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 Life Insurance Company of the Southwest

There are approximately 1,000 companies that sell life insurance in the United States. Since insurance packages that include life insurance are critical to preparing for your family’s future, choosing the organization that best suits your needs is critical. Below is a comparison of two well-known providers.

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Amalgamated Life prides itself on being America’s Labor Insurance Company. Their products and benefits are customized to meet the unique needs and concerns of the labor community, specifically union leaders and members.

Their diverse insurance solutions include life insurance, accidental death and dismemberment, medical stop loss, disability and several voluntary options to add to their group employer plans.

Life Insurance: Protection and Security

Life insurance is an employee benefit with great value, providing a sense of security for the worker and his or her family. In addition to the life insurance provided by the employer or union, Amalgamated Life also provides the following:

Dependent Life: Members can purchase term life policies for their spouse and/or children. Spouses can be covered for an amount up to 50% of the members’s coverage, but not exceeding $100,000. Children can be covered up to $4,000 each. You can follow this link to learn more about the benefits and drawback of term life insurance policies.

Retiree Life Coverage: Employers can opt to offer term life coverage to retirees up to 10% of the group population. Coverage does not usually include spouses or dependents.

Supplemental Life: Members and their dependents can choose to increase the amount of the term life policy offered by the employer. This is voluntary and requires employee contributions.

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Coverage for Accidents and Illness

Amalgamated Life Versus Life Insurance Company of the SouthwestAmalgamated Life provides Accidental Death and Dismemberment (AD&D) and disability coverage. If an employee has a serious injury, AD&D provides relief for his or her family through financial means. Coverage is applicable whether or not the accident is fatal and regardless of whether it’s on or off the job. Payout is usually up to the amount of the member’s basic life policy. Get more details on disability protection in this related article.

Short-Term Disability is available as contributory or non-contributory, depending on the employer’s plan. It provides income protection for non-work related conditions, such as accidents, sickness or pregnancy.

Long-Term Disability is similar in structure, but protects both the employer and the individual in the event that the employee is unable to work for an extended amount of time. Benefits and duration can be customized.

Protection for Employers

While most insurance plans pride themselves on protecting individual employees, Amalgamated Life provides Medical Stop-Loss coverage, a key part of the employers protection. Stop-Loss limits the amount an employer has to pay out for an individual (specific stop-loss) or the group as a whole (aggregate stop-loss), while not creating any liability for the individuals covered. To learn more about stop-loss you can read expert advice in this related article by Stephen George.

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Amalgamated Life distinguishes itself by being a direct writer of stop-loss policies, enabling them to provide a fast response time and offer multi-product sales discounts. Specific features include the following:

Specific Stop-Loss

  • Flexible claims basis
  • Liability limit up to $5 million
  • Aggregating deductible
  • Specific extension
  • Terminal liability option

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Aggregate Stop-Loss

  • Corridor set at 125% (exceptions available)
  • Timely turnaround on claims adjudication
  • Limit of liability to $1 million (higher amounts subject to approval)
  • Taft-Hartley and TPA affinity

Amalgamated Life Insurance vs Life Insurance Company of the Southwest

LSW: Providing Secure Insurance and Annuities

Life Insurance Company of the Southwest (LSW) is a wholly-owned subsidiary of National Life and, despite what it’s name infers, they are licensed in all U.S. states except New York. LSW is well-known for its annuity and life insurance products in addition to “living benefits,” such as terminal, chronic and critical illness riders for policyholders.

Simply put, an annuity is an investment you make and in return you receive income for a specified period. You can read more on annuities in this blog post from financial adviser Ian Cuddy. LSW offers annuity products as part of its life insurance packages or as a retirement strategy. Three types of annuities are fixed, indexed and variable.

Fixed annuities allow a person to pay premiums that accumulate at an interest rate set by their employer. The rates are usually based on the performance of the employer’s investments for those premiums. The amount of annuity payment that will be received is set when premium payments begin.

Indexed annuities are also fixed, but they allow varying methods of crediting interest. An indexed annuity’s interest rate is often determined by an index of marketplace performance over a specific period. Indexed life insurance plans allow the policyholder’s cash value to accumulate at an interest rate based on changes in the market.

Variable annuities allow the flexibility to transfer money between investments without tax liability. However, the return on investment is based on the market. A person is not guaranteed a certain amount of principal and their investment could decrease over time. Variable life insurance policies are generally for people who do not mind the risk and are younger. Thus, they are likely to have a longer period of time to let the market grow their investment. Variable annuities are sold by Life Insurance Company of the Southwest’s sister company, prospectus.

A Variety of Life Insurance Options

Amalgamated Life vs Life Insurance Company Southwest

In addition to variable and indexed life insurance policies, Life Insurance Company of the Southwest provides security for individual families through the following products.

Individual whole life insurance is the simplest policy available. As long as the insured continues to pay premiums, the death benefit, agreed upon at its inception, is guaranteed.

Term life insurance is a popular choice for young families who may not have a lot of cash to invest, but who need the protection of life insurance. Term policies usually provide low premiums for a set number of years, usually 10 or 20. Once the term runs out, premiums will increase. However, many plans offer the option to switch to a permanent life insurance policy if the client does so before the term ends. Term policies are also common for people who need to supplement a permanent policy for a set period of time. For example, a family may want extra coverage just until their children are adults.

Universal life insurance allows the insured to change both their premium and the death benefit as their life insurance needs change. It also offers the option to accumulate cash value on a tax-deferred basis.

Living benefits provide financial security for families even before their loved one passes in death. Accelerated Death Benefit Riders can be purchased at no additional cost to preexisting life insurance policies. If the insured gets diagnosed with a critical or terminal illness, they can depend on these riders for income.

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