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Americo Life Insurance Review

americo life insurance review
Insurance Quotes 2 Day Team

Written By Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University, a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA and Top of the Table member of the Million Dollar Round Table (MDRT). Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

Holly Mitchell  &

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.

 5 minute read

Formerly known as The College Life Insurance Company, Americo Financial Life and Annuity Insurance Company has been established for over a century. This is our Americo life insurance review updated for 2023.

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 senior life 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 address and contact information

To contact policyholder services at Americo, you can call write or email.

PO Box 410288
Kansas City, MO 64141-0288

Existing Policies
800-231-0801
customer.service@americo.com

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 their whole life insurance policy and its guaranteed to be renewed provided the premiums are paid.

Indexed Universal Life Insurance

Americo’s indexed universal life 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.

Americo 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.

 

Frequently asked Questions

Is Americo a big life insurance company?

life insurance at 70

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 offer no-exam policies.

Does Americo offer low-cost term insurance?

Life insurance at 65.

Yes, and along with low-cost term insurance, Americo also offers Whole Life insurance, Universal Life insurance, Indexed Universal Life insurance, and Medicare Supplement plans (Medigap).

Is Americo financially stable and has good ratings?

woman with list graphic

Americo Financial Life and Annuity Insurance Company have 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.

author avatar
Doug Mitchell, CLU Independant Advisor
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 almost 30 years in the life insurance industry and has also held licenses to sell securities, long-term care insurance and home and auto insurance. Doug is a Top of the Table Million Dollar Round Table member (MDRT).  MDRT is a global, independent association of the world's leading life insurance advisors.  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 managing general agency serving life insurance agents and clients in all parts of the United States. Today, Doug’s main focus is servicing 1000s of policyholders and growing the agency through the reach of  insurancequotes2day.com.

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