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 Live vs Companion Live Insurance Company

Since we often refer to these two companies as merely “Amalgamated Life” and “Companion Life,” we may overlook the fact that both companies offer insurance services above and beyond basic life insurance. Between the two, Companion offers a broader range of services, although the standard insurance options that they offer have many similarities.

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To better discern which insurance company can best suit your needs, here is a brief overview of the similarities and differences between insurance options offered by Amalgamated Life vs.

Companion Life. Pay close attention to specific policy types and benefits, as well as the financial stability and reputation of any provider you consider. Then be sure to compare actual rates with price quotes to determine your best fit.

Group Term Life Insurance Overview

While both companies offer life insurance, Amalgamated Life is geared more toward union workplaces. Employers can purchase life insurance benefits, in increments of $10,000 per worker, for all employees working at least 30 hours per week.

Companion specifies a different set of options as being available to companies with fewer than 10 employees, whereas Amalgamated does not differentiate between benefits offered to small companies and large companies.

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Amalgamated Life Insurance Options

Amalgamated Live vs Companion Life Insurance

In addition to standard group term life, both companies offer additional coverage options.
Amalgamated Life offers the following plans:

  • Dependent Life–You can insure a spouse for up to 50% of your coverage amount and cover dependent children up to $4,000.
  • Retiree Life–Employers can elect smaller life insurance policies that coordinate with their employees’ retirement benefits.
  • Supplemental–If you desire life coverage beyond that carried by your company, Amalgamated can accommodate you.

Companion Life Insurance Options

As opposed to differentiating amongst employees by age, employers using Companion can choose between two basic coverage options.

  • Flat amount plan–Under this plan, employers cover all employees equally.
  • Class plan–This plan divides employees into an upper and lower class with each class to be insured for different amounts.

Amalgamated Live Versus Companion

Voluntary Insurance Plans

Under Companion, there is also a full spectrum of voluntary insurance plans that you can select to supplement any insurance provided through your employer.

Additionally, you can use Companion to receive insurance benefits that are not part of your employer’s benefit package. Conversely, the only voluntary plans promoted by Amalgamated seem to be its supplemental life insurance and a voluntary disability supplement.

To better understand voluntary insurance benefits read this Stay Smart Stay Healthy article.

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Accidental Death and Dismemberment (AD&D)

Amalgamated Life vs. Companion Life Insurance CompanyBoth Amalgamated and Companion specify short-term and long-term disability packages, but Companion spells out the conditions for full and partial payment of AD&D benefits. One of the following accidental occurrences would make you or your beneficiaries eligible for full benefits from either company:

  • Accidental death
  • Paralysis
  • Other fully-debilitating accident
  • Loss of both hands, both feet, a hand and a foot, or the sight in both eyes

Advantages of Disability Insurance

Conditions such as non-job-related accidents, short-term illnesses, and maternity also qualify you to receive short-term benefits. In addition, with Companion, there are no coverage limitations associated with pre-existing conditions. Companion also offers a percent of earnings plan that covers 60% of employee income up to $1,000 per week for short-term disability and up to $6,000 per month for long-term.

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Disability Insurance for Seniors

Since becoming disabled during the course of your career is more common than premature death, Companion Life offers Reducing Benefits Duration (RBD) to accommodate older insured members.

Amalgamated Life Insurance versus Companion Life

RBD works by gradually reducing benefits as a disabled worker nears retirement age and has increased ability to gain support from Social Security and other sources.

While most disability benefits last from 2-5 years, if you become disabled near retirement, you may qualify for Companion’s extended benefits until you reach the milestone of age 65. Amalgamated describes no such program for its members; although their site states that plans can be tailored to individual needs.

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Vision Coverage

While Amalgamated does not advertise any vision program whatsoever, Companion describes its vision coverage in great detail. Companion’s Vision by Design program offers employers three choices for their employment packages:

  • Vision Essentials–Free exams with discounts on contacts, frames, and lenses.
  • Vision Choice–The Essentials plan + allowances for frames or contacts and discounts on any additional services.
  • Vision Select–The Choice plan + allowances that vary slightly from those offered in the Choice plan in addition to free follow-up appointments, discounts on nearly all uncovered services, and discounts on laser surgery and specialists.

Dental Coverage

Amalgamated Live vs Companion Life Co

As with vision coverage, Amalgamated mentions no dental plans on its site. On the other hand, Companion offers three Dental Cents plans covering these four areas of dental care to varying degrees:

  • Preventive–Exams and cleanings
  • Basic–Fillings and extractions
  • Major–Root canals, crowns, bridges, dentures, inlays
  • Orthodontia

You can read an opinion of the wisdom of buying dental insurance at the Ultimate Money blog here.

Hearing Coverage

Once again, Companion has the edge on Amalgamated by presenting the hearing coverage option to all employers who also subscribe to Companion’s dental plans.

Items covered by Companion’s hearing plan include the following:

  • Hearing tests and aids
  • Hearing aid batteries
  • Ear protection
  • Hearing aid cleaning supplies
  • Hearing aid accessories
  • Alert devices
  • Listening devices
  • Musician’s ear plugs
  • Swimmer’s ear plugs

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Vacation and Travel Benefits

If your dental issues sometimes interfere with your ability to take vacations with your family, Companion may have the perfect option for you with its dental tourism in Costa Rica plan. Talented dentists can satisfy all your dental needs while you relax on the beaches in between office visits. Companion can even help you plan your vacation with its special tourism packages.

Amalgamated Life vs Companion Life Insurance Benefits

On this count, Companion also supersedes Amalgamated Life’s coverage options since Amalgamated describes no travel or tourism packages on its site.

Company Overviews

All in all, Amalgamated Life and Companion Life offer very similar basic services. However, Amalgamated’s clientele are largely union-based companies, whereas Companion’s insured members come from a wide variety of small and large businesses. Beyond the basics of life insurance, AD&D, and disability, Companion certainly has more group and voluntary options to offers.

If one or the other is offered through your workplace, your basic coverage would probably be comparable. However, if you want vision, dental, hearing, or travel benefits , Companion can offer you options that Amalgamated does not yet provide.

With your ZIP and the FREE tool here you can receive policy quotes from numerous providers today!