At InsuranceBrokersUSA, we represent multiple insurance companies, and our primary goal is to find the one that best meets each client’s unique needs and goals. In this Americo review, we will explore the company’s history, ratings, products, and services, so that you can make an informed decision about whether Americo is the best life insurance company for you.
By understanding the company’s history, you can see how it has evolved and gained expertise in the industry over time. The ratings will provide insight into Americo’s financial strength and stability, which is an important factor to consider when selecting an insurance provider. Additionally, we will examine their product offerings and services to ensure they align with your needs and preferences.
While Americo may be the right choice for some individuals, it’s important to do your research and shop around to find the best insurance provider for your unique situation. Our team at InsuranceBrokersUSA is dedicated to helping you navigate the options and make an informed decision about your life insurance coverage.
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Review of Americo Life Insurance Company
Over the years, the name ‘Americo’ has become synonymous with life insurance, and for good reason. With over 100 years of experience, they have acquired no less than 15 different insurance entities, resulting in the continuous evolution of the brand. This history of growth and evolution has allowed Americo to offer a wide range of life insurance products that cater to different needs and preferences. Whether you’re looking for term life, whole life, or even final expense insurance, Americo has got you covered. As we delve deeper into this Americo review, we’ll take a closer look at their history, ratings, products, and services, to help you determine if they are the right life insurance company for you.
Americo Official Ratings
When it comes to reviewing life insurance companies, one of the most commonly referenced ratings agencies is A.M. Best. They have a long-standing reputation for evaluating the financial strength of insurance companies, making their assessment a useful tool for determining a company’s reliability.
In 2014, Americo was upgraded from an ‘A-‘ to an ‘A’ rating by A.M. Best, a significant accomplishment. And as of April 2020, Americo has maintained this ‘A’ rating, indicating their continued focus on and commitment to financial strength.
Another crucial aspect to consider when evaluating an insurance company is their customer service record. This is where the Better Business Bureau (BBB) rating comes in handy. Americo currently holds an A- rating with the BBB, which is a strong indication of their dedication to providing quality service to their customers.
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.
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.
Other Policies Available
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.
While Americo may have a strong financial rating and a good reputation for customer service, it’s important to note that every individual’s insurance needs and preferences are different. Therefore, it’s essential to do some shopping around and compare policies and prices from multiple companies before making a final decision.
Consider factors such as the type of policy you need, the coverage amount, the premium cost, and any additional features or riders that may be important to you. By doing this research and getting multiple quotes, you can make an informed decision and find the best life insurance company and policy to meet your unique needs and budget.