Effective October 1, 2020, Companion Life Insurance Company will no longer offer for sale any new Medicare Supplement Insurance plans. All solicitation of this product must cease as of October 1, 2020, and all marketing materials must be removed from distribution and disabled from online viewing by October 1, 2020.
Companion Life will continue to service existing Medicare Supplement Insurance policies with the same high level of service that policyholders and agents currently receive.
- Advanced payment of commission related to sales of the Companion Life Medicare Supplement Insurance product is discontinued as of September 15, 2020. Commissions for all Medicare Supplement Insurance business in existence as of September 15, 2020 will be paid to agents on an as-earned basis.
- Commissions associated with sales of the Companion Life Medicare Supplement Insurance plans issued after September 15, 2020 will also be paid on an as-earned basis.
- All new agent contracting ceases as of September 15, 2020.
- Your state appointment to sell Companion Life Medicare Supplement Insurance plans will not be renewed. You will receive a copy of your termination letter, not for cause, when your state appointment comes up for renewal.
Medicare Supplement Applications
Companion Life’s Administrator may be contacted as follows:
Applications for prospective policyholders must be signed, dated, and received in the Administrator’s office by October 1, 2020 to be considered for approval. Any new applications, including plan changes, received after October 1, 2020 will be returned.
In the event an application is received by the Administrator on or before October 1, 2020 but is incomplete, all pending application requirements must be fulfilled and received by the Administrator on or before October 16, 2020. Applications that remain incomplete as of October 19, 2020 will be withdrawn from consideration.
After October 1, 2020, Medicare Supplement Insurance policyholders may apply for reinstatement of a lapsed policy, in accordance with policy provisions, only if an application for reinstatement, with all premium due, is received within 60 days from the date of policy cancellation. If an application for reinstatement, with all premium due, is not received within 60 days from the date of policy cancellation, then reinstatement coverage will not be available. Any reinstatement of a lapsed policy may not cause the reinstated contract term to exceed the contract term held prior to the lapse.
Companion Life regrets any inconvenience you may experience as a result of the termination of new sales of Companion Life Medicare Supplement Insurance plans. Your support and business are greatly appreciated by Companion Life and its Administrator. If you have any questions regarding this termination of new sales, or questions regarding the administration of any existing Medicare Supplement Insurance policies, please contact the Administrator at 888-220-0466.