GetSure

GetSure Logo

Americo Life Insurance Review (2023)

Americo Life: 60-Second Review
0
3.5/5
GetSure Rating
Americo’s final expense plan is excellent for seniors who smoke. They offer non-smoker rates for those looking to quit and allow you to keep those rates if you are successful. Otherwise, expect the rates to be higher compared to other carriers. However, remember that Americo’s Graded plan has a 3-year waiting period compared to the 2-year that other carriers offer.
Americo Life Insurance Pros & Cons
No-Exam, Cash Value
Burial Insurance
Gender
Tobacco

15 companies competing for your business

97% of the time we beat Colonial Penn

30 days to get your money back, no questions asked

* Based on website quote requests, through 2/28/23.
(Check your rate to see their rates vs. ours)

Table of Contents
    Add a header to begin generating the table of contents

    Who is Americo Life?

    Americo was founded in 1946 and has been providing life insurance and annuity products to individuals and families for over a century. The company has a long history of stability and financial strength, allowing them to continually provide quality coverage at a competitive price.

    Today, Americo has over $8 billion in assets, demonstrating their financial strength and earning them an “A” rating with A.M. Best.

    In parallel to its strong history, Americo offers a variety of products, including term and whole life insurance and medicare supplement plans. Americo is an established insurance company that provides a strong portfolio of products.

    Company 101Details
    Founded1946
    AddressPO BOX 410288
    Kansas City, MO 64141-0288
    Email[email protected]
    Phone(800) 231-0801
    Websitehttps://www.americo.com/
    BBB RatingA-
    A.M. Best RatingA (Excellent)

    In this review, we will cover the following Americo final expense life insurance products:


    Plan NamePremierGuaranteed
    Issue AgesNon-Smoker: 40-85 Smoker: 40-8050-80
    Coverage Amount$5,000-$10,000


    $5,000-$10,000





    Death BenefitImmediate Coverage2-Year Waiting Period
    RidersAccidental Death Benefit Rider, Accelerated Benefit Payment Rider, Child and Grandchild Term Rider




    Accidental Death Benefit









    Americo Premier Brochure

    [pdf-embedder url="https://getsure.org/wp-content/uploads/securepdfs/2022/09/Americo-Eagle-Series-Brochure.pdf"]

    Americo Eagle Premier Overview

    Americo’s Eagle Premier plan provides a fixed death benefit, flat rates that do not increase, and an array of riders. It is designed for individuals in average to good health.

    It has a simplified application process that can be completed without physical exams and lab tests. Additionally, the plan has an accelerated death benefit rider which can provide financial protection to your loved ones in the event of a terminal illness.

    State Eligibility

    Residents of all states except New York can purchase this policy, but note that Americo does not sell this policy to consumers directly; it must be purchased through an independent life insurance agent.

    Age Eligibility

    Americo’s final expense product is available to individuals aged 40-85 if they are non-smokers and 40-80 if they are smokers.

    Coverage Amounts

    Americo’s Eagle Premier plan offers coverage ranging from $5,000 to $40,000, for both smokers and non-smokers.

    This is a fairly typical coverage range for a burial insurance product. The only notable difference is the somewhat high minimum coverage amount. Those looking to fund a direct cremation may find that this is too much coverage for their needs.

    AgeCoverage Amount
    40-85 (Non-Smoker)$5,000 - $50,000
    40-80 (Smoker)$5,000 - $50,000

    Death Benefit Terms

    The Eagle Premier plan from Americo provides a full death benefit starting on Day 1. There is no waiting period and your coverage cannot be reduced at any point, for any reason (e.g., changes to your health).

    Individuals choose their coverage amount at the time of purchase, and this cannot be changed in the future.

    Finally, note that The death benefit is paid in a lump sum to the policyholder’s beneficiary or beneficiaries.

    Cash Value

    Americo’s final expense policies build cash value over time. Said another way, a portion of each of your premium payments goes to a savings account (called a cash value account) that is built into your policy.

    Policyholders can access the cash value of their policy at any time in case of an emergency or for other financial needs.

    Policyholders are able to take a loan out against the cash value of their policy and make monthly payments of interest only while the loan is outstanding.

    This provides policyholders with both the security of life insurance and access to cash when needed.

    Available Riders

    Americo offers a variety of riders to enhance their Eagle Premier policy.

    RiderCostDescription
    Accelerated Benefit Payment RiderYesAn Accelerated Benefit Payment Rider is included at no additional cost and allows for advance payment of up to 50% of the death benefit if the insured is diagnosed with a terminal illness.
    Accidental Death Benefit RiderYesThis rider pays out the full face amount of the policy if death results from an accident. In other words, your beneficiary would receive double the death benefit
    Grandchild Term RiderNo - Additional CostThis rider provides term life insurance for children up to 17 years old. This coverage can be purchased in units of $1,000, with a maximum coverage per child of $5,000 Children can convert their policy to a whole life insurance policy after their 18th birthday; if they do not, coverage will expire on their 25th birthday.
    No-Exam, Cash Value
    Burial Insurance
    Gender
    Tobacco

    15 companies competing for your business

    97% of the time we beat Colonial Penn

    30 days to get your money back, no questions asked

    * Based on website quote requests, through 2/28/23.
    (Check your rate to see their rates vs. ours)

    Americo Eagle Guaranteed Overview

    Americo Eagle Guaranteed is designed for individuals aged 50 to 80 who are looking for guaranteed acceptance. The policy offers guaranteed level premiums for the life of the policy.

    State Eligibility

    Americo Eagle Guaranteed is available in all states except for New York.

    Age Eligibility

    Americo’s guaranteed issue final expense product is available to individuals between the ages of 50 and 80.

    Unlike the Eagle Premier product, there is no difference in age eligibility between smokers and non-smokers.

    Coverage Amounts

    Americo’s Eagle Guaranteed policy offers coverage amounts ranging from a minimum of $5,000 to a maximum of $10,000.

    Compared to other burial insurance carriers, this plan has a narrow coverage range and a low maximum coverage amount. By contrast, carriers like Gerber Life, AIG, and Great Western sell guaranteed issue policies with face amounts up to $25,000. Great Western has the widest coverage range, selling policies as small as $1,000.

    AgeCoverage Amount
    50-80$5,000 - $10,000

    Death Benefit Terms

    Your policy’s death benefit is the amount of money paid out to your beneficiaries upon your passing.

    Americo’s Eagle Guaranteed policies have a 3-year graded death benefit period, as described below:

    + If you pass in year 1, Americo will refund your premiums to your beneficiaries, with 5% interest.
    +If you pass away within year 2, they will refund your premiums plus 10%
    + And finally, if you pass within the third policy year, your beneficiaries will receive 75% of the face amount

    After Year 3, your beneficiaries will receive 100% of the face amount.

    Note that the above applies to deaths from natural causes (illnesses) only. If your death is accidental (e.g., a car accident, slip and fall, etc.), your policy will pay out 100% no matter when you pass.

    Cash Value

    Americo Eagle Guaranteed policies build cash value. As described earlier, when you purchase a policy, a certain percentage of your premium payments are put into a “cash value” account. This money grows tax-free and can be accessed at any time, for any reason. This joint insurance-savings aspect often provides customers peace of mind.

    Available Riders

    No Riders are available for Eagle Guaranteed

    Americo Eagle Overview

    State Eligibility

    Age Eligibility

    Coverage Amounts

    Death Benefit Terms

    Cash Value

    Available Riders

    Americo Insurance Application Process

    Americo’s final expense application is straightforward and similar to those of other carriers.

    As discussed above, Americo does not sell this policy directly to consumers nor does it have captive insurance agents; it must be purchased through an independent life insurance agent over the phone.

    Americo Eagle Application

    [pdf-embedder url="https://getsure.org/wp-content/uploads/securepdfs/2022/11/Americo-Eagle-Premier-Application.pdf"]

    How Americo Will Decide On Your Approval

    Americo reviews applications and makes an approval decision based on your answers to the application’s health questions, height and weight, MIB report, and prescription drug history.
    There are three ways your application can be denied:

    If any of the health questions are answered “yes”
    If your height and weight is outside of guidelines
    If your MIB report or prescription drug check conflicts with your answers to the health questions then you will be offered Eagle Guaranteed coverage.

    Paying Your Premiums

    All Americo premiums must be paid by bank draft. Americo does not accept credit cards, debit cards, or Direct Express.

    The grace period for late payments is 30 days. However, you can elect to allow for Automatic Premium Loans, which are loans issued against your cash value to make missed premium payments. This feature helps ensure that you do not accidentally lapse on your policy.

    Finally, note that Americo allows you to choose a day of the month as your recurring payment date OR a week number and day of the week (which may be helpful to those on Social Security).

    Americo Ratings & Customer Reviews

    What Does The BBB Say About Americo Life?

    Americo holds an A- rating from the Better Business Bureau.

    They have had 60 customer complaints over the past three years and a 100% response rate to these complaints.

    Americo Life A.M. Best Ratings

    A.M. Best is a global rating agency that focuses exclusively on the insurance industry. They have assigned Americo Financial Life & Annuity Insurance Company an “A” (Excellent)” rating.

    This rating reflects the company’s strong financial standing and ensures customers that their claims will be paid in a timely manner.

    Frequently Asked Questions

    • What is Eagle Premier Series Americo?

      Americo’s Eagle Premier Series life insurance plan is a cost-effective and easy way to ensure your family is financially secure after you pass away.

      The plan offers fixed rates, a set death benefit amount, and multiple riders for added coverage. It features a simplified application process which does not require physical exams or lab tests. Plus, it has an accelerated death benefit rider which provides financial protection to your family if you become terminally ill.

      This policy is available to non-smokers aged 40-85, and smokers aged 40-80, living in all states except New York – but it must be purchased through a licensed life insurance agent.

    • Is Americo a legit life insurance company?

      Yes, Americo Financial Life and Annuity Insurance Company is a legitimate life insurance company. This is evident from the highly regarded A (Excellent) financial strength rating it has been assigned by A.M. Best after a rigorous evaluation of its balance sheet strength, operating performance, and business profile.

      With this high rating, customers can feel assured that Americo is well-positioned to provide quality life insurance services.

    • What is the max face amount of the Americo Eagle Premier?

      The maximum face amount of the Americo Eagle Premier is up to $40,000.

      With a minimum issue age of 40 and a maximum issue age of 85, this policy offers exceptional coverage for your long-term financial security.

    • Can I cancel Americo life insurance?

      Yes, you can cancel Americo life policy at any time. To cancel your policy, contact your agent and request a cancellation.

    Research Cited
    1. Better Business Bureau.  (n.d.).  Business Profile Americo Life Inc
    2. Guide to Best's Financial Strength Ratings.  (n.d.).  AM Best
    3. Americo.  (n.d.).  Life Insurance
    4. Americo.  (n.d.).  Who We Are
    No-Exam, Cash Value
    Burial Insurance
    Gender
    Tobacco

    15 companies competing for your business

    97% of the time we beat Colonial Penn

    30 days to get your money back, no questions asked

    * Based on website quote requests, through 2/28/23.
    (Check your rate to see their rates vs. ours)