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

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Aflac vs. Companion Life Insurance

Life insurance is typically provided in two different ways: it can be purchased independently from a typical insurance provider, or it can be offered as part of a group rate coverage plan maintained by an employer. While Companion Life Insurance Company offers a strong group rate product, AFLAC offers its services to individuals for competing rates.

Both insurance providers offer an essential service, especially in a world where employer-based, group rate plans are increasingly not the norm.

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Access to Company Insurance Agents and Professionals

AFLAC is one of the largest insurance providers in the country, and their offerings extend to more than just life insurance products. That means they must back up this vast product line with a sufficiently vast network of agents — and they do.

AFLAC maintains one of the largest nationwide network of agents who can assist with both quoting and purchasing life insurance policies. And, in the event that the insured person does pass away, these agents will be on the spot to inform families of what the life insurance will cover, and how best to proceed.

Companion Life Insurance company, while available nationwide through many employers, also maintains a network of agents. However, its agents to focus on much larger areas and they generally offer their services to entire “regions” rather than taking a community-based approach. That may result in some longer waits for assistance, both on the phone and in person, in the event that a claim must be filed or a policy may be altered.

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Different Ways of Competing on Price

Those employees who are eligible to obtain life insurance coverage through Companion Life Insurance Company will want to consider the real price they’ll be paying for this coverage on a yearly basis. It’s rather easy to view the company’s marketing materials and commit to a weekly or biweekly deduction from a paycheck, but these smaller and more frequent deductions also help to mask the true cost of life insurance coverage through the company.

Before making a decision, ensure that the company’s price is fair and reasonable — and affordable. Ensure that this paycheck deduction is really resulting in monetary savings, and not just convenience of coverage.

A Different Approach to Life Insurance at AFLAC

AFLAC, while not available as a payroll deduction, does offer the same benefit that any large insurance provider offers: the ability to bundle, qualify for other discounts, and save for the entire duration of a life insurance policy.

That means customers can bundle things like accident insurance, dental insurance, and even lump sum cancer treatment insurance, and save a great deal on all of the policies that they hold with the company. That’s a service that simply is not available with Companion Life Insurance Company products.

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Do Thorough Research into Types of Coverage and Any Limits on Coverage

Though Companion Life Insurance Company is highly rated by A.M. Best (with an A+ rating) as well as its customers, it’s important to do thorough research into which services the company is offering your employer. Remember that group rate plans often give employees just one or two choices when it comes to choosing the type of life insurance plan, the coverage level of that plan, and what they wish to pay per month.

This helps keep the process efficient and streamlined, and it keeps costs down for Companion Life Insurance Company’s policies. However, if they don’t offer the unique type of coverage you would prefer, it may be worth it to check elsewhere.

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More Options and Flexibility When Choosing AFLAC

AFLAC is a far more flexible company when it comes to offering life insurance, as the company operates in a more traditional, customer-facing manner that should be expected of any major national insurance company. AFLAC allows customers to choose between term life insurance and whole life insurance, and they have flexible policies that allow their customers to easy add insurance “riders” to cover the needs of children in the event of a parent’s untimely passing.

In this area, both companies are evenly matched. Those who prefer a streamlined approach and have no need for more complex life insurance needs will absolutely love the policies offered by Companion Life Insurance Company. Those with more complex needs or higher coverage amounts will appreciate the diverse offerings given to customers by AFLAC.

Compare Coverage Rates on Supplemental Programs

AFLAC is one of the largest nationwide providers of supplemental medical coverage, and their large size and scale allows them to provide services that Companion Life Insurance Company simply cannot (and does not) offer. That means AFLAC offers things like juvenile life insurance, lump sum cancer treatment coverage, accidental injury coverage, and hospital confinement and care coverage. None of these services are offered by Companion Life Insurance Company.

However, Companion Life Insurance Company does offer supplemental medical, dental, and vision programs to some of its group plan administrators. For those with basic needs, this is a great way to still “bundle” with a vastly smaller and less nimble company. However, AFLAC is the logical choice for older customers who have more dental insurance needs or those who have more complex, ongoing medical issues that require deeper coverage and higher amounts of liability.

How Much Does a Claim Really Cost?

AFLAC is one of the only insurance companies which promises customers that their rates will not increase simply because they filed a claim with the company. Many others — including Companion Life Insurance Company — do not offer this same guarantee.

Because both companies focus on medical coverage and supplemental needs, it’s likely that every customer will be filing a claim with the company eventually. In a world of economic uncertainly, it’s nice that at least one company provides customers with the assurance that their rates are static — and not subject to ongoing risk evaluation, liability statistics, and unnecessary revision.

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Both Companies Win with Different Types of Customers

There’s no denying that both AFLAC and Companion Life Insurance Company are strong competitors in providing life insurance coverage — and some supplemental services — to customers. Where they excel is largely based on the needs a customer has: younger, or more healthy, customers will prefer the simplified and affordable products offered by Companion Life Insurance Company.

Older customers, or those with more complex medical needs, will want to choose the more diverse product line offered by AFLAC — as well as the company’s focus on bundling services to save money. As always, no insurance product should be purchased without a thorough comparison process, as well as a meeting with one of the company’s agents or customer service professionals.

The terms, limits, and supplemental services offered by AFLAC and Companion Life Insurance Company have real and direct consequences on the customer who choose them, and the choice between these two giants of medical insurance coverage should be taken serious and studiously.

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