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 Thrivent Financial for Luterans

Both Amalgamated Life Insurance and the Thrivent Financial For Lutherans offer a variety of financial product which includes life insurance coverage. While anyone can seek coverage from Amalgamated it has strong ties working with unions and large groups. You must be a member of Thrivent to have access to the policies of this faith based organization.

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Amalgamated Life is also known as America’s Labor Insurance Company. They offer a variety of insurance coverage for groups and individuals including life insurance, disability coverage, accidental death and dismemberment, medical stop loss, and voluntary insurance. In addition to these insurances, they provide administrative and support services focused on the needs of the labor force.

Thrivent Financial for Lutherans is a financially strong company as evidenced by its Fortune 500 status. They consider themselves a fraternal benefit society with the goal of providing its members with coverage options. This is a Lutheran organization. Thrivent provides life insurance, disability coverage, long-term care insurance, Medicare supplement insurance, major medical insurance, and business insurance options.

Amalgamated Life Insurance Options

Like Thrivent, Amalgamated Life is a financially stable company; although it does not have the large Fortune 500 status. The life insurance is a basic group term policy that covers all actively employed members. It offers flexibility in the benefits amount and modification to individual permanent policy. No medical exam is required to make this change. This means that policy holders can transform the term policy to a whole life policy when life circumstances change.

Groups can get Amalgamated life insurance policies that are rated for the different age groups of people in their organization.

This is critical as the life insurance needs of a recent college graduate and an individual anticipating retirement are markedly different.

Amalgamated Life vs Thrivent Financial

To add to the basic term life, employers can offer three additional policies: supplemental life, retiree life and dependent life coverage.  Members may contribute to supplemental life coverage to help increase financial security in the amount they see fit. Additional retiree benefits can be purchased. These don’t offer coverage for the employee’s children or spouse.

For members with dependents, additional term life coverage for spouses and/or children is available. Spousal coverage is up to 50% of the member’s coverage with a max of $100,000. Children are covered up to $4,000 each.

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Amalgamated’s Business and Disability Options

Accidental Death and Dismemberment: Accidental death and dismemberment insurance is available only with group term life policies. It is extra coverage in case of accidental death, accidental severe injury, or paralysis up to the amount of the member’s basic life coverage.

Medical Stop Loss: Medical Stop Loss Insurance is available to employers to regulate exposure under self-insurance medical plans. This means that, if employee claims for the services offered become excessive, there is a cap on how much the employer is responsible for. There are two options: specific and aggregate.

Specific stop-loss includes a threshold limit to lower the level of risk from high cost, individual claims. The liability limit goes up to $5 million, and a flexible claims basis, and an aggregate deductible are offered.

Aggregate stop-loss includes a threshold set at 125%, a liability limit up to $1 million and aggregate extension.

Disability Insurance: Disability policies are available in both short-term and long-term options. Short-Term disability provides short-term income protection for non-work related incidents such as illness, pregnancy, or accident. The duration and benefits vary per employer’s choice. Long-Term disability provides long-term income protection for non-work related illness or injury. The benefits and duration vary per employer’s choice

Amalgamated’s Voluntary Insurance Coverage

Voluntary insurance products are an option for employees if they decide not to get insurance directly through their employer under the group term insurances normally offered. Voluntary insurance allows an employee to get insurance at an individual rate, separate from the employer’s group rate policies. Four products are available:

  • Works Life Level: Provides benefits that stay the same for the duration of the policy regardless of age though the cost increases with age.
  • Critical Illness Protection: Provides a lump sum payment if hospitalized for 30 days or diagnosed with a critical illness such as cancer, paralysis, coma, heart attack, stroke, kidney failure, or organ transplant.
  • Amalgamated Life vs ThriventDisability: Short-term and long-term policies are offered. Short-Term disability provides income protection up to two years for non-work related incidents such as illness, accident, or pregnancy. Long-Term disability provides income protection up to five years for no-work related illness or injury.
  • Employee Life Option: Provides life insurance that has a fixed low interest rate cash value accumulation. Options under this plan include an accidental death benefit, payor waiver of premium and a children’s term benefit.

Thrivent’s Term Life Options

The life insurance policies offered by Thrivent are not that different from the Amalgamated policies. The main difference may lie in which group you are eligible for, and whether you access Amalgamated through your employer of individually purchased coverage.

Under life insurance, Thrivent offers four different types of life insurance for individuals to choose from: basic term, short term, conversion and level term. Like the policy from Amalgamated a basic term life is offered for a set time frame with set premiums and benefits. It carries no cash value for the policy holder. This can be converted to a permanent life policy up to age 70. This is available in 10, 15, 20, or 30 year options, with the option of buying coverage up to age 95 with increasing premiums.

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Thrivent Permanent Life Policies

Thrivent also offers permanent life policies in a number of options: universal, variable and whole life. The universal policies are are adjustable permanent polices that come in two forms.

Amalgamated Life vs Thrivent Financial Family

Universal Life Insurance II offers 3% annually on accumulated value, increasing to 3.25% on the 11th year. It has an adjustable premium and coverage to suit life’s changes. The policy holder can customize the policy by consolidating short term coverage for the family on one contract, or waivers to have coverage after being disabled. Finally, the holder can access the accumulated value through contract loans.

The other option is called Universal Life – Lifetime Protector. With this selection, the contract remains active as long as payments are received. Customization is available through disability waivers, accidental death coverage and increased coverage options. Lapse protection is available.

Variable Life: Flexible permanent life insurance that is adjustable and offers investment choices.
Whole Life: Provides permanent coverage for the life time of the individual with set premiums that do not change over time. Other whole life benefits include guaranteed level death and a cash value that increases each year. Contract loans are available.

  • Whole Life 65: pay premiums to age 65
  • Whole Life 121: pay premiums to age 121
  • Single Premium Whole Life: one payment to cover contract of life insurance
  • Survivor Whole Life: insures two people where the benefits are paid at the death of the second insured

Thrivent’s Other Policies

Disability Income Insurance provides income in the case the policy holder becomes unable to work for an extended period of time. Thrivent offers non-cancelable and guaranteed renewable policies.

  • Long Term Care Insurance covers the policy holder in the event they need long term care such as taking residence in a nursing home. It protects the income and assets of the policy holder from the costs of long term care.

Major Medical Insurance through Thrivent is available only through states where Thrivent Financial has brokerage arrangements.

Both individual and short-term major medical are offered.

Amalgamated Life vs Thrivent Financial for Lutherans Person

Individual major medical insurance offers many of the features found in group plans. It is designed to be flexible enough to meet many health care needs and budgets with family benefits available. The short-term major medical is a temporary health insurance policy.

Thrivent’s Financial Business Insurance

Thrivent Financial offers three types of business insurances. Business overhead expense insurances which cover approved business expenses in case the policy holder is unable to work. Business continuation & valuation coverage that assists in the transition of business ownership to the next generation. And finally key employee solutions which provides insurance options for key employees to protect small businesses.

Both Amalgamated Life and Thrivent Financial for Lutherans offer basic term life, disability and a number of business related insurance coverages. Thrivent seems to offer a wider variety of permanent life insurance policies. However, the best solution for an organization or individual will be based on the rates offered for each package.

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