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 Versus HM Life Insurance Company

Purchasing life, accident and disability insurance is one of the most important decisions that you will make when it comes to protecting your financial well being. However, selecting the right plan and provider is not simple.

There are many companies that provide various types of insurance. The following is a comparison of two – Amalgamated and HM Life Insurance.

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Amalgamated Life was founded in 1943 and provides a variety of life insurance as well as accident and disability options for workers as well as retirees. They are licensed in all 50 states.

HM Life Insurance Company originated in 1981 and is licensed in all 50 states and the District of Columbia.

Amalgamated Insurance Types

  • Basic Life Insurance
  • Accidental Death and Dismemberment
  • Dependent Life Insurance
  • Retiree Life Insurance
  • Group Term Life Insurance
  • Long and Short-term Disability
  • Voluntary Insurance Products
  • Medical Stop Loss Insurance – Specific and Aggregate

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HM Life Insurance Choices

  • Employer Stop Loss – Specific and Aggregate
  • HMO Reinsurance
  • HM Care Advantage – Limited Benefit Medical Plan
  • HM Worksite – Accident, Critical Illness, Disability and Term Life

Comparison of the Plans

Amalgamated Basic Life Plan covers workers who are eligible with a choice in the amount of benefits and the ability to convert to an individual policy without medical underwriting. The plan includes life insurance, accidental death and dismemberment and short-term disability. Additional coverage to the basic plan includes:

  • Dependent Life – This is additional life insurance for the employee’s spouse or children. The amount for a spouse is up to 50% of the employee’s coverage amount with a limit of $100,000. The children’s coverage has a limit of $4,000 each.
  • Supplemental Life – This insurance is available to employees and dependents and is in addition to group term life coverage. Find out more about supplement coverage statistics at the NAIC site.
  • Retiree Life Coverage – If chosen by the employer, additional insurance can be offered to retirees. This is generally available only to the retiree. It is not available for the spouse or children of the retiree.

Amalgamated Life VS HM Life Insurance

HM Life Insurance Company’s Worksite Advantage Plan includes the following for employees:

  • Accident Insurance – The three levels include coverage from $15,000 to $50,000, $30,000 to $100,000, and $45,000 to $200,000. The plan includes benefits for catastrophic accidents, a yearly health screening benefit, and medical underwriting is not required for employees or their families.
  • Term Life – Term life insurance and accidental death and dismemberment for employees and dependents that are added to the policy is available with the maximum amount depending on the size of group participation. In addition, should a covered person die in an auto accident while wearing a seat belt, there is a seat belt benefit that will pay $50,000 to the named beneficiary.
  • Dependent Coverage – A spouse and children can be added and the benefits are up to $50,000 for a spouse and up to $10,000 per child.

Disability – This coverage can be chosen to cover employees who become disabled before the age of 60.

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The Differences in Dependent Life And Employee Coverage

Amalgamated Life Insurance VS HM Life Insurance

While both providers offer dependent life insurance coverage, Amalgamated offers less for children (a limit of $4,000) than HM Life Insurance (up to $10,000). Coverage for a spouse can be more at Amalgamated ($50,000 at HM compared to $100,000 at Amalgamated) depending on employee coverage.

Amalgamated Insurance offers two types of life insurance – Worker’s Life Plus and Worker’s Life Level. Worker’s Life Plus provides protection for employed individuals and the premium does not change during the life of the policy although the benefits are reduced as the employee ages. The Worker’s Life Level also provides insurance for employees, and although the benefits remain the same throughout the life of the policy, the premiums increase with age. Both include an option to add coverage for dependents.

HM Worksite Advantage Term Life is available for employees based on the size of the group insured. The coverage amounts range from $5,000 to $250,000 and include tobacco and non-tobacco use restrictions.

Employees can opt to change to an individual policy if the group life insurance is terminated or the amount is reduced.

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The Differences in Disability Coverage

Amalgamated Life Insurance provides short-term disability coverage for non-work related injuries and illness. The employee receives a percentage of the amount of their salary. The percentage cannot exceed $330 per week and is for a maximum of either 26 weeks or until the employee is able to go back to work.

HM disability provides short-term disability benefits for illnesses or accidents. The company has three levels of coverage and includes coverage periods of 13 or 26 weeks. Level 1 is 50% of the wages earned. Level 2 is 60% and level 3 is 70% of the employee’s wages. Certain participation levels must be met. For example, with 20% participation, benefits of $750 per week are guaranteed. To learn more about disability statistics go to the Disability Can Happen site.

The Differences  in Accessibility

Both Amalgamated and HM life insurance companies provide clients with easy accessibility. Numerous forms and applications are available online including enrollment, group insurance applications, medical and dental group applications (HM), change of information forms and retiree claims.

Amalgamated Life Company Versus The HM Company

Amalgamated Life Insurance Company subsidiaries include:

  • Alicare Medical Management, Inc.
  • Alicare, Inc.
  • Alicomp, Inc.
  • Aligraphics
  • Amalgamated Agency
  • Amalgamated Life

Affiliates of Amalgamated Life Insurance Company also provide services such as assisting in the fiduciary and operational duties of trust funds and unions. HM Life Insurance is a subsidiary of HM Insurance Group, Inc.

Amalgamated Life Insurance Company and HM Life Insurance Company were ranked among the top 50 highest-performing life-health insurance companies in the 2011 Ward’s 50. The companies were chosen from 800 life and health insurance companies in operation for five or more years. To make this prestigious list the companies had to surpass industry standards in capital/surplus positions, revenue growth, financial stability, financial returns and underwriting results.

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