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: Oct 28, 2020

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Amalgamated-vs-standard-insurance-company

Insurance is one of the most necessary and one of the most confusing purchases consumers make. There are many different companies and each company offers an array of policies. While choices are helpful, it is often overwhelming to decide on the best insurance policy for a particular family’s needs. Amalgamated Life and the Standard Insurance Company are two to consider with significantly different focuses and products.

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Amalgamated Life calls itself America’s Labor Insurance Company. Amalgamated prides itself for being a champion for the working person and for understanding issues relating to citizens in labor situations. It caters especially to fund administrators, brokers, unions and consultants. However, nonunion members can purchase policies too.

Unlike Amalgamated, the Standard doesn’t offer life insurance; its areas of specialty motorcar and property protection.

It likes to think of itself as the standard for insurance. While it does not offer life insurance, it has provided many unique policies to consumers for over 50 years. Based in the Philippines, Standard is licensed to provide all types of policies that are not related to life insurance.

Insurance Products from Amalgamated

In collaboration with unions and other groups, Amalgamated focuses on life insurance that employers can offer to their workers, specific business products to protect the employer, and insurance to offer employees additional protection.

Amalgamated Life versus the Standard Insurance Company

  • Life Insurance: A company for the worker would not neglect to remember his family in the event of his passing. This term life insurance policy lets the workers have more choice in their amount of benefits. It can also be transferred to a permanent policy. To read financial expert Dave Ramsey’s opinion on term and permanent coverage go to this article. Additional coverage can be added for an extra cost.
  • Accidental Death & Dismemberment: Whether on the job or off, members can take advantage of this plan if they have a group life insurance policy as well. They can receive the amount of basic life coverage if they are severely injured or paralyzed. This helps the member’s family in a time of financial hardship due to loss of work.
  • Medical Stop Loss: This is a unique business insurance policy designed to keep the risk of a high cost claim to a minimum. If a large claim through employer provided insurance is anticipated, this policy protects the providing employer from excessive risk. It also limits liability.
  • Disability: If an illness or injury causing a member to miss work occurs off the job, this policy provides income protection and peace of mind for up to 2 years. A long term policy is also available that would protect the member for up to 5 years.

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Voluntary Insurance from Amalgamated

Amalgamated Life gives many options to workers. Besides their basic policies for life insurance, they make available some choices that are tailor made for the individual. These include the Workers Life Plus and the Workers Life Level along with a Critical Illness Protection Policy.

Amalgamated vs Standard

With the Plus plan, the younger worker receives more protection when he needs it most. Benefits decrease as he ages but his premium stays the same throughout the life of the policy. With the Level policy, the premium rises as the member ages yet the benefits stay the same.

Critical Illness Protection is a lump sum at the time of extended hospital confinement or serious illness such as cancer. It is deducted from the death benefit.

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Pros and Cons of Amalgamated Life

  • Many life insurance options
  • An excellent rating with the A.M. Best Company since 1974
  • Understands the needs of the common laborer
  • No property or auto insurance policies
  • Nonunion members may find less understanding

Insurance Products from Standard Insurance

  • Motorcar: This policy affords benefits for damage and theft. Other options include a Compulsory Third Party Liability and Excess Bodily Injury.
    Policies from Amalgamated vs Standard Insurance

    There is also a Third Party Damage Policy and passengers can be protected under the PA rider. Free accident coverage and roadside assistance are included within a motorcar policy.

  • Property: Standard offers protection from fire and/or lightening. This covers buildings and their contents. Other options are available at an additional cost such as earthquake, typhoon and flood.
  • Some extended coverage options cover explosions, aircraft/vehicle impact, smoke, riot/strike and malicious damage. Virtually anything that could happen to a property has an option for coverage with Standard Insurance Company.
  • Marine: Cargo being transported can be covered with a Marine policy. Interestingly, the policy covers transport whether it is by sea or by air or land. Depending on the policy, there may be some limits to available coverage.
  • Accident: When an accident occurs, much financial loss is suffered by the one in the accident and his family. This policy gives financial benefits at this time when other more essential things are on the minds of the family members. To see government statistics on the number of worker deaths and injuries go to this page.

In 2010 the National Safety Council estimated the average cost of a single, non-fatal car crash at over $70,000.

In addition to those specific options listed above there is comprehensive general liability. The is offered because, during accidents, members can be unwittingly involved in injury to others. This plan will protect the member and help with litigation costs.

Many extension or riders are available for the above policies directly related to the member’s unique situation. For business owners, a payroll robbery insurance will protect the company and its employees against monetary loss.

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Pros and Cons of Standard Insurance Company

  • Pros and Cons of Amalgamated Life and the Standard Insurance Company

    Many unique policies for varied needs

  • Operating for over 50 years
  • Acts as the standard for quality insurance
  • No life insurance options
  • Not based in the United States

These two insurance companies offer very different plans with few similarities. The laborer that wants to protect himself and his family particularly during his working years will find Amalgamated Life to be a better choice. Someone looking to protect her property and business will lean towards the Standard Insurance Policy.

Amalgamated Life is more concerned with employee health and personal safety while Standard Insurance Company protects just about any type of property imaginable. Perhaps purchasing insurance just became a little less confusing.

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