The Standard Defers Rate Increases for Small Business Customers

Groups up to 500 employees with upcoming renewal dates will receive rate stability

PORTLAND, Ore.--()--Standard Insurance Company (The Standard) announced on March 26 that it will hold benefit plan rates stable for all groups up to 500 employees with renewal dates of May, June and July 2020.

“As we face the challenges surrounding COVID-19 together, The Standard recognizes that this pandemic is taking a particular toll on our small business customers,” said Dan McMillan, vice president of Employee Benefits. “We are making a number of accommodations for our small business employee benefits partners so they can focus on what matters most right now – their families, employees and businesses.”

The Standard has plans in place to help address concerns related to the spread of coronavirus/COVID-19. We have undertaken a variety of activities to protect our business operations, safeguard the health of our employees and ensure we continue to exceed the expectations of our customers. During this challenging time for small business owners, we will continue to look for ways to alleviate burdens around benefit plan administration and claims so business owners can focus on what matters most.

Our company was founded in 1906 and our fiscally conservative management approach has helped us successfully navigate through significant volatility and weather many unforeseen events. Our commitment to customers is built on the strength of our disciplined financial practices, sound investment strategies, a unique mix of high-performing businesses, industry expertise and the stability of a long-term outlook.

To learn more about how we’re helping small business owners and their employees during the pandemic, visit our COVID-19 Resource Center for answers to your questions.

About The Standard

The Standard is a family of businesses dedicated to helping customers achieve financial well-being and peace of mind. In business since 1906, we are a leading provider of financial products and services for groups and individuals. Our products include group and individual disability insurance, group life, dental and vision insurance, voluntary (employee-paid) benefits, absence management services, and retirement plans and annuities for employers and individuals. For more information about The Standard, visit www.standard.com or follow us on Facebook, Twitter or LinkedIn.

The Standard is the marketing name for StanCorp Financial Group, Inc., and its subsidiaries: Standard Insurance Company, The Standard Life Insurance Company of New York, Standard Retirement Services, Inc., StanCorp Mortgage Investors, LLC, StanCorp Investment Advisers, Inc., StanCorp Real Estate, LLC, and StanCorp Equities, Inc.

Contacts

Bob Speltz, Senior Director, Community Relations
971.321.3162
bob.speltz@standard.com

Release Summary

The Standard announced that it will hold benefit plan rates stable for all groups up to 500 employees with renewal dates of May, June and July.

Contacts

Bob Speltz, Senior Director, Community Relations
971.321.3162
bob.speltz@standard.com