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 Ozark National Life

For many employers and unions, employee benefits include offering life insurance and other investment options. Life insurance and other benefits are often a combination of employer-covered premiums and contributions from employees. Numerous employers choose to offer additional benefits to employees, provided that the employee pays for the additional coverage.

Life insurance can also be purchased on an individual basis to provide financial protection for families in the event of the death of the primary income-earner. Enter your ZIP code in our comparison tool to compare FREE insurance quotes.

Amalgamated Life

Amalgamated Life was established in 1943 with the goal of providing benefits for working women and men. Since that time, they have expanded to provide health insurance and a variety of other products that are specifically geared toward the needs of working adults. They have consistently received an “A” rating from AM Best since 1974.

Amalgamated Life provides insurance benefits for companies and unions around the United States. In addition to insurance products, they also provide services for medical management and third-party benefits administration for employers and unions.

Amalgamated Life also owns Alicomp, which provides information technology services, AliGraphics, which provides printing and typography services, and the Amalgamated Agency, which is a full-service property and casualty insurance agency.

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Life Insurance Coverage

Amalgamated Life offers term life insurance to employee and union groups. Basic term life insurance coverage from Amalgamated Life can be converted into an individual term life insurance policy if an employee leaves their employment or terminates their union membership.

If a group term life insurance policy is converted into an individual policy, medical underwriting is not required. Employees can choose to increase their level of term life insurance coverage for an additional premium amount.

Dependent Life Insurance

Dependent life insurance coverage can also be added to employee term life insurance coverage. An additional premium is charged to the employee through their benefits plan. Dependent life insurance is available for dependent spouses and children. Coverage for spouses is limited to 50 percent of the employee’s level of coverage, up to a maximum of $100,000 in coverage. Coverage for children is limited to a maximum of $4,000 per child.

Supplemental Life Insurance

Supplemental life insurance coverage is offered with group term life insurance. It is available for employees and is purchased on a voluntary basis. Employees can purchase supplemental term life insurance for themselves or their dependents.

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Retiree Life Insurance

Retiree life insurance benefits from Amalgamated Life are only available from employers who decide to offer additional life insurance to their retiree group. Retiree life insurance is generally only offered to the retiree. Dependent spouses and children are ineligible for retiree life insurance benefits.

Accidental Death and Dismemberment (AD&D) Insurance

Accidental death and dismemberment insurance is only offered by Amalgamated Life in conjunction with group term life insurance. It provides additional coverage for accidental severe injuries, paralysis and death.

Disability Insurance

Amalgamated offers two forms of disability insurance coverage to employers – short-term and long-term disability. Income protection is available through short-term disability insurance to eligible employees who are unable to work due to injury, illness or pregnancy that is not work-related for short periods of time.

For longer-term illnesses or injuries that are not work-related, long-term disability insurance is available. Both long-term and short-term disability insurance are made available to employees as either non-contributory or contributory.

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Critical Illness Protection

Amalgamated also offers Critical Illness Protection as an additional voluntary insurance benefit. Critical Illness Protection provided a lump sum payment if an employee is diagnosed with renal failure, cancer or needs an organ transplant. Other qualifying health conditions include stroke, heart attack, coma and paralysis. Additionally, benefits are payable if a covered employee is admitted to the hospital for 30 consecutive days.

If an employee is able to return to work after a critical illness, the life benefit is restored after a period of two years. However, the death benefit will be reduced by the amount paid.

Ozark National Life Insurance Company

Ozark National Life Insurance Company was founded in 1964 by Charles N. Sharpe, who is the President and Chairman of the Board. The primary product offered by Ozark National Life is The Balanced Program, which functions as a combined life insurance, disability and investment product. Ozark National Life is rated “B++” by AM Best.

The Balanced Plan

The Balanced Plan was introduced by Ozark National Life in 1971. It is a form of modified whole life insurance and provides life insurance benefits, in addition to periodic investments in a mutual fund. Additional investment in a mutual fund is possible and can this account can be structured as a tax-deferred or conventional investment account. If a person becomes disabled and is unable to work, the insurance component of The Balanced Plan will make the planned investments, providing continued benefits.

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The Balanced Plan 498

The Balanced Plan 498 is designed for individuals up to age 50. The modified whole life insurance has a decreasing death benefit with the increasing age of the policyholder. In the event of the death of the policyholder, a lump sum payment is made to the policy beneficiary and the investment plan.

If a policyholder becomes disabled before the age of 60, Ozark National Life will pay the insurance premium and mutual fund investment payments. The Balanced Plan 498 has a guaranteed cash value and mutual fund investments are made for the life of the policyholder.

The Balanced Plan 496

The Balanced Plan 496 is designed for individuals between the ages of 51 and 75. It is a whole life insurance plan which provides a lump sum payment to the beneficiary upon the death of the policyholder. It has a level death benefit.

For disability coverage, the policyholder must apply before the age of 56. In the event of disability before the age of 60, Ozark National Life pays the insurance premium and fund investment amounts. The Balanced Plan 496 has a guaranteed cash value and mutual fund investments are made for the life of the policyholder.

Choosing Life Insurance Products

When looking for a life insurance company, it is important to choose products from companies with strong financial backing and which are highly rated. Life insurance can provide financial stability for individuals and their families in the case of death. Employers often offer life insurance as part of their standard employee benefits.

Additional benefits for disability and catastrophic illness are also potential benefits employers may choose to offer to employees on a voluntary basis. Amalgamated Life provides insurance benefits directed at employers to offer to employees. Ozark National Life offers life insurance products that are directed toward individuals desiring a life insurance product which provides the benefits of life insurance, combined with disability protection and an investment tool.