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Companion Life Insurance Reviews
Companion Life Insurance is based in Columbia, South Carolina and was founded in 1971. The company sells group insurance products with guaranteed issue for employees. Those insurance products include dental insurance, life insurance, and more. They have products available in every state except California, Connecticut, Hawaii, New Jersey, and New York.
NOTE: If you’re shopping for a policy on your own (not through your employer), you won’t be able to buy from Companion Life. If your employer is offering you insurance through Companion Life and you want to know more about them, read on! But if you’re shopping for yourself, you’ll have better luck using our instant life insurance quoter. Shop with us to see policies and rates from the nation’s top-rated carriers. If you need help, we’re just a phone call away at (800) 521-7873.
Companion Life Insurance
- P.O. Box 100102
Columbia, SC 29202-3102
Advantages of Companion Life Insurance
Companion Life sells group policies, including term life insurance. Employees may qualify for guaranteed issue policies, providing protection even if they have a health concern. The life insurance coverage employees get may also include accidental death riders at no additional cost. This provides additional protection and a larger death benefit if the policyholder dies in a covered accident. Policyholders can also add spouse and children riders to extend term life protection to their loved ones.
If your employer offers Companion Life as a provider, you may be eligible for lower than standard rates. If you work in certain industries such as banking, healthcare, real estate, or higher education, you may qualify for these special rates. Group policies tend to have lower premiums than individual policies purchased elsewhere. However, premiums will increase with age.
Companion Life term policies can be canceled at any time with no penalty, but none of the premiums paid will be returned. If you leave your job, you may be able to remain covered. If you are terminated or receive a reduction in coverage, you can convert your policy into an individual basic term life policy.
The National Association of Insurance Commissioners (NAIC) uses a standard complaint index baseline of 1.0. A complaint ratio of higher than 1.0 indicates a higher volume of complaints than the industry standard. A lower ratio shows fewer complaints. In 2020, the NAIC issued a complaint ration of 0.63 to Companion Life, which is better than the national average. As a consumer, you can use this information to compare companies. You'll also get an understanding of the general level of customer satisfaction.
Disadvantages of Companion Life Insurance
Coverage is only available through participating employers - which means you can't purchase from this company directly. For life insurance, only term policies are available. This means permanent coverage would need to be purchased from a separate company. Additionally, Companion Life offers special rates to employees in certain industries. Jobs such as banking and education get lower rates, but non-eligible industries pay higher rates. Additionally, the death benefit amount will be gradually reduced after you reach the age of 65.
While many companies have an online portal for individuals to review their policy or file a claim, Companion Life only allows portal access to group policy administrators, and beneficiaries must work through the policy administrator to file a claim and complete the associated forms.
Available Products
Term Life Insurance
Term life insurance is a temporary policy that covers you for a set number of years, usually ranging between five and 30 years. In comparison to whole life policies, it's more affordable and flexible. However, beneficiaries will only receive a death benefit if the policyholder dies while the policy is active. Because Companion Life offers group coverage for employees, the term is the length of your employment instead of a set duration. There are two plans available:
- Group Life: This policy is guaranteed issue, with no medical exam required, and benefits are based on the salary of the policyholder.
- Voluntary Term: In the event you want to purchase additional coverage, voluntary term coverage offers up to $200,000.
Policy Riders
In addition to their term policies, Companion Life also offers several riders designed to increase your coverage or fill in gaps. The addition of riders can increase the cost of your premiums, but they offer coverage for family members, access to benefits in the case of a health emergency, or provide a higher death benefit if you die due to an accident. Companion Life offers five riders:
- Accelerated Death Benefit: in the event you are diagnosed with a terminal illness, up to 75% of your death benefit, with a maximum of $100,000, will be accessible while you’re living.
- Accidental Death Benefit: if you die due to a covered accident, your beneficiaries will receive a larger death benefit. There is also a benefit if you are paralyzed due to an accident.
- Children Rider: you can get up to $10,000 in coverage for dependent children up to the age of 25.
- Spouse Rider: up to $150,000 in term life coverage can be purchased for your spouse, so long as the amount does not exceed 50% of your own benefit amount.
- Waiver of Premium: a waiver of premium payments, while keeping your policy in force, is available if you are under the age of 60 and become permanently disabled.
Additional Coverage Options
In addition to life insurance products, Companion Life sells group insurance products for dental, vision, critical illness, long term disability, and more.
Companion Life Insurance Ratings
| Agency | Rating | Description |
| A.M. Best | A+ | Superior |
| Standard & Poor´s | N/A | -- |
| Moody´s | N/A | -- |
| Fitch | N/A | -- |
A.M. Best is a credit rating agency that assigns ratings to companies after a comprehensive review of their finances to determine their financial stability. A high rating indicates strong stability, and an extremely high likelihood of that company meeting their financial obligations in a timely manner, such as paying a death benefit to a beneficiary after a claim is filed. In 2020, A.M. Best affirmed Companion Life’s rating of A+/Superior. This is the second highest out of 15 rating categories and shows that A.M. Best has found their company to be financially stable and reliable. To learn more about the rating process and what each rating means, you can read our article explaining how the insurance company rating process works.
Conclusion
If your employer offers coverage through Companion Life Insurance, it may be a cost-effective form of coverage with available riders to meet your individual needs, and oftentimes there is no medical exam required. Unlike a normal term policy, the coverage extends throughout the length of your employment.
However, if you are looking for an individual policy, this is not the company for you. You can get a free quote today from LifeQuote to begin comparison shopping for an individual policy that will meet your needs and provide adequate coverage so you can go forward without being concerned for your family’s financial future when you’re gone.
We work with over 40 of the top rated carriers, and our agents are here to help you navigate the application process and provide you with advice on which products will offer the best protection for you. Life insurance is not one size fits all, and we’re here to make sure you find the policy tailored to your unique needs.
