Amalgamated Life vs. Southern Farm Bureau Life Insurance Co. [2024]
Explore the distinct offerings of insurance leaders, Amalgamated and Southern Farm Bureau , as we delve into the comprehensive and competitive landscape of their insurance products, from medical stop loss to tailored coverage.
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Jeff Root
Licensed Insurance Agent
Jeff is a well-known speaker and expert in life insurance and financial planning. He has spoken at top insurance conferences around the U.S., including the InsuranceNewsNet Super Conference, the 8% Nation Insurance Wealth Conference, and the Digital Life Insurance Agent Mastermind. He has been featured and quoted in Nerdwallet, Bloomberg, Forbes, U.S. News & Money, USA Today, and other leading...
Licensed Insurance Agent
UPDATED: Mar 9, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Mar 9, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
Amalgamated Life
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
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 exceed 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.
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)
Read more: Top Voluntary Life Insurance: What You Need to Know
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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 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 on 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 its 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
Read more:
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 the United States. Unlike many other insurance companies that have been in business for over a century, these companies are relatively 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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Frequently Asked Questions
What are Amalgamated and Southern Farm Bureau Insurance Co.?
Amalgamated and Southern Farm Bureau Insurance Co. are two insurance companies that offer insurance coverage. They provide different policies and services to meet the insurance needs of individuals and families.
What types of insurance policies do Amalgamated and Southern Farm Bureau Insurance Co. offer?
Amalgamated and Southern Farm Bureau Insurance Co. offer various types of insurance policies, including term insurance, whole insurance, and universal insurance. These policies provide different levels of coverage and flexibility to meet the diverse needs of policyholders.
How do I choose between Amalgamated and Southern Farm Bureau Insurance Co.?
When choosing between Amalgamated and Southern Farm Bureau Insurance Co., consider factors such as the coverage options available, policy terms and conditions, premium rates, financial strength and stability of the companies, customer service, and reputation. Compare the benefits and features of their insurance policies to determine which aligns better with your needs and preferences.
What is the financial strength of Amalgamated and Southern Farm Bureau Insurance Co.?
Amalgamated and Southern Farm Bureau Insurance Co. are both reputable insurance companies with solid financial strength. Their financial stability ensures that they have the resources to fulfill their obligations and pay claims to policyholders. You can review their financial ratings from independent rating agencies, such as A.M. Best, to assess their financial strength and stability.
Can I customize my insurance policy with Amalgamated and Southern Farm Bureau Insurance Co.?
Yes, both Amalgamated and Southern Farm Bureau Insurance Co. offer options to customize your insurance policy. Depending on the company and policy type, you may have the flexibility to add riders or endorsements to enhance your coverage. These additional features can include options such as accelerated death benefits, disability income riders, or critical illness riders.
How can I obtain a quote for insurance from Amalgamated or Southern Farm Bureau Insurance Co.?
To obtain a quote for insurance from Amalgamated or Southern Farm Bureau Insurance Co., you can visit their official websites or contact their customer service departments. Provide the necessary information, such as your age, health status, desired coverage amount, and policy preferences, to receive a personalized quote based on your specific circumstances.
Do Amalgamated and Southern Farm Bureau Insurance Co. offer any additional benefits or services?
Amalgamated and Southern Farm Bureau Insurance Co. may offer additional benefits or services alongside their insurance policies. These can include access to wellness programs, online policy management tools, customer support services, or educational resources related to insurance and financial planning. Check with each company to learn about the specific benefits and services they provide.
Can I switch my insurance policy from Amalgamated to Southern Farm Bureau Insurance Co., or vice versa?
Yes, it is possible to switch your insurance policy from Amalgamated to Southern Farm Bureau Insurance Co., or vice versa. However, before making any changes, carefully review the terms and conditions of your current policy and consult with representatives from both companies to understand the implications of the switch. It’s important to ensure that the new policy meets your coverage needs and offers the desired benefits and features.
Compare Insurance Providers Rates to Save Up to 75%
Secured with SHA-256 Encryption
Jeff Root
Licensed Insurance Agent
Jeff is a well-known speaker and expert in life insurance and financial planning. He has spoken at top insurance conferences around the U.S., including the InsuranceNewsNet Super Conference, the 8% Nation Insurance Wealth Conference, and the Digital Life Insurance Agent Mastermind. He has been featured and quoted in Nerdwallet, Bloomberg, Forbes, U.S. News & Money, USA Today, and other leading...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.