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 following information is a general review of various policies offered by two insurance providers. Amalgamated Life offers group policies for union and nonunion businesses. Fidelity Security Life Insurance Company offers group and individual policies, including retirement accounts and health insurance coverage.

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Generally, insurance products are valuable for families to have in cases of emergencies. Managing to include premium payments in the monthly household budget pays off in times of need. An unexpected illness can devastate personal finances if health insurance does not cover all expenses.

The death of a loved one, particularly if he or she is the primary bread winner, can cause uncertainty for even the basic expenses in life.

Getting hurt on the job can lead to a loss of wages, yet bills must be paid.

Purchasing an insurance policy is really an investment in a family’s financial well-being. Many types of policies exist including life insurance, disability insurance and coverage to supplement health insurance plans. Having adequate coverage can ease financial concerns when a loved one is injured, becomes ill or dies.

Amalgamated Life Product Options

Amalgamated Life vs Fidelity Security Life Insurance Company

The customer service team at Amalgamated Life is a top selling point at the company. By offering diverse group plans, Amalgamated Life develops coverage options suitable for individual companies.

The basic group term life insurance policy covers all eligible employees. The features of this policy include flexible benefit amounts, permanent policy conversion and experience rated insurance contracts.

In addition, some companies may elect to offer optional coverage to employees. These plans provide additional coverage beyond the basic plan. Popular optional coverage plans include dependent, retiree and supplemental life policies.

Dependent life is attractive to employees with children and/or a spouse.

Under dependent life each child is covered for up to $4,000. Spousal coverage is 50% of employee coverage and cannot exceed $100,000. Retiree life is typically available for retired employees and does not include children or spouse. Retirees can receive a portion of the active group population, up to 10%. The supplemental life is optional coverage for employees to purchase and used in addition to the basic group term life.

Accidental Death and Dismemberment- AD&D covers employees who are severely injured, paralyzed or die from an accident. Payment is up to the basic life coverage amount. The accident coverage protects employees while at work or away from the job. Typically, this type of coverage is only available with group term life policies.

Amalgamated Life vs Fidelity Security Life Insurance

Medical Protection- Amalgamated offers two types self-funded insurance protection plans. A specific stop-loss helps to reduce a company’s risk level from expensive individual claims. The aggregate stop-loss is protection for the expectation of high volume claims. Stop loss coverage can be specific of aggregate.

Specific stop-loss coverage offers flexible 12/12 and 12/15 claims, $5 million limit of liability, an option for terminal liability and specific extension. Aggregate stop-loss offers $1 million limit of liability with higher amounts available upon approval, 125% corridor set, timely processing for claims adjudication, and aggregate extension.

Disability Plans- Disability plans provide income protection for off-the-job events such as pregnancy, illness or an accident.

  • Short-term disability – Duration and benefit amounts vary to give people a way to fill the income gap when they are unable to work for a limited period of time.  Employees can receive this coverage as contributory or noncontributory.
  • Long-term disability – This is also offered in a contributory or noncontributory basis for individuals who cannot expect to return to regular work. Plans are tailored to company needs.

Life Insurance Coverage- Workers Life Plus and Workers Life Level provide coverage to employees while employed. Life Plus benefits decrease with age, but the premium remains the same for the duration of the policy. With Life Level, premium payments increase with age but benefits remain the same. Benefits are also available for a spouse, children and critical illness.

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Fidelity Security Life Insurance Company

Amalgamated Life vs Fidelity Security Life

Insurance products through Fidelity Security Life are primarily for group coverage which can result in lower rates based on the acceptance of all members into the risk pool. However, individual policies are offered in some states.

Annuities and Mutual Funds- Group and individual annuities and mutual funds are available as tax-deferred, payroll deduction plans. Annuity plans come as benefit annuities or as insured investments. The benefit annuities may include accidental death, terminal illness, disability, and nursing home benefits. Mutual funds features include no load or transaction fees, daily online access, various growth options, major asset classes and diversification. Find out what Bankrate recommends when considering annuities and mutual funds in this article.

Retirement funds:

  • 501(c)(3), 457(b), 401(k), 4039(b)
  • Individual Retirement Accounts (IRAs)
  • Roth IRAs
  • Governmental agencies
  • Rollovers

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Accident, Health and Life Insurance Plans

Accidental Death and Dismemberment (AD&D)- Family and the insured are protected from an accidental death or injury. Benefits for AD&D range between $20,000 and $500,000.

Amalgamated Life vs Fidelity Security Insurance

Travel- Travel accident insurance covers employees who may suffer injury or death in a private motor vehicle accident or as a commercial passenger. Coverage is available for up to $100,000 injuries or death resulting from a motor vehicle accident. Coverage for an accident or death on a public transportation system is up to $200,000. This may include a commercial airline, bus, train, taxicab, ship, subway, etc. Additional plan benefits include daily hospitalization compensation of up to $125 per day, coverage for family members (spouse and/or children), and guaranteed underwriting for all applicants.

The 3-way accident plan covers an employee and/or spouse for AD&D, disability and hospital indemnity.

Self-Funded Excess Loss- Fidelity Security offers specific and aggregate excess loss medical plans for self-insured employer groups. The plan benefits for either plan include maximum benefit limits of $1 million, and $2 million to $5 million options are available, contract claim basis include 12/12, 12/15, 12/24, 18/12, 15/12, and excess loss coverage for individual groups of 10 or more.

Health Insurance Plans- Fidelity Security Life offers a limited medical indemnity plan that is an alternative to major medical plans. This is a low cost alternative for companies that want to offer employees some type of medical protections. Plans are flexible enough to provide basic hospital coverage for employees

Amalgamated Life Insurance Versus Fidelity Security Insurance

Hospital indemnity offers daily benefit while employee is in the hospital, and hospitalization could be from an illness, accident or specified vehicle accident. Payment is $10 to $200 daily for an illness, twice the illness amount for an accident, four times the illness amount for travel accidents. Benefits are an addition to other types of health or accident benefits and are payable for up to 365 or 730 days according to the plan.

Optional benefits for a hospital indemnity plan are tailored to company needs. Many of these benefits include:

• Intensive care
• Survivor benefit
• Outpatient or inpatient surgical
• Cancer care
• Skilled nursing facility
• Convalescence

Life insurance Coverage- Fidelity offers term life, juvenile life and critical period mortgage life protection. Term life is a renewable group insurance plan that includes optional coverage for spouse and children. You can read an AARP article on this coverage choice here.

Benefits reduce 50% at age 65 and an additional 50% by age 70. Juvenile life is a permanent life insurance policy for dependent children or grandchildren. Critical period mortgage life is a benefit paid to surviving family members after the death of the mortgage holder. Monthly benefits are available for individual or joint first-to-die plans.

At the End of the Day

Amalgamated Life Versus Fidelity Security Company

Insurance is an important part of life and death. It is too late to seek protection for you or a loved one after an illness or accident. Whether it is for medical expenses, an unexpected emergency or retirement security, having the right coverage offers peace of mind.

Both Amalgamated and Fidelity Security offer important protection in life insurance and other areas. Amalgamated has a history of working with unions and may be able to cut affordable deals based on the specific bargaining of your group. Fidelity has a strength in financial investments and be appealing to individual buyers who want to purchase more than just insurance.

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