Companion Life Insurance: What You Need To Know

Companion Life Insurance Company is a Columbia, South Carolina-based insurance company that has specialized in employee benefits since 1971. The company markets life insurance, dental insurance, disability insurance, accident, and specialty health insurance products through a network of independent agents and brokers, general agents, and managing general underwriters. Companion Life serves companies with as few as two employees to those with thousands. The company is licensed in 46 states and the District of Columbia and has consistently earned an A.M. Best rating of A+ (Superior).

Employee benefits

Companion Life Insurance Company has specialized in employee benefits for over 50 years. The company is committed to providing creative solutions to meet employee benefit needs and has earned an A.M. Best rating of A+ (Superior) for over 20 consecutive years.

Companion Life offers a range of insurance products to enhance employee benefits packages, which are an important factor in attracting and retaining talent. These products include:

• Life insurance
• Dental insurance
• Vision insurance
• Accident and specialty health insurance
• Short-term and long-term disability insurance

Companion Life's disability insurance is particularly noteworthy, as it offers a range of long-term disability (LTD) plan choices. For example, the Two-Year/Reducing Benefit Duration (RBD) program is popular with companies with a blue-collar workforce. It provides coverage equal to 60% of an employee's earnings, up to a maximum monthly benefit of $6,000. The Five-Year/RBD and Age 65/RBD plans offer similar benefits, with extended payment durations.

Additionally, Companion Life provides stop-loss insurance, which is valuable for self-insured companies that want to mitigate the risk of high-payout health care claims. This type of insurance protects both the company and its employees by offering flexible coverage options.

Group insurance

The main feature of group insurance is the pooling and sharing of beneficiary risk. Group insurance can help to reduce the problem of adverse selection by creating a pool of people who are eligible to purchase insurance because they are part of the group, rather than because they want to buy insurance. Grouping individuals together in this way also allows insurance companies to offer lower rates.

There are several advantages to group insurance. It can provide life cover to members irrespective of age, gender, socioeconomic background, or profession. It can also provide investment options to the organisation to create a corpus for gratuity. Group insurance can mobilise the savings of participating members to meet long-term financial goals, such as a child's education or marriage, and it can provide for outstanding dues or loans in the event of a member's death or disability.

Dental insurance

Companion Life Insurance Company is an insurance company based in Columbia, South Carolina, that has specialized in employee benefits for over 40 years. The company offers a range of insurance products, including life, dental, vision, disability, and accidental death and dismemberment programs.

Now, let's focus on dental insurance:

Here's how dental insurance typically works:

• Premium Payments: Individuals usually pay a monthly premium to maintain their dental insurance coverage. This premium can be deducted from their salary if provided by an employer or paid directly to the insurer if purchased individually.
• Waiting Periods: Some dental insurance plans have waiting periods, which means individuals may need to wait for a certain period (often up to six months) before they are eligible for coverage beyond preventive oral exams.
• In-Network vs. Out-of-Network: Dental insurance plans often have a network of dentists that have agreed to provide care based on the plan's terms. Choosing an in-network dentist usually results in lower out-of-pocket expenses for the individual. Out-of-network dentists may charge higher deductibles, copays, and coinsurance.
• Deductibles: A deductible is the amount an individual must pay out-of-pocket before their insurance plan starts sharing the costs of dental care. Once the deductible is met, the individual and the plan share the remaining costs.
• Coinsurance: After meeting the deductible, individuals are often responsible for a portion of the treatment costs, known as coinsurance. For example, if a dental plan pays 70% of the cost, the individual pays the remaining 30%.
• Annual Maximum: Dental insurance plans usually have an annual maximum, which is the highest amount the plan will pay for dental treatment within a plan year. Once this limit is reached, the individual is responsible for all additional costs.
• Preventive, Basic, and Major Care: Dental insurance plans often cover different types of dental care, including preventive care (e.g., cleanings, oral screenings), basic care (e.g., toothaches, gum disease treatment), and major care (e.g., oral surgery, dentures).
• Exclusions: Most dental insurance plans do not cover cosmetic procedures, such as teeth whitening or veneers. Orthodontic treatments, such as braces, may also be excluded or have age restrictions.

Accident insurance

Companion Life Insurance Company has specialized in employee benefits for over 40 years, offering insurance products in 46 states and the District of Columbia. The company provides group and voluntary insurance products as "companions" to medical coverage. This includes accident and health insurance plans, such as limited benefit health insurance plans, short-term medical insurance, and group supplemental insurance expense coverage.

When purchasing accident insurance, it is essential to understand the specific coverage offered by the policy. The policy may cover a range of accident-related injuries, including broken bones, dislocations, burns, dental and eye injuries, emergency room care, diagnostic testing, hospital treatment, and physical therapy. Some policies may also provide benefits for accidental death, with payments made to the designated beneficiary.

When deciding on accident insurance, it is important to consider the specific needs and lifestyle of the individual or family. It may be suitable for those who lead active lifestyles or engage in risky activities, as well as those with limited health insurance coverage or high out-of-pocket expenses. It is recommended to ask questions about the coverage, exclusions, and payout structure to ensure the policy meets the individual's requirements.

Long-term disability insurance

Companion Life Insurance Company has specialised in employee benefits for over 40 years, offering insurance products in 46 states and the District of Columbia. The company provides group and voluntary insurance products as "companions" to medical coverage. Their products include life, dental, vision, disability, and accidental death and dismemberment programs.

One of the insurance products offered by Companion Life is long-term disability insurance. Long-term disability insurance provides a safety net for individuals who experience unexpected illnesses or injuries that prevent them from returning to their jobs for an extended period or permanently. This type of insurance can be provided as part of an employer's benefits package or purchased independently. It replaces a portion of the individual's income, usually between 50-70% of their earnings, and is paid directly to them. This income replacement can help maintain their standard of living when they are unable to earn a paycheck.

When choosing a long-term disability insurance policy, it is important to consider various factors such as duration, coverage options, and cost. The duration of the policy should ideally cover at least five years or up to the individual's normal Social Security retirement age, as many disabilities last longer than shorter terms. In terms of coverage, "own-occupation" coverage provides benefits as long as the disability prevents the individual from returning to their previous position, regardless of their ability to work in another occupation. On the other hand, "any-occupation" coverage provides benefits only if the individual is unable to work in any occupation they are qualified for or could become qualified for through education, training, or experience.

The cost of long-term disability insurance depends on factors such as coverage options, elimination period length, group or individual rates, and the age of the individual at the time of purchase. Younger individuals typically pay lower premiums than older ones. Group and individual long-term disability insurance policies usually cost around 1% to 3% of an individual's yearly salary.

Frequently asked questions