Purchasing a life insurance policy is a great way to ensure financial protection for yourself and your dependents, including your spouse and children, in the event of an unforeseen death. Being financially sound during an event as traumatic as the loss of a loved one may not ease grief, but it will help to scratch one less worry off of a long list of concerns. Start by using the non-profit Life Foundation’s insurance needs calculator to determine how much coverage you want, then get a quote from providers you trust.
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Among some of the most reputable life insurance companies are Amalgamated Life and LifeWise Assurance. Each of these companies provides comprehensive life insurance policies on an employer basis while each offers its own unique advantages.
History and Overview of LifeWise Assurance Company
As of 2012, LifeWise Assurance Company has been in practice for 28 years. The company utilizes a centralized claim system to offer policies to its 460,000 customers spanning eight western states.
LifeWise refers to itself as the “strong and silent” type on its company website, emphasizing the fact that although it remains relatively under the radar, the company’s reputation as a financially stable and reliable provider remains well intact.
LifeWise boasts a quick and convenient claim processing system, as well as an effort to strengthen relationships between customers and insurance producers. Products are available via payroll deductions and are offered on an employer-only basis.
All of LifeWise Assurance Company’s product offerings are determined by group size. Groups included are the small group of two to nine employees, as well as the true group, which includes ten or more members.
General product offerings include: Group life insurance, accidental death and dismemberment, dependent life, medical stop loss for self-funded plans, and an assortment of voluntary products.
Special Advantages with LifeWise
In addition to general life and disability policies, LifeWise offers comprehensive health plans for employers and their employees residing in Washington and Oregon, as well as a versatile student health program. Policyholders and employers may access their plans via the Employer Portal on the LifeWise Assurance company website. Here, customers can view updates, execute changes and manage plans.
LifeWise Assurance Company holds an A- by A.M. Best rating company, which signifies excellent financial stability. Product details for their offerings are explained briefly below. You can visit Investopedia for more in-depth definitions of the insurance terms used below.
Small Group Accidental Death & Dismemberment coverage is as gruesome and comprehensive as it sounds. Three basic plans are offered, each including hand, foot, sight, paralysis, speech and hearing as payable losses, as well as providing benefits for disappearance and exposure.
Benefits are graded by employee class. Plan one offers a maximum 50,000 dollar employee benefit, plan two offers a maximum 25,000 dollar employee benefit, and plan three offers a maximum 15,000 dollar employee benefit.
The Small Group Dependent Life plan offers a 5,000 dollar spouse limit and a 2,000 dollar dependent limit for children between 14 days to 25 years old. A group life policy must have been selected in order to qualify for coverage.
Small Group Short-Term Disability has maximum benefit options which fall between 100 and 1,000 dollars, while benefits cannot exceed 70% of an employee’s monthly earnings. Two plans are provided, which offer varying employee benefit maximums that depend on the class of each employee.
The Small Group Long-Term Disability offers stand-alone benefits, or benefits alongside other small group products, with a monthly maximum benefit of 6,000 dollars, 60, 90, or 180 day elimination period, and includes up to 24 months of mental illness and substance abuse coverage.
With True Group Accidental Death and Dismemberment, like small group AD&D, benefits are graded by employee class, however, true group plans offer additional benefit options. Day care, coma, occupational assault, common disaster, survivor, and education are a few optional benefits that are provided. The lifetime maximum benefit for AD&D may be up to seven times an employee’s annual salary.
In True Group Short-Term Disability Percentages available for short-term disability are 50 percent, 60 percent, 66 and two thirds percent, and 70 percent of weekly pre-disability earnings. There is a weekly benefit minimum of 25 dollars, and plans may be purchased alone or alongside a life insurance policy.
True Group Long-Term Disability is Available on both a free-standing or packaged basis, true group long-term packages provide a maximum 6,000 dollar monthly benefit, an employee assistance program and travel assistance services.
History of Amalgamated Life Insurance
Amalgamated Life Insurance was founded in 1943 when the company founder, Sidney Hillman, joined figureheads in the men’s apparel industry to create a life insurance company that catered to laborers. The company has since expanded to include third-party affiliates, including a medical management company, a computer service company, a property and casualty brokerage firm, and a printing and graphics company.
In 1987 Amalgamated formed Alicomp, Inc., a customized information technology solutions team. Amalgamated also created Alicare, Inc., their third-party administrator of health benefits and pension plans.
In 1992, the Amalgamated Life Insurance Company gained permission from the state of New York’s insurance department to sell life, health and disability insurance outside of its primary union group, UNITE HERE, and began to sell to an extended group of trade-union members.
Amalgamated Life Insurance provides life, accident and disability insurance to working people.
The main focus of Amalgamated is on the working class. So the company acknowledges the need for unions, trust funds and individuals in the labor industry to receive qualified benefits.
Clients include fund administrators, union members, brokers, consultants, and sometimes non-union members. Insurance products offered include group and individual life insurance, disability, medical stop-loss, retiree life coverage, supplemental life insurance, and accidental death and dismemberment.
Special Advantages of Amalgamated Products
In addition to Amalgamated Life Insurance Company’s diverse plan offerings, special services are offered to provide a detailed level of assistance. Administrative support services offer extra guidance, while a multilingual team of representatives ensures that each and every policyholder receives answers and solutions to questions asked. Amalgamated also offers a mainframe computer services support team, printing and fulfillment services, and benefits communications programs.
Managing general underwriters face lengthier wait times for claims approvals, and since Amalgamated is a direct writer, they have the advantage of making quicker disclosure decisions pertaining to medical stop-loss plans in particular.
Amalgamated’s Financial Strength Rating and Product Details
Amalgamated Life Insurance has retained an A for “excellent” from A.M. Best for 36 consecutive years. It’s life insurance products are described briefly here.
- Term Life: The basic group term life policy offers flexible benefit amounts and experience-graded contracts. Add-ons include additional term life policies for a spouse and children. Spouses may receive a maximum benefit of 100,000 dollars, while children may receive a maximum benefit of 4,000 dollars each.
- Retiree Life Coverage offers up to ten percent of an active group’s retiree population. Plus, they may receive additional insurance. The Supplemental Life benefit is available alongside purchase of a group term life policy, and is available via a contributory basis for the member and his or her dependents.
- Accidental Death & Dismemberment Coverage is available with enrollment in a group term life policy and may not be available in all U.S. states.
- Amalgamated offers short-term and long-term disability options. Policy members will receive income for non-work site incidents, such as illnesses, accidents and pregnancies. Benefits are received on a contributory or non-contributory basis.
The Right Life Insurance Company for You
Selecting the life insurance policy that is right for you relies on a few factors. With financial reliability at stake, it is important to assess each company’s financial ratings to determine whether or not the company possesses acceptable financial stability. Amalgamated Life and LifeWise both retain excellent financial ratings, with Amalgamated slightly surpassing LifeWise with its “A” rating.
It is also important to consider what lifestyle and conditions each company supports. LifeWise appeals to the working class in general, while Amalgamated strongly favors unions and the minority population. Determining where you fit in profession-wise will enable you to select a policy that is best formulated to fit your needs.
All in all, each company provides multiple tiers of coverage that suggest affordability while offering excellent customer support services to expedite claims and ensure customer satisfaction.
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