Americo Final Expense Life Insurance Review

Written by Jeff Root

This Americo final expense life insurance review was written to help you understand Americo’s final expense policy, and compare it to other life insurance options so you can find the best option.

The best life insurance policy is based on your unique circumstance and need, financial standing, state, and personal preferences. Below, we’ll help you decide if Americo is the right life insurance carrier for you.

What You’ll Learn

About Americo Life Insurance
Americo Final Expense Policy Details
Pros of Americo Final Expense Life Insurance
Cons of the Americo Final Expense Policy
Alternatives to Americo Final Expense Life Insurance

Americo Final Expense life insurance review

Note: If you are looking to buy guaranteed issue life insurance and would like to compare quotes across multiple carriers, use 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 logo

Americo 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 Financial & BBB 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 Details

Below are details about Americo’s Final Expense policy.

  • 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 Americo

As you’ll learn, Americo’s policy has some unique features that make it a good fit for some scenarios. However, for most people, we can usually find a better final expense policy with lower rates.

Pros of Americo Final Expense Life Insurance

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

The Policy is Guaranteed Issue & 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 from $2,000 to $30,000

This final expense plan is offered in amounts ranging from $2,000 to $30,000.

Most final expense policies are from $5,000 to $25,000 so if you need a lower or higher coverage amount, Americo might be a good fit for you.

Americo has an 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.

This is typically standard for a guaranteed issue policy.

They Offer a 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 additional interest. The interest that Americo pays varies depending on when death occurs.

If death occurs from natural causes:

  • Within the 1st year of the policy being in-force, Americo will pay an additional 5% to the beneficiary.
  • Within the 2nd year, Americo will pay an additional 10%.
  • Within the 3rd year (for states that require 3 years), 75% of the face amount will be paid.

Suicide is also not covered during the first two years.

Americo is Unavailable in Some States

Americo Final Expense insurance is unavailable in:

  • Arkansas
  • Massachusetts
  • Minnesota
  • Montana
  • New York
  • Pennsylvania
  • Vermont
  • Washington

If you are located in one of those states, we suggest looking at our top guaranteed issue carriers to learn about your other options.

The Best Alternatives to Americo Final Expense Life Insurance

All in all, Americo is a good insurance company with a strong rating. It may not be your best option, though.

We always recommend comparing quotes from multiple carriers to ensure you’re getting the best rates. If you’d like to research this yourself, you can read our other guaranteed life insurance reviews.

The #1 alternative to researching on your own is to work with an independent agent that is able to shop across multiple carriers to find the best value and price for you.

Purchasing a life insurance policy is too important of a decision to only look at one carrier. 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, start by filling out our quote tool, then give us a call. We will compare quotes from the Americo Final Expense policy with other top guaranteed issues companies 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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