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 versus Symetra Financial Insurance

Amalgamated and Symetra Life Insurance Companies both provide life insurance for their policy holders in the event of their death, or for a fixed time period when the policyholder is still alive. In addition to life policies, both providers offer other financial services.

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To select the best provider you’ll need to know what you need for coverage, what products each offers, and to figure out what you’ll pay for those services. Life insurance is a focus of both companies, but the options for each are different.

The main aim of life insurance is to assist the policy holder’s loved ones to pay for his or her funeral expenses. Burial expenses may cost as much as $ 20 000. Your loved ones would be less financially strained if this amount of money was to be provided for under some form of life insurance.

The policy could also benefit the policyholder’s family members. The policyholder dictates how he wants the insurance to cater to the needs of his loved ones in the event of his death.

Backgrounds of Amalgamated and Symetra

Amalgamated Life Insurance Company was formed in 1943. It currently deals with insurance coverage for the working class. The most distinguishing feature about Amalgamated Life Insurance Company is that over the years it has merged with a number of companies, unions and fund administrators in a bid to provide the best cover for its clients.

Amalgamated’s capability to branch out to a wide clientele and provide different types of insurance covers that are well suited to their needs has partially stemmed from its work with various unions and organizations.

Symetra Life Insurance Company was registered as company in 1957. The company has grown over the last five decades from a life insurance and Amalgamated Life Versus Symetra Insurance Companyinvestment subsidiary to the independent company it is today. It boasts of the wealth of experience in the industry and the stability which has sustained it to date.

Symetra Life Insurance Company is currently focused on providing insurance policies for persons hearing retirement, and helping the working community gain affordable and easy access to medical care and offering life insurance coverage.

Although both Amalgamated and Symetra Life Insurance Companies offer life insurance coverage for their clientele, there offer several other products too. The packages from each company target various audiences and are governed by different policies.

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Amalgamated Life Product and Services

Amalgamated Life Insurance Company provides a number of insurance solutions such as life policies, accident and dismemberment, medical stop loss for employers and businesses, and disability coverage. Some of these packages are only available in certain states while others are available across the country.

The Accident and Dismemberment package caters for aggravated injuries incurred in the cause of an accident. It also offers a certain amount of money to the beneficiaries in the event of death.

Medical Stop Loss offers policies for both specified and heightened liability. This can protect the employer from excessive claims on policies that would otherwise be to costly for the business to pay.

Disability Insurance covers disability caused at the work place and away from it. It could either be for short term or long term disability coverage.

Amalgamated Life Insurance vs the Symetra Financial Company

Life Insurance Policies: Only employees working at the time are eligible for Amalgamated’s term life policies. It is not available in all the. The nice thing is that the option exists to later convert from term coverage to a permanent policy as life demands.

These are the basic advantages of having Amalgamated Life Insurance. The company further provides programs and additional packages that can reinforce the basic life insurance. These are such as follows:

  • Dependent Life Coverage– This policy allows the policyholder to insure his or her spouse and children. In this regard the spouse can gain half of the total benefit up to an amount equal to $100,000. Children can receive up to $4,000.
  • Retiree Life Coverage– This is open to employees, who can add an additional amount to the basic life insurance of the policyholder. It is not open to the spouse of the policyholder or his or her children.
  • Supplemental Life Coverage– This goes hand in hand with group term life benefits. It supplements the term life and it is also offered to spouses and their children.

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Symetra Life Insurance Company

Symetra Life Insurance Company offers a variety of insurance policy covers. These include health insurance, annuities and life insurance policies.

One major feature of Symetra’s health insurance is the Select Benefit program that allows working people to gain access to medical care. It pays for doctor appointment fees, prescriptions and other emergency room services.

The annuities allow policyholders to obtain a constant and assured income after retirement. The policy allows the holder to pay in whole or periodically.

There are generally two types of life insurance policies from Symetra: term and permanent life insurance coverage.

Term life insurance offers protection for a fixed duration. The premiums remain constant throughout this whole period. The policyholder gets to choose the length of time he or she wishes to be covered. This is ideal for a person raising children who wants to ensure funds will be available during the time before the kids are able to care for themselves. Read this Consumer Reports article to decide how much coverage you need at this point in your life.

Under this policy there are two packages:

  • Alamgamated Life Versus Symetra Financial on Life Insurance

    Symetra Level Term Insurance that allows you to choose how long you want to be covered.

  • Symetra Proterm 360 that offers additional premiums equal to those which you earned during the fixed period of insurance cover

Permanent Life Insurance offers full time protection for as long as the policy holder is alive. It also can provide for death benefits for specific persons named in the insurance policy. Visit this Motley Fool article to understand the big difference between term life and whole life coverage.

Symetra offers 3 different permanent life insurance options:

  • Symetra Successor Single Premium Life Insurance—The benefit of this investment policy is that your beneficiary will not have to pay taxes upon receipt of the payout. The policy does not expire until the policyholder attains the age of 120. Policyholders diagnosed with terminal illnesses can access three quarters of their premiums.
  • Symetra Universal Life Insurance– This universal policy offers a fixed premium that won’t increase over time. The amount available to the policyholder’s beneficiaries is determined by the monthly payment for the coverage.
  • Symetra Classic Universal Life Insurance–This option appeals to those who intend to use their life insurance investment as a source of retirement income. A separate amount of money accumulates alongside the premiums that can add to the retirement benefit of the policyholder. The policyholder may withdraw from the account at the end of every policy year.

Symetra Financial is a well rated and financially strong company. It offers many of the same products and services as Amalgamated, with more focus on its permanent life products, and retirement solutions.

Amalgamated life is also a highly rated and financially strong organization. Its focus is mainly on life, disability and administrative services for the union and groups it collaborates with. Its life insurance policies focus on term policies, but with an option to convert.

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