Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Amalgamated Life versus American Equity Investment Insurance Company

For a business, finding the right life insurance policy to offer to employees can open up significant coverage options. A flexible policy can also make existing benefits packages more appealing. The same is true for private citizens seeking life insurance. This is why the choice of providers is so important to both employers and owner.

To find a policy that works, start by getting FREE quotes now when you put your ZIP code into the tool provided!

Amalgamated Life and American Equity Life Insurance Company are two companies offering life insurance policies for businesses and individuals. A closer look at policy types can reveal which company is the better fit for employers and private individuals.

Amalgamated Life Policies

Life insurance policies through Amalgamated Life allow eligible workers to tailor benefits to meet individual needs. At publication, the provider has three additional coverage options to bolster life insurance policies: dependent, retiree ad supplement coverage.

Dependent Life provides coverage for a spouse and/or children. The policy holder’s spouse receives life insurance coverage equal to 50 percent of the member’s coverage. Maximum coverage for a spouse is $100,000. The policy holder’s children receive coverage at a maximum of $4,000 each.

Retiree Life Coverage offers retirees additional life insurance coverage up to 10% of the active group population. Coverage under this additional plan isn’t usually available to a member’s spouse or children.

Supplemental life insurance provides an additional payout to a member’s existing life insurance policy. A policy holder must participate in an Amalgamated Life group term life plan to purchase a supplemental policy.

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Amalgamated Life Voluntary Insurance

Amalgamated Life vs American Republic Insurance

Voluntary insurance products are additions employers can make to existing life insurance policies for employees. At publication, Amalgamated Life offers five different coverage options to strengthen employee life insurance.

Workers Life Plus is a decreasing term life plan. Employees have coverage under this plan during working years only. The premium for this policy remains the same throughout its life, but benefits diminish with age. Workers have the option to add spouses or children to this health insurance plan. Employees can also add critical illness benefits.

Workers Life Level provides similar health coverage as the Workers Life Plus plan. However, benefits remain the same throughout the life of policies and premiums rise with age. Employees have options to add coverage for spouses and children. Critical illness benefits are also available with these policies.

Critical illness protection provides a lump sum payment if an employee receives a diagnosis of cancer, paralysis, stroke, heart attack, coma, kidney failure, requires an organ transplant or spends 30 consecutive days in the hospital. Amalgamated Life lowers an employee’s death benefit by the amount of her lump sum payment. An employee can add critical illness protection separately or as part of a larger coverage policy.

Short-term and long-term disability options grant income protection for a non-work-related injury or illness.

Short-term disability provides coverage for non-work-related events, including pregnancy or accident, for up to two years. Long-term disability coverage can last for up to five years depending on policy details.

Employee Life Option is a life insurance option that provides cash value based on a fixed interest rate. Employees have the option to add payor waiver of premium an accidental death benefit and children’s term benefit to the Employee Life Option.

Medical Stop Loss

Amalgamated Life vs. American Equity Investment Life

Stop-loss insurance plans are safety nets for businesses that cover employee health care expenses. Many large corporations and medical institutions act as self-insured entities for employees. Stop-loss policies help mitigate the risks these businesses take on in choosing to cover employee health care costs. At publication, Amalgamated Life offers two types of stop-loss insurance plans for companies: specific and aggregate.

Specific stop-loss reduces risk from high-cost claims of individual employees. The policy features an aggregating deductible, a cap on liability of up to $5 million and a terminal liability option.

Aggregate stop-loss coverage helps mitigate cost when a company expects a high volume of claims. If total claims exceed the predetermined claim corridor, Amalgamated Life reimburses the business for the cost. At publication, the insurer sets this corridor at 125% with a limit of liability of $1 million.

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Accidental Death and Dismemberment

Accidental death and dismemberment coverage provides additional financial compensation to employees who suffer severe injuries. These plans cover injuries or accidental death occurring at work or away from work. To learn more about the legalities of workplace injuries visit this website.

Payment to the policy holder or her beneficiaries is the lump sum value of the member’s basic life insurance. This coverage is only available if a member participates in a group term life policy with Amalgamated Life.

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American Equity Life Insurance Policies

Amalgamated Life vs. American Equity Investment Life Insurance Company

The American Equity Life Insurance Company offers fewer policy options than Amalgamated Life. The

company gears its policy options more to providing for a policy holder’s heirs than to offer health insurance or disability benefits. There are several policy options available depending on member needs.

Selecting Single Premium Universal Life coverage helps a policy holder convert existing investments into a life insurance policy. Transferring assets in this way avoids federal tax implications and state probate requirements.  You can read about converting your asset at the Kiplinger article here.

This coverage options pays a one-time death benefit to a policy holder’s survivors to pay for outstanding debts.

American Equity Life Insurance Company charges a 10 percent penalty for early withdrawals from the fund. This fee applies only to withdrawals exceeding 10 percent of total policy value.

Simplified Issue Whole Life Insurance

This form of life insurance is another type of asset transference. A simplified issue whole life insurance plan doesn’t require a medical exam. However, the company requires a prospective policy holder to complete a medical questionnaire prior to coverage. Some important facts about this policy type:

Once established, the premium for a policy of this type never increases.

Survivors receive a guaranteed death benefit based on the value of the policy. This death benefit is also exempt from federal income tax requirements.

A policy holder can receive loans to pay for emergencies based on the cash value of the policy.

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Term Life Insurance

Term life insurance through American Equity Life Insurance Company is the company’s basic life insurance plan., as with Amalgamated. Policies are available with maturity dates ranging from as little as 5 years to a maximum of 20 years. Read this article to learn about changing the maturity date on your current policy.

amalgamated life vs american equityLife insurance can provide protection for a spouse or children in the event of a policy holder’s untimely death. A policy with a longer maturity date usually carries a higher premium than a policy with a shorter lifespan.

Employers looking to establish life insurance policies for employees have more options with Amalgamated Life over American Equity Life Insurance Company. The former company also provides additional health benefits to reduce medical costs for policy holders. However, the latter company has more options for private policy policy-holders seeking to reduce inheritance taxes and probate costs for beneficiaries.

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