Companion Life Insurance Company Review (2024)

The opportunity to customize your term life insurance policy with riders, the possibility of being insured individually or through a group, and the ability to cancel your policy at any time are among the reasons why Companion Life is appealing.

Companion Life works with multiple providers and prides itself on being a part of different networks for their clients to choose their providers. Because of the Companion Life health insurance reviews, the company positively tip the scale.

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About Companion Life

Founded in July of 1971, Companion Life is an insurance company that offers group and voluntary insurance products as “companions” to medical coverage.

For 20 years running, Companion Life has received an A+ rating for financial strength from A.M. Best.

Beginning in the 1990s, Companion Life began to shift its focus to work with a network of agents and general agents across the country to sell its products nationwide.

Companion Life is a part of a family of companies, including Companion Life of California and Niagara Life and Health.

Companion Life insurance reviews list both three pros and three cons of the company. The pros include having spouse and child insurance riders available, policies including accidental death riders, and employees qualifying for guaranteed issue policies.

Some of the cons include having coverage only available through the employer, having only term life insurance policies available, and low rates applying to workers only in certain industries.

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What products does Companion Life offer?

Companion Life insurance company offers a variety of products for group insurance plans and voluntary, individual insurance plans.

Stop-Loss insurance is the first product offered by Companion Life. Stop-Loss offers flexible coverage for self-insured companies that want to take part in the risk for their employees’ healthcare claims. This plan protects against high-payout claims.

Stop-Loss insurance offers two different options:

• Specific Stop-Loss: This offers protection against the employer against high-payout claims on any one individual.
• Aggregate Stop-Loss: This plan covers employers’ risks once all employee claims accumulate and reach a specified amount.

Another product offered is Companion Accident and Health insurance. Under this type of insurance, groups or individuals can choose from five different plans:

Limited Benefit

These are indemnity-structured insurance plans available to both small and large employers.

Short-Term Medical

Short-term medical plans provide insurance coverage on a short-term basis and serve as an alternative to COBRA or provide options for individuals who need coverage on an interim basis.

Group Supplemental Expense Plans

These plans complement major medical insurance plans by providing supplemental coverage for out-of-pocket expenses, such as deductibles, copays, and coinsurance.

Employer Group Waiver Plans

This plan offers health insurance or group coverage as a supplement to Medicare Part D and provides a way for employers to offer supplemental insurance coverage to retired employees over the age of 65.

Employee Benefits

The fifth plan option is broken into two product types. Group products include:

• Dental by Design
• Vision by Design

Voluntary products include:

• Dental by Design
• Vision by Design
• Voluntary Critical Illness
• Voluntary Group Term Life
• Voluntary Long-Term Disability
• Voluntary Short-Term Disability

Available Riders

Companion Life has optional riders that you can add to your policy for coverage for other family members, access your benefits if you have a health emergency, or provide additional benefits if you die due to an accident.

• Accelerated Death Benefit: If you are diagnosed with a terminal illness, you can access up to 75% of your death benefit while you’re still living.
• Accidental Death Benefit: Beneficiaries will receive a larger benefit amount if you pass away due to a covered accident. If you are paralyzed in an accident, you will receive a benefit.
• Children Rider: If you have dependent children, you can get up to $10,000 in coverage for children under the age of 26.
• Spouse Rider: You can purchase up to $150,000 in term life coverage for your spouse. The amount cannot exceed 50% of your own benefit amount.
• Waiver of Premium: If you are under 60 and become permanently disabled, Companion Life will waive your premiums, and your policy will remain in force.

Cancellation Policy

Your policy can be canceled at any time without penalty, but none of the rates you have paid will be returned to you.

If you leave your job, you may be able to take your coverage with you. If you are terminated, receive a reduction in coverage due to age, or your employer ends its agreement with Companion Life, you can convert your insurance into an individual basic term life policy.

Canceling or converting your policy can be done by contacting your employer’s human resources department.

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Companion Life Insurance Company Effortless Claims Process

Ease of Filing a Claim

Companion Life Insurance Company offers a user-friendly claims process, providing multiple convenient options for policyholders to file their claims. Whether you prefer an online approach, a phone call, or utilizing mobile apps, Companion Life ensures that the process is accessible and efficient.

Read More:

• How to File a Life Insurance Claim With Companion Life Insurance Company of California
• How to File a Life Insurance Claim With Companion Life Insurance Company
• Cancelling Your Companion Life Insurance Company of California Life Insurance Policy

Average Claim Processing Time

Policyholders can expect timely claim processing with Companion Life Insurance. While specific processing times may vary depending on the nature of the claim, the company is committed to a swift and efficient claims resolution process, providing peace of mind during challenging times.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback is a vital aspect of Companion Life’s commitment to excellence. The company values its clients’ input on claim resolutions and payouts, continuously striving to improve its services. By addressing customer concerns and ensuring fair and prompt payouts, Companion Life aims to maintain a high level of satisfaction among its policyholders.

Unveiling Cutting-Edge Digital and Technological Features by Companion Life Insurance Company

Mobile App Features and Functionality

Companion Life Insurance Company offers a comprehensive mobile app equipped with a range of features and functionalities. Policyholders can conveniently manage their insurance policies, access important documents, and even file claims directly through the app. The mobile app ensures that policyholders have easy access to their insurance information on the go.

Online Account Management Capabilities

Companion Life provides robust online account management capabilities through its user-friendly website. Policyholders can access their accounts, view policy details, make payments, and update their information with ease. This digital convenience enhances the overall customer experience.

Digital Tools and Resources

In addition to mobile app and online account management, Companion Life offers a suite of digital tools and resources to assist policyholders. These resources may include educational materials, calculators, and interactive features designed to help policyholders make informed decisions about their insurance coverage.

Who is in Companion Life’s network?

Companion Life insurance partners with different providers and networks to best serve their clients.

Companion dental allows you to find dentists through the DenteMax network. In the majority of states, the Companion Life Dental Insurance plan includes participation in the DenteMax Dental Preferred Provider Organization.

Policyholders can choose any Companion Life dentists and may even save some money by doing so. DenteMax dentists have agreed to accept as payment in full a discounted fixed fee schedule for the services they perform and will never collect more than the DenteMax fee for the procedure performed. This means no “balance billing.”

Vision by Design offers a nationwide network of accessible options for eye care offered through Eye Med Vision Care. Those who are insured have access to optometrists, ophthalmologists, opticians, and a variety of optical locations.

As for Companion insurance for hearing, Ear Professionals International Corporation (EPIC) is the nation’s largest hearing health care physicians and audiologists coalition.

These physicians have developed many of the current treatments and are recognized nationally as leaders in professional education, hearing diagnostics, and interventions.

Read more: Cancelling Your The EPIC Life Insurance Company Life Insurance Policy

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How can I contact Companion Life?

Companion Life offers representative services at the Companion Life insurance phone number, 800-753-0404, if you need help submitting or enrolling into a new group.

If you need brochures or forms, email [email protected], and make sure you include the form name, number, quantity needed, and provide your mailing address.

If you are already insured through Companion Life, you can access your policy and benefit information through the ‘My Online Benefits’ portal.

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What are the Companion life insurance ratings and reviews?

Companion Life received strong financial ratings from leading rating agencies.

Despite not being accredited by the Better Business Bureau, Companion earned an A+ rating with them. For the past 20 years, A.M. Best has awarded the company with an A+ financial evaluation as well.

You can trust this company can close out any claims, even in the event of an economic downturn, but how are the customer reviews?

According to the National Association of Insurance Commissioners (NAIC), Companion Life controls 0.04 percent of the American market share and has a complaint index of 0.43.

That number means that it receives fewer customer service complaints than average for a company of its size.

Overall, satisfaction levels appear to be high for customers.

Companion Life Insurance: The Bottom Line

Companion Life truly specializes in employee benefits and group life insurance. You cannot seek out individual Companion life insurance quotes, but an employer may provide you with a Companion policy as a workplace benefit.

If so, you’ll likely receive affordable Companion life insurance rates, as group life insurance tends to cost less than other types of life insurance policies. Your employer may even fully cover it.

If you leave your job for any reason, you can turn your group coverage into an individual policy. But your monthly premiums may be impacted, depending on how much your workplace initially covered for you.

Fortunately, you can compare the best life insurance companies online to secure reliable, long-term coverage that suits your individual needs.

You can also compare whole and term policies to other life insurance options, including guaranteed issue life insurance and burial or final expense insurance.

You’ve learned about the employee benefits covered by the Companion life insurance company; find individual life insurance coverage from reputable providers near you by entering your ZIP code into our free quote tool below.

Read more:

• How to File a Life Insurance Claim With Niagara Life and Health Insurance Company
• Cancelling Your Companion Life Insurance Company Life Insurance Policy