Insurance is an item considered by any type of adult household, whether it is for a single individual, a couple, or even for a family with children. Insurance may be needed for a variety of items, such as for a vehicle or for a house or even for the length of life. Insurance companies today offer a variety of life insurance products to fit the various needs of the consumer. Two such insurance providers are Amalgamated Life and New York Life Insurance Company.
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Amalgamated Life was known as “America’s Labor Insurance Company.” Founded in 1943 and with its headquarters located in White Plains, New York, the company originally focused and still focuses on a specific section of the population, the labor community. The company has been given a financial rating by AM Best as “A”.
Types of Insurances Offered
Amalgamated Life offers insurance products in the following areas:
- Accidental Death & Dismemberment
- Medical Stop Loss
Group term life policies are available that offer many features. Flexibility in benefits amounts is offered, as well as the ability to convert the policy into a permanent, individual type, without the need for additional medical underwriting.
Additional options include:
- Dependent Life
- Retiree Life Coverage
- Supplemental Life
Other Insurance Types
Disability insurance is offered as either a short term type or long term type, and provides additional income protection in case of disability. Accidental Death & Dismemberment insurance will provide coverage up to the amount of the coverage currently in force in case of accidental death and dismemberment. Medical Stop Loss is offered as either a specific type or aggregate type.
Voluntary, or optional, insurance products include the following:
- Workers Life Level
- Critical Illness Protection
- Employee Life Option
Through affiliated companies, Amalgamated Life offers additional products, including medical management services, third party administration services, management liability, and professional liability. However, these products are from the perspective of a business company needing these types of services and not geared toward an individual consumer.
Another New York based company offering insurance products is New York Life Insurance Company. However, New York Life Insurance Company offers investment products as well as life insurance products to help consumers save and plan ahead.
New York Life Insurance Company
New York Life Insurance Company was found in 1845. Being in business for over a hundred and sixty years, this company has a well established reputation in the life insurance industry. The company headquarters are located in New York City, New York. As a Fortune 100 company and with over 60,000 license agents, there is sure to be a local agent nearby to assist.
Types of Insurance Offered
New York Life Insurance Company offers a variety of variable and term life insurance policies as listed below:
- Term Life
- Universal Life
- Variable Universal Life
- Whole Life
- Single Premium Life
- Survivorship Life
- Long Term Care
- Corporate Life
- Bank-Owned Life
Term life policies may range anywhere from 10 years to 20 years. Family protection insurance may be added as an option. Term policies may also be converted if desired, with time of conversion dependent on the type of term policy. Variable life policies have many options, as listed above, to meet the variety of needs expressed by the consumer. The consumer may be an individual or a business.
While many purchase life insurance as a way to plan ahead for the financial needs of the family, New York Life offers other investment products to also assist in financial planning.
Other Products Offered
Deferred variable annuities and fixed annuities are only two examples of investment products offered by New York Life to assist in building retirement income and security for its customers. Guaranteed lifetime income and mutual funds products are also offered to help individuals and families save for the future.
New York Life also offers additional insurance products through sponsored marketing products. These products are offered by other insurance companies are not manufactured by New York Life:
- Individual Health
- Group Health
- Disability Income
- Impaired Risk Life and Annuity
Comparison Between Companies
Both companies offer insurance products, but Amalgamated Life focuses on offering products that are of importance to those in the labor industry. They focus on providing some type of insurance coverage in case something happens that prevents the insured from working. New York Life focuses on life insurance and investment products.
Through its sponsored relationship with other insurance companies, other types of insurance products may be available. New York Life is a much larger company and thus with a larger scope of influence in the U.S. and throughout the world. With its larger resources, it may be better known to the public compared to Amalgamated Life.
Both companies have a positive reputation in the insurance industry, with “A” rated financial status. They both offer similar types of life insurance products. However, neither company directly offers other types of insurance products that the average consumer may need, such as vehicle insurance, property insurance, or even some type of medical or health insurance.
The consumer would have to seek another insurance company to meet those types of insurance needs. Other life insurance companies which offer these other insurance products and offer an all-in-one resource may be more appealing to the consumer shopping and comparing insurance products.
Some insurance policies and coverage options may not be available in all states. Rates and options can vary with each type of policy. A local insurance professional should be consulted for more detailed information.
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