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Our Americo final expense life insurance review will give you the lowdown on their burial insurance products. If you’re looking for a review that gives you everything you’re looking for (as well as things you didn’t even know to ask), then you’ve come to the right place.
Before buying burial insurance, you’ll want to know the financial strength of the company, the product features they provide, their financial strength, and life insurance company rating from A.M. Best.
Today, we’ll go over all of that and more with our review of the Americo Life Insurance Company. Let’s get started!
Americo Life Insurance Company
Review Summary
Americo has several final expense products called the Eagle Premier and Ultra Protector Series. There is the Ultra Protector I, II, and III. We like the Eagle Premier and Ultra Protector I & II, but we're not a fan of Ultra Protector III. Our review will explain.
About Americo Life Insurance Company
Americo was founded over a century ago. They sell several kinds of annuity and life insurance products and have over $6 billion in total assets. Shoppers looking specifically for Americo burial insurance or final expense plans will be able to get a simplified issue policy ranging from $2,000 to $30,000. Americo burial insurance provides guaranteed premiums and benefits. You plan’s coverage can’t be cancelled due to changes in your health or your age.
A.M. Best Rating
=
A
A.M. Best rates Americo as: EXCELLENT
A.M. Best is the only global credit rating agency with a specific focus on the life insurance industry. They are the gold standard for grading and finding the best burial insurance companies. Americo is rated A (Excellent) by A.M. Best.
Products
Product Name: Americo Eagle Premier Series
Americo Eagle Premier Series has 2 main products:
- Eagle Premier
- Eagle Guaranteed
Product basics:
The Americo Final Expense Life Insurance is a whole life insurance policy. Your monthly premiums will not increase and your death benefit will not decrease. This means the the premiums and the death benefit will never change as long as you have paid your premiums.
Face Amounts:
- Eagle Premier
- $2,000 to $30,000
- Eagle Guaranteed
- $2,000 to $10,000
Issue Ages:
- Eagle Premier
- Ages 50 to 85 years old (50-80 years old smoker)
- Eagle Guaranteed
- Ages 50-80
Application:
e-App through carrier website, full tele-app with decision over the phone
Age Last or Age Nearest:
Your premium is based on the age of your last birthday.
Product Availability:
Eagle Premier Level (TeleApp) is available in all states except: CA, CT, NY, PA, and VT. Eagle Premier Guaranteed (TeleApp) is available in all states except: AR, CA, CT, MA, MN, MT, NY, PA, VT, and WA. State variations for Eagle Premier Guaranteed: 2-year graded death benefit in IL, NH, NJ, and WV
Health Conditions:
- Diabetics: Diabetes with complications, guaranteed issue; No complications, level death benefit
- COPD: Diagnosed with COPD, guaranteed issue; No COPD, level benefit
- Previous Cancer: Metastatic cancer or 2 or more occurrences of cancer of any kind (breast cancer, prostate cancer, colon cancer, etc.) = guaranteed issue; Cancer within the last 2 years, guaranteed issue; Over 2 years, level death benefit
- Previous Heart Attack: Within 12 months, guaranteed issue; Over 12 months, level death benefit
What we like about Americo Eagle Premier
There are several benefits with Americo Eagle Premier:
- 2 products for different situations: Eagle Premier Level (full death benefit) and Eagle Premier Guaranteed Issue (3-year graded death benefit)
- Policy number issued immediately on both e-App or tele-app process
- Pipe and cigar smokers qualify for non-smoker rates
- Generous height/weight allowances
- Absolutely no paperwork
- For Eagle Premier Level, an Accelerated Benefit Payment rider and Accidental Death Benefit rider are included at no additional cost
What we don't like
Like anything you purchase, there are some drawbacks.
- More expensive than some other companies although Americo is very competitive (scroll down to see rates).
- You have to qualify medically. Not all health conditions will allow you to qualify for these plans.
- Graded Benefit is 3 years. Many other companies offer a 2 year graded benefit.
Product Name: Americo Ultra Protector Series
The Americo Ultra Protector series has 3 plans available to you. Two of these plans provide immediate protection
Face Amounts:
- $2,000 to $30,000
Issue Ages:
Ages 50 to 85 years old.
Application:
Paper application, via fax, email or secure upload. No telephone interview is required.
Age Last or Age Nearest:
Your premium is based on the age of your last birthday.
Product Availability:
- Ultra Protector I and II are available in all states except MS, NY, and VT.
- Ultra Protector III is available in all states except AR, MA, MN, MS, MT, NY, PA, VT, and WA
Health Conditions:
Diabetics: Diabetes with a history of heart disease, kidney disease, stroke, TIA, or any circulatory disease, guaranteed issue; Diabetes with insulin with no history of complications may be eligible for level death benefits
COPD: COPD with no oxygen may qualify for level death benefit; COPD with oxygen, guaranteed issue
Previous Cancer: Diagnosis or treatment within the past 3 years, guaranteed issue
Previous Heart Attack: Within 12 months, guaranteed issue; Over 12 months, level death benefit
What we like about Americo Ultra Protector Series
There are several benefits with the Americo Ultra Protector products. There 3 products are for 3 different situations:
- Ultra Protector I for healthy, non-smoking clients,
- Ultra Protector II for smoking clients and those with certain health conditions,
- Ultra Protector III guaranteed issue for significant health conditions with a 3-year graded death benefit
- Generous unisex height/weight chart
- Quick issue — 48-hour turnaround on clean applications
- Accelerated Benefit Payment Rider automatically included with Ultra Protector I and II
- Optional Accidental Death Benefit and Children’s Term Riders available with Ultra Protector I and II
- A non-smoker is defined as a person who has not smoked cigarettes for at least 12 months prior to the completion date of the application. Smokeless tobacco, cigar, and pipe smoking qualify as non-smoker.
- Annual and monthly bank draft are the only premium payment modes available
What we don't like
Here are some of the drawbacks.
- Graded Benefit for the Ultra Protector III is 3 years. Many other companies offer a 2 year graded benefit.
- Ultra Protector III is pretty much a guaranteed issue policy. There are more affordable guaranteed issue companies if that’s the only type of policy you can qualify for.
Thinking about getting the Americo Guaranteed or Americo Ultra Protector III Plans? Think again! These guaranteed plans can be beat by the competition. If you only qualify for these plans then you need to shop elsewhere. A better plan and a lower rate is possible when you shop around.
Americo Final Expense Quotes
We calculated some sample non tobacco quotes below for you to get an idea of what a $10,000 final expense policy will cost from Americo and the competition. All monthly rates are rounded to the nearest dollar and based on qualifying for a Americo’s Level Benefit plans.
$10,000 Final Expense Quotes for Men
| Company | Age 50 | Age 60 | Age 70 | Age 80 |
|---|---|---|---|---|
| Americo Eagle Premier | $38 | $49 | $83 | $166 |
| Americo Ultra Protector I | $32 | $44 | $73 | $146 |
| Americo Ultra Protector II | $49 | $75 | $126 | $233 |
| Aetna | $36 | $46 | $71 | $132 |
| Assurity | $29 | $42 | $73 | $156 |
| Mutual of Omaha | $29 | $43 | $74 | $133 |
| Liberty Bankers Life | $31 | $46 | $73 | $147 |
| American-Amicable | $31 | $46 | $77 | $151 |
| United Home Life | $31 | $45 | $75 | $139 |
| Transamerica | $31 | $44 | $75 | $140 |
| Foresters | $32 | $45 | $73 | $216 |
$10,000 Final Expense Quotes for Women
| Loyal American (Cigna) | $22 | $35 | $61 | $108 |
|---|---|---|---|---|
| Americo Eagle Premier | $32 | $38 | $61 | $129 |
| Americo Ultra Protector II | $37 | $54 | $82 | $168 |
| Aetna | $33 | $39 | $56 | $106 |
| Assurity | $25 | $35 | $56 | $114 |
| Mutual of Omaha | $25 | $33 | $53 | $98 |
| Americo | $25 | $34 | $53 | $113 |
| Liberty Bankers Life | $26 | $35 | $55 | $109 |
| American-Amicable | $26 | $37 | $59 | $110 |
| United Home Life | $26 | $35 | $73 | $142 |
| Transamerica | $25 | $34 | $72 | $104 |
| Foresters | $26 | $35 | $83 | $111 |
Related: Check out the competition with our whole life insurance rates by age chart
Americo Riders
Americo provides some life insurance riders to help customize your polilcy. These riders may separate Americo from the competition and make them a good choice for you:
Accelerated Benefit Payment Rider
(Available on Eagle Premier Only) For Eagle Premier, an Accelerated Benefit Payment Rider is included at no additional cost.
With this benefit, if the insured is diagnosed with a qualified, terminal illness that results in a life expectancy of 12 months or less (24 months or less in IL, MA, and TX), Americo will advance up to 50% of the death benefit payable under the policy. The available benefit will be reduced by the amount of any outstanding policy loans, and will not exceed $15,000. The minimum accelerated benefit is $1,000 (state variations apply).
Accidental Death Benefit Rider
(Available on Eagle Premier Only) For Eagle Premier, an Accidental Death Benefit rider equal to the policy face amount will be added automatically to the policy.
The accidental death benefit will pay if the insured dies from a bodily injury which is a direct result of an accident. An additional amount will be paid in the event of the insured’s death, as a result of an accidental injury while riding as a fare-paying passenger on a common carrier.
Accidental Death Provision
(Available on Eagle Guaranteed Only) For Eagle Guaranteed, an accidental death benefit provision is included at no additional cost. With this benefit, if death occurs as the result of an accident during the graded death benefit period, the full death benefit is payable.
Grandchild Term Rider
(Available on Eagle Premier Only) This child rider provides level term insurance on an insured child to age 25. Coverage per insured child is issued in units of $1,000 and must be the same for all insured children. The maximum coverage per child is the lesser of $5,000 or the base policy face amount. The Child and Grandchild Term Rider costs $2,10 per $1,000, per child annually. Coverage expires on the insured child’s 25th birthday.
Eligible Child
An eligible child is any natural child, stepchild, or legally adopted child of either:
- the base insured or
- the natural child, stepchild, or legally adopted child of the base insured (e.g., grandchild, both dependent or non-dependent.)
Eligible child must be at least 15 days old and under the age of 17 at the time of application. This rider cannot be added after issue; however, any eligible child acquired by the base insured after issue may be added if requested within 60 days of first becoming eligible. Coverage is limited to 10 insured children.
Will Americo give you the best rate?
Will Americo or another company like Cigna, Great Western, or AARP get you the best deal? If you want to make sure you’re getting the best life insurance policy available, here’s what you need to do…
Step 1
Do This Now
Start by getting instant final expense quotes. You’ll see our instant life insurance calculator where you will compare rates from dozens of the top companies.
Nothing too complicated, it just needs the basics about what you’re wanting, how much coverage, for how long, etc. That way we can understand your situation before we can help you.
Complete the calculator details as accurately as possible, and be absolutely sure your contact information is correct so we can reach you.
Step 2
Here's what will happen next
Once you’ve filled out the calculator, one of our licensed life insurance agents will reach out to you to provide you all your options and plan out who will provide you the best rate based on your specific health and lifestyle.
All of the recommendations will be based off of the details you provide. It’s very important that you’re honest and answer your agent’s questions accurately.
This is where we really begin working to figure out exactly which company will get you the best rate, and how to make it happen. If Americo is the best option, great! Just know that there are over 40 top life insurance companies to choose from. This allows you the chance to save hundreds or even thousands of dollars over the course of your policy.
The Bottom Line
Buying final expense from the Americo Financial Life and Annuity Insurance Company is a good choice. They have been in the insurance business for over 100 years. Americo is a financially strong company with an “A” (Excellent) rating from A.M. Best. They also have a BBB rating of “A-“, which is good.
The big question is if Americo is the best company for you. Give us a call today and speak directly with your dedicated and licensed life insurance agent.
If you’re not sure where to begin, give us a call. Our agents provide a free, no-pressure, educational approach to life insurance. We’ll compare dozens of the top companies in minutes to show you your most affordable options.
Americo Financial Life and Annuity Insurance Company
Name(s): Americo Financial Life and Annuity Insurance Company, Americo Life, Inc. Investors Life Insurance Company of North America, National Farmers Union Life Insurance Company, Financial Assurance Life Insurance Company, United Fidelity Life Insurance Company, Great Southern Life Insurance Company, The Ohio State Life Insurance Company
Address:
PO Box 410288
Kansas City, MO 64141-0288
Phone: (800) 231-0801
Website: https://www.americo.com/
Ratings: A.M. Best (A), Standard & Poor’s (N/A), Fitch (N/A), Comdex (N/A), Moody’s (Baa2), BBB (A-)
