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 Southern Farm Bureau Insurance

The concept of insurance was started to help people mitigate financial risk in the wake of catastrophic events. Nine times out of ten insurance is not needed. It is the tenth time that keeps companies like Amalgamated Life and Southern Farm Bureau Life Insurance Company in business for the long term.

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Amalgamated Life was founded over 69 years ago by Samuel Hillman as a way to leverage the momentum of the Textile/Clothing workers union to provide health benefits to union workers. Today, Amalgamated Life’s mission is still to help workers gain the best health and life insurance benefits at an affordable price. It remains an active partner with labor unions to provide benefits to its members.

Southern Farm Bureau Life Insurance Company was started in 1946 to meet the insurance needs of Southern farm families. Today the company targets Farm Bureau members in Arkansas, North Carolina, South Carolina, Mississippi, Louisiana, Kentucky, Florida, Georgia, Texas, Virginia, and surprisingly Colorado which really is not considered a southern state.

Southern Farm Bureau Life Insurance Company began by providing only life insurance, but has since branched out to provide other insurance products.

Amalgamated Life and Southern Farm Bureau Life Insurance Co have both survived turbulent economic ups and downs over the years and continue to successfully provide a variety of insurance products to meet the demand of their members. Most of the insurance products can be tailored to the specific needs of the client. However, some products are not available in all states; this is particularly true for Southern Farm Bureau Life Insurance Company.

Amalgamated Life Product Line

To support its goal of helping employers provide workers with affordable coverage Amalgamated offers protection to both employees and the organization that offers them insurance.

Medical Stop Loss

Amalgamated Life vs Southern Farm Bureau Life Insurance Co

Many companies opt out of traditional medical insurance plans and decide to do a self-funding option. This is a great option until one or more of the company’s employees have a catastrophic medical event happen which could wipe out the entire self-funded account. Inc Magazine offers a perspective on the wisdom of self-funding employee benefits in this article.

There is also the risk that the company would be on the hook for additional medical fees that exceeded the amount within the self-funded account. To mitigate this risk, companies often seek medical stop loss insurance. Amalgamated Life offers the following types of medical stop loss insurance:

  • Specific stop loss (risk protection for individual, high cost claims)
  • Aggregate stop loss (risk protection for anticipated high volume claims)

Disability

Amalgamated Life offers both short term and long term disability for its clients and members.

Short term disability is determined to be any non-work related illness or accident; pregnancy is also considered a part of the short term disability package.

The terms and the duration of the benefits may be customized to meet the needs of the client. Long term disability benefits packages are also pre-negotiated for members experiencing a non-work related long term illness or injury.

Accidental Death and Dismemberment

Amalgamated Life offers members Accidental Death and Dismemberment insurance that pays a member or the member’s beneficiaries in the event that the member suffers a critically severe injury or death whether on or off work. The amount of benefits paid could be up to the total amount of the member’s life insurance policy in good standing.

Amalgamated Life Versus the Southern Farm Bureau Company

Group Life Insurance

Amalgamated Life offers group term life insurance coverage for eligible, working members. Death benefits for funeral costs, outstanding medical bills, and other daily expenses are paid to the member’s beneficiaries upon the decease of the member.

Some positive features of Amalgamated Life’s group life insurance are that the benefit amounts may be customized to meet the needs of the members and the policy can be converted to a permanent individual one without having to undergo additional medical examinations.

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Voluntary Insurance Policies

Most of Amalgamated Life’s insurance products are offered as group plans accessed through a member’s employer. However, Amalgamated Life also offers Voluntary Insurance plans for members wishing to increase their sense of financial security for themselves and their dependents.
Here is a list of the Voluntary Insurance products offered:

  • Worker’s Life Plus (stable premiums throughout policy; benefits decrease with age)
  • Worker’s Life Level (stable benefits throughout policy; premiums increase with age)
  • Critical Illness Protection (lump sum paid for critical illness such as cancer or stroke)
  • Disability (short and long term available)
  • Employee Life Option (insurance plus investment tool)

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Southern Farm Bureau Life Insurance Company Product Line

Southern Farm Bureau Life Insurance Company provides asset protection insurance products for home and automobile coverage. The company offers tailored benefits to cover personal property within the home as well.

Life Insurance

Southern Farm Bureau Life Insurance Company offers two different types of life insurance policies called permanent life insurance and term life insurance. Both insurance products provide a certain amount of death benefits to be paid to the members’ beneficiaries upon the member’s death. The policies differ based upon investment features and term flexibility of the policies held.

Permanent life insurance is an investment product which offers flexibility of premiums paid and builds cash over time.

Southern Farm Bureau Life’s term life insurance products offer members a choice of 10 and 20 year terms as well as many rider options to cover members’ families.

Other Insurance Products

Southern Farm Bureau Life Insurance Company has partnered with a brokerage firm to extend their insurance product offerings. Here are a few of the ancillary insurance products offered:

  • Disability (short and long term)
  • Survivor life insurance (allows coverage of two people’s death benefits; usually a husband and wife)
  • Cancer insurance

Insurance Niche Category Leaders

Amalgamated Life and Southern Farm Bureau Life Insurance Company both were started to address the needs of specific labor category groups within Amalgamated Life vs Southern Farm Insurancethe United States. Unlike many other insurance companies that have been in business for over a century, these companies are relative adolescents within the insurance market. However, they have successfully carved out niche insurance market segments and enjoy the leadership role within those segments.

These companies seem to have the loyal support of members within their respective niche segment categories. Both companies have the opportunity to grow by carefully expanding their product offerings to their targeted customer base. This may be done through product bundling strategies that offer members discounts for purchasing multiple insurance products.

The growth momentum of these companies is subject to economic downturns within their niche category segments, however. When there are fewer laborers within their selected categories of union groups and farmers, these companies write or administer fewer insurance policies.

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