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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Although both companies sell life insurance, rather than being in direct competition, Homesteaders Life Company and Amalgamated Life seem to complement one another.

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Amalgamated Life formed in 1943, dedicated to helping working families achieve financial security through affordable insurance products. Homesteaders, established in 1906, focuses principally on providing funds for final expenses; they are committed to funeral services.

The early power behind Amalgamated Life was its founder, Sidney Hillman. Born in what is now Lithuania in 1887, Hillman was the head of the Amalgamated Clothing Workers of America and a key founder of the Congress of Industrial Organizations. He is recognized as one of the greatest labor leaders in the history of America.

Amalgamated Life’s clientele include fund administrators, unions, members, brokers and consultants and non-union members.

Amalgamated Life- Types of Life Insurance Policies

Their basic group term life insurance covers all eligible members who are actively at work. They offer flexibility, both in the amount of coverage and the freedom to convert to a permanent individual policy without the requirement for medical underwriting.

Disability coverage is available only with group term life policies, this covers accidental paralysis or other severe injury as well as accidental death, whether the accident occurs on or off the job.

Medical-stop loss coverage protects from risks from individual, high-cost claims. Aggregate stop loss covers risks from high numbers of losses. Both short- and long-term disability protect income in the event of non-worksite related events. Both forms are available as either non-contributory or contributory policies.

Members receive income during pregnancy, or due to accident and illness. For long-term disability, both the amount and duration of benefits can be individually tailored to the client’s needs.

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Amalgamated’s Voluntary Insurance Products

Amalgamated Life also offer a range of voluntary insurance products. All products may not be available in all states.

Workers Life Plus – Decreasing term insurance offers coverage while the member is employed. The premiums remain the same throughout the duration of the policy while the amount of coverage decreases with age.

Workers Life Level – With level term insurance, the premiums increase throughout the duration of the policy and the benefits stay the same. Coverage may be added for spouse and children. Critical illness benefit may be added.

Critical Illness Protection – This policy offers protection for specific named serious illnesses or when hospital stays lasts for 30 days or more. Death benefit is reduced by the amount of critical illness protection
used. However, employees may purchase critical illness covered through the group plan at a lower cost than
they could get it on their own.

Illnesses covered include:

  • Cancer
  • Stroke
  • Heart attack
  • Paralysis
  • Kidney failure
  • Organ Transplant
  • Coma

There is also an Employee Life Option (ELO) through which, in addition to guaranteed premiums and coverage, clients may also benefit from competitive interest rates.

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Amalgamated Life and Affiliate Companies

Amalgamated Life Co VS Homesteaders Life CompanyAmalgamated Life has amassed a number of affiliate companies committed to helping unions and trust funds address other requirements, including medical management, computing and printing. The affiliates share the parent company’s mission to meet and exceed customer expectations. Amalgamated Life :

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

Amalgamated Life – Companies

Amalgamated Life has amassed a number of affiliate companies committed to helping unions and trust funds address other requirements, including medical management, computing and printing. The affiliates share the parent company’s mission to meet and exceed customer expectations.

  • Alicomp was formed in 1987 in Salem, New Hampshire, to provide Bespoke information technology solutions.
  • Alicare, Inc., is a third party administrator of pension and health benefits, also formed in 1987.
  • Amalgamated Agency, Inc., is the brokerage arm of the business. They specialize in providing risk management, fiduciary and other services. They, too, were established in 1987.
  • Alicare Medical Management, Inc. was formed in 1995 and located in Salem, New Hampshire. AMM offers a range of services including a 24-hour nurse helpline.
  • Aligraphics offers high quality printing services. They are a one-stop, full service facility for union members and non-union customers alike.

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Homesteaders Life Company

Homesteaders Life Company was founded in 1906 for the purpose of providing its members with insurance money to pay for funerals. Learn what financial adviser Dave Ramsey thinks of this option in this article.

Homesteaders is a mutual insurance company. This means that there are no shareholders and that the company is owned entirely by its policy holders. Profits are rebated in the form of either dividends or reduced premiums.

Sharply focused solely on one product, they earn their annual revenue of $20 to $50 million by serving almost the entire country. Their customers are 8000 funeral homes and the families for whom they care. They operate in 44 states.

Amalgamated Life-vs Homesteaders Life

The fraternal organization movement began in 1868. Among their functions was the provision of life insurance for its members. Until this point, that had been a privilege restricted to the wealthy. In 1905, roughly a couple of dozen people met at the home of John E. Paul to discuss forming a fraternal insurance society. One year later, Homesteaders was formed.

By 1920, they had amassed 30,000 members in 23 states and in Canada. Three years later, they regrouped, shed their fraternal status and became the Homesteaders Life Association.

They reinvented themselves again as the Homesteader’s Life Company, the name by which they are known today, following a merger with a company called Golden West Life Association.

The key to Homesteaders’ longevity appears to be their strong commitment to security from the very beginning.

This would explain their surviving World War I, the 1918 Flu Epidemic and the Stock Market Crash of 1939. They managed to pay out every claim without resorting to increasing premiums or additional assessments.

Insuring Your Life and Death

Between them both reputable companies, Amalgamated Life and Homesteaders Life Company can insure you from the cradle to the grave. Amalgamated Life provides life insurance coverage, health, disability, critical illness protection and pensions. Homesteaders Life Company can help you set aside money for funeral costs, and save your loved ones the agony of planning, and paying for, your final send-off.

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