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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Life insurance products are offered in a number of unique ways, whether it’s through an employer’s group rate plans or a union’s collectively bargained liability agreements. Still other companies insure private customers without a big corporate or union backer.

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When it comes to a comparison between Amalgamated Life Insurance and Great American Life Insurance Company, their approaches could not be more different.

The people behind Amalgamated Life Insurance are dedicated to providing life insurance and other products exclusively to union members, while those at Great American Life Insurance participate in group rate and individual plans for life insurance products as well as a diverse array of other liability coverage.

Products for the American Union Worker

While union jobs are increasingly hard to find, it’s not difficult to find companies of all kinds which cater to America’s remaining union workers.

Amalgamated Life Insurance is just such a company, as they provide their services only to unions on a collectively bargained basis.

That means the company is open to negotiation on matters of price, availability of plans, and other issues of cost.

Amalgamated Life Insurance vs Great American Life Insurance Company

Customers who are offered Amalgamated Life Insurance products through their union representative can choose a standard life insurance policy with the ability to add both dependent life insurance coverage and retiree life insurance coverage. Especially rare among both union insurance providers and corporate competitors, retiree life insurance provides a path to financial responsibility for dependents even after a worker has left their union job behind in favor of a relaxing retirement.

Amalgamated Life Insurance is not strictly involved in matters of casualty liability; however, the company has broadened its line of insurance products to include several services that union workers will find useful:

  • Accidental death insurance
  • Medical stop loss coverage
  • Disability insurance

These extra services are especially important and valuable for unionized workers in more dangerous manufacturing environments, as life insurance policies often do not cover accidental injury or death by default. Because the company collectively bargains with unions and employers, it is able to offer some of the most affordable liability products anywhere.

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Great American: A Different Approach

Amalgamated Insurance vs Great American Insurance

Based in Cincinnati, Ohio, the Great American Insurance Group has been providing life insurance and other liability coverage to American consumers since its founding in 1872. That makes it one of the most reputable and seasoned providers of liability products in the world, and it’s a crucial asset for the company when offering its products.

Great American Life Insurance Company’s long time in the liability marketplace has allowed it to develop a line of products that is far more diverse than what is offered to unions by Amalgamated Life Insurance. Not only can consumers buy a number of individual-level insurance products, but companies and certain industries can benefit from the company’s industrial-size coverage options as well.

Life insurance products at Great American Life Insurance Company include both term life insurance and whole life insurance options.

Term and whole life products differ in how much coverage they offer, their overall monthly and annual cost, and how easy they are to obtain for various types of workers.

A Broader Selection of Liability Services at Great American

Customers of the company’s life insurance offering, whether term life or whole life, can easy add dependent life insurance in order to cover any dependent children or even a spouse. This is a great option for those with larger families or younger children, as the expenses a loved one will leave behind in those instances are especially great.

Great American Life Insurance Company offers a number of additional liability products to its group rate customers, as well as its individual insurance purchasers. For consumers, these services include the following:

  • Disability coverage
  • Supplemental life insurance
  • Supplemental medical insurance coverage
  • Annuity coverage
  • Property insurance
  • General liability insurance
  • Supplemental unemployment insurance

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Supplemental Services for Corporate Entities and Agribusiness

For commercial enterprises, the company also has a number of great liability services. And, because of its location in the heart of the mid-western United States, Great American Life Insurance Company offers great agricultural liability insurance to some of the nation’s most productive and profitable farming corporations and individuals.

Great American Life Insurance Company is well-known for its industrial and corporate insurance products, including:

  • Agricultural liability insurance
  • Executive and professional liability
  • Construction insurance
  • Environmental liability
  • Workers’ Compensation insurance

This combination of individual and corporate-level insurance is a combination which has proved very successful for Great American Life Insurance Company.

While other insurance companies have been forced to “specialize” and serve only corporate or private consumers, Great American Life Insurance Company has leveraged its mid-western location to take on corporate, agribusiness, and private consumer accounts in tandem.

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Choosing a Union Offering vs. Private Life Insurance

Many members of a union which offers Amalgamated Life Insurance may be tempted to simply choose their union’s offering on the assumption that it is the most robust and affordable option to cover their needs. But this actually may not be the case. Because Amalgamated Life Insurance is a far smaller company than Great American Life Insurance, their ability to bundle rate plans and offer a large number of products is limited.

Amalgamated Life Insurance Versus Great American Insurance

The collectively bargained approach taken by Amalgamated Life Insurance is great for union members with standard, or basic, needs. These customers don’t need things like supplemental unemployment benefits or bundled property insurance. But as consumers age it is likely that this company’s insurance plans may not grow with them.

Great American is a Better Option for More Complex Needs

Great American Life Insurance Company may be the best option for older workers who prefer to group their liability coverage with just one broad, diverse, and affordable company.

Great American Life Insurance Company has been in the game for nearly a century and a half, and their rate plans reflect their expertise in catering to consumer needs.

On top of this long-term expertise, Great American Life Insurance offers a discount for purchasing multiple insurance policies with the company, which may save the average consumer a good deal of money in their budget — even when compared to collectively bargained union insurance plans.

Research Before Selecting a Life Insurance Plan

Amalgamated Life Insurance versus Great American Company

Life insurance is perhaps one of the most affordable liability products on the market, but it must be carefully researched and selected. Whether you’re a union member, corporate customer, or individual purchaser, be sure to examine the terms of an insurance offering and compare quotes before committing to any product.

Remember that life insurance is for the benefit of those dependents and loved ones who survive your death. It is your responsibility to pick the plan which best meets their needs and ensures their financial integrity in the wake of your untimely passing.

Find a plan that supports your life by putting your ZIP code into the FREE rate and quote tool now!