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 the Amica Life Insurance Company

No matter what life insurance company you go with, you should always compare different policies before selecting the one that works for you. Two such companies, Amalgamated and Amica, are worthy of consideration here.

Both are over 60 years old, with Amica founded in the early 1900s, and both are venerated companies in the world of life insurance.

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Having had decades to prove their stuff, the Amica and Amalgamated life insurance companies are compared here. Policy details, flexibility and rates are examined and a recommendation will be give. In general, one provider is not necessarily better than the other. However, if you fit a particular profile, you may prefer one of these venerated businesses over the other.

The comparison below will compare Amica’s performance with Amalgamated’s performance in a variety of topics. It will be a close match-up, as both are highly acclaimed companies in their own right. The main products offered by Amica Life Insurance include life insurance and annuities. The main products offered by Amalgamated Life include life insurance and a variety of other related coverage policies.

Amalgamated Products and Services

Amalgamated is best known for working with unions. So it is no surprise that they offer group packages. However, they also offer many for individuals.

You can obtain term life, dependent life and retiree life insurance products from Amalgamted.

The term life coverage is offered in both group and individual policies.

Additionally, you can find many types of supplemental coverage to add value to the existing life insurance policy in extreme and unexpected situations.

Amalgamated Life versus Amica Life Insurance Companies

Basic supplement life insurance is used if term life insurance doesn’t cover everything. It may be used to pay off debts or maintain the standard of living for surviving family.

In cases resulting in death or disability there are specific policies that pay those costs. Accidental death or dismemberment insurance pays for medical bills resulting from accidental trauma that causes severe temporary or permanent debilitation. Disability insurance covers the worker in the event of a sudden disability due to an accident, sudden illness or even pregnancy.

As part of its collaboration with unions and groups Amalgamated also offers Medical Stop-Loss coverage for employers. If an employer has purchased a group life policy this makes sure they can incur the costs of individuals, or the whole group, going over the insurance limit. Additional products, which are often built from Amalgamated’s selection in the above services, are also offered:

  • Employee life
  • Critical illness protection
  • Disability
  • Workers life level
  • Workers life plus

All Amalgamated life insurance products may be used with the Accidental Death Benefit options, Children’s Term Benefit options and Pay or Waiver of Premium options. Amalgamated is generally purchased by employers for workers, and is used often to provide blue-collar, working-class families with life insurance.

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Amica Products and Services

Amica offers a wider range of products, from health coverage and life insurance to annuities. Amalgamated tends to have more life-insurance-specific products while Amica is more geared toward individual health plans for middle-class families.

Amalgamated Life versus Amica Insurance for Families

Flagship products offered by Amica Life Insurance include the following level term life, whole life and an annual renewable term life policies. The Insurance Information Institute offers an article to help you choose between the various permanent and term life options here.

Amica also offers several annuities among its main products.

You can select from tax-deferred annuities, structured settlement annuities, Roth IRA annuities and traditional IRA annuities. To better understand how annuities differ from life insurance go this article.

Additional products include:

  • Long-term care
  • Disability insurance
  • Two-Person life insurance (“Second-to-Die”)
  • Standard health insurance

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Official Ratings and Customer Service

Amalgamated Life versus Amica Insurance Ratings

Both companies have consistently received high marks from the ratings agencies such as A.M Best and the Better Business Bureau. Amica maintains an A++ (Superior) rating from A.M. Best, the best rating the agency provides. A.M. Best gives Amalgamated Life Insurance an A (Excellent). This agency determines a company’s financial strength and staying power, making a policy with either of these insurance companies a sound investment.

The Better Business Bureau, a measure of customer satisfaction, gives Amica Mutual Insurance, the parent company of Amica Life, an A+, indicating that the company has few if any complaints, and that it always addresses complaints to the consumer’s satisfaction. Amalgamated Life maintains a B due to a couple of outstanding complaints as well as due to the fact that the company does not maintain accreditation with the BBB.

Versatility

Both Amalgamated and Amica have other affiliated companies that offer different types of insurance such as auto, home, marine, business and financial insurance. For its part, Amica Life is part of the Amica Mutual Insurance Corporation, which primarily offers property insurance and risk underwriting services as well as general health insurance.

Individuals who wish to bundle insurance policies to save money should consider if they need these things. Financial insurance is also part of the Amica package in general, and fits with the sense one gets for Amica as a provider of white-collar insurance services in general.

For its part, Amalgamated Life Insurance only offers life and health insurance, but it offers a wider range of health services for workers injured on the job. It can effectively be considered a workers’ compensation policy.

For individuals who do not need many other forms of insurance or financial products such as annuities, Amalgamated is versatile enough.

However, Amica is generally more versatile when it comes to offering a greater number of insurance types.

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What is Right for You

Amalgamated Life Versus Amica Life Insurance for Your

Ultimately, Amalgamated Life is most useful for workers who do not need financial or property insurance, whereas Amica is more important for people who want to bundle different types of insurance services together. The annuities offered by Amica can be quite useful if someone has the financial means to purchase them.

The health insurance options offered by Amalgamated, particularly for group policies, are more varied and diverse. While Amica offers disability insurance, only Amalgamated offers accidental death and dismemberment policies and medical stop-loss coverage. From a customer service standpoint, Amica appears to be the better company.

When comparing prices, Amalgamated and Amica are about the same. Amalgamated offers better deals to groups through employers, while Amica offers better deals on individual policies.

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