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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There are many companies that sell insurance products and each has found their particular niche. This article will compare Amalgamated Life and First Investors.

Amalgamated Life is primarily an insurance company and its products are aimed at providing group policies for businesses and their employees. They have  a strong history of working with and supporting unions and working folks.

With your local ZIP and our FREE quoting device you can find a great policy for your life today!

First Investors is a wealth management company which offers life insurance as only one of many different financial products aimed at the individual. While both may have products you need, chances are one is better suited for your needs. We’ll look at Amalgamated Life first.

Amalgamated Life

Amalgamated Life vs First Investors Life Insurance Company

Amalgamated Life offers products that would make up part of an employee benefits package. They offer two different options which are Basic Group Term and Dependent Life Coverage. With the term option there is flexibility in choice of benefits amounts. Plus, members can transfer this into an individual and permanent policy without the need for a medical exam. People of different ages will benefit from experience rating.

If the policy holder has children or a spouse who is dependent upon their income or other support then a Dependent Life coverage plan is essential. An insured member can obtain coverage of up to $100,000 for his or her spouse and up to $4,000 per child. This is considered an additional coverage option.  Some of the other additional coverage choices include Retiree Life, Supplemental Life, and Accidental Death and Dismemberment.

With the retiree life coverage employees can get up to 10% of the active group coverage. The supplemental policy and the AD&D can only be obtained within a group policy.

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Diverse Products

One of the things that make Amalgamated Life diverse is that it also offers Medical Stop Loss coverage. They directly write these policies and offer both specific and aggregate stop loss. Amalgamated’s specific stop loss plan offers an aggregating deductible, liability limit of $5 million and a flexible claim basis.

The Aggregate Stop-Loss s protection for when a high volume of claims is expected. The features of this policy are:

  • Corridor set at 125%
  • $1million limit of liability
  • Aggregate extension
  • Taft-Hartley and TPA Affinity

Voluntary Services and Other Companies

Amalgamated Life also offers both short and long term disability for non-work related injuries. These are tailored to the client’s needs and can be both contributory or non-contributory policies. In addition, there are several voluntary insurance policies that workers may choose from once they are a part of the group plans such as Critical Illness protection and other life insurance options.

Amalgamated Insurance also operates several other companies that offer differing products.

These are  listed below with brief mention of their offerings.

Amalgamated vs First Investors Life

Alicare is a third party administrator for varying policies.

Alicare Medical Management offers several products in healthcare management. They are:

  • Case and disease management
  • Utilization management
  • Hospital re-admittance management
  • Nurse helpline and Health Information Library
  • Wellness and Health coaching
  • Independent physician review
  • Claims cost management service

Alicorp is not a healthcare related company but rather offers services in computing and IT. Among their services are:

  • Mainframe outsourcing
  • Government outsourcing
  • Hospital data center consulting
  • Business continuity services
  • Colocation and internet hosting
  • Remote computing
  • Tape conversion
  • System programming and support services
  • Network design installation and maintenance
  • Open system outsourcing
  • Recovery planning

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Aligraphics is a printing company and the Amalgamated Agency offers differing insurance options such as property and casualty as well as liability management.

First Investors Corporation

Amalgamated Versus First Investors Life

As stated above, First Investors aims for the individual consumer. The bulk of their products are financial such as mutual funds and other investment services. Their insurance offerings are meant for the individual investor who wishes to build and protect his or her wealth. Here is what they have to offer.

First Investors offers two different types of life insurance protection. They have permanent life insurance which is for the long term, has fixed premiums and builds cash value.

They also offer variable life insurance which is for both protection and wealth building. A portion of each premium is given to insurance while the rest goes to sub-accounts which are investments. There are two main products for variable life, each with their own benefits and liabilities. Get a financial planner’s view point on the different types of investment options right here.

The first, called the First Investors ISP Policy has four variants.

  • ISP Choice—10. Premiums are paid over ten years and then the policy is considered paid in full and the cash value continues to grow.
  • ISP Choice—20. Premiums are paid over twenty years. This gives the same benefits but because the premiums extend over a longer period of time, the premiums are less.
  • ISP Choice 65. The number of premiums is coordinated with the retirement age. Depending on the insured’s age, they may be less than ten years or more than twenty.
  • ISP Choice Whole Life. This is permanent life insurance which offers the greatest benefits although it may be the costliest as well.

All of these options provide a death benefit and a fixed payment period. It is a self-directed cash value investment with significant tax advantages. These include tax-deferred growth, tax-free transfer among sub-accounts, tax-free death benefits, and easy access to cash value through surrender or loans against the account.

First Investors Single Premium Variable Life: This is exactly what it sounds like, participants pay only one premium.

This product is intended for those who are close to retirement and need protection for their wealth and their beneficiaries.

Amalgamated Life Insurance Versus First Investors Life

The benefits of this policy are the same as any of the other variable life insurance products, there is just one large premium instead of many spread over time.

Interest Sensitive Whole Life: This product is more for the cautious investor. It features fixed premiums, builds value, and is guaranteed a minimum of 3.50% interest rate.

Term Insurance: This is the least expensive life insurance option. The coverage is only for a specified time and the premium may increase. It builds no cash value but is good for those with limited budgets who want to know that their family will be protected in the event of their death.

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Final Analysis

These two companies each thrive in different markets. Amalgamated Life is a large company which focuses on serving other companies. They have several small companies under the Amalgamated banner that serve a host of other niches besides insurance. First Investors is a wealth management company that offers life insurance to individuals.

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