At InsuranceBrokersUSA, we represent multiple companies. Our primary objective is to align each our our valued clients with the company that best meets each client’s needs and goals. In the following Americo review we will address the company’s history, ratings, products and services. Is Americo the best life insurance company for you?
Review of Americo Life Insurance Company
Over the years, the name ‘Americo’ has become synonymous with life insurance and there is a very good reason for this. Since opening over 100 years ago, they have acquired no less than 15 different insurance entities. As a result, the brand has continued to evolve with each year that passes.
In 2017, they are in conversations discussing the very largest life insurance companies and remain independent. According to reports, they have surpassed 625,000 life insurance policies which amounts to over $30 billion worth of life insurance in the United States. At the end of 2015, they also reported assets of over $6.3 billion.
Americo Official Ratings
If you have ever seen a life insurance company review, you will have probably seen a reference to A.M. Best and this is because they are the largest and most well-known ratings agency in the industry. For decades, they have been assessing the financial strength of life insurance companies and this is set to continue well into the future.
Back in 2014, Americo were upgraded from ‘A-’ to ‘A’ and this was an important step. An ‘A’ rating demonstrates Americo’s focus and commitment to financial strength. If your family have to make a claim in the future, you can be sure that they will receive the death benefit as the policy suggests. Additionally, you can also be confident that the company will survive pressure whether it comes from the government, policyholders, or even the economy.
Secondly, we would also like to show you the Better Business Bureau (BBB) rating because this is a good starting point to understanding their customer service records. As a customer yourself, you need to know whether problems will be dealt with successfully otherwise you might just be left disappointed. Recently, Americo scored a ‘B-’ rating which is somewhere in the middle and one that leads to some consideration. Since we have grown accustomed to expecting ‘A’ ratings from all the largest companies, seeing this rating from Americo is surprising at first. However, you then have to remember that an ‘A’ rating sits in the 90s out of 100. With their current score, Americo could sit as high as 84 which, when it comes down to it, is a respectable rating.
Americo Life Insurance Policies
Nowadays, Americo is known for their various types of life insurance policies as well as mortgage protection and other options. Over the years, they have honed their services for many different customers.
However, there is one series of final expense life insurance policies in particular that has received more attention than any other and this is called the ‘Ultra Protector’ series.
Ultra Protector I & II
Overall, there are three different layers to this product and the first two levels of coverage are very similar. With a full death benefit available as soon as the policy is in place, the premiums will remain the same all the way through these permanent options. Furthermore, you will find face amounts from $2,000 to $30,000 and it comes with the Accelerated Benefit Payment rider where you can receive anywhere up to half of your face amount if you can show Americo proof that you are terminally ill. With this in place, you can prepare for the future and ensure that everything is in place for when you pass.
With these first two levels of coverage, the main difference is seen with the age limits as Level One requires you to be 50 to 85 while the second level drops the upper age limit to 80 years of age. In order to qualify, you will need to answer ‘NO’ to all of the medical questions asked and the company will also run a couple of database checks including any prescriptions you may have received. As this is no medical exam life insurance, they need this information to judge your overall condition and how safe their investment may be.
Ultra Protector III
After the first two levels, we have Ultra Protector III and this is completely different because the underwriting process gets removed. As a guaranteed issue final expense policy, you can choose a coverage between $2,000 and $10,000 as long as you are aged between 50 and 75.
However, there is a downside to this in that the death benefit will not be available in full from the very first day. Instead, it will be a ‘graded’ benefit which means that it becomes available in pieces. After year two, you will only receive 10% but this rises to 75% after year three. Then, the full benefit will be available thereafter. This being said, there is an Accidental Death caveat that suggests the full death benefit is available if you pass away due to an accident.
Although this final expense series of products is the main priority for Americo and many consumers, there are other options including universal life, term, and whole life policies.
Not only do they offer base policies with all the features you would expect, they also have variations including simplified and guaranteed issue. With this, it allows you a life insurance experience if you prefer to avoid the full medical examination as many people do.
If you have no problem with a medical examination, this can also be arranged and you can buy a fully underwritten policy.
With all of this information in mind, you can really see the wide array of opportunities you have. If you tend to get confused by the many options, there is no reason why you can’t contact an agent or finance professional who has knowledge of the industry.
Finally, there are different durations from which you can choose within level term life insurance from 15, 20, 25, and 30 years. Whether you have a short-term loan or a long-term mortgage, these policies will be perfect for covering these until they have been paid.
In addition to this, they are also popular with new parents. If one parent dies while their child is still young, it often puts a huge amount of pressure on the remaining parent. Sadly, this can impact the child’s education and many other factors so the term life option – with simplified issue – helps to provide money in case of death until they have grown old enough to look after themselves.
Life Insurance Riders
Depending on the policy you choose, you will also have opportunities to edit your policy and make adjustments. With life insurance riders like Disability Income, Critical Illness, Waiver of Premium, and more, you will pay more each month but you will be protected against more outcomes. For example, Accelerated Death Benefit will see you receive money in advance in the event that you experience terminal illness.