Group Life Insurance
Protect Your Loved Ones
Amalgamated Life is committed to the well-being of working men and women.
Through our basic group term life insurance policy, your employees/members
will gain peace of mind and security, knowing that when they die they have not
left their loved ones vulnerable.
Did You Know . . . ?
- A recent Life Insurance Marketing and Research Association (LIMRA) study reported that 52 million people who earn between $50,000 and $250,000 in annual income do not have any life insurance. Using LIMRA’s numbers, 1,130 people in that income range die daily without life insurance.
- LIMRA’s study also revealed that an additional 28 million people in that income range do not have adequate life insurance, which adds another 613 middle income people dying daily without enough insurance to provide for their families.
- A J.D. Power article, “Too Many People Lack Adequate Life Insurance Coverage,” reported that studies show that 40% of all adult Americans have no life insurance and over 50 million are inadequately covered.
- Immediately after death, the deceased’s estate will have to cover costs associated with his/her death, including embalming and preparation of the body by a certified funeral home or cremation at an approximate cost of $2,000. The cost of burial and basic casket averages $8,500 and the average cremation costs $1,500. This brings the total costs of preparing and disposing of the deceased’s body to between $3,400 and $12,000. Add to that another $1,000 to $2,000 for the average cost for funeral home visitations and hearse procession, which brings the total immediate costs after death of a loved one to between $4,400 and $14,000.
- A deceased’s estate will also be used to satisfy any debts which, in some instances, without life insurance, can completely deplete an estate and leave spouse’s and heirs with little or nothing to assist them with their living expenses. If the deceased was the primary breadwinner, this can devastate a family.
Amalgamated Life Offers Competitive Group Term Life Insurance to Protect Working People and Their Families
- Provided by a company which has received the A.M. Best “A” (Excellent) rating consistently since 1975
- Flexible benefit options
- Conversion to individual permanent policies without medical underwriting
- Experience rated contracts available to larger clients
- Coverage enabling beneficiaries to pay immediate costs associated with death, settle debts and meet family expenses
- Easy claim filing process
Other Valuable Add-On Coverage
In addition to its group term life policies, Amalgamated Life offers other important add-on coverage options at an additional cost. They include:
- Accidental Death & Dismemberment (AD&D) Rider —
In the event of an accidental severe injury, paralysis or accidental death that occurs on or off the job, AD&D coverage helps to provide extra financial security for the insured and their beneficiaries by offering up to the amount in force on the member’s basic life coverage.
- Supplemental Life – Offered in conjunction with the group term life to all employees/members on a contributory basis and used to help increase financial security.
- Dependent Life – Enabling employees/members to purchase additional term life coverage for their spouse equal to 50% of the employee/member’s coverage up to a maximum of $100,000 and for their children up to $4,000 each.
- Retiree Life – Enabling employers/unions to offer their retirees coverage up to 10% of the active group population in accordance with the group’s retiree benefit; typically, just for the retiree and not inclusive of spouse or children.
Amalgamated Life Insurance
Amalgamated Life Insurance Company is a leading provider of life and health insurance serving working men and women since 1943. Amalgamated Life has consistently earned the “A” (Excellent) rating from A.M. Best Company since 1975, attesting to our proven policies and procedures, adherence to the industry’s highest standards, strong fiscal condition and excellent claims-paying ability. Amalgamated Life is licensed in 50 states and the District of Columbia.