Americo Final Expense Life Insurance Review

Written by Jeff Root

This Americo final expense life insurance review was written to help you, the insurance shopper, make the right final expense, or guaranteed issue life insurance decision. This decision is based on your unique circumstance and need, financial standing, state, and personal preferences.

Is Americo the right life insurance carrier for you?

What You’ll Learn

About Americo Life Insurance
Americo Life Insurance Ratings
Americo Final Expense Policy & Rates
Pros of Americo Final Expense Life Insurance
Cons of the Americo Final Expense Policy
Alternatives to Americo Life Insurance

Americo Guaranteed Issue Life Insurance ReviewThis review is similar to that of our top guaranteed issue life insurance companies review and will discuss the company and the pros and cons of their no questions insurance policy.

If you are looking to buy guaranteed issue life insurance but would like to compare quotes across multiple carriers, we suggest using the free quote tool on this page. Instantly, you’ll be able to see rates for your personal age and desired policy amounts at Americo and others.

About Americo Life Insurance

Americo life insurance company logoAmerico Life has been in business for over 100 years and is considered one of the largest privately held independent insurance companies in the United States. As of March 2017, Americo has more than $6 billion in assets, over 650,000 written policies and more than $32 billion of in-force life insurance premium.

Policies with Americo can be purchased through a network of independent insurance agents across the U.S., like us. Their Kansas City, Missouri headquarters services these independent agents and policyholders through roughly 350 associates.

Americo Life Insurance Ratings

According to A.M. Best, Americo Financial Life and Annuity Insurance Company is financially stable as indicated by their “A” (Excellent) rating.

Americo Financial Life and Annuity Insurance Company is not accredited with the Better Business Bureau, but they do have a “B-” rating. Since the opening of their file in 1994, there have been 2 negative reviews and 20 customer complaints.

Although they are a financially strong company, it is important to note how customers have viewed their experience with Americo and all other carriers.

Americo Final Expense Policy & Rates

Face Amount Range: $2,000 – $30,000

Age Availability: 50 – 80

State Availability: Unavailable in AR, MA, MN, MT, NY, PA, VT, WA

Graded Period: 3-years (2-years in IL, NH, NJ, and WV)

Premiums Returned: If death occurs during the graded period, the beneficiaries receive premiums refunded plus an additional 5% in the first year, premiums refunded plus an additional 10% in the second year, and 75% of the face amount in third year.

Riders: Child and Grandchild Rider

How to Apply: Directly through carrier

Pros of Americo Final Expense Life Insurance

Just like any guaranteed acceptance policy, Americo’s final expense life insurance policy has several important benefits for the consumer.

Guaranteed Acceptance Whole Life

The Ultra Protector III plan by Americo is offered on a guaranteed acceptance basis, which means you cannot be denied a policy. As such, there is no medical underwriting, exams, or reports. For this reason, this policy is ideal for those who have been denied life insurance coverage and need a final expense policy.

The policy is available for people between the ages of 50 and 80 and does build cash value.

Death Benefit Up To $30,000

This plan is offered in amounts ranging from $2,000 to $30,000. This is a few thousand dollars more on each end of the spectrum than the typical guaranteed acceptance policy.

If your final expenses are greater than the typical $25,000 cut-off with other carriers, then Americo may be a good choice for you.

Easy Application Process

Americo offers an easy digital application process in most states. They are called the TeleApp and eApp systems and independent agents are able to use them when speaking to a client over the phone.

Coverage for Children and Grandchildren

The Children’s Term Rider provides term life insurance coverage on eligible children and grandchildren. This rider is available at an extra cost and will cover a child/grandchild between the ages of 15 days and 17 years. This rider DOES include stepchildren in addition to biological children. The coverage options are between $1,000 and $5,000 (In $1,000 increments). The coverage amount on this rider cannot exceed the face value of the policy. Coverage lasts until the insured is age 65 or the child is age 23, whichever is earlier. Then it may be converted to an individual policy.

Accidental Death Benefit Provision

Included with the Ultra Protector III is an Accidental Death Benefit provision at no additional cost. With this extra protection, if death occurs as a result of an accidental bodily injury in the first three years and within 90 days of the injury, the full death benefit is payable.

Direct Line for Claims Assistance

When a beneficiary needs to file a claim, Americo offers a direct phone line for this type of assistance. They also offer the ability to fax in a claim versus mail. This can help expedite the payout and provide beneficiaries with the financial protection they need faster.

Cons of the Americo Final Expense Policy

There are also a few drawbacks to choosing Americo for guaranteed issue life insurance.

Longer Graded Period & Smaller First-Year Payout

The mandatory graded period with Americo is 3 years, versus the typical 2 years, you see with other carriers. The exception to this is for insureds in the states of IL, NH, NJ, and WV who are granted a 2-year graded period.

If death occurs within the graded period, the beneficiaries will receive all premiums paid-to-date plus an additional interest. The interest that Americo pays varies depending on when death occurs.

If death occurs from natural causes within the first year of the policy being in-force, Americo will pay an additional 5% to the beneficiary. If death occurs within the second year, Americo will pay an additional 10%. For insureds within the states that require a 3-year graded period, 75% of the face amount will be paid if death occurs within the third year.

Suicide is also not covered during the first two years.

Americo is Unavailable in Some States

This plan is unavailable in Arkansas, Massachusetts, Minnesota, Montana, New York, Pennsylvania, Vermont and Washington. If you are located in one of those states, we suggest looking at our top guaranteed acceptance carriers to learn about your other options.

Alternatives to Americo Life Insurance

All in all, Americo is a good insurance company with a strong rating. It may not be your best option, though. The #1 alternative to purchasing an Americo policy is to work with an independent agency (like us) that is able to shop across multiple carriers to find the best value and price for you.

Americo Life is but one of many options, and as such, they are unable to meet the needs of every client. Purchasing a life insurance policy is too important of a decision to only look at one carrier, regardless if it’s Americo or another. Yet comparing carriers and reading every review online takes time and can lead to information overwhelm. If you’d like to save time and get a policy quickly, we suggest speaking with an independent agent.

Finding The Right Guaranteed Issue Life Insurance Policy

We at Guaranteed Issue Life can make recommendations for anyone considering buying a guaranteed issue life insurance policy through Americo. If you work with us, we’ll spend the time needed to help you determine which is the best policy for your specific insurance needs.

If Americo is the winner, great! However, there are dozens of other top life insurance companies to choose from, which could ultimately save you hundreds or thousands of dollars over the course of your policy.

About Guaranteed Issue Life

At Guaranteed Issue Life, we are not a life insurance carrier. We are an independent agency with a strong team of knowledgeable and experienced life insurance agents. We work directly with over a dozen carriers and can find a policy available in your state.

Give us a call to find the right policy today!

Working with us is 100% free of charge and we can instantly compare rates across a dozen guaranteed acceptance carriers. If you’re not ready to speak to an agent, you can also use the quote tool on this page.

Thank you for reading our article, Americo Final Expense Life Insurance Review. Check out our blog for more reviews of guaranteed issue life insurance companies and more guides on choosing the right policy for you.

About Jeff Root & Guaranteed Issue Life
About Jeff Root & Guaranteed Issue Life

Jeff Root is the author of The Digital Life Insurance Agent and host of the Modern Life Insurance Selling Podcast.

Guaranteed Issue Life is a nationally licensed agency, that has helped over 1500 consumers purchase guaranteed issue life insurance. We represent over 30 life insurance companies & transact business in every state.

All content on this site has been written by life insurance experts & licensed life insurance agents.

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