Americo Life Insurance Company Review 2018

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If you are looking for reviews about Americo Life insurance company, you came to the right place. Americo Life is one of our top 20 final expense companies. In this review, I will dig into their life insurance products and services, and compare them with the best in our industry when it comes to rates, underwriting, and product types.

With so many life insurance products and companies available to consumers, how do you know if Americo is a good choice for you? Let’s find out more below to help you decide.

Americo Life Insurance History

Americo has been in the life insurance business for over 100 years. Their outstanding success in the field is due to their acquisition of several insurance companies, such as the College Life Insurance Company of America, founded in 1946, the Ohio State Life Insurance Company, founded in 1906, and Great Southern Life Insurance Company, founded in 1909. They have a simple motto, which is to always surpass previous achievements and define new goals for agents and clients alike.

Americo Financial Ratings

Americo has an “A” (Excellent) rating according to A.M. Best, the insurance industry’s most recognized entity when it comes to life insurance ratings and financial data.

Products Offered by Americo

Americo offers whole, universal, and term life insurance policies. They also offer other specialty products, such as Medicare supplements and annuities. In this review, I will be focusing only on the life insurance products offered by Americo.

Americo Term Life Insurance

Term life insurance is the most straightforward product to understand. You get to choose the length of coverage (term), which is typically between 1–30 years, and the death benefit (face amount).

If you die within the contract term, your beneficiaries will collect the benefit, if not, at the end of the term, you can drop the policy, convert it to whole life, or renew it on an annual basis. Americo offers two term life products: level and decreasing term. Let’s break this down!

HMS Plus Payment Protector Decreasing Term Life Insurance

Decreasing term isn’t a popular option as this term life insurance is meant to protect the mortgage payment that you have, so the death benefit will decrease over the years, while the premiums will stay level. Americo gives the beneficiaries two ways to collect the benefits if the insured dies: they can receive monthly income, or collect a lump sum death benefit.

Plan Highlights

HMS Plus 125 & 100 Level Term Insurance

This is a traditional term policy that is simplified issue with the option to buy a policy without a medical exam for policies up to $250,000 in benefits. A simplified issue means a shorter application and fewer health questions to answer when compared to traditional life insurance.

Plan Highlights

  • Face amounts: $25,000–$400,000
  • Simplified issue up to $250,000 without an exam
  • Available terms: 15, 20, 25, and 30 years
  • Option to have premiums guaranteed for 5 years
  • Available ages: 20–75
  • Accident benefit rider is added at no extra cost to HMS 125 plan
  • Return of premium option

Americo Universal Life Insurance

Universal life insurance – or “UL” for short – is another type of whole life coverage that carries a cash benefit accumulation. It offers flexibility to the insured when it comes to adjusting the death benefit or premium over time as life events evolve. Living benefit riders are included at no extra charge with Americo’s universal life portfolio.

Plan Highlights

  • Face amounts: $25,000–$400,000
  • Simplified issue up to $250,000 without an exam
  • Available terms: 15, 20, 25, and 30 years
  • Available ages: 20–55
  • Living benefit riders included at no extra charge

Americo Optional Riders

Life insurance riders are an add-on to supplement or enhance the life insurance policy you are buying. Americo offers the following riders at an extra cost:

  • Additional Insured
  • Children’s Term (up to $15,000 per child)
  • Disability Income
  • Income Term
  • Waiver of Premium
  • Waiver of Monthly Specified Premium

Americo Final Expense Whole Life Insurance

Final expense insurance is used to cover the charges of affairs specifically related to your death. These costs include your burial, funeral services, and medical bills that are related to the matters of your “final expenses.”

These policies do not require an exam, are whole life, and the premium stays the same throughout the policy’s duration. There is no term length or expiration date, and as long as you pay the premium, the coverage remains in force. Americo offers three of these coverage types, called the Ultra Protector Series: Ultra I, II, and III.

Ultra Protector I Highlights

  • Issue ages: 50–80
  • Face amounts: $2,000–$30,000
  • Level death benefit
  • Full death benefit starting day one
  • Living benefits included at no extra cost

Ultra I Will Be Issued If:

  • Health questions on both part 1 and 2 of the application are answered “no”
  • The applicant is a non-smoker
  • Height and weight are within underwriting guidelines
  • Medical information bureau (MIB) reports are clean, without inconsistencies on the application
  • The prescription database is clear, without inconsistencies on the application
Americo’s Application Part 1
americo part 1

Ultra Protector II Highlights

  • Issue ages: 50–80
  • Face amounts: $2,000–$30,000
  • Level death benefit
  • Full death benefit starting day one
  • Living benefits included at no extra cost

Ultra II Will Be Issued If:

  • Health questions on part 1 of the application are answered “no”
  • One or more questions on part 2 are answered “yes”
  • Height and weight are within underwriting guidelines
  • Medical information bureau (MIB) reports are clean, without inconsistencies on the application
  • The prescription database is clear, without inconsistencies on the application
Americo’s Application Part 2
americo part 2

Ultra Protector III Highlights

  • Issue ages: 50–75
  • Face amounts: $2,000–$10,000
  • Guaranteed issue
  • 3-year graded benefit

Graded benefit means that if you die in the first year of buying the policy (not accident-related), the death benefit equals your paid premium plus 5%. If you die in the second year, the death benefit equals your paid premium plus 10%, the third year equals 75% of your purchased face amount, and only in year four, it will be 100% of the original face amount. If you need a guaranteed acceptance life insurance, you are better of with AIG or Gerber since they only have a 2-year graded benefit, instead of Americo’s 3-year.

Ultra III Will Be Issued If:

  • You choose not to answer any of the application’s health questions
  • You answer “yes” to any questions on part 1

Americo vs. Other Carriers’ Sample Monthly Rates

americo life insurance sample rates

Male Whole Life $30,000

 CompanyAge 50Age 60Age 70Age 80
 Assurity $82.06 $120.55 $214.75 $462.30
 Mutual of Omaha $81.06 $121.86 $214.69 $391.56
 Americo $88.59 $123.44 $211.19 $429.36
 Liberty Bankers Life $82.27 $128.14 $210.67 $431.14
 Phoenix$82.17 $121.53 $209.94 $432.47
 American-Amicable $87.12 $132.00 $224.43 $448.80
 United Home Life $84.35 $125.38 $215.19 $407.10
 Settlers $94.35 $135.92$218.54 $461.81
 Transamerica $85.04 $124.29 $216.83 NA
 Foresters $89.70 $129.26 $212.42 $433.91

Female Whole Life $30,000

 CompanyAge 50Age 60Age 70Age 80
 Assurity $72.05 $99.83 $164.82 $337.27
 Mutual of Omaha $67.60 $92.20 $153.31 $288.89
 Americo $66.07 $94.20 $152.68 $330.72
 Liberty Bankers Life $67.45 $94.76 $155.11 $318.23
 Phoenix$71.61 $101.10 $157.49 $322.43
 American-Amicable $72.60 $106.39 $170.81 $326.04
 United Home Life $69.47 $97.55 $148.71 $305.13
 Settlers $78.03 $109.14 $167.28 $340.43
 Transamerica $68.82 $94.02 $154.84NA
 Foresters $71.85 $99.93 $153.96 $326.94

Male 20-year Term $250,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $13.12 $17.85 $41.50 $111.59
 Banner $13.33 $19.26 $40.85 $111.13
 AIG $13.54 $19.38 $42.73 $114.74
 Foresters $13.56 $18.81 $42.66 $114.84
 Lincoln$13.56 $18.38 $42.66 $190.53
 Mutual of Omaha $14.18 $20.08 $46.55 $134.05
 Principal $14.66 $19.03 $42.61 $110.03
 SBLI $14.79 $21.67 $51.68 $147.70
 Transamerica $16.13 $26.45 $58.05 $135.88
 Americo $47.74 $83.60 $176.46 $485.93

Female 20-year Term $250,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $11.83 $15.27 $31.18 $77.61
 Banner $11.74 $15.67 $31.17 $78.83
 AIG $11.81 $18.51 $35.59 $89.66
 Foresters $12.47 $16.63 $31.94 $85.97
 Lincoln$12.08 $16.14 $32.77 $160.13
 Mutual of Omaha $12.64 $19.21 $36.05 $94.02
 Principal $13.13 $16.63 $32.90 $77.92
 SBLI $13.31 $18.99 $36.46 $90.37
 Transamerica $13.98 $21.72 $40.64 $110.51
 Americo $47.74 $83.60 $176.46 $485.93

*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Feb 2018 and are subject to underwriting approval.*

Last Word

When it comes to their final expense policies, they are very competitive price-wise and offer a speedy turn-around when it comes to the underwriting process. They do fall a little short of similar companies, like Assurity, which provides up to $50,000 in benefits, and Mutual of Omaha, which offers up to $40,000, but they are still a top company.

Their Ultra protector III guaranteed issue product, however, is way overpriced, and with only $10,000 max in death benefit, it isn’t the best buy you can make. On the other hand, when it comes to term life insurance from Americo Life, they can’t compete with the giants of the industry, like Banner, AIG, or Protective in regards to pricing and options.

Sure, they offer a no-exam policy, but even then, a similar no-exam policy from Sagicor or SBLI are much cheaper. Also, note that you will be classified at a standard rating class from the get-go, they do not offer preferred or preferred best rate classes. This means that even if you are in the best of health, the standard is the best class for which you can qualify.

Americo’s Ultra I product is an excellent product that is competitively priced if you’re looking for a final expense policy up to $30,000 in benefit.  If you’re looking at some of their other products, I will urge you to make sure you also shop around and see what your options are with other companies. We at Effortless Insurance don’t believe there is one policy that fits all; instead, we match individuals based on their financial needs and overall health with the right insurance company at best possible price. You can run the quotes on this page or reach us at 866-326-3053 for an unbiased, personalized life insurance quote. You will be glad you did.

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2018-09-28T07:07:59+00:00May 31st, 2018|Categories: Company Reviews, Seniors Life Insurance|0 Comments

About the Author:

Ron is a licensed life & health insurance broker. He has two amazing rescued Pitbulls. He also enjoys real food, strong coffee, ultra runs, critical thinking, and reading.

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