Reliance Standard Annuities: Comprehensive Review of Its Products

Reliance Standard was founded in 1907 as a small Philadelphia-based insurance company and grew into a national powerhouse. The company currently offers life insurance, annuities and other insurance products in all 50 states. It manages more than $20.3 billion in assets for customers across the country.

Reliance Standard is not part of Global Atlantic Financial Group. It is part of Tokio Marine Group, one of the world’s largest insurance companies.

You can reach Reliance Standard’s annuity inquiries department at 800-351-7500, ext. 3696, or by email at retirementservices@rsli.com. Policyholders can call 800-HELP-RSL (800-435-7775) for help with their Reliance products.

Reliance Standard has a strong reputation as an annuity provider. It is an insurance industry giant that enjoys consumer confidence and enough capital to fulfill its financial obligations.

The company also has high financial strength ratings from leading credit analysts (S&P Global Ratings, Moody’s and AM Best). Its ratings show that Reliance Standard has the financial health to make consistent annuity payouts for many years to come.

Reliance Standard offers traditional fixed annuities and fixed index annuities. Although the terms are similar for both types, the risk levels are different. They also provide different rates of return and financial benefits, and they function differently.

Reliance Standard’s traditional fixed annuities offer guaranteed annuity rates for the term of the annuity contract. They provide a predictable rate of return and stable lifetime income during the payout period.

Reliance Standard’s fixed index annuities offer an interest rate that rises in response to gains in the S&P 500, a collection of 500 widely held stocks in U.S. companies. When the S&P 500 rises, your interest rate goes up.

The connection to the stock fund makes fixed index annuities slightly riskier than Reliance Standard’s traditional fixed annuities. Your interest rate may fall if the S&P 500 performs poorly. However, your interest rate has a floor. It will never fall below the minimum rate listed in your annuity contract and your premium amount will never fall below its initial value.

Reliance Standard doesn’t charge any upfront fees when you purchase an annuity. Its agents’ commission fees come from the company’s general funds and aren’t directly attached to what customers buy and how much they invest.

However, you can expect to pay a surrender charge if you withdraw more than 10% of your premium amount in a single year before the end of your annuity’s term. If you make such a large withdrawal during your first year as a policyholder, you’ll owe a 9% surrender charge on the funds you withdraw. This charge falls by 1% each subsequent year.

When your annuity reaches the end of its term, you may withdraw as much of the premium amount as you choose without incurring any penalties. This fee structure is outlined in the pamphlets you receive when you purchase an annuity.

Early withdrawals from Reliance Standard annuities also trigger a market value change. If current interest rates are at least 0.5% higher than the one that is specified in your annuity contract, your annuity value will increase. If interest rates are at least 0.5% lower, however, your annuity value will decrease.

Reliance Standard has a reputation for providing helpful, professional and accessible customer service. The annuity company offers 24/7 customer service by email and through its user services center. You can also call them at 800-351-7500 every weekday between 8 a.m. and 7 p.m. EST.

You can log in to your Reliance Standard User Services account to check your policy details, the status of your annuity payouts and other personal information. You’ll need your user ID and password to access your account. You’ll find your user ID on the paperwork you receive after purchasing your annuity.

If you’d prefer to speak to an agent in person, you can visit one of Reliance Standard’s many regional offices. Use the Office Locator tool to find the one closest to you.