Companion Life Insurance Company
Companion Life Insurance Company was founded over thirty years ago, in 1971. Today, the company markets group insurance products in 45 states and the District of Columbia. While most of their products are sold through benefits programs to groups of all sizes, they are rapidly expanding their voluntary benefits packages. These packages will expand the options of the individual within the protection of the group. The company continues to be responsive to its customer’s needs and wants.
"Employer costs” for benefits has increased substantially. Companion Life has responded to the needs of its corporate customers by expanding the line of voluntary products. Employees purchase these additional products through their employers, allowing for payroll deductions, a choice of plans, and competitive group rates. Thus, a total package of health, dental, life, accident, and disability plans can be offered to employees of all sizes of companies.
Term Insurance Available Through Voluntary Benefits Plan
- The age of the insured employee may range from 15 to 80.
- Face values range from $10,000 to up to seven times the annual salary or $300,000.
- Policies are available for spouses and children at economical rates.
- Spouse plans are in increments of $5,000 and are not to exceed 50 percent of the employee coverage.
- Plans for children are only available if the employee is also enrolled.
- Coverage stops at retirement.
There is an Accidental Death and Dismemberment option which has seat belt provisions, common disaster provision, spouse education benefits, and a paralysis benefit. AD&D benefits normally equal the amount of life benefits, but may be increased.
Companion Life has total assets of over $88 million, with total life insurance in force of $6 billion.
Ranges of coverage are dependent on the number of eligible employees. Some benefits may not apply to groups in certain industries.
Companion Life Ratings
A.M. Best: A+
Weiss: A-
The financial strength of a company and potential for prolonged survival are represented by the above ratings.
Companion Life Company Information
7909 Parklane Road, Suite 200
Columbia, SC 29202
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