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-life-vs-forethought-life-insurance-company

Amalgamated Life and Forethought Financial are both life insurance companies which offer a range of death benefits and supplemental insurances to consumers. When trying to select an insurance coverage provider, it is important to consider each company’s known strengths, weaknesses, financial stability, products, and services.

By typing your ZIP code into the FREE quote box you can receive a number of quotes from competing life insurance providers today!

Life insurance is a key element in a family’s financial planning. It not only provides the means to pay funeral expenses immediately at the time of death, but can also provide a supplement for the family’s lost income, or pay-off looming debts.  Having a carefully selected life insurance policy in place can make a family’s financial future more secure, and offer lasting peace of mind.

Understanding a company’s origin and long standing business success may help investors decide what the best company to invest with is. Companies that have served for several decades are typically more reliable, in terms of long term investments like life insurance, than new startups. Both Amalgamated and Forethought have been in business for decades and long histories of financial stability.

Amalgamated Life Company History

Amalgamated Life was founded in 1943, at which time it offered life insurance benefits only to the Amalgamated Clothing Workers of America Union members. Between 1942 and 1976, Amalgamated expanded to offer coverage to other textile unions.

Amalgamated still streamlines its programs to serve members of the UNITE HERE laborers union, but has been providing insurance to non-union consumers since 1992.

It is important to note, however, that if they only provide coverage in the group setting then those policy options are specifically controlled by the participating company’s benefits coordinator. Not all policy types offered by Amalgamated Life may be offered by an employer.

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Forethought Financial Company History

Amalgamated Life vs Forethought Life CoupleForethought Financial was founded in 1985 and has served more than 2 million policy holders. The company has multiple policy types and benefit plans, all designed to assist families with managing and financing end-of-life needs.

According to Precision Senior Marketing LLC, the company was named in Ward’s Top 50 in 2010, as one of Americas safest, most consistent, highest performing life-health insurance companies. It is headquartered in Indianapolis, Indiana and strives to demonstrate integrity in all its dealings.

It is important to understand that Forethought is a future planning company, and financial investment firm, which focuses on all end of life needs, including retirement investment, and not solely on life insurance. All their policies and programs are aimed at the needs of clients entering the final third of their life.

Future Outlook and Stability Ratings

Forethought financial has, what is considered a stable financial outlook. AM Best gave the company an A- credit score, with an underlying issuer credit score of bbb-, and a debt rating of bbb-. Similarly Standard and Poor gave the company a score of A-.  The company owns and manages more than $4 billion in funds, and generates roughly $1 billion in annual revenue.

Amalgamated Life vs Forethought Life Insurance Company Meeting

Amalgamated life was awarded an A rating by AM Best for the 36th consecutive year. The company’s future outlook is considered very stable and the company was awarded Ward’s Top 50 in 2011. Amalgamated generates over $900 million in annual revenue. The company also carries an A rating with the American Accreditation Health Care Commission.

Amalgamated Life insurance offers a range of life, accident and disability insurances. Most insurance provided through the company is set up for employer payment, though a few policy types are strictly member-pay. All Amalgamated policies are offered as group policies and policy holders must be employed through a participating employer to take out a policy.

Amalgamated Life Insurance Options

Amalgamated life insurance options include a number of term life policies. The length and payout amount of the agreement depends on the policy selected. Policies are available in 100% and 75% employer paid options, or in voluntary coverage, 0% employer paid policies.

Most amalgamated insurance policies offer the option of a spouse and dependent coverage rider, which pays out 50% of the insured’s policy in the event that a dependent family member dies.

Amalgamated also offers retired employee coverage. Retired employee policies cannot make up more than 10% of the group policies in effect, but are an excellent way to offer coverage to former employees who have reached the age of retirement.

Life insurance policies also have an accidental death and dismemberment clause which would pay out additional funds in the event that a family member loses a limb, or dies as the result of a severe accident.

Amalgamated Life versus Forethought Life Insurance Accident

  • Medical Stop Loss: Medical Stop loss is an additional insurance option offered to employers, which recoups a company’s investment if a single employee has excessive medical expenses. It stops loss, and covers expenses in the case of a catastrophic loss, in excess of $1 million.
  • Disability Coverage Options: Amalgamated Life offers both long and short term disability insurance policies. Disability coverage pays a group member when they are unable to work as the direct result of an ongoing illness or injury. Short term disability policies pay out for a maximum of 24 months. Long term policies pay out for up to 5 years.
  • Critical Illness Coverage: Critical Illness coverage is strictly a voluntary insurance plan and must be paid entirely by the enrolled employee. Critical illness protection pays out when a participating member has a major health event confirmed by medical professional.

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Medical events that are covered by the policy include cancer, heart attack, stroke, paralysis, coma, organ transplant, organ failure, and other non-specified major health events. For non-specified events, a hospitalization lasting longer than 30-days may be required for payment to be received.

When a critical illness policy is paid out, term life coverage is terminated for a period of 2 years, or is reduced by the critical illness payout.

Amalgamated Life vs Forethought Life Insurance MedicalSupplemental term life insurance, like critical illness coverage, is a voluntary insurance plan paid by those that choose to enroll. Supplemental term life simply offers additional life insurance coverage for those who feel the principal coverage provided by the employer is insufficient to give their family peace of mind. Supplemental term life may have a decreasing term payout, or a level payout, depending on the specific policy signed.

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Forethought’s Life Insurance Options

As mentioned earlier, the focus of Forethought is on preparing for retirement and the end of life. Forethought offers a variety of retirement investment options. These options help participating individuals plan for, and invest in their financial future after leaving the workforce.

Annuity options include tax deferred investment, freedom-from-market-risk investment, and guaranteed lifetime benefit options. The goal is to help future retirees build income options that are both flexible and reliable.

  • Final Expense Life Insurance: Forethought offers a unique line of life insurance products that have accelerated death benefits, grandchild benefits and more. This life insurance is available in policy amounts from $2,000 to $25,000, and is issued only to those between 50 and 80 years of age. Discounts are given for good health, non-smoking, and other underwriting considerations. They also offer funeral planning assistance and support. Those interested should ask about pre-need funeral planning insurance policies.
  • Medicare Supplement Insurance: Forethought also offers a supplemental Medicare insurance that offers enrolled clients assistance with paying medical expenses not covered by their Medicare plan. Medicare supplement plans guarantee that the rates will never increase because of use, the benefits will be paid directly to the insured, never to the medical provider, and the policy will always remain renewable for the lifetime of the insured.

Amalgamated Customer Satisfaction

Amalgamated Life has a B rating with the Better Business Bureau, though it is not a registered member of the organization. The bureau has recorded three complaints against Amalgamated Life in the last three years, and notes that the insurance company was responsive and willing to resolve each of those issues as they arose. Two of the three complaints were about collections or payment issues, and the third was about the company’s products and services.

Forethought Customer Satisfaction

Amalgamated Versus Forethought Life Insurance Customer ServiceForethought Financial has an A+ rating with the Better Business Bureau though it is not a registered member of the organization. The  bureau has no records of customer complaints for this company, and has every reason to believe that customers are well satisfied with the service they have received.

It is important to understand the strengths, weaknesses, and company focus for any life insurance company before taking out a policy. After comparing rates, and coverage options with multiple companies, and selecting an insurance provider, the best way to ensure you get the coverage you need is to talk to an agent and explain your specific situation.

Tell the agent what your financial responsibilities are, and what you hope to provide your family with in the event of your death. Talk about the benefits and limitations of other coverage options, like disability or critical illness coverage, as well.

Get quotes and compare coverage options by entering your ZIP code into the FREE box to secure your family’s financial future today!