Companion Life Insurance Reviews

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.