Amalgamated Life Insurance Company Review: Coverage, Ratings and Customer Feedback

Finding the right life insurance company is crucial to ensure your loved ones are protected. When reviewing providers, financial strength, customer service, coverage options and affordability should be top priorities. Amalgamated Life Insurance Company is a prominent carrier with decades in the industry. This comprehensive review will examine Amalgamated Life’s pros and cons based on expert analysis, financial ratings, and customer reviews.

Overview of Amalgamated Life Insurance Company

• Type of insurance: Life, disability, medical stop loss, worksite benefits
• AM Best rating: A- (Excellent – third highest out of 15 ratings)
• BBB rating: A+ (highest rating)
• Years in business: 80 years, founded in 1943
• Headquarters: White Plains, NY

Amalgamated Life Insurance Company focuses on providing insurance solutions for working people and their families. They offer a range of traditional and supplemental life insurance, disability income insurance, and employer-paid benefits. Amalgamated Life began as a fraternal benefit society providing low-cost insurance to labor union members. While no longer a fraternal society, they maintain strong labor union affiliations and specialize in serving union workforces.

Amalgamated Life Financial Strength & Ratings

AM Best and the Better Business Bureau are leading authorities assessing insurance company financial strength and business practices. Amalgamated Life earns among the highest ratings from both organizations:

• A- from AM Best: This “Excellent” rating reflects Amalgamated Life’s balance sheet strength and operating performance. An A- rating signifies AM Best’s opinion that the company has an excellent ability to meet ongoing obligations to policyholders.

• A+ from BBB: This is the BBB’s highest possible rating and is based on factors like transparent business practices, truthfulness in advertising, and proper handling of customer complaints. The A+ BBB rating indicates exemplary customer service and integrity from Amalgamated Life.

Amalgamated Life has maintained an A- or higher rating from AM Best every year since 1975, underscoring their exceptional long-term financial stability. These ratings provide confidence the company has the resources and management to fulfill life insurance and income protection commitments.

Amalgamated Life Insurance Products

Amalgamated Life offers a variety of individual and employer-paid insurance solutions including:

Life Insurance

• Term life – Offers death benefit protection for 10 to 30 years
• Permanent life – Provides lifelong death benefit along with cash value savings

Disability Insurance

• Short-term disability – Replaces income for illnesses/injuries keeping you out of work under 6 months
• Long-term disability – Replaces income for disabilities lasting over 6 months

Supplemental Insurance

• Critical illness – Pays lump sum upon qualifying diagnosis like cancer, stroke or heart attack
• Accident – Covers costs for injuries from an accident
• Hospital indemnity – Provides daily cash benefits during hospital stays

Employer Insurance

• Group life and disability
• Dental and vision
• Medical stop loss (protects employer from catastrophic health claims)
• Mini-med plans

This mix of traditional and supplemental insurance allows clients to customize protection for their specific risks and budget needs.

Sample Quotes for Amalgamated Life Insurance

Here are some sample quotes a 30-year old non-smoker in excellent health may receive from Amalgamated Life in New York for:

• $1 million 20-year term life policy: $48 per month

• $3,000/month disability income policy: $50 per month

• $20,000 critical illness policy: $22 per month

Actual quotes will depend on your age, health, lifestyle, residence, and amounts of coverage selected. Amalgamated Life is known for very competitive pricing, especially for disability and life insurance. Compare their rates to other top life insurers for your situation.

How Do Customers Rate Amalgamated Life Insurance?

Amalgamated Life Insurance earns very positive reviews from most customers praising their fair premiums, streamlined underwriting, and responsive claims handling. Common compliments include:

• Fast and easy application process with limited medical history questions
• Quick policy approval and issue within 2 weeks
• Affordable pricing of life insurance and disability coverage
• Excellent customer service handling policy changes and questions
• Smooth claims processing delivering payments within 1 week

The most common complaints involve denied disability claims where the policyholder disagrees with the decision. This is an inherent drawback of disability insurance from any provider. Overall, Amalgamated Life garners few complaints relative to competitors given their 80-year track record. They address grievances promptly and maintain an A+ BBB rating.

Pros and Cons of Amalgamated Life Insurance

Pros:

• In business for 80+ years with consistent A- ratings from AM Best
• Specializes in affordable life and disability insurance
• Streamlined underwriting using “express issue” for some policies
• Competitive pricing, especially for disability coverage
• Exceptional customer service reviews
• Labor union roots provide unique expertise serving union members

Potential Drawbacks:

• Limited online support and lack of customer portal
• Manual paper-based application process
• Underwriting times longer for complex medical histories
• Mixed reviews on disability claims decisions

Overall, Amalgamated Life’s strong financials, positive customer feedback, and focus on affordable protection make them a leading choice for life and disability insurance, especially when targeting union members.

Is Amalgamated Life Insurance Right for You?

Amalgamated Life Insurance tends to be a great fit if:

• You want basic term or permanent life insurance at competitive rates

• You seek robust disability income protection for an affordable premium

• You prefer to work with a company catering to labor unions

• You want an easy application process without intensive medical questions

• You value exceptional customer service and a streamlined experience

Talk to an independent insurance agent to determine if Amalgamated Life insurance aligns with your specific insurance needs and preferences.

Bottom Line: Should You Choose Amalgamated Life Insurance?

Amalgamated Life Insurance Company has provided working families affordable life and disability solutions for over 80 years while maintaining financial strength. Customer feedback indicates they deliver comprehensive protection with exemplary service. Their unique focus serving union members can also provide specialized value. Weigh Amalgamated Life vs. other reputable providers for your situation. But their proven longevity, high ratings, satisfied policyholders, and competitive pricing make them a leading life and disability insurance option to seriously consider.

Top Alternatives to Amalgamated Life Insurance

While Amalgamated Life is a great choice for many, it’s smart to compare options from other highly-rated life insurers as well. Here are top competitors to also consider:

• Banner Life: Offers incredibly low term life rates with an AM Best A+ rating. Smart financial underwriting can qualify you for discounts.

• Principal Life: Renowned for permanent life insurance also providing living benefits. Excellent financial strength with an A+ AM Best rating.

• Guardian Life: Specializes in robust disability income and critical illness plans. An AM Best A++ insurer with over 150 years in business.

• MassMutual: Provides customized permanent life insurance with flexible features. Regarded for stellar customer service as an AM Best A++ carrier.

• Pacific Life: Focuses on indexed universal life plans offering combination lifetime coverage, living benefits, and cash growth. Has an AM Best A+ rating.

Discuss your particular situation with an independent broker to weigh Amalgamated Life vs. competitors for the optimal coverage, pricing, and service to protect those relying on you.

Amalgamated Life Insurance Company FAQs

• Does Amalgamated Life sell all types of life insurance? Amalgamated Life specializes in affordable term life and permanent life insurance policies. They do not currently offer variable or indexed universal life products.

• What medical exams are required? Amalgamated Life streamlines underwriting using an express issue process when possible. For policies under $150,000, no medical exam or blood/fluids testing is required. Larger policies may necessitate a basic exam and APS records.

• How long do claims take? Most death benefit and disability claims are paid within 5-7 days once approved. Contested claims will take longer to review.

• Who owns Amalgamated Life? The company is privately owned by the founding Withers family and employees. They have no outside investors or ownership groups.

• Is Amalgamated Life highly rated? Yes, they have maintained among the highest ratings for over 45 straight years from both AM Best (A-) and the BBB (A+), indicating excellent financial strength.

The Bottom Line

When it comes to protecting your loved ones, you want a life insurance company that will be there when needed. Amalgamated Life’s exceptional 80-year track record, A- ratings, satisfied customers, and array of competitively-priced policies check all the boxes. Reliable financial protection paired with top-notch service makes Amalgamated Life a leading choice. Discuss your needs with an independent agent to determine if Amalgamated Life could be a good fit for your family.