Picking the correct burial insurance coverage isn’t easy, and if you’re looking for a firm that will be there for your dear ones if anything happens to you, you ideally want to know that you’re going with one that has your best intentions at heart.
Purchasing a decent, substantial burial insurance policy is among the best ways to ensure that family members will be capable of carrying on economically in the event of your demise. This is because burial insurance covers the funeral and burial expenses.
Today, we bring you the review of one of the leading insurance companies – Americo Financial Life and Annuity Insurance Company. You must be wondering – what is Americo?
Americo is a company that cares about its customers. It is there for customers when they are in need, with the most extensive policies available and options to meet practically every desire.
This review has everything you need:
- Want to know about burial and final expense products from Americo? We have you covered!
- The pros and cons of the firm? We have it right here!
- Confused about whether Americano is the correct choice or not? Let’s have a look.
Let’s dive into the history and details of this insurance company before moving towards the burial and last expense life insurance policies.
Table of Contents
Americo Life Insurance, formerly known as College Life Insurance, was created in 1946 and is currently a part of Americo Life, Inc. With its insurance products, Americo aims to safeguard your mortgage and intends to repay the lender if you pass away.
For more than a century, Americo Life Insurance Company has been providing life insurance and other protection services. The Americo family of firms has grown principally by establishing more than 15 insurance providers, each with its own set of benefits.
Other awards have been bestowed upon the organization, and it has been the pioneer insurer in a variety of situations. For instance, in 1922, Great Southern Life, a forerunner of Americo, which was established in 1909, became the first company in the United States to guarantee the future of students.
Americo Life Insurance Company now has over 659,000 active insurance plans. The firm’s revenue assets exceed $6 billion, and its mandatory premiums have climbed significantly over the years. Americo now has around $32.7 billion in insurance coverage in place.
Final Expense Life Insurance by Americo
Americo Life Insurance Company offers a variety of burial insurance plans to cover the extra funeral and burial expenditures.
Let’s explore this plan a bit more.
The premium amount of these policies can vary from $2,000 to $30,000. There are fully underwritten and streamlined issue plans available, and smokers of cigars, hookah, or tobacco products may be eligible for a non-smoker rate, provided certain conditions are met.
Americo is a financially viable insurance firm with a lengthy history. There are different burial insurance plans available. These are discussed in detail below.
Ultra-Protector Series by Americo
There are three different plans in the Americo Ultra Protector series. Two of these policies offer protection right away. Each of the three plans is a whole life insurance policy. They would never expire because of this.
Furthermore, regular payments are set in stone for the rest of your life, and the advantages remain the same.
Ultra Protector Plan III by Americo
This plan is essentially an assured issue plan that doesn’t ask any health-related questions or consider your medical history. There is a compulsory waiting time because this plan has no underwriting.
The Ultra Protector III from Americo has a longer than typical wait time. The following is a description of the UP3 waiting period:
- Year 1: All premiums are refunded plus 10%.
- Year 2: All premiums are refunded plus 10%.
- Year 3: 75% of the face value
- Year 4 and onwards: 100% of the face value
This means that it requires 3 years for your whole benefit to be paid out. It’s unusual to have to wait for such a long period for your insurance coverage to fully take effect. Most funeral insurance plans with a waiting time only require you to wait two years.
If you refuse to answer health-related questions, you will be automatically placed in this program. Completing a few medical questions would certainly be more useful and place you on a more affordable plan.
There are two sections to Americo’s detailed questions. The ultra-protector III tests are included in Part 1. They will only give you the UP3 plan if you answer yes to some of these inquiries.
Let’s discuss some of these health-related questions to make things a bit easier for you.
- Is the applicant currently hospitalized, bed bound, constrained to a nursing facility, obtaining hospice or homecare; utilizing oxygen to aid in respiration now or just in the last six months; wheelchair-bound or using a walking stick for a long-term illness; waiting for or have obtained an organ transplant; recommended to have exams or surgery that hasn’t been completed in the past 12 months; has a terminal illness or is paralyzed?
- Has the applicant ever been diagnosed with, treated for, or given medicine for dementia, muscular dystrophy, Lou Gehrig’s disease, or loss of memory?
- Has the applicant been diagnosed with AIDS, AIDS-Related Complex, or HIV, or have they been given treatment for it by a healthcare professional?
- In the last three years, has the applicant been informed that they have malignant melanoma or internal cancer, or have been provided treatment for it through surgery, radiation, or chemotherapy, or prescribed or taken medication for it?
- In the last 12 months, has the applicant been diagnosed with, been treated for, been prescribed or taken medication for, or had gone through surgery for angina, heart attack, cardiac arrhythmia, heart valve disorder, angioplasty, stent placement, or heart bypass?
- In the last two years, has the applicant been diagnosed with, been treated for, been prescribed or taken medication for, or had gone through surgery for chronic kidney disease, kidney failure, systemic lupus, blood clot or circulation issues in the brain, heart, or legs, stroke, congestive heart failure, and cardiomyopathy?
- In the last two years, has the applicant been diagnosed with, treated for, or given medication for alcohol or drug abuse or addiction, or been asked to stop using or reduce the intake of alcohol or drugs?
- In the last two years, has the applicant been informed they have been treated for, or received medication for diabetes in conjunction with strokes or heart disease or disorders, kidney illness, eye issues, or any other circulation problems
We honestly believe that nobody should choose the ultra-protector III package. It’s just not that great. Most of the terms are approved without reservation by other final expense organizations.
Furthermore, other companies will provide you with first-day protection with no waiting period for a significantly lower price.
Ultra Protector Plan II by Americo
You must answer ‘no’ to all the questions of the Ultra Protector 3. Moreover, you must not be taking any medications that are related to the conditions discussed in the Ultra Protector 3 plan.
The health questions of this plan are discussed below, and you will get approved for this plan if you answer yes to these questions.
- In the last two years, has the applicant been diagnosed with, treated for, or given medication for chronic hepatitis, liver cirrhosis, Parkinson’s disease, or any other liver disease or disorder
- In the last three years, has the applicant ever experience complications associated with diabetes such as insulin shock, diabetic coma, kidney issues, eye problems, or amputation?
- In the last two years, has the applicant had, or been diagnosed with, treated for, or given medication for angioplasty, stent placement, heart attack, angina, coronary disease, heart valve disorder, or heart bypass?
- In the last two years, has the applicant had, or been diagnosed with, treated for, or given medication for non-seasonal chronic bronchitis, emphysema, or other lung problem or chronic respiratory issue except for asthma or allergies?
This plan is appealing because you can buy the minimum protection of $2,000 or a maximum of $30,000, and it is accessible in all jurisdictions except Mississippi, New York, and Vermont. You can also apply for this insurance coverage if you are between the ages of 50 and 80. The riders available with this plan include:
Accelerated Death Benefit
If you have this rider and you pass away because of an accident, an additional death benefit will be paid out by Americo. Moreover, an additional payment will be provided if your death occurred while you were using common carrier transportation like a bus or plane. There are no extra charges for this rider, and you can decide whether to include it in your policy or not.
If you’ve been diagnosed with a fatal illness that’s predicted to kill you within a year, Americo will let you spend half of your death benefit to pay for any unexpected bills. A maximum of $15,000 is available, with a $1,000 minimum. This rider immediately engages and is unrestricted.
Children’s Term Benefit
To apply for this policy, you should be 60 years old or younger. This rider offers level term insurance on your natural or adopted child, dependent grandchild, or stepchild. At the time of the application, the age of the child should be 16 or less. Once you have the rider, any additional children will be covered in the future.
The children’s coverage can be converted to a new policy on the 23rd birthday of the child or coverage anniversary nearest to the 65th birthday of the child.
One of the benefits of this policy is that you get immediate protection even if you have major health issues as well as great discounts for tobacco usage mixed with specified health conditions.
If you require insulin, have been in a diabetic shock, have had a diabetic lesion, or have vision and kidney disorders caused by diabetes, Americo’s Ultra Protector II plan is among the few that will provide you with first-day coverage.
Ultra-Protector Plan I
If you’re between the ages of 50 and 85 and can respond no to all the medical questions, you may get this coverage. The minimum protection amount is $2,000, and it can go up to $30,000. The riders included with this plan are the same as that of Ultra Protector II.
This plan is a fine option, but there are better options available. If you can qualify for it, you might be eligible for better burial insurance coverage. Therefore, it’s best to do your research and compare the prices to get the best offer.
You must complete the application and send it to Americo. Then, after a week or two, they will let you know of their decision.
The application form for Americo’s super protection series differs from that of other final expense providers. For starters, they don’t have a point-of-sale discussion. They also don’t include any knockout health questions. Most burial insurance providers, on the other hand, have both.
If you are wondering what a point-of-sale discussion is, let us clear the air for you!
To be clear, a point-of-sale interview is a brief phone conversation with a burial insurance firm that occurs as part of an overall application. The insurance company is required to ask you all their medical questions during the conversation. In most circumstances, you will obtain a final approval judgment.
Like other funeral insurance firms, Americo will look at your medication history. Basically, they’re looking for drugs that can be used to treat any of the ailments listed on the form. If they discover something, they are quite likely to diagnose you with the ailment associated with the medications they discover.
Let’s suppose they discover you’re taking drugs to treat kidney issues. As a result, they’ll assume you’ve got kidney problems. You might even refuse to answer the question about kidney problems. Due to your medication history, they will very certainly assume you suffer from it. For insurance companies, this is a routine method.
They will examine your Medical Information Bureau (MIB) records in conjunction with the medicine check. Americo will look through your files for any pertinent information. If they discover something, it may have an impact on your application approval.
Americo doesn’t have any knockout questions. As a result, there is no situation for which Americo does not offer an ultra protector plan. Unlike most final expense organizations, this is a unique situation.
Most burial insurance policies have a list of exclusions. In other terms, they have such a list of medical disorders for which they would not provide coverage.
Now that we are done and dusted with the ultra-protector series, let’s move on to the next category of Americo’s final expense plans. This is called the Eagle Series.
Eagle Premier Series by Americo
Eagle Premier Series are also burial insurance coverage, and there are two options available in this series – Eagle Premier Level and Eagle Premier Guaranteed.
The fundamental difference between the two is the way death payments are distributed. Eagle Premier provides a comprehensive death benefit from the start, whereas Eagle Guaranteed provides a death benefit that is graded for three years prior to the policy’s full face value. On both plans, the entire benefit is given in the case of unexpected fatality.
Both policies have death benefit sums ranging from $2,000 to $30,000 and are provided without the need for a medical checkup. On these policies, Americo also provides a Quit Smoking Benefit, which allows smokers to register for non-smoker rates by quitting smoking.
Eagle Premier provides instant coverage, meaning the policyholder will be covered for death benefits the day the insurance is issued.
Quit Smoking Advantage Plan
Smokers can use this advantage to apply for non-smoking rates. It encourages consumers to quit smoking while also cutting costs monthly. This is achieved by giving non-smoking rates to cigarette smokers for the first three years of the scheme.
If the user can show that they have not smoked for 12 months within the first three years of the program, they will be charged the amount that non-smokers pay for the rest of the term.
Americo Eagle Premier Final Expense Rates
The prices of the Eagle Premier plan are identical to those of other top funeral insurance policies that provide instant coverage.
Females aged 50-55 pay between $33 and $36, while males pay between $38 and $45. Females aged 60-65 have prices ranging from $38 to $49, while males have rates ranging from $50 to $63.
Riders Included in the Eagle Premium Plan
Now, you must be wondering what the additional benefits that you can avail of from this plan are. Well, there are three types of riders that you can easily avail of by opting for Americo’s Eagle Premium Plan.
Accelerated Death Benefit Rider
This rider can be added to the policy at no additional charge. You will get 50 percent of the benefit if you are diagnosed with a terminal illness.
Accidental Death Benefit Rider
If the death is accidental, Americo will pay double the benefit.
Americo Eagle Premier Guaranteed
This last expense insurance plan is designed for seniors with serious health issues, and there are no medical inquiries. However, the benefit is graded. This means that if the policyholder dies in the first year, the family members will get their premiums back plus 5 percent of the face amount.
If they die in the second year, the premiums will be returned, and 10 percent of the face amount will be given. If the death of the policyholder occurred in the third year, 75 percent of the face value will be provided. The complete face amount is only given if death occurs in the fourth year or after that.
Accidental Death Provision by Americo
If the insured dies in an accident within the graded period, the entire coverage amount will be paid.
Pros of Americo Life Insurance
- AM Best has given Americo Life Insurance an A rating, indicating high monetary sustainability.
- Americo offers ultimate expense insurance coverage that doesn’t demand a physical check and is assured to be accepted.
Cons of Americo Life Insurance
- Significant policy data, including coverage limitations and term durations, are missing from Americo’s website, which is important to understand when comparing carriers.
- You can get an immediate price for final expense insurance from Americo, but not for permanent or universal insurance.
- Americo only has five riders to choose from when customizing your insurance, which is less than many other businesses.
- The rates aren’t the best.
Reviews and Ratings of Americo
There are only a few third-party reviews for Americo. AM Best has given the firm an A rating, indicating that it is financially sound. It indicates that Americo is unlikely to go out of operation and that the business has sufficient funds to repay customers without difficulty.
Americo received 12 customer complaints and a score of 0.72, lower than the industry average of 1.0. Customer service at Americo is mediocre. Monday – Friday, 8 a.m. to 5 p.m. CST are the hours of operation. If you’re a potential consumer, phone 888-220-7074 to get in touch with the organization. You may also reach out to Americo by filling out the online contact form.
For more than a century, Americo Life Insurance Company has been providing insurance and other protection services. It is a decent option because of its dependability and reputation.
However, burial insurance plans offered by the company may not be ideal for everyone. It’s best to research and compare different burial insurance plans to decide if Americo is the right option.