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Question DetailsAsked on 5/27/2016

does anybody have any experience with companion Life Insurance Company

Is this company honest and reliable?

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1 Answer


There is a profile on AL for them, but the company has not filled in its information, and no reviews. One prior AL question about them I found -

They appear in some listings to be a subsidiary of Mutual of Omaha, a very old company with top reputation, but the reputation of this subsidiary sounds very bad on the web - google this search phrase - Companion Life Insurance complaints. Other documents indicate it is an independent company out of South Carolina. May be there are two companies of same name - Mutual of Omaha one operating predominately or totally in NY state, plus the one out of SC.

On the latter - their annual report is certainly nothing to crow about - bare bones balance sheets and mostly an advertising document. They appear to be concentrated in small business plans, but also offer (under Companion and Niagara brandnames) life, disability, health, dental, vision, etc plans in 49 states and DC.

On the health plan, there are review site listings with a lot of very similar sounding complaints that it is NOT ACA compliant (so does not meet requirements for minimum health care under "Obamacare" rules), and some indication it is a discount PPO plan and may not be insurance at all and provides no hospital, ambulance, or out-patient treatment coverage. Sounds like the individual plan is some sort of a supplemental benefit plan, not "health insurance" at all, if that is what you were looking at. Pretty nasty review comments.

Check out review and complaint sites about them - but from what I saw I would not go there - but then my feeling on insurance is stay with the biggest long-term names that have the most reputation to protect and the most state insurance boards to keep happy so are more likely to come through with the benefits they promise.

Answered 3 years ago by LCD

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