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Amalgamated Life vs Columbian Mutual Life Insurance Company

Daniel Walker
Licensed Insurance Agent for 15 Years

UPDATED: Mar 19, 2020

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There are dozens and dozens of insurance companies out there for consumers to choose from. Two of them are Amalgamated Life and Columbian Mutual Life Insurance Company. Before you can compare their policies and quotes, you need to know who they are and what they can offer you.

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It’s up to you as a consumer to conduct thorough research on each company and ensure that your needs are being served by the best possible one. It’s less a matter of which company is better than the other and more about what each company can offer you and how their specific strengths meet your specific needs in an insurance carrier.

Who is Amalgamated Life?

Amalgamated Life is just one of many insurance companies that offer much more than just life insurance. They offer a wide range of coverage and provide a management team that will ensure you are developing the insurance package that you are looking for to protect yourself, your loved ones or your employees.

Amalgamated Life focuses on providing insurance to people who work; having dubbed themselves America’s Labor Insurance Company.

Who is Columbian Mutual Life?

Amalgamated Life vs Columbian MutualColumbian Mutual Life Insurance Company is the first of three major branches of Columbian Financial Group. With Columbian Mutual Life you will benefit from 125 years of experience in the insurance industry. With that lengthy track record, you can expect that their customer service will be of the highest quality, with experienced employees waiting to help you design the best policy for you, your loved ones and even your employees.

The Differences Between Amalgamated Life and Columbian Mutual Life

There are obvious differences between Amalgamated Life and Columbian Mutual Life. To be a discerning consumer, you must be able to clearly see what one company will offer you versus the other and make a decision based on which of them will serve your particular needs.

The major differences between the two companies are that Amalgamated Life is focused on serving the labor community while Columbian Life is focused on serving individuals and their families.

There are many services that Amalgamated Life offers that you will not find with Columbian, such as a program to manage the communication of benefits, administration of pensions and health coverage, medical management, and insurance options liked medical stop-loss, disability, and accidental death.

On the other hand, Columbian Mutual Life has a few things to offer you that Amalgamated cannot.  These include universal life, senior plans, pre-need and final expense assistance.

Explanation of Amalgamated Life Insurance Programs

Amalgamated Life vs Columbian LifeAmalgamated Life offers services that are designed to make the process of obtaining insurance for administrators much easier. With Amalgamated Life, an administrator of a company can explain their needs for pensions, group insurance and disability coverage for his or her employees and be met with an experienced agent that will design a fitting package.

You don’t just have to be an employer or administrator to benefit from Amalgamated Life’s services. As a union member, you can obtain individual life insurance and assistance managing your pension.

Amalgamated offers a variety of options as far as life insurance.

You can obtain basic life insurance just as you would with Columbian Mutual Life but the difference is that, with Amalgamated, you must be an eligible and active member that is currently at work.

Once you have obtained a basic life insurance policy with Amalgamated, you can elect to have additional coverage on your plan. Additional coverage options are:

Dependent life: Add your spouse or children to your life insurance plan. Coverage for your spouse will be up to 50% of your coverage as a member, for a maximum amount of $100,000. Children can be covered for a maximum amount of $4000 each.

Retiree Life Coverage: An employer may elect to extend 10% of active group benefits to members who have retired. This coverage does not include the member’s spouse or children.

Supplemental Life: This is used in conjunction with group term life as extra financial security for the member, their spouse and children.

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Explanation of Benefits with Columbian Mutual Life

Columbian Mutual is geared toward protecting individuals and families but, like Amalgamated, also offers coverage for businesses. With Columbian Mutual, you can build a custom portfolio of your needs and then match them up with an appropriate coverage plan using their life insurance calculator tool.

Amalgamated Life Versus Columbian Mutual Life CompanyAs life insurance is Columbian Mutual’s specialty, they have several options with multiple benefits. Whole life insurance, for example, will build up a cash value over time. At Amalgamated, you don’t have that option as an employee being given group life insurance because you are not paying the premium directly to the insurance company and it is being offered to you on a term basis, not for your entire life.

Columbian Mutual’s whole life insurance protects you for your entire life and shelters you and your family from future financial hardship. For whole life insurance, choose from:

  • Adjustable
  • Variable
  • Traditional
  • Joint

Watch a video that explain how and why whole life insurance carries a cash value here.

You can also choose to have Universal life insurance with Columbian.

Universal life is the same as whole life but with the added benefit of being able to alter the death benefit and vary the frequency and timing of the premium payments made on the policy.

Term life insurance is available at Columbian Mutual much like it is with Amalgamated. It doesn’t build cash value with either company. Choose from these types of term life insurance:

  • Renewable
  • Adjustable
  • Increasing
  • Decreasing
  • Convertible

Like Amalgamated, Columbian Mutual offers group life insurance for businesses to offer their employees. In these types of plans, the employer or owner of the organization owns the policy and lists you as a beneficiary.

Go here to find out what Ray from the Get Rich Slowly blog offers as advice for selecting the best life insurance option.

How to Decide on an Insurance Carrier

Amalgamated Life Versus Columbian MutualChoosing an insurance carrier is a difficult and complicated decision because there are so many companies to choose from. Many of these companies appear to offer the same kinds of policies. To decide on the best one for you, it is important to make a list of what you need in an insurance policy and have that available when you call to speak with an agent.

If you are a laborer and belong to a union, Amalgamated might be the better option for you, so begin with that company. If you are an individual or a small business owner looking for basic life insurance coverage, Columbian Mutual could be the way to go.

No matter what company you decide on, never sign a policy without understanding the terms and doing your research on what benefits are essential for you and your loved ones.

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