Companion Life Insurance Review for 2023

Founded in 1970 in South Carolina, Companion Life Insurance Company specializes in employee benefits and group life insurance policies.

Those covered by a Companion term life insurance policy likely receive the benefits through an employer. Companion Life also offers long and short-term disability income coverage, group dental plans, and optional vision and hearing benefits.

Below, learn about the insurance products Companion Life sells, explore financial ratings and reviews, and compare group life insurance benefits.

You can’t buy Companion life insurance independently, but you can compare rates from reputable providers near you online for free by entering your ZIP code into our quote tool above.

What is the Companion Life Insurance Company?

Companion Life sells group insurance products to employers. While you cannot seek out a quote from this company online, you may be offered coverage through your employer.

So what exactly is group life insurance? Think of it like shopping in bulk for lower prices.

Typically, a single entity, like an employer, purchases a group life insurance policy and offers it to a group of people, the employees.

Grouping the member policies together leads to cheaper rates. Often employers cover group life insurance costs in full.

However, if you leave your job for any reason, you also lose your group life insurance coverage.

Employers can choose from dental insurance packages, disability income protection, and term life insurance policies.

Currently, the company does not sell whole life insurance.

As an insured, you can access your policy details and benefit information through an online portal available on the company website.

The company mails the login information needed to access the portal to all customers.

Once you’ve completed your online account, you can file and track claims, make changes to your policy, and more.

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What insurance products does Companion Life offer?

Companion Life sells group term life insurance to groups of 10 or more people. It also offers alternative financing for large groups.

According to the company website, Companion Life can accommodate large businesses with employees located across the nation.

Currently, Companion Life sells insurance in 49 states, and the products vary by state law.

Regardless of size, all groups receive an accelerated death benefit provision. If an employee becomes terminally ill, 75 percent of the insurance proceeds go directly to the insured, up to $100,000.

Employees under the age of 60 who become fully disabled continue to receive coverage without premium payments.

If you leave your job, you have the choice to convert your group term insurance to an individual life policy within 31 days, requiring no evidence of insurability.

Besides life insurance, the company also sells three different group dental plans. All clients enrolled in a dental program also receive a hearing services plan, extending to family members.

Companion Life also offers a vision discount plan free of charge for dental plan customers.

The company also sells short and long-term disability income coverage. The short-term disability income package includes a wide array of benefit percentages, waiting periods, benefit maximums, and benefit durations.

The long-term coverage package includes a rehabilitation benefit and contributes towards any necessary workplace modification needs.

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 Claims Process

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

Companion Life Insurance Company primarily offers group insurance products to employers, and the process for filing a claim is tailored to this group-based approach. Employees covered by Companion Life insurance policies typically need to go through their employer to initiate a claim.

While individual policyholders cannot buy Companion life insurance independently, the process is facilitated through employers.

Average Claim Processing Time

The average claim processing time with Companion Life Insurance can vary depending on the specific circumstances of the claim. Since Companion Life offers a range of group insurance products, the processing time may differ for disability income claims, dental plans, and other group benefits.

It’s important for policyholders to work closely with their employers to get information about the expected processing times for their particular claims.

Customer Feedback on Claim Resolutions and Payouts

Companion Life Insurance has received positive feedback from customers regarding their claim resolutions and payouts. According to the National Association of Insurance Commissioners (NAIC), Companion Life has a complaint index of 0.43, indicating that it receives fewer customer service complaints than average for a company of its size.

Overall, customer satisfaction levels appear to be high, suggesting that the company has a track record of providing satisfactory claim resolutions and payouts.

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Companion Life Insurance Digital and Technological Features

Mobile App Features and Functionality

Companion Life Insurance may offer mobile app features and functionality to its policyholders, although specific details about the app are not provided in the available content. Mobile apps from insurance companies typically allow policyholders to access their policy details, submit and track claims, and manage their accounts on the go.

For policyholders interested in mobile app features, it’s advisable to check directly with Companion Life for information on the availability and capabilities of their mobile app.

Online Account Management Capabilities

Companion Life Insurance provides an online portal where policyholders can access their policy details and benefit information. Through this portal, policyholders can also make changes to their policies, track claims, and perform other account management tasks.

The online account management capabilities offered by Companion Life aim to provide convenience and accessibility to policyholders.

Digital Tools and Resources

The company’s online portal serves as a digital tool for policyholders, offering a range of resources and functionalities. Policyholders can use the portal to access important documents, review policy information, and stay informed about their coverage.

Companion Life’s commitment to digital tools and resources demonstrates its efforts to enhance the overall customer experience and provide policyholders with convenient access to information and services.

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.

Enter your ZIP code below to compare cheap life insurance rates.

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