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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The marketplace has a large number of insurance companies in business selling various products, and with so many out there it’s hard to choose. Competing for your business are large, well established insurers, small neighborhood agencies and mid-sized insurance companies somewhere in the middle. Two in particular, Amalgamated Life and Fidelity Investments Life Insurance, provide protection when needed.

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Based in White Plains, NY, Amalgamated Life was formed in 1943 and over the years it has increased its coverage area, becoming increasingly diversified. Today it operates out of offices in Massachusetts, New Hampshire, New Jersey, Rhode Island, New York City, Virginia, Pennsylvania, California and two locations in Illinois.

Since 1974 the insurer has received an “A” rating each year from A.M. Best Company, a leading provider of insurance company ratings. Amalgamated provides life, employee life option, accident, disability, medical stop loss and voluntary insurance.

In comparison, Fidelity Investments Life Insurance Company focuses as much on investing as selling insurance products.

Fidelity was founded in 1896, operating during its early years as a benefit society. By 1915 it had sold more than $100 million in life insurance polices, and currently that figure has grown to more than $23.5 billion.

Amalgamated Life Insurance Company

A look at the life insurance coverage from Amalgamated reveals benefits for the basic needs of employees with families. The plan offers flexibility in how the employee chooses the amounts of the benefits and he or she can easily convert it to an individual permanent policy without the need for medical underwriting. Individualized contracts can be drawn up for specific age groups.

For an additional cost, extra coverage can be added as needed. This covers many scenarios that could occur. Term life, supplemental coverage, retiree insurance and an employee life option are available. For example, employees can buy term life insurance to provide for a spouse and children. Spouse coverage can equal 50% of the member’s coverage, up to $100,000. For children, up to $4,000 in insurance coverage per child can be purchased.

The option to purchase supplemental protection with a group life insurance policy boosts financial security. Some employers offer retiree life insurance coverage to their retirees. Normally, this type of protection covers the individual only, not any family members. Finally the employee life option coverage is tied in to the market interest rate, and it accumulates cash value according to a fixed rate.

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There’s More Than Just Life Insurance

Amalgamated sells accidental death and dismemberment (AD&D) as well as disability insurance to protect families in worst-case scenarios.

After a job-related accident resulting in catastrophic injury, paralysis or death, AD&D insurance provides up to the amount specified on the basic term life policy.

In case of temporary or permanent disability the insurer provides two levels of financial assistance. Short-term disability provides an income stream for events unrelated to work. It can include accidents, illnesses or pregnancies. Long-term disability kicks in when the member suffers an illness or injury not related to the job. The amount of benefits and duration varies.

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A Hedge Against Costly Claims

Possibly less well-known are Amalgamated’s medical stop loss and voluntary insurance products. To be able to provide a fast response time the insurer directly writes stop loss policies, instead of acting as a general underwriter. You can read an article on the stop loss policy by Marsh Consulting Group here.

Amalgamated Life vs Fidelity Investment Life Company

Specific stop loss insurance provides protection against a single expensive individual claim. There is a $5 million liability limit and a flexible claims basis. Aggregate stop loss coverage insures against financial risk when a number of claims are expected. Normally there is a $1 million liability limit and a fast turnaround time to adjudicate a claim.

The two types of voluntary insurance include Worker’s Life Plus and Worker’s Life Level. Both have additional riders available. Worker’s Life Plus keeps the premiums the same for the duration of the policy but the benefits get smaller as the member gets older. A critical illness clause can be added. With Worker’s Life Level coverage the benefits remain constant during the life of the policy but the premiums increase as the member gets older.

Fidelity Investments’ Roots Run Deep

Amalgamated Life versus Fidelity Investments Life Company

While some companies sell whole life policies which consumers buy for its cash value, Fidelity sells term life insurance. This insurer has an A+ rating from both A.M. Best and Standard & Poor’s.

The typical customer insured through Fidelity needs coverage for a specified amount of time. Individuals who sign up for term life insurance are seeking low-cost insurance and they are not concerned about building equity through the policy. The age group the insurer targets falls between 18 and 70 years old. The cost for premiums depends on the member’s age. The minimum amount of coverage members can purchase is $250,000. Terms run for 10, 15 or 20 years and customers have the flexibility of paying monthly, every six months or once a year.

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Customers Choose From Thousands of Mutual Funds

Where Fidelity really shines is the mix of investment products it sells.

The insurer sells more than 175 no-load mutual funds and more than 4,500 funds from other companies. With its wide range of investment options, it’s hard not to find something to fit into everyone’s financial goals.

The company sells Morningstar 4-and 5-star rated funds, and won the 2011 Morningstar Fixed Income Manager of the Year Award.

Amalgamated Life and Fidelity Investments

Individuals seeking strategy advice can go to the Fidelity website to see what funds to buy to fulfill their investment objectives. For example:

  • Short term asset allocation consists entirely of money market funds
  • A conservative asset allocation is made up of 50 percent bonds funds, 30 percent money market funds, 14 percent stock funds and 6 percent international funds
  • A balanced portfolio consists of 40 percent bond funds, 35 percent stock funds, 15 percent international funds and 10 percent money market funds
  • A growth portfolio has 49 percent stock funds, 25 percent bond funds, 21 percent international funds and only 5 percent money market funds
  • For an aggressive growth portfolio the mix is 60 percent stock funds, 25 percent international funds and 15 percent bond funds

A Well-Rounded Mix of Investments

Amalgamated Versus Fidelity Investments Life Insurance Company

Fidelity has other investment products as well. Some focus on saving for education, others on preparing for retirement. Fidelity’s 529 Plan helps save for college gradually by setting aside a minimum of $15 per month. The portfolio choices include those based on age as well as customized portfolios for maximum control. The insurer offers traditional, Roth and rollover IRAs as well as small business retirement plans. There is even a 401k plan available for the self-employed.

Amalgamated Life and Fidelity Investments Life Insurance both have a number of diversified offerings when it comes to choosing an insurance company. Both are holding their own in the crowded insurance provider arena. In the search for the right insurer, these two definitely warrant serious consideration.

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