Haris Ashley
Companion Life Insurance Company is a national stop-loss carrier in the United States, headquartered in Columbia, South Carolina. The company has specialised in employee benefits for over 50 years and offers a range of insurance products, including accident and health insurance, dental insurance, life insurance, and disability insurance. Companion Life has consistently earned an AM Best rating of A+ (Superior) for 22 consecutive years, demonstrating its financial stability and commitment to providing exceptional insurance services. The company's mission is to value relationships and provide personalised attention to its clients, with the flexibility to meet their unique needs. While Companion Life has received positive reviews for its financial strength and stability, there have been some complaints regarding customer service and delays in processing claims.
| Characteristics | Values |
|---|---|
| Company Name | Companion Life Insurance Company |
| Location | Columbia, South Carolina |
| Year Founded | 1971 |
| Types of Insurance | Stop Loss, Dental, Life, Disability, Vision, Accident, GAP, Limited Medical, Critical Illness, Short-Term Medical, Group Supplemental Expense Coverage, Employer Group Waiver Plans |
| Number of Locations | 2 |
| Number of Years with A+ Financial Strength Rating | 22 |
| Number of States Marketed In | 49 or 50 |
| District Marketed In | District of Columbia |
| Online Portal | Yes |
What You'll Learn
Companion Life's insurance products
Companion Life Insurance Company has specialised in employee benefits for over 40 years, offering group and voluntary insurance products as "companions" to medical coverage. The company provides a range of accident and health insurance plans, including limited benefit health insurance plans, short-term medical insurance, group supplemental insurance expense coverage, and employer group waiver insurance plans. These options cater to both small and large employers, giving their clients and employees a wide array of choices.
In addition to accident and health insurance, Companion Life also offers dental insurance and short-term and long-term disability insurance plans. They have been recognised with an A+ rating by AM Best for 22 consecutive years, demonstrating their commitment to financial stability and exceptional service.
Companion Life's short-term medical insurance provides individuals with short-term coverage, serving as an alternative to COBRA or an interim option. Their group supplemental expense plans complement major medical insurance policies by covering out-of-pocket expenses such as deductibles, copays, and coinsurance. The employer group waiver plans are designed as a supplement to Medicare Part D, allowing employers to offer health insurance to their retired employees over the age of 65.
The company is headquartered in Columbia, South Carolina, and is licensed to operate in 50 states and the District of Columbia. They have built a reputation for valuing relationships and providing personalised attention to their clients and employees.
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The company's reputation and financial strength
Companion Life Insurance Company has specialised in employee benefits for over 40 years. The company has earned an AM Best rating of A+ (Superior) for 22 consecutive years as of December 18, 2023. AM Best is the largest independent credit rating agency in the insurance industry. This rating is an independent opinion of the company's financial strength and ability to meet its obligations to policyholders.
The company's president, John Wilbur, attributes this success to Companion Life's strong work ethic, dedicated staff, financial strength, and innovative risk strategy.
The company markets its insurance products in 49 states and the District of Columbia. It offers a range of insurance products, including accident and health insurance, dental insurance, life insurance, disability insurance, vision insurance, and critical illness insurance.
While the company has received positive reviews for its financial strength and stability, there have been some complaints regarding customer service and delays in receiving checks. It is important to consider both the positive ratings and the negative reviews when evaluating the company's reputation.
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Customer reviews and complaints
Companion Life Insurance Company has received a range of reviews and complaints from its customers. On the one hand, the company has earned an impressive A+ (Superior) rating from AM Best for 22 consecutive years, indicating strong financial stability and a commitment to meeting policyholder obligations. This rating is a testament to Companion Life's financial strength and innovative risk strategy.
However, a closer look at customer reviews and complaints reveals a more nuanced picture. On WalletHub, the company has received mixed reviews, with some customers expressing dissatisfaction with their services. One review, in particular, stands out, where a customer complained about never receiving any payments despite making regular payments. The customer even goes as far as to suggest that the company might be involved in scam or fraud. This review highlights a potential issue with Companion Life's claims handling process and prompts the customer to seek legal assistance.
Another review on the Better Business Bureau (BBB) website mentions issues with customer service. The complainant expressed frustration with their inability to reach a live agent, which resulted in a delay in paying their first premium and a lapse in health coverage. Companion Life responded to this complaint, stating that they would address the issue directly with the insured. This response demonstrates the company's willingness to engage with customers and work towards resolving their concerns.
The BBB website also features a review from a customer who experienced delays in receiving their short-term disability checks. The customer attributed the delays to Companion Life's slow processing times and expressed frustration with the company's lack of sympathy regarding the resulting interruptions to their bill payments. This review highlights potential challenges with Companion Life's claims processing efficiency and customer support responsiveness.
Overall, while Companion Life Insurance Company boasts a strong financial rating from AM Best, customer reviews reveal areas for improvement, particularly in claims handling and customer service. It is important for prospective customers to consider both the company's financial stability and its track record in addressing customer concerns when making an informed decision about their health insurance provider.
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The ease of contacting customer support
Companion Life Insurance Company offers a range of insurance products, including accident and health insurance plans, short-term medical insurance, and group supplemental insurance. They have a strong focus on customer relationships and aim to provide personalized attention. The company offers an online portal for policyholders to easily access benefit information. However, there have been some complaints regarding customer service, with one customer stating they struggled to reach a live agent and experiencing issues with their payment system.
Companion Life Insurance Company provides multiple avenues for customers to contact their support team. On their website, customers can find contact information, including phone numbers and addresses for their different locations. This enables customers to reach out directly and speak to a representative, ask questions, and address any concerns or issues they may have.
The company also offers an online portal, called "My Online Benefit," which allows policyholders to access their policy and benefit information conveniently in one location. This digital platform enhances the ease of accessing important details without the need for direct interaction with customer support. The portal provides a self-service option for customers who prefer to find information on their own.
However, there have been some complaints regarding the accessibility of live customer support. In a review on the Better Business Bureau (BBB) website, a customer reported difficulties in reaching a live agent. They expressed frustration with the phone system, stating that it kept asking for information and eventually hung up on them. This indicates a potential challenge in being able to speak directly with a customer support representative.
To address this issue, Companion Life Insurance Company could improve by ensuring that their phone system is user-friendly and efficient. They could consider providing clear instructions, an option to speak to an agent directly, and reducing the number of automated steps required to reach a live person. Additionally, offering alternative contact methods, such as online chat or email support, could provide customers with more avenues to reach the support team.
In summary, while Companion Life Insurance Company offers an online portal for convenient access to policy information, there is room for improvement in the ease of contacting their customer support team directly. Enhancing their phone system and providing diverse contact options could improve the overall customer service experience.
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The range of insurance plans offered
Companion Life Insurance Company has specialized in employee benefits for over 50 years. The company offers a range of insurance plans, including:
- Stop loss insurance: This type of insurance is designed for self-insured companies that want to take on a portion of the risk for their employees' health care claims. It offers flexible coverage and protects against high-payout claims.
- Accident and health insurance: Companion Life offers various accident and health insurance plans, such as limited benefit health insurance plans, short-term medical insurance, group supplemental insurance expense coverage, and employer group waiver insurance plans. These options provide clients or employees with multiple choices to meet their specific needs.
- Group and voluntary insurance products: These are offered as "companions" to medical coverage. This includes accident and health insurance, as well as dental insurance. The company's size allows them to offer personalized attention while also providing the stability and resources needed for comprehensive support.
- Short-term and long-term disability insurance: Companion Life offers both short-term and long-term disability insurance plans to meet different needs.
- Vision and hearing services plans: In addition to their other offerings, Companion Life provides vision discount and hearing services plans.
- Life Insurance: Companion Life offers life insurance products, including term life insurance and permanent life insurance.
- Dental Insurance: Companion Life provides dental insurance plans to complement medical coverage.
Overall, Companion Life Insurance Company aims to provide a comprehensive range of insurance options to meet the diverse needs of individuals, employees, and employers. Their commitment to excellence and focus on relationships have earned them consistent recognition and high ratings from independent credit rating agencies.
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Frequently asked questions
Companion Life Insurance Company is a national stop-loss carrier in the United States that provides a full suite of employee benefits and worksite products. They have specialised in employee benefits for over 50 years and market a range of insurance products including Life, Disability, Dental, Vision, Accident, GAP, Limited Medical and Critical Illness insurance.
The Companion Life Insurance Company has received an A+ rating by AM Best for 22 consecutive years. AM Best is the largest independent credit rating agency specialising in the insurance industry. This rating demonstrates the company's commitment to providing exceptional insurance services and financial stability to its customers. However, there are some negative reviews online that describe the company as "slow" and "unsympathetic".
Companion Life offers a variety of accident and health insurance plans, including limited benefit health insurance plans, short-term medical insurance, group supplemental expense coverage, and employer group waiver plans.
The mission of Companion Life is to be a well-managed company that values relationships with its policyholders and their families. They aim to provide personalised attention and support to their customers while also offering stable and reliable insurance products.
