Companion Life Insurance Review [2021]

Companion Life is only available to consumers if offered through their employer. Companion Life offers group life insurance policies to businesses and organizations. Learn the ins and outs of group life insurance and read how Companion Life's group life insurance policies are different. Compare life insurance quotes below and learn about the benefits of group life insurance.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jul 19, 2021

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Quick Facts

  • Companion Life Insurance Company has been in the life insurance business for over 50 years.
  • Companion Life insurance company specializes in employee benefits or group life insurance policies, although they also sell voluntary individual life insurance as well.
  • Group life insurance policies can be a great way to save money on life insurance, but they often have fewer options and are tied to your employment.
  • Group term life insurance is often always covered in full by employers.

Are you new to life insurance? Has your employer approached you about their life insurance benefit? If you’ve been introduced to Companion Life, it is likely through an employer since this insurer offers group life insurance policies.

Read through our Companion Life insurance review to get a better understanding of this company’s product offerings and the pros and cons of group life insurance.

Group life insurance can be a great way to save money on your expenses, but does it offer you enough life insurance coverage? How much life insurance do you need?

While we go through and review Companion Life and its products, we’ll also help you understand what group life insurance is, if it is enough life insurance coverage for you and whether it will help you save money.

Ready to buy Companion Life insurance? Enter your ZIP code above to compare affordable life insurance quotes from the top companies in your area.

What life insurance products does Companion Life offer?

Companion Life specializes in employee benefits. Companion Life insurance programs include group life insurance, voluntary group life insurance, dental insurance, accidental death life insurance, vision insurance, and disability insurance.

For the purposes of this review, we are going to mainly stick to discussing the group and voluntary group life insurance product offerings from Companion Life.

Although, if you are an administrator or business owner it is good to know that Companion Life can offer you more than group life insurance benefits for your employees.

If these other programs are something you are interested in, we encourage you to reach out to Companion Life and discuss the details of these programs with them.

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What is Companion Life’s group life insurance policy?

Companion Life Insurance Company offers a popular policy called group life insurance. Group life insurance is a type of policy that is purchased by a single party, typically an employer, and given or made available to others, typically employees.

By grouping all of these Companion Life insurance policies together all members of the group get cheaper coverage. In many cases when employers offer group life insurance benefits, they cover the cost completely.

It is important to note that there are types of group life insurance policies for regular people, non-employees, to purchase privately as well. However, since Companion Life only offers group policies to employers and organizations we will only focus on that.

Sample AIG Life Insurance Average Monthly Rates by Age, Gender, and Coverage
Gender and CoverageAge 25 Average Monthly Rates Age 35 Average Monthly Rates Age 45 Average Monthly Rates Age 55 Average Monthly Rates
$100,000: 20-Year Term (Male)$10.94$11.17$17.59$37.26
$100,000: 20-Year Term (Female)$10.60$11.07$14.42$27.46
$250,000: 20-Year Term (Male)$12.90$13.53$28.28$69.89
$250,000: 20-Year Term (Female)$11.33$12.69$23.06$52.58
$500,000: 20-Year Term (Male)$19.57$21.28$48.60$124.83
$500,000: 20-Year Term (Female)$16.67$18.37$38.47$90.58
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Group life insurance is generally a term life insurance policy that renews every year while you are still employed. Some companies, including Companion Life, allow you to purchase your coverage in the event of termination or changing jobs so that you don’t lose your life insurance.

How much coverage does Companion Life insurance have?

Depending on the specifics of the policy your employer or organization has paid for, Companion group life insurance coverages typically range between $100,000 and $500,000 in the event of a death.

However, there are other facets of the Companion Life group life insurance policy that are also interesting. Here are three key features of the group life insurance policies offered by Companion Life:

  1. Accelerated death benefits of up to $100,00 in the event of a terminal illness.
  2. Premium waiver if the insured becomes completely disabled before the age of 60 and is no longer able to work.
  3. Policy conversion option for up to 31 days following a change in employment so that you can maintain your life insurance coverage even if you change jobs.

One of the main drawbacks of group life insurance is that you may not have enough coverage.

Companion Life Insurance Company also offers individuals who are enrolled in their group life insurance programs through their employer the ability to purchase additional life insurance coverage through their employer. This is called voluntary group life insurance.

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What voluntary group life insurance benefits does Companion Life offer?

If you’re concerned about not having enough life insurance coverage through your Companion Life group life insurance policy, Companion Life gives you the option to purchase additional voluntary group life insurance through your employer.

This insurance can help cover additional things like:

  • additional term life insurance coverage
  • critical illness
  • short-term disability
  • long-term disability

Many people buy supplemental life insurance policies in addition to their group life policy. Companion Life offers you the ability to buy this supplemental coverage at a discounted rate thanks to group savings.

Plus, they allow you to purchase this extra coverage through your employer so this expense can be deducted straight from your check.

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Is Companion Life financially strong?

Financial strength is one of the most important aspects of an insurance company. Companies that are not financially strong may not be able to make benefit payments in a timely manner or, in some cases, at all. So, how is Companion Life rated by the top consumer life insurance rating companies? 

For nearly 20 years straight Companion Life has been rated an A +, or superior, financial strength rating from independent reviewer A.M. Best. If your employer is using Companion Life, you can rest assured that this company has a strong financial rating.

In recent years, Companion Life has joined the Mutual of Omaha family of insurance companies. This has only helped strengthen an already strong financial rating for the company.

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Companion Life Insurance Review: The Bottom Line

You’ll only be able to get Companion Life insurance if your employer offers it, but if it is offered to you, this life insurance coverage is pretty solid as far as group life insurance goes.

The company gives you the option to buy supplemental term life insurance for your group life policy directly through them and your employer, which helps save you money in the long run.

Plus, Companion Life gives you the ability to purchase your life insurance coverage should your employment situation change.

Ready to compare Companion Life insurance to other policies? Enter your ZIP code below to see affordable life insurance rates from the top companies in your area.

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