When I talk to families about life insurance, Standard Life and Accident Insurance Company often comes up in our conversations. Founded in 1906, this Oklahoma City-based insurer has been serving American families for over a century, and there are some important things you should know about them before making any decisions about your coverage.
For a complete overview, see final expense insurance explained.
I’ve worked with dozens of insurance carriers over the years, and I believe in giving you the complete picture—both the strengths and the limitations of any company you’re considering. Let me walk you through everything I’ve learned about Standard Life and Accident Insurance Company so you can make an informed decision about whether they’re right for your family.
What Is Standard Life and Accident Insurance Company?
Standard Life and Accident Insurance Company is a regional life and health insurer that’s been operating since 1906. They’re headquartered in Oklahoma City and primarily focus on final expense life insurance, Medicare supplement plans, and other coverage designed for seniors and families with modest income needs.
When I first encountered this carrier, what struck me was their focus on simplified underwriting processes. They’ve built their business model around making insurance accessible to people who might have health issues that would complicate applications with larger carriers.
Here’s what makes them different from some of the bigger names in the industry:
- Simplified underwriting: Many of their policies require no medical exam
- Final expense focus: They specialize in smaller coverage amounts (typically $2,000 to $50,000)
- Senior market: Most of their products are designed for people over 50
- Regional presence: They work primarily in certain states rather than nationwide
Standard Life and Accident Insurance Company Products
Final Expense Life Insurance
This is really where Standard Life and Accident shines. Their final expense policies are designed to cover burial costs, outstanding debts, and other end-of-life expenses without putting your family through a complex underwriting process.
Coverage amounts: Usually range from $2,000 to $50,000 Ages: Typically available for ages 50-85 Underwriting: Simplified issue (just a few health questions, no medical exam) Premiums: Level premiums that don’t increase with age
In my experience, these policies work well for people who need coverage quickly and don’t want to deal with medical exams or extensive health questionnaires.
Medicare Supplement Insurance
Standard Life and Accident also offers Medicare supplement policies (Medigap) to help cover costs that Medicare doesn’t pay. These plans help with deductibles, copayments, and coinsurance that can add up quickly for seniors on fixed incomes.
Accident Insurance
True to their name, they also provide accident insurance policies that pay benefits for injuries resulting from covered accidents. These are supplemental policies designed to work alongside your other health coverage.
Financial Strength and Ratings
This is where I always encourage families to do their homework. When you’re buying life insurance, you’re making a bet that the company will be around to pay your claim decades from now.
Standard Life and Accident Insurance Company currently holds:
- A.M. Best Rating: B+ (Good)
- Assets: Approximately $500 million
- Surplus: Around $50 million
To put this in perspective, a B+ rating from A.M. Best means they have a good ability to meet their ongoing insurance obligations. It’s not the highest rating possible (that would be A++ Superior), but it indicates financial stability.
However, I always tell my clients that when you’re talking about life insurance—which might need to pay out 20, 30, or even 50 years from now—you want to consider companies with the strongest possible financial foundations.
Pros and Cons of Standard Life and Accident Insurance Company
Let me give you the honest assessment I’d give any family sitting across from my desk.
The Positives
Quick approval process: If you need coverage fast and have health issues that might complicate traditional underwriting, their simplified issue process can be appealing.
Accessible coverage: They’ll often approve people who might struggle to get coverage elsewhere due to age or health conditions.
Reasonable premiums for the market: Within the final expense space, their rates are competitive with similar regional carriers.
Over 100 years in business: There’s something to be said for longevity in the insurance business.
The Limitations
Limited coverage amounts: If you need substantial life insurance (say, $250,000 or more), you’ll need to look elsewhere.
Regional availability: They don’t operate in all 50 states, so availability depends on where you live.
B+ rating: While this is “good,” many families prefer carriers with higher financial strength ratings for long-term security.
Limited product variety: If you’re looking for term life, whole life, or universal life products, you’ll have more options with larger carriers.
Who Should Consider Standard Life and Accident Insurance Company?
Based on my experience, Standard Life and Accident works best for specific situations:
Good Fit For:
- Seniors (ages 60+) who need final expense coverage
- People with health issues who might not qualify for traditional life insurance
- Families who want simple, straightforward coverage without complex underwriting
- Those who need coverage quickly and can’t wait for a lengthy approval process
Probably Not the Best Choice For:
- Younger families who need substantial coverage amounts
- People in excellent health who could qualify for better rates with larger carriers
- Anyone looking for investment-type policies like whole life or universal life
- Families who want to build cash value for retirement planning
How Standard Life and Accident Compares to Other Carriers
When I’m shopping coverage for a client, I’m always comparing options. Here’s how Standard Life and Accident typically stacks up:
Versus larger carriers like Mutual of Omaha or Transamerica:
- Standard Life may be more lenient with health conditions
- But larger carriers usually offer better financial ratings and more product options
- Larger carriers often have better rates for healthy applicants
Versus other regional final expense carriers:
- Similar underwriting approaches and target markets
- Rates and benefits are often comparable
- The key differences come down to financial strength and state availability
The Application Process
If you decide Standard Life and Accident might be right for you, here’s what to expect:
- Application: Usually can be completed over the phone or online
- Health questions: Typically 8-15 simple yes/no questions
- No medical exam: Most policies are approved based on the application alone
- Quick decision: Often same-day or within a few days
- Coverage begins: Usually within 30 days of approval
The simplicity is appealing, but remember—simplified issue often means higher premiums compared to fully underwritten policies.
Important Considerations Before Buying
Read the Fine Print
Like most final expense policies, there may be a graded death benefit period. This typically means if you die within the first two years from natural causes, your beneficiaries might only receive a return of premiums plus interest rather than the full death benefit.
Compare Your Options
Just because Standard Life and Accident will approve you doesn’t mean they’re offering the best value. I always recommend getting quotes from multiple carriers before making a decision.
Consider Your Long-Term Needs
If you’re relatively young and healthy, you might be better served by a traditional life insurance policy with a stronger carrier, even if it requires a medical exam.
My Professional Take
After working in this industry for years, here’s my honest assessment: Standard Life and Accident Insurance Company serves a specific niche in the market, and they do it reasonably well. They’re not trying to be everything to everyone—they focus on making final expense coverage accessible to seniors and people with health challenges.
If you fit their target market and their products meet your specific needs, they can be a solid choice. Their B+ rating indicates they’re financially stable, and their simplified underwriting can be a blessing if you need coverage quickly or have health issues.
However, I rarely recommend putting all your eggs in one basket without shopping around. The insurance landscape is vast, and different companies excel in different areas. What works for your neighbor might not be the best fit for your family’s situation.
What This Means for Your Family
The reality is that most families benefit from working with an independent agent who can compare options across multiple carriers. While Standard Life and Accident might be perfect for your situation, you won’t know unless you see what else is available.
I’ve seen too many families settle for the first policy they find, only to discover later they could have gotten better coverage at a lower price with a stronger company. The few extra days it takes to compare options properly can save you thousands of dollars over the life of your policy.
When you’re looking at final expense coverage specifically, you want to consider factors like:
- Premium costs over time
- Financial strength of the insurer
- Coverage amount options
- Underwriting requirements
- Claims paying history
- Customer service reputation
- Consider Standard Life and Accident if you need final expense coverage quickly without medical exams, as they specialize in simplified underwriting for people ages 50-85 who may have health issues.
- Expect coverage amounts between $2,000-$50,000 rather than large life insurance policies, since they focus specifically on final expense and burial cost coverage.
- Understand that this is a regional Oklahoma City-based carrier, not a nationwide household name, so verify they operate in your state before applying.
- Evaluate their simplified application process if traditional life insurance companies have rejected you due to health conditions or if you want to avoid medical exams.
- Research their financial strength ratings carefully before purchasing, since the article emphasizes doing homework on any insurance company’s stability and ability to pay claims.
The Bottom Line
Standard Life and Accident Insurance Company has carved out a respectable place in the final expense market. They offer straightforward products with simplified underwriting, and they’ve been doing it for over a century. For the right person in the right situation, they can provide valuable coverage.
But here’s what I’ve learned after helping hundreds of families: the “right” choice isn’t just about one company—it’s about finding the best combination of coverage, price, and financial security for your specific needs.
Life insurance is one of those things you want to get right the first time. The peace of mind that comes from knowing your family is properly protected is worth the effort to explore all your options.
I help families compare options from multiple top-rated carriers so they can make confident decisions about protecting their loved ones. Rather than trying to navigate the insurance landscape alone, you can benefit from my relationships with dozens of carriers and my experience matching families with the coverage that fits their specific situation.
Want help finding the right coverage? Reach out for a free quote and let’s talk about your options. I’ll help you compare Standard Life and Accident against other carriers so you can choose with confidence, knowing you’ve seen the full picture.
