When I talk to clients about final expense insurance, Standard Life and Accident Insurance Company often comes up in their research. It’s understandable why - the name sounds familiar and trustworthy. But here’s what I’ve learned after years in this business: the company behind your policy matters just as much as the coverage itself.
For a complete overview, see how final expense insurance works.
Let me walk you through everything you need to know about Standard Life and Accident Insurance Company, including some important details that might surprise you.
What Is Standard Life and Accident Insurance Company?
Standard Life and Accident Insurance Company is a life insurance carrier that has been in business for several decades. Based in Oklahoma City, Oklahoma, they offer various types of life insurance products, including final expense insurance, term life insurance, and whole life policies.
When I first encountered this company in my practice, I was curious about their background and financial stability. After all, when you’re helping families protect their financial future, you want to make sure the insurance company will be there when it’s time to pay claims.
Standard Life and Accident Insurance Company’s Financial Strength
One of the first things I always check when evaluating any insurance company is their financial ratings. These ratings tell us how likely the company is to pay claims and remain financially stable over time.
Standard Life and Accident Insurance Company carries an A.M. Best rating of B+ (Good). While this isn’t the highest rating available, it indicates the company has good financial strength and is expected to meet its policyholder obligations.
For comparison, here’s what the A.M. Best rating scale looks like:
- A++ and A+ (Superior)
- A and A- (Excellent)
- B++ and B+ (Good)
- B and B- (Fair)
- C++ and below (Various levels of concern)
Products Offered by Standard Life and Accident Insurance Company
Final Expense Insurance
This is probably where you’re most likely to encounter Standard Life and Accident Insurance Company. They offer final expense policies designed to cover burial costs, funeral expenses, and other end-of-life costs.
Their final expense products typically feature:
- Coverage amounts from $5,000 to $25,000
- Ages 45-85 eligible
- Simplified underwriting (limited health questions)
- Level premiums that don’t increase with age
Term Life Insurance
Standard Life and Accident also offers term life insurance policies, which provide temporary coverage for a specific period (usually 10, 20, or 30 years).
Whole Life Insurance
They provide permanent whole life coverage that builds cash value over time and provides lifelong protection.
How Does Standard Life and Accident Compare to Other Final Expense Companies?
In my experience helping families with final expense insurance, I’ve worked with dozens of different carriers. Here’s how Standard Life and Accident Insurance Company typically compares:
Strengths
- Established company with decades of experience
- Good financial ratings (B+ from A.M. Best)
- Competitive rates for certain age groups and health profiles
- Simplified underwriting process
Areas of Consideration
- Not as widely recognized as some larger carriers
- Limited product variety compared to bigger companies
- May not offer the most competitive rates for all applicants
The Importance of Shopping Multiple Carriers
Here’s something I’ve learned after years in this business: no single insurance company is the best choice for everyone. What works great for your neighbor might not be the best option for you.
Different carriers specialize in different types of risks. Some are more lenient with certain health conditions, others offer better rates for specific age groups, and some have more flexible underwriting guidelines.
When I sit down with a client looking for final expense insurance, I don’t just look at one company. I compare options from multiple highly-rated carriers to find the best fit for their specific situation.
What to Look for in a Final Expense Insurance Company
Whether you’re considering Standard Life and Accident Insurance Company or any other carrier, here are the key factors I recommend evaluating:
Financial Strength Ratings
Look for companies with at least a B+ rating from A.M. Best, though A- or higher is preferable for maximum peace of mind.
Product Features
- Coverage amounts that meet your needs
- Age ranges that include your current age
- Premium stability (level premiums vs. increasing premiums)
- Cash value accumulation (if important to you)
Underwriting Guidelines
- Health questions that you can honestly answer “no” to
- Simplified issue vs. guaranteed issue options
- Waiting periods for coverage to take effect
Claims Paying History
A company might have good ratings, but you also want to know they pay claims promptly and fairly.
Customer Service
When your family needs to file a claim, you want responsive, helpful customer service.
Common Misconceptions About Final Expense Insurance
In my years of helping families with final expense insurance, I’ve encountered several misconceptions that I want to clear up:
“All Final Expense Policies Are the Same”
This couldn’t be further from the truth. Coverage amounts, premiums, underwriting requirements, and policy features can vary dramatically between carriers.
“I Should Just Go with the Cheapest Option”
While price is important, it shouldn’t be your only consideration. A slightly higher premium with a more stable company might be worth the extra cost for peace of mind.
“My Health Problems Mean I Can’t Get Coverage”
Many people assume they can’t get life insurance because of health issues. In reality, final expense insurance often has very lenient underwriting, and there are guaranteed issue options for those who can’t qualify for simplified issue policies.
The Application Process with Standard Life and Accident Insurance Company
If you’re considering Standard Life and Accident Insurance Company, here’s what you can typically expect from the application process:
Simplified Issue Application
Most final expense policies use simplified underwriting, which means:
- No medical exam required
- Limited health questions (usually 8-15 questions)
- Faster approval process (often same day or within a few days)
- Coverage usually begins immediately upon approval
Health Questions
You’ll need to answer questions about your current health status and medical history. Common questions include:
- Are you currently receiving treatment for cancer, heart disease, or other serious conditions?
- Do you use oxygen or have you been advised to use it?
- Are you confined to a wheelchair or nursing home?
- Have you been diagnosed with Alzheimer’s, dementia, or other cognitive disorders?
Premium Payment Options
Most carriers, including Standard Life and Accident Insurance Company, offer flexible premium payment options:
- Monthly bank draft
- Quarterly payments
- Semi-annual payments
- Annual payments (often with a discount)
Alternatives to Consider
While Standard Life and Accident Insurance Company might be a good fit for some people, I always recommend comparing options. Here are some other well-regarded final expense insurance companies to consider:
Mutual of Omaha
One of the most recognizable names in insurance, with excellent financial ratings and competitive products.
Colonial Penn
Well-known for their guaranteed acceptance life insurance, though their rates can be higher.
Globe Life
Offers both simplified issue and guaranteed issue options with competitive rates.
Transamerica
Strong financial ratings and flexible underwriting guidelines.
AIG (American General)
Excellent financial strength and competitive products for healthy applicants.
When Standard Life and Accident Insurance Company Might Be Right for You
Based on my experience, Standard Life and Accident Insurance Company could be a good fit if:
- You’re looking for straightforward final expense coverage
- You prefer working with an established, mid-sized carrier
- Their health questions align well with your medical history
- Their rates are competitive for your age and coverage amount
- You value simplified underwriting over guaranteed issue
Red Flags to Watch Out for (With Any Company)
Whether you’re considering Standard Life and Accident Insurance Company or any other carrier, here are some warning signs to be aware of:
High-Pressure Sales Tactics
Legitimate insurance agents will give you time to think about your decision. Be wary of anyone who insists you must sign today or lose the opportunity.
Rates That Seem Too Good to Be True
If one company’s rates are dramatically lower than everyone else’s, there’s usually a reason. It might be:
- A teaser rate that increases later
- Limited coverage with many exclusions
- A company with questionable financial stability
Unclear Policy Terms
Make sure you understand exactly what you’re buying, including:
- When coverage begins
- Any waiting periods
- Exclusions or limitations
- Premium increase possibilities
Questions to Ask Before You Buy
Before purchasing final expense insurance from Standard Life and Accident Insurance Company or any other carrier, make sure you get clear answers to these questions:
- What is the exact death benefit amount?
- Will my premiums ever increase?
- When does my coverage begin?
- Are there any waiting periods for full coverage?
- What are the policy exclusions?
- Can I add additional coverage later?
- What happens if I miss a premium payment?
- How do my beneficiaries file a claim?
- Standard Life and Accident Insurance Company holds a B+ financial rating from A.M. Best, indicating good but not exceptional financial strength for meeting policyholder obligations.
- Compare multiple carriers before choosing final expense coverage, as Standard Life and Accident may not offer the most competitive rates for all applicants despite their established presence.
- Bring any existing Standard Life and Accident quotes to an independent agent for review against other available options in the market.
- Consider that this carrier offers limited product variety compared to larger insurance companies, though they do provide simplified underwriting for ages 45-85.
- Evaluate whether Standard Life and Accident’s good financial rating and decades of experience align with your needs, or if higher-rated carriers might better serve your final expense insurance goals.
The Bottom Line on Standard Life and Accident Insurance Company
Standard Life and Accident Insurance Company is a legitimate insurance carrier with decent financial ratings and competitive products. They’re not the largest or most well-known company in the final expense market, but they can be a viable option for the right person.
However, I never recommend choosing an insurance company without comparing your options. Insurance is one of those purchases where a little shopping can save you significant money while potentially getting you better coverage.
In my experience, the best approach is to work with an independent agent who can quote multiple companies and help you find the best fit for your specific situation, health profile, and budget.
What I Recommend
If you’re shopping for final expense insurance, here’s my advice:
Get quotes from at least 3-5 different companies - Rates can vary significantly between carriers for the same coverage.
Focus on financial stability - Make sure any company you consider has at least a B+ rating from A.M. Best.
Read the policy carefully - Understand exactly what you’re buying, including any limitations or exclusions.
Consider your health honestly - Choose a company whose underwriting guidelines align with your health situation.
Work with someone you trust - Whether that’s an independent agent or a company representative, make sure they take time to understand your needs and explain your options clearly.
Remember, final expense insurance is meant to provide peace of mind for you and financial protection for your loved ones. The right policy with a stable company is worth more than saving a few dollars with a questionable carrier.
Finding the right life insurance doesn’t have to be complicated. As an independent agent, I work with multiple top-rated carriers and can help you compare options to find the best coverage at the best price.
Related Reading
- Guaranteed Issue Final Expense Insurance: Your Complete Guide
- Burial Insurance for Seniors Over 70: Your Complete Guide
- Graded Benefit Whole Life Insurance: Your Complete Guide
- Understanding Final Expense Insurance
Let me do the shopping for you. I’ll compare quotes from multiple companies, including Standard Life and Accident Insurance Company and other highly-rated carriers, to help you find coverage that fits your needs and budget.
