Americo Financial Life Insurance Company Review

Formerly known as The College Life Insurance Company, Americo Financial Life and Annuity Insurance Company has been established for over a century.

Headquartered in Kansas City, Missouri, the operation services its independent insurance agents and policyholders with the assistance of nearly 350 associates.

U.S. consumers have the ability to purchase from the wide array of life insurance products offered by the company through their network of independent life insurance agents.

Products available include final expense insurance, mortgage protection, Medicare supplemental insurance, and annuities.

Americo Financial Life and Annuity Insurance Company Review

The Americo conglomeration includes Americo Life, Inc as their holding company and the following subsidiaries:  Americo Financial Life and Annuity Insurance Company, Great Southern Life Insurance Company, The Ohio State Life Insurance Company, Investors Life Insurance Company of North America, National Farmers Union Life Insurance Company, Financial Assurance Life Insurance Company, and United Fidelity Life Insurance Company.

Americo Financial Life and Annuity Insurance Company, one of the largest privately owned independent insurance companies in the U.S., has in excess $6 billion in assets and approximately 659,000 policies in force.  Furthermore, Americo is consistently one of the leading life insurance carriers that offers no-exam policies.

Americo Financial Life and Annuity Insurance Company Ratings

 

Considered a very financially stable and strong company, Americo Financial Life and Annuity Insurance Company has been awarded an “A”, excellent rating with A.M. Best.  A rating such as this indicates that the company is financially sound, holds a large amount of admitted assets, and presents a portfolio in excess of 95% strongly supported assets.

Although Americo has not been accredited with the Better Business Bureau (BBB), it has received a “B-” rating.  The profile for the company was initiated with the BBB in 1994.  With 2 negative reviews and 20 reported customer complaints, Americo’s composite score with the BBB is 2.56 out of a possible 5 stars rating.

Americo Life Insurance Products

Americo Financial Life and Annuity Insurance Company provides plans ranging from basic term life coverage to complicated estate plans.  Whatever the need, most likely Americo has the product that will help the situation.  In addition to their life insurance policies, Americo also offers final expense insurance, mortgage protection insurance, medicare supplements, and annuities.

Offering a broad line of life insurance plans with coverage starting from $25,000 up to $400,000, Americo’s life insurance products include term life, whole life, universal, and indexed universal life.  Let’s take a quick look at each:

Term Life Insurance

Americo’s no exam Term Life Insurance policies provide coverage ranging between $25,000 and $400,000.  Terms are available in 15, 20, 25, and 30-year terms.  Additionally, there’s a guaranteed option available for the full term of the policy or for five years, and the term policy is convertible.  You can also elect a return of premium rider with Americo.

Whole Life Insurance

Americo offers lifetime coverage on this permanent policy and its guaranteed to be renewed provided the premiums are paid.

Indexed Universal Life Insurance

This policy provides the insured with flexible premium options and flexible benefits.  The option is available to invest funds in either indexed or fixed accounts.

This variety of life insurance coverage affords consumers protection of any need under $500,000.  All Americo life insurance policies come with a guarantee period, which means that as long as the policyholder pays the premiums coverage is provided.

Americo Final Expense Insurance

Also referred to as “burial insurance”, final expense insurance provides coverage for end-of-life expenses including unpaid medical bills, the funeral service, and any other debts left after the insured passes.  Coverage for this type of policy ranges from $2,000 to $30,000 and is adjustable according to the insured’s financial needs.  The premium remains consistent, or level throughout the policy and cannot be terminated due to medical issues or age.  Non-smokers will qualify for more affordable rates.

These policies are more appealing to seniors, rather than younger applicants.  They provide a cost-effective way to purchase life insurance with a lower death benefit in order to cover funeral-related expenses and a basic funeral service.

Medicare Supplemental Insurance

Also known as Medigap, this policy provides coverage where Medicare leaves off.  This supplemental insurance can be used to pay for healthcare expenses including deductibles, copayments, and other health-related expenses.  In order to be eligible to buy a Medicare Supplemental policy, the insured must have Medicare Part A or Part B.

Mortgage Protection Insurance

Americo’s mortgage protection policy provides coverage ranging between $25,000 and $400,000.  The policy can be tailored to the insured’s needs by way of Americo’s various riders, products, and benefits.  Additionally, no proof of mortgage is required prior to purchasing this type of coverage.

Summary

As mentioned earlier, Americo Financial Life and Annuity Insurance Company has been providing life insurance and other products for over a century.  Although the life insurance company and its subsidiaries are not as wide-reaching of a brand as say Protective, New York Life, Prudential, or MetLife, they have capitalized on certain sectors of the market and have established themselves as a long-lasting and highly reputable insurance provider.  When shopping for a life insurance policy to suit the needs of your family, the company that you select does matter.  You’ll want to be sure that they are able to pay your claim in the event that you have one.

Americo Financial Life and Annuity Insurance Company offers a great variety of investment and life insurance products nationwide.  As mentioned, their extensive line of life insurance products includes term life, whole life, and indexed universal life insurance.  For eligible consumers wishing to acquire a life insurance policy with a face value of $500,000 or less, Americo is a great option to consider.  For senior consumers, Americo’s Final Expense Insurance, Mortgage Protection, and Medicare Supplemental Insurance are viable options to consider when thinking about planning for retirement.

Unfortunately, Americo Financial Life and Annuity Insurance Company’s website offers little information on the various plans offered, so it would be wise to consult an independent life insurance agent about the options available for your particular needs.

Lastly, even though Americo offers a wide variety of products for its consumers, its best to compare the prices of each product against other life insurance providers.

You can compare rates instantly here:

Americo life rates

 

 

 

 

 

Or you can call us directly at 1-800-712-8519

 

About Doug Mitchell
About Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent over 20 years in the life insurance industry and has also held licenses to sell securities, long-term care insurance, home and auto insurance.  For two years, Doug served as President of the Auburn Opelika Association of Financial Advisors and has been a member of the Million Dollar Round Table.  He obtained Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award.  Later in his career with New York Life he was an Executive Council Member.  Doug currently serves as President of Ogletree Financial, a life insurance marketing organization with over 1000 life insurance agents.  Today, Doug’s main focus is servicing 1000s of policyholders and growing his agency through the reach of www.insurancequotes2day.com.

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