer security. This commitment to financial integrity makes The Standard a reliable choice for those seeking dependable financial solutions.

The Standard enjoys strong financial ratings from the leading rating agencies.

From AM Best, it receives an A (Excellent) rating, while parent company Meiji Yasuda Life Insurance Company receives an A+ (Superior). It does not receive any ratings from Fitch Ratings, but it has been evaluated by the S&P Global and receives an A+ rating.

With such high ratings, it indicates that The Standard is more likely to meet its financial obligations and pay its claims without trouble.

The Standard covers 0.11% of the market, making it a reasonably sized annuity provider. It had $2.8 billion in 2023 annual premiums and holds $66.7 billion in assets under administration. Given its merger with Meiji Yasuda Life Insurance Company of Japan, The Standard enjoys additional financial backing and support, leading to long-term stability for the company.

Customer reviews and satisfaction play a pivotal role in understanding the true value of a financial provider. The Standard has garnered a reputation for excellence, with many clients praising its customer service, responsiveness and overall experience.

Unlike some annuity providers, The Standard has been accredited by the Better Business Bureau (BBB) since 1958 and currently holds an A+ rating. However, it has a low score on Consumer Affairs, with just a 1.2 out of 5.0 rating.

The Standard is not ranked in the J.D. Power 2023 U.S. Individual Life Insurance Study or the J.D. Power 2023 U.S. Individual Annuity Study.

According to the National Association of Insurance Commissioners (NAIC), The Standard has received a total of 32 complaints, which represents only 0.7% of market complaints. Its customer complaint index stands at a low 0.58, significantly below the average of 1.00. This indicates that The Standard not only emphasizes a commitment to customer service but also delivers on that promise.

The Standard offers competitive rates and strong customer service, making it a solid choice for many consumers. However, some products may have specific eligibility requirements and features that may not suit everyone’s needs.

Editor Norah Layne contributed to this article.