Americo Life Insurance Review (2023)
- Updated: January 6, 2023
- Rikin Shah | Licensed Life & Health Insurance Agent
- Fact-Checked (see our Editorial Guidelines)
- No Medical Exam: Americo’s application process does not require blood work or a medical exam of any kind, making it much faster to get covered
- Low Rates for Smokers Who Quit: Americo offers smokers to get non-smoker life insurance rates for 3 years. If you quit smoking by the end of Year 3, you can keep your non-smoker rate.
- Underwriting Niches: Immediate coverage available for medical conditions such as: aneurysms, Parkinson’s Disease, pulmonary fibrosis, system lupus, and wheelchair use
- High Prices: unless you are a smoker who is looking to quit, it is unlikely that Americo will be your lowest price
- Narrow coverage range compare to competitors: e.g., $5,000-$10,000 for Eagle Guaranteed vs. $1,000-$40,000 for competitors
- 3-Year Waiting Period: Eagle Guaranteed policies have a three-year wait before full coverage begins (vs. 2 years for most graded benefits plans)
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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 101 | Details |
|---|---|
| Founded | 1946 |
| Address | PO BOX 410288 Kansas City, MO 64141-0288 |
| [email protected] | |
| Phone | (800) 231-0801 |
| Website | https://www.americo.com/ |
| BBB Rating | A- |
| A.M. Best Rating | A (Excellent) |
In this review, we will cover the following Americo final expense life insurance products:
Americo Premier Brochure
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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.
| Age | Coverage 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.
| Rider | Cost | Description |
|---|---|---|
| Accelerated Benefit Payment Rider | Yes | An 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 Rider | Yes | This 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 Rider | No - Additional Cost | This 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. |
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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.
| Age | Coverage 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
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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.
- Better Business Bureau. (n.d.). Business Profile Americo Life Inc
- Guide to Best's Financial Strength Ratings. (n.d.). AM Best
- Americo. (n.d.). Life Insurance
- Americo. (n.d.). Who We Are
Rikin Shah
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Burial Insurance
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)