Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Employers have found that offering a benefits packages accomplishes two highly desirable goals: Benefits encourage people to accept a new job, and they also help to keep those very people in their jobs for several years after being hired. If a company does not have to continuously seek new applicants to fill constantly empty job positions as well as train these new employees, they save a lot of money.

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Aetna and Companion Life Insurance Company are two life insurance companies that have the benefits packages that will help businesses retain their employees and save money in the process.

Life Insurance Choices from Aetna:

Aetna Life Insurance Company gives employers several different options for group life insurance coverage to offer to their employees. The several types of group life insurance are:

• Basic Term Life Insurance

Aetna vs Companion Life Insurance Company


• Supplemental Term Life Insurance
• Accidental Life & Personal Loss (AL&PL)
• Dependent Life Insurance
• Dependent AL&PL

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Basic Term Life Insurance

The Aetna Basic Term Life Insurance policy is the most affordable for employees to purchase. At very low premiums, employees who opt to purchase basic term life will be able to name the people as their beneficiaries that they would like to receive a certain amount of money.

For the most part, the employees will be able to set the amount that they would like to leave to their beneficiaries, but reasons may exist where they will have to limit the death benefits their beneficiaries receive. This will be determined by the employees’ salaries.

Supplemental Term Life Insurance

Because it is possible for the employees’ salaries to limit the amount of money they can leave to their families, employers can also offer them the option of purchasing supplemental term life insurance. Although this policy may be offered to increase the amount of money that can be left through the basic term life insurance policies, Aetna may also limit the benefits people can receive when they add the supplemental policy to their life insurance.

Accidental Life & Personal Loss (AL&PL)

With the AL&PL policy, Aetna gives employers a product to offer their employees that will pay them a sum of money in the event that they are seriously injured in an accident. Employees may qualify for their benefits under several different circumstances, such as:

  • Death
  • Becoming paralyzed
  • Losing the ability to speak, see or hear
  • Suffering from third degree burns
  • Losing arms and/or legs

Employees will have the opportunity to purchase the Aetna plan that covers the injuries they are most likely to suffer.

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Dependent Life Insurance

The dependent life insurance policy is another type of low cost life insurance that employers may find advantageous for their employees. After purchasing this policy, the policy holders will receive an amount of money if one of their dependents passes away. Employers may also purchase the supplemental plan for their employees if the benefits would not be sufficient to pay the bills with just the dependent life insurance policy.

Dependent AL&PL

Employers who are giving the people who work for them the option of purchasing the AL&PL policy can also purchase the supplemental coverage called Dependent AL&PL. This plan will offer the employees benefits for certain named injuries for particular dependents.

Accelerated Death Benefits

Basic term life insurance, supplemental term life insurance and dependent life insurance from Aetna all have accelerated death benefits. The accelerated death benefit (ADB) is paid to the policy holder after the policy holder or the dependents have been diagnosed with a terminal illness.

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Aetna Vision

The vision plan that Aetna provides will help employees save money on their vision-related expenses, such as examinations, contact lenses, glasses and even Lasik surgery.

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Disability Insurance

Aetna has both short term as well as long term disability options for employees that will make sure they can pay their daily living expenses when they are unable to work due to an injury or an illness.

Dental Insurance

Aetna has several dental insurance plans that help make obtaining dental services affordable for employees and their families.

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Companion Life Insurance Company:

Aetna vs Companion Life Insurance Company

An employer may have only two to nine employees who have different needs than can be served by Aetna, and Companion Life Insurance Company may be able to suit these needs. The types of insurance products employers may purchase from Companion are:

 

  • Dental Insurance:The dental insurance offered by Companion Life Insurance Company allows employees to see the dentist of their choice.
  • Life and Accidental Death & Dismemberment (AD&D): Companion has both Term life insurance and AD&D plans for employees to choose from.
  • Long Term Disability: Long Term Disability from Companion will give injured employees 60 percent of the salary they earned while they were working.
  • Short Term Disability: The Short Term Disability option also pays 60 percent of the salary of people employed in smaller work environments.
  • Vision by Design: Employers have the choice of different plans that will only cover the basics, such as exams, as well as those that cover exams, glasses and contact lenses.

10 or More Employees

Businesses that have at least 10 employees will have different concerns than those companies that have two to nine. Companion Life Insurance Company has created products that will address the specific needs of these employees with group products, Life and AD&D and Disability Income Plans.

True Group Product Portfolio

Companion has created the true group product portfolio that offers benefits packages that give employees dental benefits, long term/short term disability options.

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Voluntary Group Benefits

The voluntary group benefits packages that Companion has for employers aims to make offering benefits to new employees much more affordable. With this option, employees can take part in the group insurance benefits if they choose to with their premiums being deducted from their paychecks.

With group coverage, the employees will receive better rates from Companion than they would if they were to purchase their insurance coverage on their own, and they will have several choices, such as voluntary:

  • Dental Insurance
  • Life Insurance
  • Long Term Disability
  • Short Term Disability
  • Vision by Design

A Comparison of Aetna and Companion Life Insurance Company

Aetna and Companion Life Insurance Company both provide employers with the ability to offer their employees very good benefits packages. With Aetna, employers can purchase group life insurance, disability insurance, dental and vision options.

The difference between Aetna and Companion Life Insurance Company is that Companion Life Insurance Company separates its products by the numbers of employees that businesses currently employ. Another difference is that Companion Life Insurance Company also gives employers the chance to have their employees enrolled in the group benefits plans on a voluntary basis. Companion Life Insurance Company has more flexible options for employers and employees that are part of businesses that are either large or small.