Americo Financial Life and Annuity Insurance Company

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Consistently one of the top tiered life insurance companies for no exam policies each year here recently, Americo is a very established company offering a wide range of insurance products.

Although not a heavily branded and advertised company, don’t let it fool you; they have a huge market share.

When you’re shopping to buy a life insurance policy to safeguard your family, the company you choose really matters.

Not only do you want to trust them now, but you want to trust they’ll stand the test of time and be ready to pay a claim should you ever need to submit one.

As we continue our in depth research on all the best life insurance companies throughout the U.S., you may want first read our Americo Life review, especially if you are eager to get coverage without the pesky exam.

Our Americo Financial Life and Annuity Insurance Company Review

Americo Life Insurance CompanyStarted more than a century ago, Americo is actually a group of life insurance companies by acquisition.

As the company expands, with its core companies having inceptions as far back as 1909, it continues to place value to its consumers in the forms of product, service, and innovation.

The carrier, based out of Kansas, Missouri, caters to independent agents who offer their products nationwide.

The number of policies currently in force has hit a staggering 640,000 with a value of more than $31 billion, and assets totaling more than $6 billion within the company itself.

While much of its growth has come through acquisitions, Americo continues to grow by having products for virtually any niche market.

Americo also holds an “A” rating by A.M. Best, one of the premiere rating agencies. It can be noted Americo was also ranked previously by Moody’s with an “A3” before it was withdrawn.

Great ratings by these two top rating agencies are likely due to solvent financials, large admitted assets, and a portfolio of more than 95% safely backed assets.

Products By Americo

Though, in this review, we’re going to focus on life product, Americo has other products, too. To give you a better idea of the full scope, here’s a few:

  • Basic Life Insurance
  • Final Expense Insurance
  • Medicare Supplements
  • Annuities
  • Mortgage Protection Insurance

From basic coverage to complex estate plans, Americo has a wide range of products to cover virtually any need for a consumer in most situations.

Let’s dive a little deeper into each life insurance related category.

Basic Life Insurance Products

Perhaps one of the key indicators of the innovation standards of Americo is its product line of simplified issue term life insurance.

Americo offers as much as a quarter million dollars in death benefit without even going through an exam. While this sounds like a lot, it pales in comparison to Haven Life, who goes up to $1 million.

This is a big step in the current marketplace, where just a small percentage of other life insurance companies offer similar styles of coverage.

Because of the risk involved where underwriting is limited, you can, however, expect slightly higher premiums than if you do complete the medical.

They even boast a wide range of riders not typically available with other life insurance companies.

For example, a refund of premium (cash back option) if you outlive your term policy, and additional death benefit payouts for death caused by certain types of accidents.

There are also options available for:

  • Universal Life
  • Indexed Universal Life
  • Whole Life Insurance

This wide variety allows any consumer to meet virtually any need under $500,000.

All policies are established with a guarantee period, meaning as long as you pay your premiums, Americo will honor the promise set forth in the policy agreement.

Final Expense Options

They also offer final expense products.

While these aren’t for the vast majority of younger crowds, they are a simpler, cost effective way for seniors to buy a life insurance policy with a smaller death benefit to pay for basic funeral and funeral related costs.

There are a few things to understand about these types of policies:

  • Limited underwriting means a graded payout.
  • Cost per thousand of death benefit is higher.

If you only need to cover basic end of life costs, and health is a concern, perhaps this is a policy you should explore.

However, if healthy, there are cheaper options.

Mortgage Protection

Although it’s less and less common, Americo does offer term policies with as high as $400,000 in coverage which aim to cover your mortgage balance.

While a 10 to 20 year term may save you premium over the long run (and offer additional death benefit beyond your mortgage), this type of policy works if your only real purpose for the benefit payout is to coverage the remaining principal on your home when you pass.

Last, as mentioned, Americo has a suite of annuities and financial planning tools for retirement, medicare supplements, and more, too.

Americo Life, Inc., In A Nutshell

Americo Financial Life (and their acquisitions) may not have a massive brand such as MetLife, New York Life, or Prudential, but they’ve staked their claim to sectors of the market and established themselves as a highly reputable company here to stay.

Companies closely related to what Americo has to offer are those like Protective and Sagicor.

As noted, you’ll need to work with an independent life insurance agent to have access to Americo. In other words, you would need to go to an agent not confined to writing for just one carrier, but rather a broker, like us.

Last, Americo does have products to fit a wide variety of customers, but remember to shop around for every product, not just life insurance.

There are plenty of companies offering each line of insurance, so make certain you’re diligent in your efforts.

Americo Financial Life and Annuity Insurance Company

Phone
(800) 231-0801
Address
P.O. Box 410288
Kansas City, MO 64141

Company Name (and subsidiaries)

  • Americo Life, Inc.
  • The Ohio State Life Insurance Company
  • Great Southern Life Insurance Company
  • United Fidelity Life Insurance Company
  • Financial Assurance Life Insurance Company
  • National Farmers Union Life Insurance Company
  • Investors Life Insurance Company of North America

Author:

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Jason Fisher

Jason Fisher is the founder and CEO of BestLifeRates.org, LLC. and a multi-state licensed life insurance agent who has helped over a million Americans seek out affordable coverage, compare quotes, or get their family and businesses covered.