Americo Life Insurance Review (2023)

Who is Americo Life?

Americo was founded in 1946 and has provided 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 it to provide quality coverage at a competitive price.

Today, Americo has over $8 billion in assets, demonstrating its financial strength and earning the company an “A” rating from A.M. Best.

Attribute	Details
Founded	1946
Address	PO BOX 410288 Kansas City, MO 64141-0288
Email	[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 Eagle Premier
• Americo Eagle Guaranteed

Plan Name	Premier	Guaranteed
Issue Ages	Non-Smoker: 40-85 Smoker: 40-80	50-80
Coverage Amount	$5,000-$10,000	$5,000-$10,000
Death Benefit	Immediate Coverage	2-Year Waiting Period
Riders	Accidental Death Benefit, Accelerated Benefit Payment, Child and Grandchild Term Insurance	Accidental Death Benefit

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 Americo accidental death rider is included in this plan, and it 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 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 this 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 your premium Americo life insurance payments goes to a savings account (called a cash value account) built into your policy.

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

Policyholders can take a loan out against their policy’s cash value and make monthly payments of interest only while the loan is outstanding.

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

Available Riders

Americo offers a variety of riders to enhance their Eagle Premier policy, as shown in the table above.

Americo Eagle Guaranteed Overview

Americo Eagle Guaranteed is designed for individuals aged 50 to 80 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 guaranteed issue final expense product is available to individuals between 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.

This plan has a narrow coverage range and a low maximum coverage amount compared to other burial insurance carriers. Compared to Americo carriers, companies 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 paid to your beneficiaries upon 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.
• After Year 3, your beneficiaries will receive 100% of the face amount.

Note that the above applies only to deaths from natural causes (illnesses). 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, a percentage of your premium payments are put into a “cash value” account when you purchase a policy. This money grows tax-free and can be accessed anytime, for any reason. This joint insurance-savings aspect often provides customers peace of mind.

Available Riders

Eagle Guaranteed does not offer riders.

Americo Insurance Application Process

The Americo application for final expense is straightforward and similar to those of other carriers.

As discussed above, Americo does not sell this policy directly to consumers or has captive insurance agents; it must be purchased through an independent life insurance agent over the phone.

You can reach Americo customer service through the following phone number: (800) 231 0801

Americo Eagle Application

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How Americo Will Decide On Your Approval

Americo Insurance 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 are outside of the 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, 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 Insurance’s rating stands at A- from the Better Business Bureau.

BBB had 60 Americo life insurance 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 focusing 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 promptly.

Frequently Asked Questions