One company that is considered by many potential life insurance policyholders is Americo Financial Life and Annuity Company. This large insurance and financial entity is based in Kansas City, Missouri, and it offers both protection and retirement income products.
When purchasing insurance protection, there are many factors that need to be considered. Certainly, looking at the quality and premium of the product itself is a priority. However, reviewing the underlying insurer is also an absolute must. This is because it is essential to know that the insurer will be there when the beneficiary will need them at the time of potential claim. Therefore, prior to making an insurance purchase, doing a thorough review of that insurance carrier should be a part of the overall process
Review of Americo Financial
Americo Financial Life and Annuity Insurance Company, or Americo, is the lead company in one of the largest, independent, and privately held insurance companies in the U.S. It has been serving its customers and policyholders for more than a century.
This insurer has approximately $6 billion in assets, and roughly 659,000 insurance policies in force. This equates to more than $32.7 billion of life insurance in force at this time. Americo prides itself on providing product education, along with sales tools, technology, and personalized and trusted service to its policyholders.
The company is considered to be financially strong and stable, and as such, it has been provided with the rating of “A” (Excellent) by A.M. Best. While Americo is not, however, accredited by the Better Business Bureau (BBB), it has been provided with the grade of a B- (on a scale of A+ to F) from this entity.
Throughout the past three years, a total of 17 complaints have been closed with the BBB, 8 have been closed within the last 12 months. Of the 17 complaints that were filed in the past three years, 11 had to do with the company’s products or services, and the remainder had to do with billing / collection issues (4), advertising / sales issues (1), and delivery issues (1).
History of Americo Financial Life and Annuity Company
The Americo family of companies traces its roots back more than 100 years. The company’s growth is due in large part to the acquisition of 15+ insurance entities – all of which had its own distinct advantages in helping the overall entity grow and prosper.
As far back as 1922, Great Southern Life Insurance Company was the very first company in the United States to insure the lives of children. Then, in 1971, Ohio State Life insurance company was the first insurance carrier to advance death benefit payments during an insured’s lifetime – otherwise known as living benefits – in order to sustain the life of a policyholder. Later on, in 1981, Great Southern Life was one of the first insurers in the U.S. to offer universal life (UL) insurance products.
Even today, the Americo companies continue to lead the way with new and advanced insurance and financial solutions for policyholders. For example, Americo is one of the first entities in the insurance arena to offer both indexed universal life insurance and indexed annuities in the marketplace.
Life Insurance Products Offered By Americo Life and Annuity Company
Americo offers a wide variety of insurance, retirement planning, and retirement income products. The company also offers a Medicare Supplement option. In terms of life insurance, Americo provides the following choices:
- Term Life Insurance – Term life is the most basic form of life insurance protection. This is because it offers death benefit only, without any type of cash value or investment build up. Because of this, term life insurance can typically be purchased very affordably – especially if the applicant is young and in good health.
- Permanent Life Insurance – Permanent life insurance provides both a death benefit and a cash value component. With permanent life insurance protection, the death benefit is typically locked in and guaranteed, as is the amount of the premium. Therefore, provided that the policyholder continues to make the premium payments, the coverage cannot be cancelled. The funds that are within the cash value are allowed to grow on a tax-deferred basis, meaning that no tax will be due unless or until they are withdrawn.
Some of the life insurance plans that are offered through Americo will require that the potential insured undergo a medical examination in order to qualify for coverage. In other instances, the policy will be what is referred to as simplified issue. This means that no medical exam will be required in order to qualify for coverage. In this case, those who may have certain types of health conditions may still be able to qualify for these types of life insurance plans. Most of the life insurance policies that are offered through Americo have face amounts that range between $25,000 and $400,000.
Americo also offers a final expense life insurance policy. This coverage can range between $2,000 and $30,000. This is a whole life insurance policy, meaning that once the insured owns the plan, it cannot be cancelled by the insurance company – provided that the premiums continue being paid by the policy owner. In addition, the amount of the premium will be locked in and guaranteed never to increase – regardless of the insured’s age or health. With this particular policy, those who use smokeless tobacco, cigars, and / or pipes may even be able to qualify for non-smoker premium rates.
Final expense life insurance policies are typically purchased for the purpose of covering the costs that are associated with one’s funeral and / or burial. Today, the cost of the average funeral and related expenses can exceed $10,000. This is especially the case when factoring in expenses such as a burial plot, headstone, flowers, and transportation. Therefore, having this type of policy in place to cover these costs can be helpful and provide peace of mind to loved ones.
Another type of life insurance that is offered by Americo is mortgage protection. The insurer provides a wide range of mortgage protection products, along with various riders and additional benefits.
Medicare Supplement Insurance
For individuals who are age 65 and over and who have Medicare Parts A and B, it can be difficult at times to keep up with the deductibles and copayments that are not covered by these parts of Medicare. Therefore, having a good, solid Medicare Supplement insurance plan in place can be helpful. This type of coverage is oftentimes referred to as Medigap insurance because it tends to fill in the coverage “gaps” that are left by Medicare.
Other Products Offered By Americo Financial Life and Annuity Company
In addition to insurance protection products, Americo Financial Life and Annuity Company also offers products and services that can help its clients to prepare for retirement, as well as to secure an income once they get there.
For example, the company’s fixed annuity can help individual to save for retirement by providing a fixed rate of return on money that is deposited, along with tax-deferred growth. This can help funds to grow and compound on an exponential basis, without worry of losing any principal.
With the lifetime income option, an annuity can also provide their holders with a lifetime income option in retirement that will guarantee them an income for life that cannot be outlived – regardless of how long they may live. In addition, if the joint life income option is chosen, a married couple may choose this feature in order to ensure that both spouses have an income throughout both individual’s lifetimes.
How Americo Can Help
In addition to offering just products, Americo provides assistance to its clients – as well as to its web site visitors – by offering various calculators for helping to determine certain needs. For example, the life insurance calculator helps with determining how much life insurance coverage a person will need. Knowing this amount can help to ensure that a person will not obtain too much or too little in face amount.
By using the 403(b) savings calculator, a person can determine the results of his or her 403(b) savings plan. Here, by plugging in the appropriate values, an individual can see how much they may have saved over time. This can help to get a better indication, in turn, of how much income they can expect to receive in retirement in the future.
The Roth IRA / Traditional IRA calculator helps to determine which type of IRA (Individual Retirement Account) may be best for an individual. While both a types of IRAs, they each have different advantages when it comes to tax-deferred deposits or tax-free withdrawals. Using the calculator can show an investor which IRA will work out best for him or her – and why.
The Retirement Income Calculator can be used for estimating how much monthly income a person’s retirement savings will provide them at the time of their retirement. By getting an idea of the amount now, a person can determine whether they want to work for more years, in order to raise the amount of retirement income that they have – or conversely, they may notice that they will have enough to retire in fewer years than they had originally thought.
Those who are policyholders of Americo can find the assistance that they are looking for by simply logging on to the company’s website. There, they will be able to find answers regarding their insurance policy, as well as learn how they can submit a claim, change or add a beneficiary, or update their personal information such as a new address or phone number.
If, for some reason, a policyholder cannot find the information that they need, or they need additional assistance, Americo customer service representatives may be reached toll-free by calling the company directly, or by sending an email.
Where to Obtain Premium Quotes for Life Insurance Products That Meet Your Needs
For those who are seeking the best premium quotes on Americo life insurance products – or for any life insurance products – it is usually the best course of action to work with an agency or with a company that has access to multiple life insurance carriers. This is because you will be able to more directly – and with less bias – compare various policies, benefits, and premium quotes and from there, choose which one works the best for you and your specific needs.
If you’re ready to move forward and start searching for the insurance protection that you require, we can help. We work with many of the top life insurance companies in the marketplace today – and we can assist you with obtaining all of the important details that you require for making an informed purchase decision. We can do so for you quickly and easily, and without the need to meet in person with an insurance agent. When you are ready to proceed, use the quote form on this page to start the process.
Should you discover that you still have any questions regarding the products that are offered via Americo Financial Life and Annuity Company – or even if you just have a simple question about life insurance in general – our experts are here, available, and are happy to help. We can be reached directly via phone, toll-free, by calling 888-229-7522.
We understand that there are a lot of different life insurance carriers that are out there in the marketplace – and it can become a bit confusing to determine which type and amount of coverage might be right for you. But the good news is that you have an ally on your side. We can help you to narrow down your choices and to find the policy, the company, and the premium price that is just right for you – giving you and your loved ones peace of mind. So, contact us today – we’re here to help.