Source: Weather.com (AP Photo/NOAA)

As Hurricane Sandy was forecasted to hit the Northeast, estimates for damage were high. Precautions were made and people hoped for the best. Over 375,000 were under a mandatory evacuation in New York City alone, per order by Mayor Michael Bloomberg.

However, as the storm approached the coast, it became evident that conditions were worse than originally anticipated and there would be severe consequences. With the event occurring so recently, only estimates can be drawn at this time. From the astronomical damages in the affected cities to the major insurance claims that have already and will be made, the cost of this storm is already staggering.

According to an article by Reuters, estimates from the disaster modeling company Eqecat place economic losses at close to $50 billion. Governor of New Jersey Chris Christie has given his estimate for the damages in New Jersey alone: $29.4 billion.

Make sure you have adequate insurance coverage no matter what comes your way. Enter your ZIP code into the online tool at the top of this page to see multiple rates for FREE.

Impact on Insurance Industry

One of the main topics of discussion will certainly center around insurance. Between not having enough coverage and debates of existing policies not covering all of the damages, most people affected by the storm will transition from survival mode to rebuilding mode, which includes dealing with insurance companies.

As mentioned in an article by InvestorPlace, early estimates propose losses could be up to $20 billion.

According to FEMA and the National Flood Insurance Program, many standard homeowner’s policies do not include flood coverage, especially for locations that are not prone to flooding. Unfortunately, many of these places include those affected by the storm. As quoted in an article by the Wall Street Journal, “many people aren’t aware they need the flood-coverage policies until it is too late.”

Source: US News

Damage to the Auto Industry

Flood damage extends well past homeowners’ property, affecting most automobiles in the path of the storm surge. Damage from falling trees and other general debris will also make up a portion of auto insurance claims.

As stated by the New York Times, “Analysts say it is too early to speculate how many vehicles have been damaged by Hurricane Sandy, but the number could exceed the about 300,000 affected by Hurricane Katrina, given the vastness of the area hit.”

Besides the individual damages, many large auto dealerships have been majorly affected by losses in property and/or business, with dealerships shut down due to power outages.

Property Damage After the Storm

Looting is unfortunately always a big story after a storm or natural disaster hits and the focus of security is removed. It’s not always about hunger and the need for sustenance either, as the majority of destructive looting is centered around electronics and alcohol. In the aftermath of Sandy, many evacuated homeowners are returning to their damaged houses only to find their possessions are gone.

When it comes to filing claims to your insurance company, whether home or auto, be sure to follow the proper procedures for the most accurate results.

The Boston Globe offers tips on how to best file a claim for damages caused by Sandy.

Other Industries Affected by Sandy

While the insurance industry will surely take a major financial hit, many other businesses have benefited from the needs associated with storm prep and clean-up.

Home improvement and hardware stores raked in the cash as residents in the path of the storm attempted to prepare their homes and property by boarding up and stocking supplies.

As the re-building process begins, the same storms will supply materials.

Gas prices have noticeably dropped since the storm, while gas shortages and a new black market has emerged in some of the hardest hit areas, according to the Huffington Post.

Notable Relief Efforts for Sandy Victims

Amid the devastation and mounting needs following Sandy, many efforts are already in affect to raise money and supplies for those hit the hardest. To learn more about where and how to give, visit any of the following websites:

American Red Cross

Source: www.redcross.org

Feeding America

The Salvation Army

Hurricane Sandy Help Guide by StyleUnited

Obtaining Proper Insurance Coverage

For many victims, the first thought on their mind may not be on finding sufficient insurance coverage for the future. However, after the rebuilding process begins and a sense of normalcy returns, plans for increasing and/or applying for insurance should certainly be discussed. One of the easiest ways of finding proper coverage at the best rates is to use the online comparison tool at the bottom of this page. Simply enter your ZIP code to be offered multiple plans according to your needs.

The one thing that Amalgamated Life Insurance Company and Protective Life Insurance Company have in common is the fact that they both have done an excellent job in defining and addressing their respective customer demographics. That being said, they are uniquely different companies offering distinctly unique products to very specific groups of people.

To get FREE policy quotes from these and other providers go to the ZIP code box and enter yours now!

Both Amalgamated Life and Protective Life are financially strong, based on independent ratings. That is where the similarity ends.

Also known as America’s Labor Insurance Company, Amalgamated Life directs its attention to the needs of working people and their families. Sustaining a clientele consisting of unions, union members, fund administrators, nonunion members, brokers and consultants, Amalgamated Life Insurance Company provides affordable life, health and pension insurance to its customer base.

Amalgamated Offers Basic Group Term Life Insurance

Amalgamated’s basic group term life insurance offers the ability to:

• Convert to an individual permanent policy
• Choose the amount of benefits

Additional coverage includes dependent, retiree and supplement life coverage. Amalgamated’s insurance for dependents allows members to buy additional term life insurance that covers their spouse and children. The retiree life policy is offered only by employers and usually covers only the retiree, excluding the retiree’s immediate family members.

The final option, supplemental life insurance, is often used as a complement to group term life insurance offered by Amalgamated. It is offered to members and their spouse and children, thereby increasing the financial security of the client.

Coverage for Accidents

Amalgamated offers accidental death and dismemberment coverage insurance for injuries that are sustained either on or off the job.

However, the Accidental Death and Dismemberment option from Amalgamated is provided only in conjunction with group term life policies.

Amalgamated provides both short-term and long-term disability policies. The short-term disability insurance plan offered by Amalgamated Life offers protection during situations that occur outside the realm of the working environment and include events such as illness, pregnancy, or accidents. Amalgamated’s long-term disability insurance plan offers coverage for non-work-related occurrences that result in sustained illness on the part of the client.

Voluntary Insurance Products

In addition to the supplement coverage options there are voluntary choices that employees can select.

• Worker’s Life Plus – offers protection while the client is employed. Additionally, the benefits decrease with age while the premium stays the same for the life of the policy. Available options include the addition of coverage for the client’s spouse or children and the addition of the critical illness benefit.
• Worker’s Life Level – provides coverage while the client is employed. The premium, in this case, increases with age but the benefits stay the same for the life of the policy.
• Critical Illness Protection – extends a lump sum payment to clients who have been confined to a hospital for 30 consecutive days or have been diagnosed with serious illnesses such as cancer, paralysis, renal failure, stroke or heart attack.

Protective Offers Term and Permanent Life Insurance

Protective Life Insurance differs from Amalgamated Life Insurance in that its demographic focus is directed to people such as retirees, estate owners, or even owners of boats or recreational motor homes who are concerned not only with protecting the assets that they currently have but also with enhancing and improving their funds growth in the investment sector. Therefore, Protective Life Insurance Company offers:

• Term and Alternative to Term – offer the option to renew or change to a permanent policy at a later date. Additionally, the initial-level premiums are affordable, and a guaranteed death benefit is provided for a specific span of time.
• Universal Life – extends clients access to their policy values. Furthermore, the premiums are flexible while the death benefit is adjustable. In addition, lapse protection is available, and this insurance plan offers the possibility of cash-value accumulation.
• Survivorship Life – extends coverage to two people, usually a husband and wife, and disburses a death benefit at the death of the second person that was insured.
• Whole Life – offers access to the client’s policy value on a permanent, lifelong basis. Perfect for wealth preservation and the accumulation of assets, this product provides permanent protection and offers cash value increases that are tax-deferred.
• Single Premium Variable Life – addresses the needs of people who need assistance in protecting long-term financial endeavors such as wealth transfers or estate considerations. It combines long-term investment possibilities with death benefit protection and offers a one-time payment of premium.
• Variable Universal Life – combines long-term investment potential with comprehensive lifetime coverage.
• Fixed Annuities – offer low risk and guaranteed growth to retirees who are seeking to grow their retirement savings.
• Variable Annuities – offer market gains while protecting the client’s portfolio from downside risk. Additionally, benefits are guaranteed to last the lifetime of the client or the client’s spouse.
• Single Premium Immediate Annuities – provide immediate income by enabling the client to convert assets into a consistent stream of annuity payments.

Protective Life Insurance Company also offers insurance protection for the automotive, marine and recreational vehicle needs of its clients.

What Customers Say About Amalgamated and Protective

Unfortunately, there was very little information provided on the customer satisfaction level on the Internet website, FreeAdvice.com, with reference to Amalgamated Life Insurance Company. However, one point that is inescapable is the fact that most of its insurance policies are not available in all states.

Other Amalgamated reviews on financial strength are consistently good, even if the policies are not available everywhere.

On the other hand, exceptional options are provided to clients when they purchase basic group life plans through their employers, making it an economical choice for the everyday working person who has a family to take care of. It does seem that Amalgamated is staying true to its commitment to provide affordable insurance to the average guy who is trying to make a living to provide for his family. Additionally, no news is good news when it comes to customer complaints.

Unfortunately, the news for Protective Life Insurance Company was not anywhere near positive when it came to customer satisfaction. There were an abundance of complaints leveled by clients on the Internet website, FreeAdvice.com. To be fair, reviews are by state and there may be a state where this company has better reviews.

Out of the 22 respondents who answered the survey about Protective, 48% stated that they would definitely not renew their insurance policy or policies with the company.

Furthermore, 60% stated that they would definitely not recommend this insurance company to their friends and family. This really is a shame since Protective has so much to offer in the way of specialized insurance plans that appeal to an affluent clientele. Even so, without a proven track record of fairness and dependability connected to timely distribution of benefits to its clients, it will soon lose any potential that it currently has to improve its standing as an average, run-of-the-mill insurance company.

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If you’ve been shopping for life or medical insurance, the chances are that you’ve come across the names Amalgamated Life and HCC Life Insurance Company during your search. While both are well established companies, there are some significant differences between the two in terms of their size and products.

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Both Amalgamated Life and HCC Life have been in business for decades, and during that time these American companies have earned respectable reputations. Amalgamated Life, however, continues to focus on the working class while the larger HCC Life Insurance Company is particularly well known for its medical stop loss policies.

Amalgamated Life Insurance Company

The Amalgamated Life Insurance Company is headquartered in White Plains, New York. The company was founded in 1943 with a vision of offering life insurance products that would protect the financial well being of working class families. In fact, at the time, the company was created to provide insurance for workers of the Amalgamated Clothing Workers of America (ACWA).

The ACWA was eventually partnered with the Amalgamated Clothing and Textile Workers Union (ACTWU) and as a result of further mergers the UNITE HERE union was formed. As a result, Amalgamated Life continues to provide various types of health and medical related insurance for members of UNITE HERE, which remains one of America’s largest unions.

While working class families and union members continue to be the primary customers of Amalgamated Life, over time the company has recruited a wide array of clients. For example, according to the firm’s official website, Amalgamated Life also sells their products to brokers, consultants, fund administrators, and non-union members.

HCC Life Insurance Company

The HCC Life Insurance Company is a division of the HCC Insurance Holdings Inc., which is headquartered in Kennesaw, Georgia. In addition to its home base in Georgia, HCC Life has four more offices located throughout the United States to offer services in each of the nation’s regions.

According to the HCC Insurance Holdings’ website, HCC Insurance Holdings was founded in 1974, and the company went public on the NASDAQ stock market in 1992. In 1996, the company’s shares were moved to the New York Stock Exchange.

Over the last couple of decades, HCC Insurance Holdings has acquired several other insurance firms, some of which included the Avemco Insurance Company, RA & MCO Insurance Services, and the Cox Insurance Group.

The HCC Life division sells various types of products but, unlike Amalgamated Life, many of their policies are also designed for employers and businesses. HCC Life also sells its products through consultants, brokers and third-party administrators. The company provides underwriting as well as marketing services for its products.

Ratings and Reviews

While price is always an important factor when you shop for insurance, knowing whether the company is financially stable is also essential. Although most small companies can and will honor their financial commitments, knowing that your provider has considerable financial resources is always reassuring.

In addition, you may not be so happy about finding cheap insurance if the company provides lousy customer service. People buy policies to help them through stressful times. As a result, when you file a claim or have questions about your coverage, you want to know that your concerns will be quickly addressed.

Amalgamated Life Ratings

Although Amalgamated Life isn’t as big as some other major providers in the United States, it has been business for decades and has secured a significant customer based. According to the ratings agency A.M. Best, Amalgamated Life’s financial holdings range from $25 million to $50 million.

In addition, A.M. Best assigned Amalgamated Life an A overall rating, which is considered “excellent” and “secure”. The rating reflects a company’s financial strength and their ability to honor their insurance obligations. A.M. Best only offers two higher scores, which are A+ and A++. The insurance company has received an “excellent” rating nearly 40 times.

According to the Better Business Bureau (BBB), which keeps a record of customer complaints against companies, Amalgamated Life has a very respectable B rating. In other words, the insurance company has had very few grievances filed against it with the BBB.

In addition, Amalgamated Life has been named to the Ward’s 50; this is an annual list of the top 50 insurance companies in the United States.

HCC Life Insurance Ratings

HCC Life Insurance is considerably larger than Amalgamated Life, as according to A.M. Best the company falls into the $250 million to $500 million financial category. In addition, the ratings firm has assigned HCC Life an A+ rating, which means the company’s financial stability is “superior” in nature.

The firm Fitch Ratings has awarded HCC Insurance Holdings, Inc., an AA rating which is the second best it can assign. In other words, HCC Life Insurance and its parent company have a very solid financial foundation.

In addition, the Better Business Bureau has assigned HCC Life Insurance an impressive A- rating. The high mark was awarded due to the fact that HCC Life Insurance has had almost no complaints filed with the BBB. This is particularly impressive due to the company’s size.

Ask and Look Around

If you want to find out more about what people think about the service these companies provide do a quick search online. In addition to resources like the Better Business Bureau, you may be able to find feedback from customers on various types of websites.

In addition, you can also ask your co-workers, friends or family members if they’ve dealt with either Amalgamated Life or the HCC Life Insurance Company. Independent insurance brokers, who don’t work for either company, are also a good source for unbiased feedback.

Amalgamated Life Products and Services

Amalgamated Life sells a variety of insurance policies which are designed to suit the needs and budgets of working class families. Many working families would be financially devastated if they were to lose a breadwinner during their working years. As a result, Amalgamated Life offers products like life, disability, and accidental death and dismemberment insurance, which offer significant financial aid in times of economic uncertainty.

For example, according to the official Amalgamated Life website, its eligibility requirements for life insurance are less stringent, so that working people can provide for their families in the event of an untimely death. The company offers group term life insurance policies, and their customers can purchase additional coverage for their children and spouse. Amalgamated also offers retiree and supplemental life insurance coverage.

Another policy Amalgamated Life offers is disability insurance. This policy will help provide for a family if a breadwinner is injured, while they’re not at work, and can no longer earn a steady income. Short term disability provides economic relief for the immediate future, while long term disability policies can compensate injured workers for years.

Amalgamated also offers accidental death and dismemberment insurance which provides extra financial relief to families or workers in the event of a debilitating or fatal accident.

The policy is valid whether the incident occurs on or off the job. The coverage is available to members of group term life policies; however, it is not offered in every state.

The company also sells medical stop loss policies which are designed to reduce the costs an employer may incur from insurance claims. For example, they assist a business with prolonged or particularly high medical expenses that workers may charge to their insurance policies. Amalgamated sells two types of medical stop loss insurance. The first is specific stop loss insurance, which targets individual claims. The second is aggregate stop loss policies, which address the costs of an entire group.

HCC Life Products and Services

While HCC Life also sells life insurance and medical stop loss policies, it also provides healthcare risk management and travel insurance. Although many of the company’s policies provide economic relief for individuals, several of HCC Life’s products are designed to assist employers and groups.

The official website of HCC Life stresses that the company is a market leader when it comes to medical stop loss insurance. Like Amalgamated, HCC Life offers both specific stop loss and aggregate policies. Some of the value added services HCC Life provides for these products include:

• Medical staff to assist with managing the policies
• Claim re-pricing capabilities
• Direct access to the company’s administrators, claims adjusters and underwriters

HCC Life also provides Taft-Hartley medical stop loss insurance policies, which assist union medical plans with costs. Similar to its corporate and employer stop loss insurance, HCC Life’s Taft-Hartley policies offer specific and aggregate coverage. Their union policies also come with flexible contract terms.

The company’s healthcare risk management products include medical excess policies and HMO reinsurance. Medical excess policies are designed to assist other insurance companies with the costs of their medical and stop-loss policies. HMO reinsurance is a policy that helps protect health maintenance organizations (HMO) from unforeseen or severe healthcare costs.

Unlike Amalgamated, HCC Life sells a wide array of travel insurance policies for tourists. This branch of insurance provides financial relief for people who incur property damages or medical costs while they’re traveling. In addition to tourists, HCC Life sells travel insurance policies that are specifically designed to assist missionaries, professionals, students and groups while they’re abroad.

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Amalgamated Life and Forethought Financial are both life insurance companies which offer a range of death benefits and supplemental insurances to consumers. When trying to select an insurance coverage provider, it is important to consider each company’s known strengths, weaknesses, financial stability, products, and services.

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Life insurance is a key element in a family’s financial planning. It not only provides the means to pay funeral expenses immediately at the time of death, but can also provide a supplement for the family’s lost income, or pay-off looming debts.  Having a carefully selected life insurance policy in place can make a family’s financial future more secure, and offer lasting peace of mind.

Understanding a company’s origin and long standing business success may help investors decide what the best company to invest with is. Companies that have served for several decades are typically more reliable, in terms of long term investments like life insurance, than new startups. Both Amalgamated and Forethought have been in business for decades and long histories of financial stability.

Amalgamated Life Company History

Amalgamated Life was founded in 1943, at which time it offered life insurance benefits only to the Amalgamated Clothing Workers of America Union members. Between 1942 and 1976, Amalgamated expanded to offer coverage to other textile unions.

Amalgamated still streamlines its programs to serve members of the UNITE HERE laborers union, but has been providing insurance to non-union consumers since 1992.

It is important to note, however, that if they only provide coverage in the group setting then those policy options are specifically controlled by the participating company’s benefits coordinator. Not all policy types offered by Amalgamated Life may be offered by an employer.

Forethought Financial Company History

Forethought Financial was founded in 1985 and has served more than 2 million policy holders. The company has multiple policy types and benefit plans, all designed to assist families with managing and financing end-of-life needs.

According to Precision Senior Marketing LLC, the company was named in Ward’s Top 50 in 2010, as one of Americas safest, most consistent, highest performing life-health insurance companies. It is headquartered in Indianapolis, Indiana and strives to demonstrate integrity in all its dealings.

It is important to understand that Forethought is a future planning company, and financial investment firm, which focuses on all end of life needs, including retirement investment, and not solely on life insurance. All their policies and programs are aimed at the needs of clients entering the final third of their life.

Future Outlook and Stability Ratings

Forethought financial has, what is considered a stable financial outlook. AM Best gave the company an A- credit score, with an underlying issuer credit score of bbb-, and a debt rating of bbb-. Similarly Standard and Poor gave the company a score of A-.  The company owns and manages more than $4 billion in funds, and generates roughly $1 billion in annual revenue.

Amalgamated life was awarded an A rating by AM Best for the 36^th consecutive year. The company’s future outlook is considered very stable and the company was awarded Ward’s Top 50 in 2011. Amalgamated generates over $900 million in annual revenue. The company also carries an A rating with the American Accreditation Health Care Commission.

Amalgamated Life insurance offers a range of life, accident and disability insurances. Most insurance provided through the company is set up for employer payment, though a few policy types are strictly member-pay. All Amalgamated policies are offered as group policies and policy holders must be employed through a participating employer to take out a policy.

Amalgamated Life Insurance Options

Amalgamated life insurance options include a number of term life policies. The length and payout amount of the agreement depends on the policy selected. Policies are available in 100% and 75% employer paid options, or in voluntary coverage, 0% employer paid policies.

Most amalgamated insurance policies offer the option of a spouse and dependent coverage rider, which pays out 50% of the insured’s policy in the event that a dependent family member dies.

Amalgamated also offers retired employee coverage. Retired employee policies cannot make up more than 10% of the group policies in effect, but are an excellent way to offer coverage to former employees who have reached the age of retirement.

Life insurance policies also have an accidental death and dismemberment clause which would pay out additional funds in the event that a family member loses a limb, or dies as the result of a severe accident.

• Medical Stop Loss: Medical Stop loss is an additional insurance option offered to employers, which recoups a company’s investment if a single employee has excessive medical expenses. It stops loss, and covers expenses in the case of a catastrophic loss, in excess of $1 million.
• Disability Coverage Options: Amalgamated Life offers both long and short term disability insurance policies. Disability coverage pays a group member when they are unable to work as the direct result of an ongoing illness or injury. Short term disability policies pay out for a maximum of 24 months. Long term policies pay out for up to 5 years.
• Critical Illness Coverage: Critical Illness coverage is strictly a voluntary insurance plan and must be paid entirely by the enrolled employee. Critical illness protection pays out when a participating member has a major health event confirmed by medical professional.

Medical events that are covered by the policy include cancer, heart attack, stroke, paralysis, coma, organ transplant, organ failure, and other non-specified major health events. For non-specified events, a hospitalization lasting longer than 30-days may be required for payment to be received.

When a critical illness policy is paid out, term life coverage is terminated for a period of 2 years, or is reduced by the critical illness payout.

Supplemental term life insurance, like critical illness coverage, is a voluntary insurance plan paid by those that choose to enroll. Supplemental term life simply offers additional life insurance coverage for those who feel the principal coverage provided by the employer is insufficient to give their family peace of mind. Supplemental term life may have a decreasing term payout, or a level payout, depending on the specific policy signed.

Forethought’s Life Insurance Options

As mentioned earlier, the focus of Forethought is on preparing for retirement and the end of life. Forethought offers a variety of retirement investment options. These options help participating individuals plan for, and invest in their financial future after leaving the workforce.

Annuity options include tax deferred investment, freedom-from-market-risk investment, and guaranteed lifetime benefit options. The goal is to help future retirees build income options that are both flexible and reliable.

• Final Expense Life Insurance: Forethought offers a unique line of life insurance products that have accelerated death benefits, grandchild benefits and more. This life insurance is available in policy amounts from $2,000 to $25,000, and is issued only to those between 50 and 80 years of age. Discounts are given for good health, non-smoking, and other underwriting considerations. They also offer funeral planning assistance and support. Those interested should ask about pre-need funeral planning insurance policies.
• Medicare Supplement Insurance: Forethought also offers a supplemental Medicare insurance that offers enrolled clients assistance with paying medical expenses not covered by their Medicare plan. Medicare supplement plans guarantee that the rates will never increase because of use, the benefits will be paid directly to the insured, never to the medical provider, and the policy will always remain renewable for the lifetime of the insured.

Amalgamated Customer Satisfaction

Amalgamated Life has a B rating with the Better Business Bureau, though it is not a registered member of the organization. The bureau has recorded three complaints against Amalgamated Life in the last three years, and notes that the insurance company was responsive and willing to resolve each of those issues as they arose. Two of the three complaints were about collections or payment issues, and the third was about the company’s products and services.

Forethought Customer Satisfaction

Forethought Financial has an A+ rating with the Better Business Bureau though it is not a registered member of the organization. The  bureau has no records of customer complaints for this company, and has every reason to believe that customers are well satisfied with the service they have received.

It is important to understand the strengths, weaknesses, and company focus for any life insurance company before taking out a policy. After comparing rates, and coverage options with multiple companies, and selecting an insurance provider, the best way to ensure you get the coverage you need is to talk to an agent and explain your specific situation.

Tell the agent what your financial responsibilities are, and what you hope to provide your family with in the event of your death. Talk about the benefits and limitations of other coverage options, like disability or critical illness coverage, as well.

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The concept of insurance was started to help people mitigate financial risk in the wake of catastrophic events. Nine times out of ten insurance is not needed. It is the tenth time that keeps companies like Amalgamated Life and Southern Farm Bureau Life Insurance Company in business for the long term.

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Amalgamated Life was founded over 69 years ago by Samuel Hillman as a way to leverage the momentum of the Textile/Clothing workers union to provide health benefits to union workers. Today, Amalgamated Life’s mission is still to help workers gain the best health and life insurance benefits at an affordable price. It remains an active partner with labor unions to provide benefits to its members.

Southern Farm Bureau Life Insurance Company was started in 1946 to meet the insurance needs of Southern farm families. Today the company targets Farm Bureau members in Arkansas, North Carolina, South Carolina, Mississippi, Louisiana, Kentucky, Florida, Georgia, Texas, Virginia, and surprisingly Colorado which really is not considered a southern state. Southern Farm Bureau Life Insurance Company began by providing only life insurance, but has since branched out to provide other insurance products.

Amalgamated Life and Southern Farm Bureau Life Insurance Co have both survived turbulent economic ups and downs over the years and continue to successfully provide a variety of insurance products to meet the demand of their members. Most of the insurance products can be tailored to the specific needs of the client. However, some products are not available in all states; this is particularly true for Southern Farm Bureau Life Insurance Company.

Amalgamated Life Product Line

To support its goal of helping employers provide workers with affordable coverage Amalgamated offers protection to both employees and the organization that offers them insurance.

Medical Stop Loss

Many companies opt out of traditional medical insurance plans and decide to do a self-funding option. This is a great option until one or more of the company’s employees have a catastrophic medical event happen which could wipe out the entire self-funded account. Inc Magazine offers a perspective on the wisdom of self-funding employee benefits in this article.

There is also the risk that the company would be on the hook for additional medical fees that exceeded the amount within the self-funded account. To mitigate this risk, companies often seek medical stop loss insurance. Amalgamated Life offers the following types of medical stop loss insurance:

• Specific stop loss (risk protection for individual, high cost claims)
• Aggregate stop loss (risk protection for anticipated high volume claims)

Disability

Amalgamated Life offers both short term and long term disability for its clients and members.

Short term disability is determined to be any non-work related illness or accident; pregnancy is also considered a part of the short term disability package.

The terms and the duration of the benefits may be customized to meet the needs of the client. Long term disability benefits packages are also pre-negotiated for members experiencing a non-work related long term illness or injury.

Accidental Death and Dismemberment

Amalgamated Life offers members Accidental Death and Dismemberment insurance that pays a member or the member’s beneficiaries in the event that the member suffers a critically severe injury or death whether on or off work. The amount of benefits paid could be up to the total amount of the member’s life insurance policy in good standing.

Group Life Insurance

Amalgamated Life offers group term life insurance coverage for eligible, working members. Death benefits for funeral costs, outstanding medical bills, and other daily expenses are paid to the member’s beneficiaries upon the decease of the member. Some positive features of Amalgamated Life’s group life insurance are that the benefit amounts may be customized to meet the needs of the members and the policy can be converted to a permanent individual one without having to undergo additional medical examinations.

Voluntary Insurance Policies

Most of Amalgamated Life’s insurance products are offered as group plans accessed through a member’s employer. However, Amalgamated Life also offers Voluntary Insurance plans for members wishing to increase their sense of financial security for themselves and their dependents.
Here is a list of the Voluntary Insurance products offered:

• Worker’s Life Plus (stable premiums throughout policy; benefits decrease with age)
• Worker’s Life Level (stable benefits throughout policy; premiums increase with age)
• Critical Illness Protection (lump sum paid for critical illness such as cancer or stroke)
• Disability (short and long term available)
• Employee Life Option (insurance plus investment tool)

Southern Farm Bureau Life Insurance Company Product Line

Southern Farm Bureau Life Insurance Company provides asset protection insurance products for home and automobile coverage. The company offers tailored benefits to cover personal property within the home as well.

Life Insurance

Southern Farm Bureau Life Insurance Company offers two different types of life insurance policies called permanent life insurance and term life insurance. Both insurance products provide a certain amount of death benefits to be paid to the members’ beneficiaries upon the member’s death. The policies differ based upon investment features and term flexibility of the policies held.

Permanent life insurance is an investment product which offers flexibility of premiums paid and builds cash over time.

Southern Farm Bureau Life’s term life insurance products offer members a choice of 10 and 20 year terms as well as many rider options to cover members’ families.

Other Insurance Products

Southern Farm Bureau Life Insurance Company has partnered with a brokerage firm to extend their insurance product offerings. Here are a few of the ancillary insurance products offered:

• Disability (short and long term)
• Survivor life insurance (allows coverage of two people’s death benefits; usually a husband and wife)
• Cancer insurance

Insurance Niche Category Leaders

Amalgamated Life and Southern Farm Bureau Life Insurance Company both were started to address the needs of specific labor category groups within the United States. Unlike many other insurance companies that have been in business for over a century, these companies are relative adolescents within the insurance market. However, they have successfully carved out niche insurance market segments and enjoy the leadership role within those segments.

These companies seem to have the loyal support of members within their respective niche segment categories. Both companies have the opportunity to grow by carefully expanding their product offerings to their targeted customer base. This may be done through product bundling strategies that offer members discounts for purchasing multiple insurance products.

The growth momentum of these companies is subject to economic downturns within their niche category segments, however. When there are fewer laborers within their selected categories of union groups and farmers, these companies write or administer fewer insurance policies.

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Thinking about what will happen to our loved ones when we die is not a pleasant experience, but if you would like your family to be looked after once you have gone, then life insurance is something that you have to consider early in life. Often, the pay out from life insurance can help your family to pay funeral expenses and continue to maintain their quality of life even after you are gone.

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Similarly, we all hope that we are not involved in some kind of accident that leads to disability, or that our cars will not get damaged in an automobile accident. However, these events can happen, and having insurance cover will give you peace of mind that you are covered for any of these unfortunate events.

Deciding on a company to provide insurance cover, be it life insurance, automobile insurance or household insurance is a massive decision that can make a world of difference in your life when the time comes to make a claim. This article series aims to compare two popular insurance companies to empower you to make a decision that best suits your lifestyle and insurance needs.

In this particular article, we will be pitting Amalgamated Life against the Tennessee Farmers Life Insurance Company to provide you with all the information about these companies that you need to make an informed decision on your insurance service provider.

Background on Amalgamated Life

Amalgamated Life is one of the leading labor insurance companies in the United States, and aims to offer affordable life insurance, disability insurance and accident coverage to working people. They also provide benefits packages to unions and companies that allow workers, who may not have been able to afford quality insurance on their own, the opportunity to access the full insurance cover that Amalgamated Life provides.

Amalgamated Life specializes in:

• Life coverage for groups as well as individuals
• Medical insurance
• Medical stop-loss insurance
• Long and short term disability cover
• Health and pension administration
• Benefits communication programs
• Medical Management
• Printing and fulfillment services
• Mainframe computer services

The clients of Amalgamated Life include people from all walks of life, including union members, union leaders, brokers, consultants, fund administrators and non-union working members.

Life Insurance Options from Amalgamated

The life insurance offered by Amalgamated Life aims to protect the financial security of the family of the policy holder, to ensure that they are well looked after in the event of the policy holder’s death. They offer a group term life policy with the following features:

• Flexible amounts of benefits that can be individually tailored
• Option to convert to an individual permanent policy
• Differing contracts, rated by experience, for age groups
• Insurance by a union-label insurance company that is A rated

As well as the standard life insurance policy, there are a number of additional coverage options that can be added. The first is dependant life for the member’s spouse and children. The spouse can be covered for up to 50% of the member’s cover, up to a maximum amount of $100 000, while each child will be covered for $4000.

Another add on option is retiree life coverage as part of an employee’s retirement package. Finally, the supplemental life option provides additional monetary cover in the case of the member’s death.

Medical Stop Loss Coverage

Amalgamated Life is an AM Best “A” rated carrier, meaning that they are able to provide timely responses to Requests for Proposals (RFPs) and discounts on medical management services.
Features of the medical stop loss cover include:

• Flexibility on claims
• Liability limit of $5 million
• Specific extension
• Options for terminal liability
• Specific extension
• Aggregate Extension
• Taft-Harley and TPA affinity
• Timely claims turnaround
• Disability Insurance

Amalgamated Life provides both short-term disability and long-term disability.

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As an insurance company, Amalgamated Life has stood out with a specific interest in serving the labor community as its primary customer market. Amalgamated provides primarily life insurance and disability coverage products although it covers service in a number of other products as well.

Known officially as the United Services Automobile Association, USAA Insurance Company has been a stalwart insurance provider to current and former military members of the U.S. armed services and their families. The company provides a broad array of insurance products as well as other financial services. However, much like Amalgamated, USAA maintains a direct marketing approach to a specific customer population, military members.

An overview of the company history, products and ratings for any provider you consider is always a great place to start your search.

Amalgamated Life History

Amalgamated Life saw its business birth smack in the middle of World War II in 1943. From the beginning the company associated its products and service with working people. For the next 70 years Amalgamated has continued to serve what it sees are the primary labor populations, providing needed financial coverage and safety for its customers.

Fast forward to the mid-1970s, and the Amalgamated Clothing Workers of America combined with two other clothing worker unions. This in turn increased the membership body that Amalgamated Life could serve as a business. Twenty years and thirty years later, consecutively, the consolidation included two further unions, incorporating both union female workers as well as hotel and restaurant workers. By this time, Amalgamated was offering union members insurance products for life, disability, and health care.

The Modern Company

Since its early history, Amalgamated Life has expanded beyond just a traditional insurance provider role. Additionally, the company now operates and provides third party administration services, medical management, computer and information technology services, property insurance and personal injury insurance, and even printing services.

Amalgamated Life still affiliates with and describes itself as America’s Labor Insurance Company. Continuing to dedicate its services to working persons, the company sees itself in a critical role help union members stabilize their financial needs so they can grow and live better in their union jobs. With a mission to strike a balance between customer service and expenses, the company strives to provide an alternative for union members seeking insurance products but not wanting to deal with a traditional corporate for-profit insurance company, particularly non-union providers.

Amalgamated Life works across a broad spectrum of clients and major customers, primarily due to the fact that the company is highly diversified now in 2012. With organization customers including consultants and fund administration management as well as the historical market, unions, Amalgamated has expanded its reach to strengthen the company. This has served the company well, especially since union member populations in the employment world have shrunk significantly compared 40 or 50 years ago.

Products Offered by Amalgamated Life

Amalgamated Life’s services still include many of the original product categories and services from decades ago, but newer items have been added as well:

• Group life insurance with term life policies which can also be set up with payroll deduction payment systems.
• Similar group term programs with payroll deduction payment for intermediate term policies as well as disability benefits.
• Life insurance plans with cash savings
• Life insurance plans for retired employees
• Group disability plans
• Life insurance plan specific for senior citizens
• Medicare enhancement and supplement plans

Amalgamated’s Ratings

As an insurance provider company, Amalgamated has competed and performed well against competition which still meeting its mission and goals. A.M. Best ranks the company as a level “A” or excellent score. Part of the scoring has to do with Amalgamated’s dedication to union member customers, protecting its investment holdings conservatively, and keeping a strong, positive capital balance even in a down economy.

Amalgamated has been in business for more than 70 years and, given its approach to the insurance market and more importantly to its customers, the company looks to have the potential to be around for a centennial party. However, the employment market has shrunk the union base in America severely. Amalgamated will do well to diversify further as its core population will likely continue to shrink further as global business continues to move jobs out of the U.S.

USAA Life History

• USAA has a bit of an older pedigree than most insurers. Established in the early 1920s to serve Army officer personnel who were finding it near impossible to get insurance services from any other similar business, eventually USAA grew to approximately 5 million customers and a solid operation.

• Today, the business sits well-positioned as the fourth largest player in insurance markets covering vehicles as well as home property and operates with multiple subsidiaries.

Each branch is focused on a different business area and market that USAA pursues. This includes real estate, allied services for shopping, property and personal injury coverage, and financial and banking services. Within this realm, USAA is able to offer its customers a wide array of products and services, numbering more than 150 different items or business lines.

With over 8 million customers as of 2012, USAA has no shortage of business in any of its lines of operations.

Even in the economic downturn at the end of the 2000s, USAA stayed both solvent and strong as a financial company, enjoying the benefits of its conservative approach to insurance business. Doing so created significant buffers USAA was able to rely on to protect the company in 2008 and forward as the rest of the financial markets roiled.

USAA Products

In terms of insurance products, USAA offers the major standard categories with strong coverage and support of customer needs. These include automobile insurance, property and casualty, life insurance plans ranging from term to whole life, and homeowners’ insurance.

For banking needs USAA offers standard checking and savings accounts as well as certificates of deposit. Additionally, the business also provides its customers access to credit card services as well.

In terms of investment, USAA operates as a full brokerage, providing trading services on major stock markets. Additionally, the company allows members to invest in mutual funds as well as USAA’s own portfolio of investment vehicles. These services also include assistance and help with retirement planning.

For real estate needs, members can secure home loans, real estate search services, and home equity financing through USAA.

Finally, USAA also provides its members shopping assistance. This includes discounting shopping through 600 plus affiliated online vendors as well as dedicated shopping services for high end items such as jewelry. Additionally, USAA can also help customers with travel and travel agent services as well.

USAA Ratings

USAA enjoys a strong performance record, even within independent ratings like those from A.M.Best. Scoring the triple crown for customer experience, scope of policies, and price competition, USAA also scored the most desired auto insurance company from a customer perspective, especially as people have heard how USAA serves its restricted membership.

The company also rates as a desirable place to work, both in salary and hourly wage positions. In fact, USAA repeatedly earns awards and credit for retaining a large number of military veterans within its workforce, thereby giving the business a natural understanding of its core customer base and their unique needs.

Repeatedly noted as a leader in both insurance and banking, USAA took home the highest scores again in 2011 for insurance, credit card services, and banking per the Customer Experience Index.

Additionally, within the Fortune 500 as ranked by Fortune magazine, USAA continues to hold its position of 145 in business sales. However, in terms of bottom line worth and holdings, the company is much higher, sitting in the low to mid 60s in terms of score.

USAA will continue to exist as it has as long as there are U.S. military branches and service members. Given the fact that USAA markets directly to service members, their families, and spouses, there will be no shortage of customers, especially when the company performs so much better than other market competitors for general customers.

Given the military activity of the U.S. in the last decade, there won’t be a shortage of new members for USAA to rely on for business. The company simply needs to market effectively to bring these new recruits into the fold. Amalgamated Life, however, is seeing its core market shrinking as more and more companies eliminate labor activity, especially moving operations overseas. Without further diversification, Amalgamated could see its future go gray.

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Insurance is one of the most necessary and one of the most confusing purchases consumers make. There are many different companies and each company offers an array of policies. While choices are helpful, it is often overwhelming to decide on the best insurance policy for a particular family’s needs. Amalgamated Life and the Standard Insurance Company are two to consider with significantly different focuses and products.

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Amalgamated Life calls itself America’s Labor Insurance Company. Amalgamated prides itself for being a champion for the working person and for understanding issues relating to citizens in labor situations. It caters especially to fund administrators, brokers, unions and consultants. However, nonunion members can purchase policies too.

Unlike Amalgamated, the Standard doesn’t offer life insurance; its areas of specialty motorcar and property protection.

It likes to think of itself as the standard for insurance. While it does not offer life insurance, it has provided many unique policies to consumers for over 50 years. Based in the Philippines, Standard is licensed to provide all types of policies that are not related to life insurance.

Insurance Products from Amalgamated

In collaboration with unions and other groups, Amalgamated focuses on life insurance that employers can offer to their workers, specific business products to protect the employer, and insurance to offer employees additional protection.

• Life Insurance: A company for the worker would not neglect to remember his family in the event of his passing. This term life insurance policy lets the workers have more choice in their amount of benefits. It can also be transferred to a permanent policy. To read financial expert Dave Ramsey’s opinion on term and permanent coverage go to this article. Additional coverage can be added for an extra cost.
• Accidental Death & Dismemberment: Whether on the job or off, members can take advantage of this plan if they have a group life insurance policy as well. They can receive the amount of basic life coverage if they are severely injured or paralyzed. This helps the member’s family in a time of financial hardship due to loss of work.
• Medical Stop Loss: This is a unique business insurance policy designed to keep the risk of a high cost claim to a minimum. If a large claim through employer provided insurance is anticipated, this policy protects the providing employer from excessive risk. It also limits liability.
• Disability: If an illness or injury causing a member to miss work occurs off the job, this policy provides income protection and peace of mind for up to 2 years. A long term policy is also available that would protect the member for up to 5 years.

Voluntary Insurance from Amalgamated

Amalgamated Life gives many options to workers. Besides their basic policies for life insurance, they make available some choices that are tailor made for the individual. These include the Workers Life Plus and the Workers Life Level along with a Critical Illness Protection Policy.

With the Plus plan, the younger worker receives more protection when he needs it most. Benefits decrease as he ages but his premium stays the same throughout the life of the policy. With the Level policy, the premium rises as the member ages yet the benefits stay the same.

Critical Illness Protection is a lump sum at the time of extended hospital confinement or serious illness such as cancer. It is deducted from the death benefit.

Pros and Cons of Amalgamated Life

• Many life insurance options
• An excellent rating with the A.M. Best Company since 1974
• Understands the needs of the common laborer
• No property or auto insurance policies
• Nonunion members may find less understanding

Insurance Products from Standard Insurance

• Motorcar: This policy affords benefits for damage and theft. Other options include a Compulsory Third Party Liability and Excess Bodily Injury. There is also a Third Party Damage Policy and passengers can be protected under the PA rider. Free accident coverage and roadside assistance are included within a motorcar policy.
• Property: Standard offers protection from fire and/or lightening. This covers buildings and their contents. Other options are available at an additional cost such as earthquake, typhoon and flood.
• Some extended coverage options cover explosions, aircraft/vehicle impact, smoke, riot/strike and malicious damage. Virtually anything that could happen to a property has an option for coverage with Standard Insurance Company.
• Marine: Cargo being transported can be covered with a Marine policy. Interestingly, the policy covers transport whether it is by sea or by air or land. Depending on the policy, there may be some limits to available coverage.
• Accident: When an accident occurs, much financial loss is suffered by the one in the accident and his family. This policy gives financial benefits at this time when other more essential things are on the minds of the family members. To see government statistics on the number of worker deaths and injuries go to this page.

In 2010 the National Safety Council estimated the average cost of a single, non-fatal car crash at over $70,000.

In addition to those specific options listed above there is comprehensive general liability. The is offered because, during accidents, members can be unwittingly involved in injury to others. This plan will protect the member and help with litigation costs.

Many extension or riders are available for the above policies directly related to the member’s unique situation. For business owners, a payroll robbery insurance will protect the company and its employees against monetary loss.

Pros and Cons of Standard Insurance Company

• Many unique policies for varied needs
• Operating for over 50 years
• Acts as the standard for quality insurance
• No life insurance options
• Not based in the United States

These two insurance companies offer very different plans with few similarities. The laborer that wants to protect himself and his family particularly during his working years will find Amalgamated Life to be a better choice. Someone looking to protect her property and business will lean towards the Standard Insurance Policy.

Amalgamated Life is more concerned with employee health and personal safety while Standard Insurance Company protects just about any type of property imaginable. Perhaps purchasing insurance just became a little less confusing.

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Both Amalgamated Life Insurance and the Thrivent Financial For Lutherans offer a variety of financial product which includes life insurance coverage. While anyone can seek coverage from Amalgamated it has strong ties working with unions and large groups. You must be a member of Thrivent to have access to the policies of this faith based organization.

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Amalgamated Life is also known as America’s Labor Insurance Company. They offer a variety of insurance coverage for groups and individuals including life insurance, disability coverage, accidental death and dismemberment, medical stop loss, and voluntary insurance. In addition to these insurances, they provide administrative and support services focused on the needs of the labor force.

Thrivent Financial for Lutherans is a financially strong company as evidenced by its Fortune 500 status. They consider themselves a fraternal benefit society with the goal of providing its members with coverage options. This is a Lutheran organization. Thrivent provides life insurance, disability coverage, long-term care insurance, Medicare supplement insurance, major medical insurance, and business insurance options.

Amalgamated Life Insurance Options

Like Thrivent, Amalgamated Life is a financially stable company; although it does not have the large Fortune 500 status. The life insurance is a basic group term policy that covers all actively employed members. It offers flexibility in the benefits amount and modification to individual permanent policy. No medical exam is required to make this change. This means that policy holders can transform the term policy to a whole life policy when life circumstances change.

Groups can get Amalgamated life insurance policies that are rated for the different age groups of people in their organization.

This is critical as the life insurance needs of a recent college graduate and an individual anticipating retirement are markedly different.

To add to the basic term life, employers can offer three additional policies: supplemental life, retiree life and dependent life coverage.  Members may contribute to supplemental life coverage to help increase financial security in the amount they see fit. Additional retiree benefits can be purchased. These don’t offer coverage for the employee’s children or spouse.

For members with dependents, additional term life coverage for spouses and/or children is available. Spousal coverage is up to 50% of the member’s coverage with a max of $100,000. Children are covered up to $4,000 each.

Amalgamated’s Business and Disability Options

Accidental Death and Dismemberment: Accidental death and dismemberment insurance is available only with group term life policies. It is extra coverage in case of accidental death, accidental severe injury, or paralysis up to the amount of the member’s basic life coverage.

Medical Stop Loss: Medical Stop Loss Insurance is available to employers to regulate exposure under self-insurance medical plans. This means that, if employee claims for the services offered become excessive, there is a cap on how much the employer is responsible for. There are two options: specific and aggregate.

Specific stop-loss includes a threshold limit to lower the level of risk from high cost, individual claims. The liability limit goes up to $5 million, and a flexible claims basis, and an aggregate deductible are offered.

Aggregate stop-loss includes a threshold set at 125%, a liability limit up to $1 million and aggregate extension.

Disability Insurance: Disability policies are available in both short-term and long-term options. Short-Term disability provides short-term income protection for non-work related incidents such as illness, pregnancy, or accident. The duration and benefits vary per employer’s choice. Long-Term disability provides long-term income protection for non-work related illness or injury. The benefits and duration vary per employer’s choice

Amalgamated’s Voluntary Insurance Coverage

Voluntary insurance products are an option for employees if they decide not to get insurance directly through their employer under the group term insurances normally offered. Voluntary insurance allows an employee to get insurance at an individual rate, separate from the employer’s group rate policies. Four products are available:

• Workers Life Plus: Provides decreasing term life policies while the individual is employed. As the individual ages, benefits reduce.

• Works Life Level: Provides benefits that stay the same for the duration of the policy regardless of age though the cost increases with age.

• Critical Illness Protection: Provides a lump sum payment if hospitalized for 30 days or diagnosed with a critical illness such as cancer, paralysis, coma, heart attack, stroke, kidney failure, or organ transplant.

• Disability: Short-term and long-term policies are offered. Short-Term disability provides income protection up to two years for non-work related incidents such as illness, accident, or pregnancy. Long-Term disability provides income protection up to five years for no-work related illness or injury.

• Employee Life Option: Provides life insurance that has a fixed low interest rate cash value accumulation. Options under this plan include an accidental death benefit, payor waiver of premium and a children’s term benefit.

Thrivent’s Term Life Options

The life insurance policies offered by Thrivent are not that different from the Amalgamated policies. The main difference may lie in which group you are eligible for, and whether you access Amalgamated through your employer of individually purchased coverage.

Under life insurance, Thrivent offers four different types of life insurance for individuals to choose from: basic term, short term, conversion and level term. Like the policy from Amalgamated a basic term life is offered for a set time frame with set premiums and benefits. It carries no cash value for the policy holder. This can be converted to a permanent life policy up to age 70. This is available in 10, 15, 20, or 30 year options, with the option of buying coverage up to age 95 with increasing premiums.

Thrivent Permanent Life Policies

Thrivent also offers permanent life policies in a number of options: universal, variable and whole life. The universal policies are are adjustable permanent polices that come in two forms.

Universal Life Insurance II offers 3% annually on accumulated value, increasing to 3.25% on the 11th year. It has an adjustable premium and coverage to suit life’s changes. The policy holder can customize the policy by consolidating short term coverage for the family on one contract, or waivers to have coverage after being disabled. Finally, the holder can access the accumulated value through contract loans.

The other option is called Universal Life – Lifetime Protector. With this selection, the contract remains active as long as payments are received. Customization is available through disability waivers, accidental death coverage and increased coverage options. Lapse protection is available.

Variable Life: Flexible permanent life insurance that is adjustable and offers investment choices.
Whole Life: Provides permanent coverage for the life time of the individual with set premiums that do not change over time. Other whole life benefits include guaranteed level death and a cash value that increases each year. Contract loans are available.

• Whole Life 65: pay premiums to age 65
• Whole Life 121: pay premiums to age 121
• Single Premium Whole Life: one payment to cover contract of life insurance
• Survivor Whole Life: insures two people where the benefits are paid at the death of the second insured

Thrivent’s Other Policies

Disability Income Insurance provides income in the case the policy holder becomes unable to work for an extended period of time. Thrivent offers non-cancelable and guaranteed renewable policies.

• Long Term Care Insurance covers the policy holder in the event they need long term care such as taking residence in a nursing home. It protects the income and assets of the policy holder from the costs of long term care.

• Medicare Supplement Insurance is available because Medicare may not cover all medical expenses a policy holder may have.

Major Medical Insurance through Thrivent is available only through states where Thrivent Financial has brokerage arrangements.

Both individual and short-term major medical are offered.

Individual major medical insurance offers many of the features found in group plans. It is designed to be flexible enough to meet many health care needs and budgets with family benefits available. The short-term major medical is a temporary health insurance policy.

Thrivent’s Financial Business Insurance

Thrivent Financial offers three types of business insurances. Business overhead expense insurances which cover approved business expenses in case the policy holder is unable to work. Business continuation & valuation coverage that assists in the transition of business ownership to the next generation. And finally key employee solutions which provides insurance options for key employees to protect small businesses.

Both Amalgamated Life and Thrivent Financial for Lutherans offer basic term life, disability and a number of business related insurance coverages. Thrivent seems to offer a wider variety of permanent life insurance policies. However, the best solution for an organization or individual will be based on the rates offered for each package.

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To select the best provider you’ll need to know what you need for coverage, what products each offers, and to figure out what you’ll pay for those services. Life insurance is a focus of both companies, but the options for each are different.

The main aim of life insurance is to assist the policy holder’s loved ones to pay for his or her funeral expenses. Burial expenses may cost as much as $ 20 000. Your loved ones would be less financially strained if this amount of money was to be provided for under some form of life insurance.

The policy could also benefit the policyholder’s family members. The policyholder dictates how he wants the insurance to cater to the needs of his loved ones in the event of his death.

Backgrounds of Amalgamated and Symetra

Amalgamated Life Insurance Company was formed in 1943. It currently deals with insurance coverage for the working class. The most distinguishing feature about Amalgamated Life Insurance Company is that over the years it has merged with a number of companies, unions and fund administrators in a bid to provide the best cover for its clients.

Amalgamated’s capability to branch out to a wide clientele and provide different types of insurance covers that are well suited to their needs has partially stemmed from its work with various unions and organizations.

Symetra Life Insurance Company was registered as company in 1957. The company has grown over the last five decades from a life insurance and investment subsidiary to the independent company it is today. It boasts of the wealth of experience in the industry and the stability which has sustained it to date.

Symetra Life Insurance Company is currently focused on providing insurance policies for persons hearing retirement, and helping the working community gain affordable and easy access to medical care and offering life insurance coverage.

Although both Amalgamated and Symetra Life Insurance Companies offer life insurance coverage for their clientele, there offer several other products too. The packages from each company target various audiences and are governed by different policies.

Amalgamated Life Product and Services

Amalgamated Life Insurance Company provides a number of insurance solutions such as life policies, accident and dismemberment, medical stop loss for employers and businesses, and disability coverage. Some of these packages are only available in certain states while others are available across the country.

The Accident and Dismemberment package caters for aggravated injuries incurred in the cause of an accident. It also offers a certain amount of money to the beneficiaries in the event of death.

Medical Stop Loss offers policies for both specified and heightened liability. This can protect the employer from excessive claims on policies that would otherwise be to costly for the business to pay.

Disability Insurance covers disability caused at the work place and away from it. It could either be for short term or long term disability coverage.

Life Insurance Policies: Only employees working at the time are eligible for Amalgamated’s term life policies. It is not available in all the. The nice thing is that the option exists to later convert from term coverage to a permanent policy as life demands.

These are the basic advantages of having Amalgamated Life Insurance. The company further provides programs and additional packages that can reinforce the basic life insurance. These are such as follows:

• Dependent Life Coverage– This policy allows the policyholder to insure his or her spouse and children. In this regard the spouse can gain half of the total benefit up to an amount equal to $100,000. Children can receive up to $4,000.
• Retiree Life Coverage– This is open to employees, who can add an additional amount to the basic life insurance of the policyholder. It is not open to the spouse of the policyholder or his or her children.
• Supplemental Life Coverage– This goes hand in hand with group term life benefits. It supplements the term life and it is also offered to spouses and their children.

Symetra Life Insurance Company

Symetra Life Insurance Company offers a variety of insurance policy covers. These include health insurance, annuities and life insurance policies.

One major feature of Symetra’s health insurance is the Select Benefit program that allows working people to gain access to medical care. It pays for doctor appointment fees, prescriptions and other emergency room services.

The annuities allow policyholders to obtain a constant and assured income after retirement. The policy allows the holder to pay in whole or periodically.

There are generally two types of life insurance policies from Symetra: term and permanent life insurance coverage.

Term life insurance offers protection for a fixed duration. The premiums remain constant throughout this whole period. The policyholder gets to choose the length of time he or she wishes to be covered. This is ideal for a person raising children who wants to ensure funds will be available during the time before the kids are able to care for themselves. Read this Consumer Reports article to decide how much coverage you need at this point in your life.

Under this policy there are two packages:

• Symetra Level Term Insurance that allows you to choose how long you want to be covered.
• Symetra Proterm 360 that offers additional premiums equal to those which you earned during the fixed period of insurance cover

Permanent Life Insurance offers full time protection for as long as the policy holder is alive. It also can provide for death benefits for specific persons named in the insurance policy. Visit this Motley Fool article to understand the big difference between term life and whole life coverage.

Symetra offers 3 different permanent life insurance options:

• Symetra Successor Single Premium Life Insurance—The benefit of this investment policy is that your beneficiary will not have to pay taxes upon receipt of the payout. The policy does not expire until the policyholder attains the age of 120. Policyholders diagnosed with terminal illnesses can access three quarters of their premiums.
• Symetra Universal Life Insurance– This universal policy offers a fixed premium that won’t increase over time. The amount available to the policyholder’s beneficiaries is determined by the monthly payment for the coverage.
• Symetra Classic Universal Life Insurance–This option appeals to those who intend to use their life insurance investment as a source of retirement income. A separate amount of money accumulates alongside the premiums that can add to the retirement benefit of the policyholder. The policyholder may withdraw from the account at the end of every policy year.

Symetra Financial is a well rated and financially strong company. It offers many of the same products and services as Amalgamated, with more focus on its permanent life products, and retirement solutions.

Amalgamated life is also a highly rated and financially strong organization. Its focus is mainly on life, disability and administrative services for the union and groups it collaborates with. Its life insurance policies focus on term policies, but with an option to convert.

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