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: Oct 28, 2020

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Amalgamated Life vs HCC Life Insurance Company

If you’ve been shopping for life or medical insurance, the chances are that you’ve come across the names Amalgamated Life and HCC Life Insurance Company during your search. While both are well established companies, there are some significant differences between the two in terms of their size and products.

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Both Amalgamated Life and HCC Life have been in business for decades, and during that time these American companies have earned respectable reputations. Amalgamated Life, however, continues to focus on the working class while the larger HCC Life Insurance Company is particularly well known for its medical stop loss policies.

Amalgamated Life Insurance Company

The Amalgamated Life Insurance Company is headquartered in White Plains, New York. The company was founded in 1943 with a vision of offering life insurance products that would protect the financial well being of working class families. In fact, at the time, the company was created to provide insurance for workers of the Amalgamated Clothing Workers of America (ACWA).

The ACWA was eventually partnered with the Amalgamated Clothing and Textile Workers Union (ACTWU) and as a result of further mergers the UNITE HERE union was formed. As a result, Amalgamated Life continues to provide various types of health and medical related insurance for members of UNITE HERE, which remains one of America’s largest unions.

Amalgamated Life vs HCC Life Insurance Company People

While working class families and union members continue to be the primary customers of Amalgamated Life, over time the company has recruited a wide array of clients. For example, according to the firm’s official website, Amalgamated Life also sells their products to brokers, consultants, fund administrators, and non-union members.

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HCC Life Insurance Company

The HCC Life Insurance Company is a division of the HCC Insurance Holdings Inc., which is headquartered in Kennesaw, Georgia. In addition to its home base in Georgia, HCC Life has four more offices located throughout the United States to offer services in each of the nation’s regions.

According to the HCC Insurance Holdings’ website, HCC Insurance Holdings was founded in 1974, and the company went public on the NASDAQ stock market in 1992. In 1996, the company’s shares were moved to the New York Stock Exchange.

Over the last couple of decades, HCC Insurance Holdings has acquired several other insurance firms, some of which included the Avemco Insurance Company, RA & MCO Insurance Services, and the Cox Insurance Group.

The HCC Life division sells various types of products but, unlike Amalgamated Life, many of their policies are also designed for employers and businesses. HCC Life also sells its products through consultants, brokers and third-party administrators. The company provides underwriting as well as marketing services for its products.

Ratings and Reviews

Amalgamated Life vs HCC Life Insurance Company Family

While price is always an important factor when you shop for insurance, knowing whether the company is financially stable is also essential. Although most small companies can and will honor their financial commitments, knowing that your provider has considerable financial resources is always reassuring.

In addition, you may not be so happy about finding cheap insurance if the company provides lousy customer service. People buy policies to help them through stressful times. As a result, when you file a claim or have questions about your coverage, you want to know that your concerns will be quickly addressed.

Amalgamated Life Ratings

Although Amalgamated Life isn’t as big as some other major providers in the United States, it has been business for decades and has secured a significant customer based. According to the ratings agency A.M. Best, Amalgamated Life’s financial holdings range from $25 million to $50 million.

In addition, A.M. Best assigned Amalgamated Life an A overall rating, which is considered “excellent” and “secure”. The rating reflects a company’s financial strength and their ability to honor their insurance obligations. A.M. Best only offers two higher scores, which are A+ and A++. The insurance company has received an “excellent” rating nearly 40 times.

According to the Better Business Bureau (BBB), which keeps a record of customer complaints against companies, Amalgamated Life has a very respectable B rating. In other words, the insurance company has had very few grievances filed against it with the BBB.

In addition, Amalgamated Life has been named to the Ward’s 50; this is an annual list of the top 50 insurance companies in the United States.

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HCC Life Insurance Ratings

Amalgamated Life vs HCC Life Insurance Company Best

HCC Life Insurance is considerably larger than Amalgamated Life, as according to A.M. Best the company falls into the $250 million to $500 million financial category. In addition, the ratings firm has assigned HCC Life an A+ rating, which means the company’s financial stability is “superior” in nature.

The firm Fitch Ratings has awarded HCC Insurance Holdings, Inc., an AA rating which is the second best it can assign. In other words, HCC Life Insurance and its parent company have a very solid financial foundation.

In addition, the Better Business Bureau has assigned HCC Life Insurance an impressive A- rating. The high mark was awarded due to the fact that HCC Life Insurance has had almost no complaints filed with the BBB. This is particularly impressive due to the company’s size.

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Ask and Look Around

If you want to find out more about what people think about the service these companies provide do a quick search online. In addition to resources like the Better Business Bureau, you may be able to find feedback from customers on various types of websites.

In addition, you can also ask your co-workers, friends or family members if they’ve dealt with either Amalgamated Life or the HCC Life Insurance Company. Independent insurance brokers, who don’t work for either company, are also a good source for unbiased feedback.

Amalgamated Life Products and Services

Amalgamated Life vs HCC Life Insurance Family

Amalgamated Life sells a variety of insurance policies which are designed to suit the needs and budgets of working class families. Many working families would be financially devastated if they were to lose a breadwinner during their working years. As a result, Amalgamated Life offers products like life, disability, and accidental death and dismemberment insurance, which offer significant financial aid in times of economic uncertainty.

For example, according to the official Amalgamated Life website, its eligibility requirements for life insurance are less stringent, so that working people can provide for their families in the event of an untimely death. The company offers group term life insurance policies, and their customers can purchase additional coverage for their children and spouse. Amalgamated also offers retiree and supplemental life insurance coverage.

Another policy Amalgamated Life offers is disability insurance. This policy will help provide for a family if a breadwinner is injured, while they’re not at work, and can no longer earn a steady income. Short term disability provides economic relief for the immediate future, while long term disability policies can compensate injured workers for years.

Amalgamated also offers accidental death and dismemberment insurance which provides extra financial relief to families or workers in the event of a debilitating or fatal accident.

The policy is valid whether the incident occurs on or off the job. The coverage is available to members of group term life policies; however, it is not offered in every state.

Amalgamated Life vs HCC Life Insurance Company ClaimThe company also sells medical stop loss policies which are designed to reduce the costs an employer may incur from insurance claims. For example, they assist a business with prolonged or particularly high medical expenses that workers may charge to their insurance policies. Amalgamated sells two types of medical stop loss insurance. The first is specific stop loss insurance, which targets individual claims. The second is aggregate stop loss policies, which address the costs of an entire group.

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HCC Life Products and Services

While HCC Life also sells life insurance and medical stop loss policies, it also provides healthcare risk management and travel insurance. Although many of the company’s policies provide economic relief for individuals, several of HCC Life’s products are designed to assist employers and groups.

The official website of HCC Life stresses that the company is a market leader when it comes to medical stop loss insurance. Like Amalgamated, HCC Life offers both specific stop loss and aggregate policies. Some of the value added services HCC Life provides for these products include:

  • Medical staff to assist with managing the policies
  • Claim re-pricing capabilities
  • Direct access to the company’s administrators, claims adjusters and underwriters

Amalgamated Life vs HCC Life Insurance Company Workers

HCC Life also provides Taft-Hartley medical stop loss insurance policies, which assist union medical plans with costs. Similar to its corporate and employer stop loss insurance, HCC Life’s Taft-Hartley policies offer specific and aggregate coverage. Their union policies also come with flexible contract terms.

The company’s healthcare risk management products include medical excess policies and HMO reinsurance. Medical excess policies are designed to assist other insurance companies with the costs of their medical and stop-loss policies. HMO reinsurance is a policy that helps protect health maintenance organizations (HMO) from unforeseen or severe healthcare costs.

Unlike Amalgamated, HCC Life sells a wide array of travel insurance policies for tourists. This branch of insurance provides financial relief for people who incur property damages or medical costs while they’re traveling. In addition to tourists, HCC Life sells travel insurance policies that are specifically designed to assist missionaries, professionals, students and groups while they’re abroad.

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